Okay, Gen Z, let's talk straight. You're fluent in the digital world. You get memes, online discourse and the potential of a well-timed viral moment. Yet this is where I fear many of you are failing to really understand the true power of NFTs. I don’t mean buying and selling Bored Apes at a million bucks a pop. I'm talking about something far more profound: a revolution in digital ownership and a chance to build a more equitable future. And for those a bit older, no, this is not just applicable to you. It’s what's powering the next wave of digital evolution, and how you can adapt to it.
NFTs Empower Creators Directly
Let’s face it, the real world of art is a gatekept hellscape right now. Galleries charge exorbitant commissions, labels own the intentions of musicians, and publishers determine what work is seen and heard. NFTs blow that system up. For one, they give artists, musicians, writers – anyone creating digital content – a direct connection to their fans. Think about it: you create something, mint it as an NFT, and sell it directly to your fans. No middleman. No gatekeepers. Just you and your community.
This isn't some utopian fantasy. It's happening now. Artists from marginalized communities are utilizing NFTs to circumvent gatekeeping barriers and realize their generational wealth aspirations. When a talented musician from a small town can’t get a seat at the table with a major label, they unexpectedly reach a worldwide audience and begin earning massive amounts of revenue from NFT sales. That's the power of NFTs. And the beautiful thing? Smart contracts are the behind-the-scenes code that makes an NFT tick. Indeed, they can even be designed to automatically payout royalties to the initial creator every time the NFT is flipped. That builds a repeatable, long-term income stream that continually motivates creators as opposed to the one-off sale. Where else can you get that?
Reclaim Digital Space, Build Community
We’ve all experienced the pain point of being subject to the whim of centralized platforms. Your ideas subject to takedown, your real-life ideas banned from the platform, your opinion uncensored. NFTs, combined with DAOs (Decentralized Autonomous Organizations), are providing a canvas to create wholly decentralized and community-owned spaces. Think of a DAO as an internet-based workers’ cooperative. Under this arrangement, ownership and governance are delegated to members via tokens, which may include non-fungible tokens (NFTs) as well.
Now picture that same passionate community of writers, artists, and fans. Together, they come up with ideas to create a platform where the content is owned and under the control of the community homegrown. Delight in an ad-free, censorship-free, algorithm-free social media experience. For us, this is where creators and fans come together to create something truly special, together. That’s the potential unlocked by DAOs, powered by NFTs. Restoring agency over our digital lives starts with taking back control over our digital lives and building a more democratic, equitable online world.
It doesn't stop there. Consider virtual land in the metaverse for example. In the metaverse, NFTs can be used to represent ownership of land, buildings, or even avatars themselves. This creates an incredible new range of opportunities for creative expression, community building, and economic activity. Plus you can even own a virtual gallery to display your NFT art in. On the other hand, you might design a colorful plaza that welcomes everyone and encourages new social interaction. The possibilities are endless.
Beyond Art: NFTs Solve Real Problems
All right, so you’re not an artist or a fan of the metaverse. Maybe you're thinking, "This all sounds interesting, but what's in it for me?" Well, consider this: NFTs are not just about art or virtual worlds. They're about proving ownership of anything digital.
Science is evolving, and with it so are justice needs. How do we put guardrails in place to ensure that there is a standard mechanism for training AI models on data obtained ethically? What are the protections for the rights of the people who created that data? NFTs can provide a solution. By employing NFTs for data provenance, we can ensure a more transparent and accountable system for AI development. Moreover, embedding licenses will increase the integrity of this system. This is to make sure that AI is used fairly and that the creators are rewarded justly for their creations.
It's not just about AI. NFTs can hold incredible potential for verifying the originality of digital documents, supply chain monitoring, and even protecting our democratic voting processes. The possibilities are truly limitless. This is where the “unexpected connections” piece comes into play. Just take a look at the similarities between NFTs and the initial evolution of the internet. Like 5G, both were initially written off as niche technologies with little widespread or long-term adoption. In both cases, they had the potential to disrupt existing power structures and create new opportunities. NFTs are at that same inflection point today.
Yes, the NFT space has its problems. Yes, there are scams, yes environmental concerns are valid, and yes there’s lots of hype. Don’t allow that disappointment to obscure what’s realized underneath the surface. NFTs have incredible potential to be catalysts for democratizing digital ownership, empowering our creators, and creating a more equitable future. Gen Z, this is your world. Accept it, mold it, and pour it to create something stronger. And for the rest of us? Now is the moment to take action and realize the future happening right in front of us.
