The dawn of attention economy and SOUNDAC
Statistically speaking, there are only about ten seconds left before you switch tabs and navigate away from reading this. Society is changing and people’s attention span is rapidly dwindling, and that graph is sharply pointing downwards. This is a result of an overabundance of information, and we are only at the beginning because the amount of information being made available to humans is growing exponentially. To give you an idea of the volume of the data being created, 90% of the data on the internet today has been created since 2016, and we now create as much information in two days as we have since the beginning of time.
With content generated by AI becoming more consumable day by day, humans will be overwhelmed with information and we will have to make exponentially more choices of what NOT to pay attention to! With information no longer being a scarcity, we’re at the dawn of the attention economy - an economy where information competes for human attention, and this totally makes sense because economics is the study of how humans utilize their scarce resources, and in world where information is far from scarce, it’s the attention that is getting scarce as it is limited by human factors.
Attention is the most important asset in your life and the key scarcity of the digital era. Human attention, as an economic resource, has very different properties from the scarcity of capital during the industrial era or scarcity of land during the feudal era. One of the major features of this asset is that it’s distributed equally among all the people on this planet. It doesn’t matter whether it’s you or Elon Musk, both get only 24 hours in a day and because the clock doesn’t stop ticking for anyone, attention has to be spent immediately as it’s produced, in fact Netflix’s CEO said that their no.1 competitor is sleep, which is why they choose to release all the episodes of their originals at once.
Every human action requires attention to be paid, and now with internet connected devices in everyone’s hands, we are witnessing the birth of a whole new era – the attention economy. Such an economy requires an attention currency, and don’t worry, it’s already around and you’re already using it. You may know them as likes, shares, subscribes, retweets – but they all represent human attention. As the user’s attention travels over the proprietary Silicon Valley owned networks, they leave a trail of these proprietary currencies, and that’s where the problem lies. Being proprietary, the network owner has a monopoly over exchange of their currency and its conversion to money (redirection user’s attention to somewhere else, or simply called as advertisements), and being the only one who’s able to access your transactional data, gives these platforms an undue advantage where the user is THE product.
At SOUNDAC, our Mission is to build a simplified music ecosystem with lower barriers to entry for creators, listeners and businesses alike. Using blockchain technology we redesign the supply chain, monetize attention (today’s scarcity) and provide greater sovereignty to both rights holders and listeners over their data.
SOUNDAC promotes the uberization of the front-end in the music space, where there will be healthy competition of interfaces offering better user experience in return for user’s attention and where the user-as-a-stakeholder ideology of Web 3.0 is preached. Music streaming websites are required to focus only on what they do best (provide an amazing listening experience) while letting SOUNDAC handle the attention transactions and the task of tokenizing listener’s attention into a decentralized attention currency, XSD - a utility token which is truly yours to accumulate or spend it in ways that, in itself, will require a dedicated article, but until then, do experience the first streaming platform built on SOUNDAC, PeerTracks.com. Artists can start earning XSD immediately by uploading their art on PeerTracks.com and capturing the listener’s attention.
The SOUNDAC Team