Digital real estate has always had value. What’s different about web3 is that digital asset paradigms like non-fungible tokens (NFTs) make it possible for individuals to uniquely own – not just rent – specific pieces of digital real estate and metaverse land and locations for private or shared use. Blockchains, a core web3 technology, enable this

... See more

Historically there was no way to separate the “owner” of a digital artwork from someone who just saved a copy to their desktop. Markets can’t operate without clear property rights: Before someone can buy a good, it has to be clear who has the right to sell it, and once someone does buy, you need to be able to transfer ownership from the seller to... See more

15. Non-Fungible Tokens

NFTs and cryptoeconomics (tokens) in general force the ownership issue by allowing for everything to be, and governed by, a market. This is neither good nor bad - it is, though, very different.

Blockchain technology will enable this vision. Virtual worlds and economies will be owned and controlled by creators and consumers. Non-fungible tokens (NFTs), DeFi, social tokens, decentralized autonomous organizations (DAOs)—all are central components of this future.