Our physical and digital worlds are colliding, leading to the tokenization of assets, content, and communities. We are watching as the internet evolves, powered by blockchain technology and enabling asset digitization and ownership at a massive scale. It’s truly amazing when you consider how far we’ve come in such a short time. What was once a limited home to niche e-commerce sites and mysterious chat rooms has become a nearly limitless expanse of global platforms, content, and tools.
Now, as we look to the future in Web3, it’s clear that value creation, growth, and ownership is the centerpiece of this new internet. Both individual and communal value can be captured and exchanged, unlike ever before, and we as the participants should seek solutions that maintain and reward our contributions. Otherwise, we risk falling back into a centralized system of ownership.
As someone who has been at the forefront of blockchain exploration for almost a decade, I’ve been very focused on the power of community-owned marketplaces. These dedicated ecosystems will broaden our concept of value and enable businesses and their communities to maintain true ownership of what they create.
Just take a look back at history. The marketplace has always been a hub for communal activity and empowerment. As we approach this new frontier of the internet, I believe a new appreciation for marketplace ecosystems will emerge. NFT marketplaces go beyond OpenSea or Rarible. They are virtual hubs for businesses and their communities to own, grow, and exchange value. All with no need for middlemen or external forces that siphon this value.
As blockchain adoption continues to unfold over the next several years, the power of decentralized community-owned ecosystems will become increasingly clear.
What Does Ownership in Web3 Mean?
From tokens to dapps, individual and communal ownership is central to decentralization. The Web3 space is still maturing, but ownership has been inherent since day one. A commonly shared mission among builders in this industry is to enable users to liberate themselves from censorship and take control of their digital footprint.
The claiming of ownership starts with self-sovereign identities (SSI). Web2 digital identities are linked to centralized email accounts and handed over to countless platforms for potential exploitation. The big tech giants that collect our data continuously exploit their position by leveraging our personal information for their profit. They collect the value we provide and sell it without compensating us.
Web3 flips this concept, using SSI managed through decentralized wallets and encrypted private keys. This returns ownership of identity to users who can pick and choose what personal information is shared with which site. Now, mechanisms are being developed that empower users to earn from the value they provide in the form of data, content or engagement. All of this is being executed through P2P connectivity across networks rather than centralized servers, returning the power to individuals.
Non-fungible tokens (NFTs) are a critical component of Web3, functioning as a primary asset class that enables decentralized ownership and trade. While the mainstream understanding of NFTs is based in the world of digital art, these assets will eventually become the foundation of all internet content, commerce, and community membership.
With this in mind, it is important to evaluate how we as users and communities can help ensure total ownership of our assets and the value that they represent. Dedicated NFT marketplaces that facilitate the creation and exchange of these assets are necessary to this discussion. This is because centralized forces continue to seek control of what is being created by emerging Web3 communities.
Take Control of Your Business Model
With true ownership at the heart of Web3 communities, far too many are handing over control to centralized platforms like OpenSea. This is counterproductive in a decentralized system, when solutions exist that make centralization obsolete. We no longer have a need for middlemen, and businesses should consider the potential use for fees and user engagement lost to NFT marketplaces.
The 2.5% fee taken by OpenSea on every transaction could easily be used or redistributed among your community. Afterall, it is your business and community that is creating and exchanging the value, to begin with. Why operate at the mercy of a 3rd party platform that extracts value and can censor you without a moment’s notice. Blockchain eliminates the need for these ecosystems and positions every company to exert total control over their business model.
What we build now will impact our trajectory and market share over the next several years. Now is the time to build with ownership of our business models in mind, as these revenue streams can fuel our communities for years to come.
Providing a Hub for Users to Experience
New virtual worlds and ecosystems are being built as we speak, and NFTs are the building blocks. As NFTs populate these ecosystems and metaverses, our communities seek hubs to create, trade, and engage with others. Expectations are changing, and users seek new brand experiences that connect them while ensuring their contribution is captured and reciprocated.
Instead of hand delivering our communities to 3rd party sites, the alternative should be strongly considered. Our communities deserve a dedicated ecosystem that prioritizes ownership and empowers participants to contribute and share in experiences. This is an extension of Web3 ownership, as the participants fully own everything from the community to the assets to the ecosystem. If we are creating our value as a community, we should also manage and own the platform on which we engage and grow that value.
The foundation for the internet’s third phase is being constructed as we speak. What we build for ourselves and our community during these early years of Web3 will position us for everything that follows. As this shift begins to restore balance by rewarding the creators and communities that deliver value, it's important not to lose sight of the significance that our virtual spaces have. Our businesses and communities should not be taken for granted. By building dedicated ecosystems that empower these communities to engage and grow, we ensure that our collective value is not siphoned but rather reinvested into those who participate and make that value possible.