Go To Market Analysis for Data Markets & Data Brokers on Ocean Protocol

Photo by Markus Spiske on Unsplash

Background

The idea that data has value, is not new. Tech giants like Facebook, Google and Amazon have leveraged data to build the largest businesses in the world.

Our Approach

We conducted user interviews and analysed a number of existing reports to gain insights into which buyers are most likely to purchase data from Ocean markets rather than going anywhere else.

Summary of Findings

A framework for identifying buyers for your datasets.

We analysed the market to identify filtering criteria you can use to quickly identify the market segments that have a higher likelihood of purchasing your data.

  1. How the entity purchases their data (indirect or direct)
  2. The size of the entity (e.g. big organisation or smaller venture)
  1. The ‘data maturity’ of the industry
  2. The ‘crypto maturity’ of the entity

Aggregators & Intermediaries are data buyers too

We soon learnt that data changes hands through multiple aggregators and intermediaries before reaching its final buyer, and these aggregators and intermediaries are also buyers too.

Data Quality and Security are King

Data quality and security kept surfacing as common themes in the interviews and desk research we did.

Learnings from Web2 Data Markets

  • Many Web2 data markets are cloud based centralised platforms or simply online data catalogues linking back to the initial data provider.
  • We saw data markets enable deeper insights and improve data relevance for their users by successfully targeting a niche.
  • ‘Data acquisition’ is an established role within more data mature organisations. These types of data transactions tend to happen in trusted partner environments (i.e. data brokers) rather than going through online data portals (i.e. data markets).
  • We heard from a data consultant who was interested in selling newly collected data they had collected for a client. For them to publish this data legally, negotiations are required. Unfortunately due to their client not really being organisationally structured to set this type of arrangement up, it is yet to go ahead.
  • We identified a number of other key learnings from the existing web2 data market throughout our research and summarised them in this article, 7 lessons Web3 data markets can learn from the Web2 data economy.

How do we take these learnings and enable the buyer side to play a bigger role within the Ocean DAO?

  1. Test assumptions around intermediaries as key data buyers. Attempt to establish a pilot project when the time is right.
  2. Build bridges between Web2 and Web3 data markets.
  3. Using the filtering criteria mentioned above, we could begin asking DAO proposals to include their target buyer segment when applying for the ‘unleash data’ category. This would help form a common language and understanding around their go-to-market approach.
  4. Acquire high quality datasets and promote them to publicise the benefits of Ocean Protocol (e.g. compute to data, dataunions etc).

Further Research Findings

This is one of 5 articles that was published from this research. Links to the remaining articles can be found below.

Sources

EU Data Market Monitoring Tool — Final study 2020: https://datalandscape.eu/sites/default/files/report/D2.9_EDM_Final_study_report_16.06.2020_IDC_pdf.pdf

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