The concept of digital ownership and control is complex, especially in today’s internet age. Several complexities surround the discussion, such as the distribution rights and terms agreements – long documents that we rarely read or even understand.
Over the past decade, people have spent a lot of money on digital content, ranging from online game purchases to exclusive streaming services. However, to consume this digital content, one has to agree to some end-user license agreements. The truth is that we cannot claim digital ownership of any of the content we purchase.
In the current version of the internet, we are being leased with these digital contents, and the companies reserve digital ownership rights. Buying a song from Tidal or Apple Music only gives you the license to access the song.
What is Web3, and why is it important when it comes to digital ownership?
Web3, one of the increasingly popular internet terms, has been touted as the next best thing that the internet has to offer. Web 1, the 1st generation of the internet, only permitted users access to read, which was hardly interactive. On the other hand, web 2, the current age of the internet we are experiencing, allowed for contribution on the internet. Now, people can publish their write-ups on Medium and other blog sites.
People are now getting aware of the fact that companies are monetizing their data and internet habits. As a result, control over user data has been a fundamental cause of concern. Web3 aims to put more control over personal data back in the control of internet users, thus claiming digital ownership.
People should be able to choose if they want to share their data and the terms of sharing. People should also be free to opt-out if they no longer wish to share their data. This is what Web3 is all about.
Why NFTs are the next big thing in the digital world
For most of 2021, we saw a lot of activities in the NFT space as they captured the internet’s attention. There was a great deal of awareness as everyone touted NFTs as the next big thing. Blockchain technology has endless possibilities and will play a big part in the concept of digital ownership.
The digital ownership details regarding NFTs are registered on the Blockchain, making it easily verifiable, so they cannot be replicated. Therefore, the owner of the NFT – a digital asset – can trade it freely, regardless of the asset’s nature: digital music, 3D art, or digital artwork.
Every transaction and exchange is transparent and recorded with a unique ID and metadata. Therefore, proof and the right of digital ownership are essential to allow internet users to possess digital items.
Web3 is essential for a decentralized internet and digital ownership
Web3 will allow for independent websites because any central entity does not control them. With a decentralized internet, internet users have the liberty to host websites that will not be taken down except with their permission. The InterPlanetary File System (IPFS) is a peer-to-peer network that allows computers worldwide to serve and store files.
But instead of relying on a central server, users can act as servers by having a piece of the data. For example, if several people visit a website to watch a video, that video can be processed by any of the hosts when another user visits the website.
Therefore, it’s a fact that Web3 is a highly collaborative iteration of the internet. It allows for advanced functionality for users to participate and contribute by reducing the reliance on big tech. In addition, the decentralized protocols will give users power over their data, transactions, identity, and digital ownership.
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