Our Vision of the NFT Ecosystem

Are NFTs the Future?

Before talking about the future, it is important to clarify some elements of the present to contextualize why NFTs represent a logical continuation of our information economy as well as a technological response to the need for digital scarcity.

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Today, the state of health of the digital creation market can be summed up by a massive production of content controlled by central entities that devalue what they do not like. This raises several questions:

  • What are the criteria to be met to exist online?
  • How are these criteria decided?
  • What is and how is personal data collected? 

With algorithms that can make it rain, make the sun shine, and even influence the results of presidential elections, the use of our personal data has become a major issue in our digital lives.

Maintain Control Over Data

To maintain control over the data that a user consents to give to a third party, cryptography and the world of open source have many tools. NFTs and more generally blockchain are part of it but they are not miracle solutions.

At the same time, digital life is taking up more and more space and has more and more consequences on our physical life.

  • For example, how do I verify the authenticity of a deepfake video?
  • How can we prove our identity with digital tools?
  • Are artists and digital professions valued at their true value?

In parallel with the information economy, the attention economy has developed on social networks. Here again, it is mainly the platforms which host the content that emerges as winners of this economy. 

NFTs are a Double-Edge Sword

The promise of Web3 is to enable a better economic balance between content creators and the platforms that enable their content to be distributed. And NFTs perfectly represent this notion of ‘digital scarcity’.

Having the ability to ‘set in stone’ digital information is a double-edged sword. On one hand, no one will be able to alter the information but on the other hand, it will be necessary for the information to be consensus with all the actors concerned before being registered on a blockchain. In addition, the transparency induced by NFTs requires first defining what will be made public or not.

This work is licensed under a Creative Commons Attribution 4.0 International License.

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