In the past, Web2 was known as the "data" world, where every service could convert user behavior into data. However, Web3 is transforming this data into "assets" through blockchain technology. When data becomes an asset, the focus shifts to the value that these assets can create, rather than the limitations of having personal data stored on servers owned by others. This is why many Web2 companies heavily rely on advertising and data to generate revenue, as data is their valuable asset.
As users begin to hold their own assets, each individual gains opportunities to monetize or exchange them, similar to various forms of traditional investments like stocks, properties, businesses, and more. Today, as data becomes an asset, let's explore how it can be leveraged in the metaverse and the potential for value creation.
The difference between Web2 and Web3 in DATA and ASSETS
In the Web2 era, individuals often provided their personal data to various online platforms and services, which then monetized this data through advertising and data-driven services. Data was considered an asset for these companies, enabling them to offer targeted advertisements and other data-driven services.
However, with the emergence of Web3, blockchain technology allows us to transform data into true assets. On the blockchain, data possess uniqueness, immutability, and transparency, enabling us to convert it into valuable assets. These assets can take the form of cryptocurrencies, digital collectibles, digital identities, and more.
Tokenomics: the rise of HUMAN-CENTRIC economies in Web3 UX
Web3 introduces a human-centric economy where individuals have ownership and control over their assets. In this new economic paradigm, we can leverage our assets for various monetization or value exchange opportunities.
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Cryptocurrencies can be treated as assets for investment and trading. The cryptocurrency market provides numerous opportunities, whether for long-term investments or short-term trades. By having ownership and control over our assets, we can participate in this market.
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Digital collectibles can be treated as assets for trading and collecting. Digital collectibles are unique digital assets, such as NFTs (Non-Fungible Tokens), representing artwork, music, in-game items, and more. We can buy, sell, showcase, and rent these digital collectibles in the market, deriving value from them.
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Digital identities can be treated as assets for gaining value and privileges. Digital identities are identity verification and management systems based on the blockchain. By owning our digital identities, we can prove our identity, access specific privileges and services, and derive value from them.
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Utility tokens enable diverse interactions and benefits. These tokens provide utility beyond their exchanging value and can be used for ticket validation, redeeming discounts, accessing exclusive content, or unlocking additional features and services within a platform or ecosystem, e.g. ERC-6672: Multi-redeemable NFTs.
UX from users to holders: Cryptocurrencies, digital collectibles, digital identities, and utilities all become your assets in the metaverse, and there may be more types of assets in the future.
Exploring asset transformation and exchanging value opportunities in the METAVERSE
The metaverse is a virtual digital world where we can own and showcase our digital assets, and participate in virtual economic activities. In the metaverse, we can showcase our digital collectibles to others, gaining appreciation and value through exhibitions and displays. We can also host exhibitions, performances, and other events using our digital collectibles to attract audiences and participants.
Similarly, we can engage in virtual real estate transactions within the metaverse, transforming our assets into virtual land or properties. These virtual properties can be used for gaming, social activities, or business purposes. We can derive value from them through renting, selling, or developing these virtual properties.
Web3 empowers ownership and identity, turning data into assets in a human-centric metaverse. All assets are potential profit and income sources.
The shift from data to assets in Web3 has brought about more potential human-centric economies, enabling individuals to own and control their assets. Each person can leverage their assets in the form of cryptocurrencies, digital collectibles, digital identities, and more to find value and opportunities. In the metaverse, our assets can be transformed into various forms of value, fostering a world of possibilities in the virtual digital realm. This human-centric economic model empowers individuals with autonomy and opportunities, promoting personal and societal prosperity.