Internet of Value (IoV) and NFTs

Changes on internet have been progressively rapid with more and more usage. Our habits, behavior, work culture, entertainment, interactions have been greatly impacted as a result. With more and more advanced new tech coming up, there is arising a need to create our new desires, likes or dislikes to be quantified and become of value on Internet.

But, the digitalization of data always has been that it can be replicated, duplicated easily which has caused many things on Internet to lose value as soon they are copied to Internet. Any document, media once copied as digital can be copied and share with single Copy Paste operation; which let work or a thing to lose its value.

Any new work of value by Creators around the world have been facing this problem for a while. Music artists, Cinema concerned about their work to be copied and shared on Internet via Private network cause them to lose value and money of their work. A research paper once leaked or shared across Internet with years of work; lose its value in few seconds.

Money not necessary is a just a currency but is a thing of value.

Blockchain has given option to resolve this problem. With Blockchain we can a thing wrapped in a transaction as hash and present on a Blockchain network since unique hash in the chain. Which means none like it exists on the chain and it cannot be modified (or copied) and has been agreed to upon by members on the Blockchain as a valid transaction.

There is no one like me exist on the network.

This has paved a way to have something exist on Internet as a Value (IoV) which can trigger people's desires and can be fulfilled and quantified by a certain value based on it's demand.

This is the concept of Internet of Value and in the form of Non-fungible Tokens (NFTs) which once released by owner Content creators as a value, can be distributed over the Internet or via a marketplace.

In fact. this has been allowed new jobs in the market and people are specifically calling themselves as NFT Artists who would sell their work on Blockchain as NFTs and which can guarantee them money or a Crypto coin as value in return. This allows them to be kings of their work as they create value and also become investors in Blockchain. Arts are being shared as Videos or GIFs or Jpegs.

This is what is being referred to as a Creator Economy. Individuals with more creativity power would be given more value on Internet.

Creators are 👑. Builders are 👑. Developers are 👑

Let's now try to understand the current state of Internet. Most content creation on Internet is build on centralized platforms owned by large corporations. Any thing of value would be taken and accept to by a medium and then would be transferred to target by having certain transaction fee.

Centralized corporations can motivate, unmotivate, allow/disllow your work on Internet. Things that matter to them would be shared and anything else that could be of value would not led to become a thing on its own. Peer-to-Peer networks resolves this by having network connection between then directly.

This involvement of a third-party when transferring something of value is true for Social Media Network Content, Money and even data on chat applications like WhatsApp.

Data provided to a mediator can not be trusted on which they are build making users of unknowingly a part of their data farming.

This however, even technically right now, this needs some improvements in terms of a common protocol in Blockchain to have seamless, interoperable and reliable transaction across different types of currency Blockchain and networks.

As of now developers across the world are more focussed on solving these problems while also trying to come up with new products. There would be some interesting frameworks and new protocols upcoming for sure in near future which possibly would changes the current state of Internet possibly forever.

Till then keep living the curious life 👍🏽.