3. Development Needs

In 2002, the Irish government introduced the "Irish Digital Content Industry Development Strategy," which defined the digital content industry as the industry that creates, designs, manages, and sells digital products, as well as technical providers and supporters for these activities. Digital content covers various forms, such as online literature, videos, music, games, and animation. The digital content ecosystem value chain refers to the chain structure formed around the creation, production, sales, dissemination, and consumption of digital content products, as well as the profit generated from these processes. Specifically, it can be divided into vertical value chain and horizontal value chain. The vertical value chain refers to the entire process from digital content providers to content customers, while the horizontal value chain refers to the interaction among digital content product service providers in the same industry who are in equivalent positions.

3.1 Current Web3 Content Platform Ecosystem

3.1.1 Market Background

In today's digital content development, the horizontal value chain, represented by monetization of intellectual property rights on multiple channels, is becoming a new trend. However, multi-channel monetization requires strong support from the participating parties. Many small and medium-sized participants often focus on only one form of digital content product, making it difficult to break down the barriers to horizontal development, resulting in a decline in profitability. This particularly limits the production of more high-quality content. If small and medium-sized participants establish alliances, they will face two types of coordination problems due to each individual participant having their own local goals.

The first is the problem of information sharing, such as which information to be shared, how information is maintained, sensitive information handling, etc. The second is the problem of internal execution, such as alliance admission, cost sharing, and benefit distribution. Gulati and Singh believe that using incentive mechanisms, standard operating procedures, and non-market pricing systems to motivate, supervise, and even command participating parties can achieve the purpose of coordinating, managing, and controlling the relationships among various participants in the value chain. However, the fairness, justice, and openness of incentives, as well as the enforceability of agreements, become new problems. It is evident that the lack of trust between participating parties is the root cause of the vast majority of problems. It is unreliable to use solely agreements to solve these problems as the lack of trust between participating parties will ultimately render agreements useless.

3.1.2 Feasibility of Blockchain Technology

Blockchain technology is a rapidly developing new technology that has been widely applied in various fields due to its advantages of decentralization, immutability, and public transparency. It also brings new development opportunities to the value chain of the digital content ecosystem. Blockchain itself can solve the notorious Byzantine Generals Problem, that is, reaching consensus in a distributed group that does not trust each other. At a practical level, this means that it can solve the coordination problem between digital content industry service providers.

The immutability of blockchain can provide convenient and trustworthy copyright registration for digital content products, which reduces the cost of rights protection. Smart contracts built on blockchain operate in a publicly transparent manner and can be used to formulate relevant mechanisms, such as coordinating the distribution of interests among service providers, incentivizing original creators to create more high-quality products, etc. Building a new digital content ecosystem value chain based on blockchain will undoubtedly be an important direction for the future development of the digital content ecosystem.

3.2 Wealth Message Platform Development

3.2.1 Wealth Message’s Vision

Wealth Message aims to create a new ecosystem for future content creation economy, and provides an open platform for all users to invest in the future and unleash their creativity in the upcoming global content creation era.

Wealth Message will establish a forum that is free of censorship and profit-sharing, by returning the ownership of content to creators in the form of NFTs. As the ecosystem develops and extends, Wealth Message will gradually provide users with a Metaverse-based content ecosystem.

3.2.2 Overview of Wealth Message Platform Construction Principles

Wealth Message is constructing a new digital content platform based on blockchain technology, with various service providers forming horizontal value chains.. The significance of this new platform lies in its potential reshaping the digital content ecosystem value chain.

The platform connects the vertical value chain source - creators and the vertical value chain end - consumers, while also achieving the dissemination and sales of digital content products. In this way, the platform connects all the links in the value chain, forming a new digital content value chain secured by blockchain technology. The new platform uses decentralization to solve the trust problem among service providers, consensus mechanisms to solve the information sharing problem among service providers, immutability to solve copyright problems, and smart contracts to form complex business logic and strengthen ecosystem construction. At the same time, incentive mechanisms are introduced to enhance user stickiness.