Ted Talks Daily – The dream of digital ownership, powered by the metaverse | Yat Siu

Intro

In this episode of “Ted Talks Daily,” Yat Siu discusses the dream of digital ownership and the power of the metaverse. He explores how the open metaverse, powered by Web3 and blockchain technology, is shaping the future of the internet and offering new opportunities for true digital ownership and economic freedoms.

Main Takeaways

The Future of the Internet: The Open Metaverse

• The open metaverse, powered by Web3 and blockchain, is the future iteration of the internet and comprises virtual worlds, businesses, enterprises, and experiences with millions of digital citizens.
• To access the open metaverse, you don’t need VR goggles, just plain old screens.
• The metaverse has grown bigger and more impactful, generating over $30 billion of economic activity and having treasuries maintained by communities to the tune of $12 billion.

The Importance of Digital Ownership

• Our digital existence can be removed on any platform at a moment’s notice without due process, and we accrue value to networks that don’t belong to us.
• Data is the most valuable resource, and we generate large quantities of it through our time, attention, and creativity online.
• Data is the foundation of the AI industry, and every industry relies on it.
• Ownership is important for self-expression, identity, culture, and community.

NFTs and Digital Intellectual Property Rights

• NFTs can provide ownership of virtual goods in the open metaverse.
• Tokenization and Web 3 can protect digital intellectual property rights.
• “Data is the new labor, and we’re not being fairly compensated for it.”
• “Ownership of things gives us corresponding economic freedoms.”

The Path to Prosperity and Inclusive Capitalism

• Web3Future allows us to earn and own a piece of equity on the networks we construct and grow.
• Ownership is a key pillar to prosperity and correlates with the wealth of nations.
• True digital property rights can create a fairer, more inclusive form of capitalism.
• NFTs generated over $24 billion in sales last year, with the majority going to creators and owners.

Ensuring Digital Freedom and Preventing Dependency

• True digital copyrights are necessary to ensure digital freedom and prevent being slaves to platforms or future EIs.

Summary

The Future of the Internet: The Open Metaverse

The open metaverse, powered by Web3 and blockchain technology, is revolutionizing the internet. It encompasses virtual worlds, businesses, and experiences, accessible through screens rather than VR goggles. With over $30 billion of economic activity and treasuries maintained by communities, the metaverse is expanding rapidly.

The Importance of Digital Ownership

Our digital existence is subject to removal without due process on platforms where we generate value for networks we don’t own. Data, the most valuable resource, is generated through our online activities. Ownership is crucial for self-expression, identity, culture, and community.

NFTs and Digital Intellectual Property Rights

NFTs provide a means of owning virtual goods in the open metaverse, while tokenization and Web 3 protect digital intellectual property rights. Fair compensation for data as labor and the corresponding economic freedoms of ownership are crucial.

The Path to Prosperity and Inclusive Capitalism

Web3Future empowers individuals to earn and own equity in the networks they contribute to. Ownership is a key pillar of prosperity and correlates with a nation’s wealth. True digital property rights can foster a fairer and more inclusive form of capitalism, as demonstrated by the significant sales of NFTs.

Ensuring Digital Freedom and Preventing Dependency

True digital copyrights are essential to safeguard digital freedom and prevent dependency on platforms or future entities. Protecting our rights in the digital realm is crucial for maintaining autonomy and avoiding exploitation.

Conclusion

The dream of digital ownership is becoming a reality through the open metaverse and technologies like Web3 and blockchain. By embracing true digital property rights, we can create a fairer and more inclusive form of capitalism, where individuals have control over their digital existence and are fairly compensated for their contributions. The future of the internet lies in ownership and the empowerment it brings.