One of the most important things about cryptocurrency, DeFi, NFT’s, and other amazing technologies that are emerging is the ownership and personal responsibility you take for it. If you own a Cryptopunk (the first NFT created on the Ethereum Blockchain) then you are proud to own it and take responsibility for its safety and possession, regardless if you are pseudonymous or not.
This is one of the amazing things about this innovative space that we are entering, but there is a large issue that crypto may have unintentionally solved, which is the ownership of our social media influence. When you log on to your social media accounts like Twitter, YouTube and others you don’t own your account, or the content you create on it, the platform does. This leads to many issues. For instance, your account could get shut down and censored if you post something the institution doesn’t like or agree with. I see posts across my feed all the time of people complaining about being banned, going against community standards, etc. all at the discrepancy of the institution's hand-picked employees. Even the president of the United States, Donald Trump, got banned from Twitter and Facebook and is currently in the middle of a large lawsuit, leading to a waste of millions of dollars.
Another issue that not owning the platform that you create content on is that you don’t get paid for the value that you create. If we did own the platforms where most of the content was being enjoyed, then we could be getting a sizeable portion of the revenue generated from fees, advertisements, etc. that are currently being hoarded by the companies we’re using right now.
Staying anonymous is another issue. What if you don’t want to store your birthday, phone number, email, and other personal and private information on a centralized database that has the potential of being hacked and used against you in the form of stolen identity, blackmail, or other malicious activity?
I hope that as time goes on, we migrate to decentralized platforms that have easy-to-use user interfaces that allow people to maximize their ownership and value created. Once this begins to happen, and people begin to realize the potential associated with ownership of your posts, content, and followers then we will truly understand the power of blockchain, immutability, trustlessness, human coordination, and decentralization.
Ryan Sean Adams from the Bankless Podcast had a quote; he said owning and operating on one of the popular social media platforms is, “It’s like building a house on someone else’s land”.
If you were to design a house from scratch, pick the material that was going to be used, work with the architect to decide on the metrics of the rooms, designers to choose the interior, plumbers to work the piping; would you do it on rented land? No, you would want to own the land that you are building on, because then, and only then will you be the one in control of the fate of the property.
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