The Importance of True Digital Ownership in An Age of Data Monetization
17 Gennaio 2022 - 12:36PM
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In our current digital age, data is king. Businesses of all sizes
are increasingly looking to monetize user data in order to power
their products and services. However, the way in which these
businesses go about extracting value from data often lacks fairness
and transparency. Take Facebook, for example. The social media
giant has come under fire in recent years for its business model,
which is based on monetizing user data without giving anything back
to the users themselves. This was most recently highlighted with
the company’s rebranding to “Meta”, which signifies its concerning
foray into the metaverse industry. Google is another high-profile
example of a company that has faced criticism for its monetization
of user data. The search giant has been embroiled in a number of
antitrust cases in Europe, with regulators accusing the company of
abusing its dominant market position to prioritize its own products
and services over those of its competitors. Thankfully, blockchain
technology offers a potential solution to this issue. Blockchain is
a distributed database that allows for the creation of digital
ownership and fair distribution of wealth through trustless and
permissionless protocols. This makes it an ideal technology for
enabling a more equitable data monetization model. Enabling True
Digital Ownership One company that is taking advantage of
blockchain to enable true digital ownership is Next Earth. Next
Earth is a virtual land platform that allows users to own and lease
virtual land. The company launched its own token, NXTT, on January
27th. All Platform Fees, Rewards, land purchases, marketplace sales
are done in NXTT. As Gabor Retfalvi, founder of Next Earth,
explains, “We truly believe that we can help the world become a
better place, with the democratization of the Metaverse; with true
digital ownership by the community, by delivering an economy where
users can monetize themselves, create not just wealth and value,
but also the community-driven content of the Metaverse itself, and
get appreciated for it.” In other words, Next Earth’s platform
gives users true digital ownership of their land, allowing them to
control how it is used and who has access to it. Next Earth also
provides transparency into the entire process, so users know
exactly how their data is being monetized. This creates a more
equitable data model in which users are compensated and in control.
Can Blockchain Fix the Metaverse? The idea of the metaverse isn’t
new—in his 1992 novel “Snow Crash,” Neal Stephenson described a
digital world in which people could interact and do business. From
science fiction to the real world, startups like Second Life sprung
up in the early 2000s to try and bring this vision to life.
However, these efforts have fallen short due to a lack of fairness
and transparency in their business models. Next Earth is looking to
change all that with its use of blockchain technology. With its
platform and token, Next Earth is creating a more equitable system
that will be essential for the success of the metaverse. The future
of the metaverse hinges on the ability of businesses to interact
with user data in a fair and transparent manner. Blockchain
technology holds the promise of enabling just that. The idea of
DAOs, or Decentralized Autonomous Organizations, takes this to a
new level. This is why Retfalvi says that “the endgame of Next
Earth is a fully DAO controlled state-of-the-art self-sustaining
platform.” Ultimately, Next Earth will be fully user-controlled and
will give back more and more to its users and the surrounding
community. Why True Virtual Land Ownership Matters In the physical
world, we own the land we live on and the things that are on it. We
can use this land to build our homes, businesses, and other
structures. We can also sell it, lease it, or give it away. This is
a basic right that we have in the physical world and it is one that
we should also have in the digital world. Virtual land is a key
part of the metaverse and it should be owned by the users who
inhabit it. Next Earth is leading the charge in making this a
reality with its platform and token. With Next Earth, users will
finally have true digital ownership of their land. This is a
fundamental right that should be afforded to all users of the
metaverse. Ultimately, the current model of data monetization is
unfair and it needs to change. Metaverse users should be rewarded
for the data that they provide rather than having it taken away
without anything given back in return. Next Earth is leading the
charge in making this a reality and its platform and token will
help to create a more fair and equitable metaverse. Photo by
Jeremy Bezanger on Unsplash
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