As research shows, the psychological mechanisms of building a connection with one’s data are more important for data subjects’ price expectations than some classical economic variables and market design mechanisms such as data portability.
That said, one market design mechanism that should not be underestimated is people’s control over their data. Our own data shows that if people are aware of a PD market but not in control over the sale of their data, they get angry.
This reaction then leads to unrealistically high price expectations or a defiant withdrawal from the market. Such data activism is seen in both the privacy and crypto communities and is increasingly encouraged by what we have termed 'nuisance tech, designed to stress-test organzations' operational and security defenses.
As mentioned, decentralised marketplaces play an important role as 'clearing house' for the data which creates value in the Web3 economy, and have socialised many of the tools and techniques of staking familiar in DeFi. Their weakness is typically in the quality, provenance and metadata around those pools.
TAP occupies a vital space in the stack as the structure and tools for the citizen to pre-define and control their metadata values and requirements, guaranteeing the data and the way it has been processed.
TAP could be called the petrol station of the Web3 data stack, because organizations would be using it to get refined data fuel for their AI and marketing technology stacks downstream.
Higher-octane data with none of the concerns of it being a locked good then starts to become a driver of better, analytics-driven decisions rather than the attention-driven market which we earlier showed to now be on borrowed time.