February 17, 2022
If you hate the words “cryptocurrency” or “NFT” don’t worry, they won’t be said as much as the names of the projects/products created with that technology. The short answer is blockchain or “web3”. It’s complicated, but that’s what equality is. The internet right now is an even steeper pyramid than our global economy (an insanely steep pyramid), there’s a good chance that Google, Meta, or other large companies own EVERYTHING you have contributed to the internet. This happened because web2 is set up like this, we can still claim advantages within this system but the simple fact is that every social justice statement you’ve made or shared resides within the domain of these companies pockets. Blockchain displays the source of its creation by default, web3 will still be dominated by major players but we finally have control over our individual virtual identities that involves monetization. Everything about creative rights can be done differently if you mint your intellectual property on a blockchain. They aren’t “adding NFTs into videogames”, they’re putting the same things people already buy on to blockchain so that you can verify ownership & are able to sell it to someone else later for the new value, all while the creators still earn royalties. There are no problems unique to blockchain that are not consistent with society itself. The greatest benefit I constantly think about is how with the legal infrastructure set up by the entertainment industry as it is now, it has created this scenario where young independent creatives are the most favorable long term bets because they still own their work, they can sell cheap with the highest upside. Blue chip blockchain projects will always be a thing that run the world but every established brand already has a value to live up to that has more room to fall in a long term investment, especially if they are later in their career. I can’t believe I have seen NFT collections involving dead artists, the initial sale is already proposed to be expensive & then what are the deciding factors increasing that works long term value? Young independent artists have their entire story to tell & they have the opportunity to let supporters invest during chapter 1 with the proof. Our culture is already filled with people claiming to have “supported someone before-” every time a new star breaks out, now we have a system where real money is involved & verification is the name of the game. Also, if you’re buying an NFT with any sort of utility or tangible aspect that you personally value, there is 0% chance to lose.
I know this attitude might sound hyper enthusiastic considering these scenarios are never & can never be the most common, but that moment you find them is what makes them so special for existing. The ways we can find true value comes back to the same things it always has in this world, buy from people you know, a community you feel like you belong in. It doesn’t favor large corporations that exist outside our daily lives, it creates the best opportunities for people wanting to create true compassion. Whose here? Whose willing to do all this reading & writing? It’s never one person because this system has no borders & works sequentially world wide in this new reality anyone can build. It takes effort to set up web3 properly but it gives us tremendously more agency into the impact of our decisions than the choices we have now. Without blockchain if someone goes “viral” the only way they can receive their payday is from an endorsement deal with an established company, with blockchain they can provide public investment opportunities or products directly & the income splits are up to them! The decisions we make on web2 are data delivered solely to large companies & their AI so that they can keep us there longer, the decisions we make on web3 with blockchain enter a public domain anyone can learn & financially benefit from.