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If data is the new oil, then first-party data is a crypto farm sitting atop an oil field. Like all valuable commodities, though, first-party data is not evenly distributed.
There are the “haves,” like publishers requiring authentication, onboarding data entities and walled garden platforms. There are the “have-nots,” like most brands, third-party data providers, publishers without authentication requirements and other demand-side entities connecting dollars to supply.
When there was a shared ID currency in the online advertising ecosystem, none of this was a problem.