NFT is more than a bubble: It’s changing the Internet

NFT: ownership or collection?

When it comes to NFTs, I try not to use the word “buy” but “collect” instead.

How traditional Internet business models fail content creators

The basic design of the Internet determines that content is published in a homogeneous data structure without a unique ID. Therefore, the entire Internet of Value is unified, like a big river. Content producers can either:

  • let it flow for free
  • rely on the attention that flows through their own works in exchange for advertising revenue, or
  • use various disproportionate preventive tools to do some limited interception such as signing in, typing codes, prohibiting copy and paste, or setting up a paywall.

How NFTs revolutionize traditional online business models

In a world designed on blockchain, marked by NFT, and operated by digital currency, it is as if the homogeneous river and sea are split into countless water bottles. These bottles can be infinitely divided into ever smaller bottles that you can’t see with the naked eye. But every water bottle has a description label, and you know where it comes from, where it goes, and who owns it. Any basic change, such as a new business model based on collection, creates a cascade of fundamental changes.

“The Little Prince” Japanese version of the movie
Figure 1: “The Little Prince” Japanese version of the movie

A new era of ownership and collection

Let’s consider these examples in different industries that illustrate the new ways of owning and collecting assets:

Kings of Leon NFT album
Figure 2: Kings of Leon NFT album
“Moments that changed us” by CNN
Figure 3: “Moments that changed us” by CNN
Tim Berners-Lee and his www source code
Figure 4: Tim Berners-Lee and his www source code

Putting the puzzle together

We say that many problems that cannot be solved on the traditional Internet can be solved after redefining and identifying ownership. This is a theory, of course. In reality, it’s quite distant from our daily habits, concepts, and inertia. Changes will shake the huge vested interests of the traditional world, and they cannot be accomplished overnight.

The shift from Web1 to Web3
Figure 5: The shift from Web1 to Web3

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Matters Lab

Matters Lab

Matters Lab was established in 2018, with the mission to create a freer and fairer creator ecosystem through the next evolution of the Internet, Web3.