Data has been called “the new oil” and “the lifeblood of the digital economy.” While these analogies might feel overused, they remain accurate. Data powers the internet and fuels countless industries, and the amount being generated is staggering.
- In 2020, 1.7MB of data was created every second by every person.
- Every day, humans generate 2.5 quintillion bytes of data.
- By 2025, this will rise to 463 exabytes daily.
- Instagram users share 95 million photos and videos each day.
- Over 300 billion emails and 500 million Tweets are sent every day.
This data is immensely valuable to tech giants and corporations. However, scandals like the “Big Hack” or the Clubhouse data leak remind us that the cost for individuals often comes in the form of lost privacy and compromised security.
The Privacy Paradox
We hear that privacy is either dead or becoming a luxury. Some, like Mark Zuckerberg, go to extraordinary lengths to protect their privacy, buying up properties around their homes. Meanwhile, the rest of us are left exposed, with little control over how our data is used.
To understand the value of personal data, Tapmydata participated in a discussion led by BIGtoken and the Data Dividend Project, inspired by Andrew Yang. Using Facebook as a case study, a simple calculation of market cap divided by active users suggests each user contributes around $3,000 annually.
That’s the “deal” we get for sharing our data, photos, and connections in exchange for a free service. And Facebook is just one platform. The saying holds true: if you’re not paying for the product, you are the product.
Is There a Better Way?
The solution isn’t to abandon digital services or live off the grid. Many privacy-focused startups encourage deleting accounts or using burner identities, but Tapmydata’s research shows most people don’t want that. They want:
- Assurance that their data is secure and private.
- To be treated with respect, even if they haven’t made a purchase yet.
That’s why Tapmydata’s app provides tools for managing data rights, retrieving personal data, and securely storing it on users’ phones alongside a digital ID.
A Shift Toward Data Empowerment
Forward-thinking companies are starting to embrace a new direction—respecting user rights and going beyond mere compliance. Tapmydata facilitates this shift through tools for transparent data dialogue, or by enabling businesses to build their own preference centers.
The concept of “Data Free Movement,” championed by Streamr, is also gaining traction. This involves open APIs that let users transfer data seamlessly between companies, putting individuals in control.
Regulations in the EU and the US are accelerating these changes, particularly targeting gatekeeper platforms like Facebook, Google, and LinkedIn.
Turning Data Into Value
The next step is understanding the real value of personal data and monetizing it. Decentralized marketplaces like Ocean, combined with Web3 payment rails (e.g., ERC20 tokens like TAP, DATA, and BAT), are creating new opportunities.
Companies, too, are evolving into “prosumers”—selling their own data while buying directly from individuals or groups represented by Data Unions.
- By 2022, 35% of large organizations are expected to engage in formal online data marketplaces, up from 25% in 2020. (Gartner)
Tapmydata is among the pioneers in this space, with nearly 10,000 users providing insights to data buyers.
The Key: Consent
Consent is central to unlocking the value of personal data. It dictates how, where, and with whom data can be shared and used. Tapmydata is working with partners to make this a reality through tools that empower users.
Meanwhile, we’re exploring NFTs for verified digital identities—hyper-cool, glitched selfies minted as NFTs are coming soon. Stay tuned for a new way to own and control your data in style!