In our present Digital age, knowledge is king. Companies of all sizes are more and more trying to monetize consumer knowledge as a way to energy their services. Nevertheless, the way in which during which these companies go about extracting worth from knowledge typically lacks equity and transparency.

Take Fb, for instance. The social media big has come beneath hearth in recent times for its enterprise mannequin, which relies on monetizing consumer knowledge with out giving something again to the customers themselves. This was most lately highlighted with the corporate’s rebranding to “Meta”, which signifies its regarding foray into the metaverse trade.

Google is one other high-profile instance of an organization that has confronted criticism for its monetization of consumer knowledge. The search big has been embroiled in quite a few antitrust instances in Europe, with regulators accusing the corporate of abusing its dominant market place to prioritize its personal services over these of its opponents.

Fortunately, blockchain expertise provides a possible resolution to this difficulty. Blockchain is a distributed database that enables for the creation of Digital Possession and honest distribution of wealth by way of trustless and permissionless protocols. This makes it a great expertise for enabling a extra equitable knowledge monetization mannequin.

Enabling True Digital Possession

One firm that’s benefiting from blockchain to allow true digital possession is Subsequent Earth. Subsequent Earth is a digital land platform that enables customers to personal and lease digital land. The corporate launched its personal token, NXTT, on January twenty seventh. All Platform Charges, Rewards, land purchases, market gross sales are executed in NXTT.

As Gabor Retfalvi, founding father of Subsequent Earth, explains, “We really imagine that we will help the world turn into a greater place, with the democratization of the Metaverse; with true digital possession by the neighborhood, by delivering an financial system the place customers can monetize themselves, create not simply wealth and worth, but in addition the community-driven content material of the Metaverse itself, and get appreciated for it.”

In different phrases, Subsequent Earth’s platform provides customers true digital possession of their land, permitting them to regulate how it’s used and who has entry to it. Subsequent Earth additionally offers transparency into the whole course of, so customers know precisely how their knowledge is being monetized.

This creates a extra equitable knowledge mannequin during which customers are compensated and in management.

Can Blockchain Repair the Metaverse?

The thought of the metaverse isn’t new—in his 1992 novel “Snow Crash,” Neal Stephenson described a digital world during which individuals may work together and do enterprise. From science fiction to the actual world, startups like Second Life sprung up within the early 2000s to try to deliver this imaginative and prescient to life. Nevertheless, these efforts have fallen quick as a result of an absence of equity and transparency of their enterprise fashions.

Subsequent Earth is trying to change all that with its use of blockchain expertise. With its platform and token, Subsequent Earth is making a extra equitable system that shall be important for the success of the metaverse.

The way forward for the metaverse hinges on the flexibility of companies to work together with consumer knowledge in a good and clear method. Blockchain expertise holds the promise of enabling simply that.

The thought of DAOs, or Decentralized Autonomous Organizations, takes this to a brand new stage. For this reason Retfalvi says that “the endgame of Subsequent Earth is a totally DAO managed state-of-the-art self-sustaining platform.” In the end, Subsequent Earth shall be absolutely user-controlled and can give again an increasing number of to its customers and the encircling neighborhood.

Why True Digital Land Possession Issues

Within the bodily world, we personal the land we stay on and the issues which are on it. We will use this land to construct our properties, companies, and different buildings. We will additionally promote it, lease it, or give it away. It is a primary proper that we’ve got within the bodily world and it’s one which we also needs to have within the digital world.

Digital land is a key a part of the metaverse and it ought to be owned by the customers who inhabit it. Subsequent Earth is main the cost in making this a actuality with its platform and token. With Subsequent Earth, customers will lastly have true digital possession of their land. It is a elementary proper that ought to be afforded to all customers of the metaverse.

In the end, the present mannequin of information monetization is unfair and it wants to alter. Metaverse customers ought to be rewarded for the info that they supply somewhat than having it taken away with out something given again in return. Subsequent Earth is main the cost in making this a actuality and its platform and token will assist to create a extra honest and equitable metaverse.

Picture by Jeremy Bezanger on Unsplash