How NFTs are building the internet of the future

10 min Source: TED TALK
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NFTs (Non-fungible tokens) is a collectable digital asset that is a form of art but can act as a cryptocurrency but with extra information stored within them.

Summary

The Internet has increasingly become our default context for business, work, research, social relationships, commerce and entertainment. However, the content presented is primarily controlled through a few large corporations that run the biggest advertisement networks. These networks generally do not employ the people creating content. However, the way the big networks work is changing with the advent of Non-Fungible Tokens (NFTs). NFTs are or can be:

  • Anything digital (such as drawings, music, photo's).

  • A part of the Ethereum blockchain with extra information stored in them.

  • A certificate of ownership is registered for everyone to see.

  • Improvements on copyright/watermark technologies.

  • Portable and independent of any particular servers

  • A store of value as they can be purchased and traded.

New possibilities emerge for the Internet with NFTs where:

  • Economic control rests in the hands of creators, not platforms.

  • People's ideas and creativity can be directly supported.

  • Information can be free, but if sufficiently secure, can result in more people getting paid for what they create.

References to expand understanding of NFTs:
  1. Jun 2021 Creative Bloq. Confused about NFTs? Here's all you need to know
  2. Aug 2021 The Verge. NFTs, explained
  3. Sep 2021 BBC. What are NFTs, and why are some worth millions?
Image Used: GNU Crypto.png - Wikimedia Commons