The data monetization business is the cornerstone of the digital economy as we know it. Social media giants such as Facebook and YouTube make billions by selling the data of their users, who remain excluded from the process.
Human Data Income, or HUDI, wants to change that and make users the primary beneficiaries of this $3 billion market.
It’s time to redistribute the value of data to users
Speaking to Cryptonites’ Alex Fazel during Paris Blockchain Week, the HUDI founder described the long road he had to travel before the platform took its current form. Gianluigi Ballarani, known to the public as GG, is a successful YouTuber whose career in marketing and lead generation led him to realize that the data monetization market was ripe for a tectonic shift.
His own lead generation company was paying hundreds of thousands of dollars to traffic sources like Facebook, while the users whose data they were selling made no money.
On the other hand, there is growing interest in the crypto industry, but the high prices and lack of fiat on-ramps present themselves as a barrier to entry for many people.
The combination of these two factors has paved the way for a new kind of platform that brings the data monetization business into the world of Web3.
Ballarani believes that allowing people to take control of their own data will provide them with easier access to the world of crypto. Entering the crypto market will not require spending fiat, but an asset that people have already made money from in the market – their data.
Thanks to legislative efforts like the GDPR, users can recall all the data that the different platforms have collected. The HUDI Wallet allows them to upload this data and use the platform as a repository of information that they would not otherwise have access to.
With all their data in one place, users can earn HUDI tokens as a reward. In the future, Ballarani said, they will be able to monetize their data themselves, choosing which platforms or companies they want to sell it to.
Right now, the amount of money a single person can make by monetizing their entire online dataset is negligible. However, Ballarani thinks each user’s data could be worth hundreds of dollars for the right platform in the future, citing credit card companies and video streaming platforms as an example.
What differentiates HUDI from other data aggregation platforms is data quality. With around 250,000 users, HUDI is able to get better monetization deals and outperform platforms that manage millions of users.
This premise isn’t just appealing to HUDI users – Ballarani said the company has been talking with Ocean Protocol about a possible collaboration. Since its inception in 2017, HUDI has grown slowly and carefully, laying a solid foundation for the Web3 world that was yet to come.
Now that we have already stepped through the door of Web3, many new opportunities await HUDI. Ballarani believes that there are several reasonable solutions to solve the data problem in the Web3 world, citing Brave as an example, but noted that “no one has succeeded yet” when it comes to decentralizing data aggregation. .
He explained that the rise of decentralized social networks means that the market is now ready for a decentralized user data solution like HUDI.
“The next revolution will be data, because it’s the fuel of the digital economy,” he told CryptonitesTV. “It is time to redistribute this value.