In our present digital age, knowledge is king. Companies of all sizes are more and more trying to monetize person knowledge to be able to energy their services and products. Nonetheless, the best way during which these companies go about extracting worth from knowledge typically lacks equity and transparency.
Take Fb, for instance. The social media big has come under fire lately for its enterprise mannequin, which is predicated on monetizing person knowledge with out giving something again to the customers themselves. This was most just lately highlighted with the corporate’s rebranding to “Meta”, which signifies its regarding foray into the metaverse trade.
Google is one other high-profile instance of an organization that has faced criticism for its monetization of person knowledge. The search big has been embroiled in quite a lot of antitrust cases in Europe, with regulators accusing the corporate of abusing its dominant market place to prioritize its personal services and products over these of its opponents.
Fortunately, blockchain expertise provides a possible resolution to this difficulty. Blockchain is a distributed database that permits for the creation of digital possession and honest distribution of wealth by means of trustless and permissionless protocols. This makes it a super expertise for enabling a extra equitable knowledge monetization mannequin.
Enabling True Digital Possession
One firm that’s making the most of blockchain to allow true digital possession is Next Earth. Subsequent Earth is a digital land platform that permits customers to personal and lease digital land. The corporate launched its personal token, NXTT, on January twenty seventh. All Platform Charges, Rewards, land purchases, market gross sales are finished in NXTT.
As Gabor Retfalvi, founding father of Subsequent Earth, explains, “We really imagine that we may help the world change into a greater place, with the democratization of the Metaverse; with true digital possession by the group, by delivering an financial system the place customers can monetize themselves, create not simply wealth and worth, but in addition the community-driven content material of the Metaverse itself, and get appreciated for it.”
In different phrases, Subsequent Earth’s platform provides customers true digital possession of their land, permitting them to manage how it’s used and who has entry to it. Subsequent Earth additionally offers transparency into the complete course of, so customers know precisely how their knowledge is being monetized.
This creates a extra equitable knowledge mannequin during which customers are compensated and in management.
Can Blockchain Repair the Metaverse?
The concept of the metaverse isn’t new—in his 1992 novel “Snow Crash,” Neal Stephenson described a digital world during which folks might work together and do enterprise. From science fiction to the true world, startups like Second Life sprung up within the early 2000s to try to deliver this imaginative and prescient to life. Nonetheless, these efforts have fallen brief attributable to an absence of equity and transparency of their enterprise fashions.
Subsequent Earth is trying to change all that with its use of blockchain expertise. With its platform and token, Subsequent Earth is making a extra equitable system that will probably be important for the success of the metaverse.
The way forward for the metaverse hinges on the power of companies to work together with person knowledge in a good and clear method. Blockchain expertise holds the promise of enabling simply that.
The concept of DAOs, or Decentralized Autonomous Organizations, takes this to a brand new degree. Because of this Retfalvi says that “the endgame of Subsequent Earth is a completely DAO managed state-of-the-art self-sustaining platform.” In the end, Subsequent Earth will probably be absolutely user-controlled and can give again increasingly more to its customers and the encompassing group.
Why True Digital Land Possession Issues
Within the bodily world, we personal the land we stay on and the issues which might be on it. We will use this land to construct our houses, companies, and different constructions. We will additionally promote it, lease it, or give it away. This can be a primary proper that we’ve got within the bodily world and it’s one which we must also have within the digital world.
Digital land is a key a part of the metaverse and it must be owned by the customers who inhabit it. Subsequent Earth is main the cost in making this a actuality with its platform and token. With Subsequent Earth, customers will lastly have true digital possession of their land. This can be a basic proper that must be afforded to all customers of the metaverse.
In the end, the present mannequin of information monetization is unfair and it wants to alter. Metaverse customers must be rewarded for the information that they supply slightly than having it taken away with out something given again in return. Subsequent Earth is main the cost in making this a actuality and its platform and token will assist to create a extra honest and equitable metaverse.
Picture by Jeremy Bezanger on Unsplash