They say that in the metaverse era (the Fourth Industrial Revolution), data is like oil.
With the Data 3 Laws, personal information has begun to circulate legally. What was once secretly, exclusively, and privately collected and distributed through crawling or scraping - a kind of black market - is being absorbed into a regulated market via APIs.
As a result, Korea Data Exchange site link (operated by Maeil Business Newspaper), Financial Data Exchange site link, Nonghyup Data Exchange(in development)
Data exchanges are gradually multiplying.
1.
Browsing each data exchange's site, the insight keywords I personally landed on are
'data cultivation', 'data farming.'
At this point in time "oil" is still a striking metaphor, but a little further on (my estimate: 1~2 years), once the Data 3 Laws take full effect and data trading explodes, I expect the more fitting metaphor will shift from oil - which only multinational corporations produce, distribute, and operate - to farming, where small tenant-farm- or weekend-garden-scale production is also possible.
2.
The second keyword
'Data double-cropping'
1) Selling customer information
Already companies like banks, insurers, Naver, and Kakao are running double-cropped revenue models by using customer information (legally via the Data 3 Laws).
2) Selling customer-feedback information on content you produced
Broadcasters producing dramas and YouTube content creators are also finding ways to earn secondary income beyond basic content distribution and sales information.
3) Collecting, editing, and distributing 1-2
And while these established players are doing large-scale cultivation of metaverse (Fourth Industrial era) mines, businesses running in the "selling jeans like Levi's did in the gold rush" slot (Coocon) are also growing fast.
3.
So what about individuals? Small business owners? Right now, Goliath companies are distributing customer information as if it were their own data, for a fee, but gradually I expect individuals will have stronger control over their own information.
This is exactly where the insight lies.
An era is coming in which individuals can do data farming, data cultivation, through their daily life. And the window before individuals start to produce, provide, and distribute data in a full-fledged, self-directed way - considering the planning, development, and calibration time and costs of the players who are already turning this idea into a business - is, I estimate, about 2 years out.
The so-called personal life-log that appears in the survival process of an individual - "eat, sleep, excrete" and "earn, save, spend" - that is precisely it.
So how do we process these unstructured data (raw material) into usable information?
Examples that sit in similar territory today include biometric data collected through smart bands, local photography, reviews from online/offline stores, and directly produced signals like searches, views, and reviews on online content.
