One of the primary pillars of Web3 is called DeFi. We tend to talk about decentralized finance as though it were just alternative banking. Yet its rapid growth into a $100 billion business and the subsequent $3.5 billion that online creators earned in just one year tell a different story. Crypto is doing more than challenging outdated banking practices; it’s creating an opportunity to connect communities and empower people in an otherwise siloed financial system.
What we’ve seen in Web2, the internet era we’ll loosely define as between 2005 and 2020, is a centralized system where only a handful of large tech companies accrue value. Web3 is already promising to be different and serve as a crypto-led era powered by a decentralized, community-governed ethos. With the right infrastructure, brands and individuals can work directly with their audiences without social platforms taking large cuts of their earnings. For the first time ever, we have a chance to give individuals true ownership of their assets.
So what is true ownership? Let’s say I buy a ticket to a concert or sporting event. I’m buying my entry into an experience, but I don’t own the ticket. You’ll probably see a message in fine print at the bottom of the ticket, wagging a finger at you, reminding you that the experience is non-transferable. And what’s the definition of ownership if not the ability to sell? But if we sell experiences on the blockchain, the NFT acts as the representation of ownership and it gives people the power to negotiate, name their price, and trade on an open market. In the hands of the individual, that ticket has the chance to create so much more wealth.
Continue reading: https://www.utahbusiness.com/web3-is-bringing-power-back-to-people/
What we’ve seen in Web2, the internet era we’ll loosely define as between 2005 and 2020, is a centralized system where only a handful of large tech companies accrue value. Web3 is already promising to be different and serve as a crypto-led era powered by a decentralized, community-governed ethos. With the right infrastructure, brands and individuals can work directly with their audiences without social platforms taking large cuts of their earnings. For the first time ever, we have a chance to give individuals true ownership of their assets.
So what is true ownership? Let’s say I buy a ticket to a concert or sporting event. I’m buying my entry into an experience, but I don’t own the ticket. You’ll probably see a message in fine print at the bottom of the ticket, wagging a finger at you, reminding you that the experience is non-transferable. And what’s the definition of ownership if not the ability to sell? But if we sell experiences on the blockchain, the NFT acts as the representation of ownership and it gives people the power to negotiate, name their price, and trade on an open market. In the hands of the individual, that ticket has the chance to create so much more wealth.
Continue reading: https://www.utahbusiness.com/web3-is-bringing-power-back-to-people/
