NFTs are Digital Ownership - Deepstash
NFTs are Digital Ownership

NFTs are Digital Ownership

If the Metaverse were to exist in a Web 2.0 setting, centralized institutions like Facebook and Google can control our experience — living in their data centers that can be shut off by their whim, where they control what we see, and our data gathered in order to sell for profit or to be shared with authorities like governments.

If you’re going to live a sizable chunk of your existence in the Metaverse, you may as well have ownership over those digital items.

NFTs cryptographically prove that you, and you alone, are the owner of your digital items. And no one else can take them away from you.

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These new and upcoming ideas could very well shape up how we interact and work with each other in the near future. It's good to have a basic understanding of these buzzwords.

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MORE IDEAS FROM The Metaverse, Web3, and the Inevitability of NFTs

What is the Metaverse?

From Wikipedia , the Metaverse, coined by author Neal Stephenson in his 1992 sci-fi novel Snow Crash, is described as a “collective, shared virtual space that is created when the physical realm converges with the virtual realm, which includes virtual reality, augmented reality and the internet.”

Think of humans in the form of avatars interacting with each other in a 3D world.

The ethos behind the Metaverse is the creation of a digital space for us to live, socialize, and work — that transcends the space-time of our physical world.

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Web 3.0

The new era of Web3 champions:

  • “Open” — meaning built on open standards, by an open and accessible community of developers and executed with full transparency
  • “Trustless”— meaning participants can interact with the comfort that all information is correct and authenticated — without needing to trust a third-party to verify
  • “Permissionless” — meaning no one can be barred from participation, even from an authority figure like a government

networks. Blockchain protocols like Etherium help build open financial systems where anyone can build and participate without the need of financial institutions.

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The Key Resource: Data

Today, we hand over our individual freedoms in favor of centralized services.

The big tech companies gather a lot of data from us: where we browse, where we shop, and even we are located in the physical world. They use this information to sell us products and nudge our behaviors to benefit their ultimate customer: the advertisers.

More on this dilemma is expertly covered in the Netflix doc The Social Dilemma .

Moreover, we allow these companies to house our information — leading to a single point of failure in the advent of a security breach.

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History Of The Web

Web 1.0 was the era of static webpages where content provided by the website developer was only meant to be consumed.

Web 2.0 catapulted the world from simple static desktop web pages to interactive experiences, user-generated content, and marketplace economics that brought us tech giants like Uber, Facebook and Twitter. Web 2.0 was mobile-first, social-first, and cloud-only.

Web 2.0 unlocked trillions of dollars of value for the global economy, but in doing so, we consumers gave up a lot of agency over our lives, in favor of the value of the services that a handful of companies provide us.

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NFTs As A Solution

NFTs have cracked the problem of digital scarcity , enabling creators for the first time ever to accurately price and safely distribute their works.

As a result, NFTs allow artists to monetize their work in a new way, empowering them to cut out money-grubbing middlemen and forming direct relationships with their supporters and fans.

Everything similarly clicks together when skilled professionals look to work directly with their clients in virtual workspaces.

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Understanding The Times

Two trends are believed to shape the world in the next 10–15 years:

  • The Metaverse, and its proliferation on all aspects of society
  • Web3 and the democratization of the Internet

And the arrival of both trends will firmly rely on the technology of NFTs in order to be successful.

Let’s see why and how.

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The Metaverse is Inevitable

Be it connecting with coleagues via zoom or using FaceTime with friends.

Or be it playing a game of Fortnite over Discord.

Today a lot of the activities done IRL are ported to the digital realm: working, networking, socializing, gaming, etc.

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RELATED IDEA

NFTs seem to have entered the mainstream. But the technology remains confusing and inaccessible to normal Americans.

Millions of dollars are poured into this emerging market for digital goods, which has rapidly increased the careers of some independent NFT creators.

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We Lost The Internet
  • First developed for the military, the internet wasn’t always the closed, capitalistic ecosystem that it is now.
  • Before the tech giants staked their claim on billions of users, it was a decentralized place with no custodian.
  • Now, only a handful of companies control most of the internet, using addictive content and smart algorithms.
  • They use the vast amount of user data generated every minute for building tools to predict consumer behaviour and feed their AI engines.

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The Metaverse is a visual network of virtual environments where people can interact via their avatars. 

If online multiplayer video games are combined with immersive virtual reality and high-speed internet, we can begin to understand the Metaverse.

The metaverse has been in the science fiction realm for ages, but it is only now that Big Tech envisions it as the future internet, with companies like Facebook wanting to set up an immersive, 3D/virtual ecosystem for people to work, play, study and shop.

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