Are Your Digital Assets Yours? Here’s What You Should Know About Owning Your Purchase on Web3
Welcome to the world of digital assets, where ownership and control are no longer confined by traditional borders. With the rise of blockchain technology and decentralized systems, the way we interact with and manage our digital assets is changing. But as we embrace this new era of digital ownership, the question arises - are your digital assets truly yours? In this blog, we’ll dive deep into digital asset ownership in the virtual world.
What exactly is a digital asset?
Simply described, a digital asset is an electronically-stored content. They include photographs, audio, movies, word documents, e-books, in-game products, domain names, and your accounts.
The question is: do you own these assets?
The answer is: no, your platform does.
Why you don’t own your Web2 online purchase
Borrowed, not Owned
When you rent an apartment, it’s obvious that you don’t own it.
But what about when you buy digital products? Unfortunately, even then, you don't own them. When you "buy" a song from iTunes or an ebook from Amazon, you're simply purchasing a license to access them. This license can be revoked by the company or permanently lost if your account is deleted.
Transferability is Limited
In the real world, we have the power to transfer ownership of our possessions as we see fit. But in Web2, we don't have that same freedom. When you purchase an ebook on Kindle, it's bound by both the platform and your account, and you can't transfer it to someone else without access to your account. This is because Web2 companies want to keep consumers attached to their platform for maximum profit.
True ownership of digital assets requires both proof of ownership and transferability of ownership, and this is what Web3 promises to unlock. Don't let Web2 companies hold onto your digital assets – take control with Web3 technology.
True digital asset ownership is facilitated by Web3
In a previous article, we have listed out the benefits of Web3. One additional advantage of Web3 we didn’t mention was users having lifetime access to their virtual possessions.
The Digital Industrial Revolution has brought us to a new era in the internet world, where ownership is now being distributed among the contributors of the internet. This is the essence of Web3, where the ownership of digital assets is now recorded on the blockchain, providing true ownership of your digital assets. The blockchain technology enables users to prove ownership and transfer ownership of digital assets through secondary marketplaces or direct exchanges.
There are three digital assets that are currently shaping the online ownership experience:
Cryptocurrencies and Tokens
Cryptocurrency is a digital currency secured by cryptography and operates on the blockchain, making it impossible to counterfeit or double-spend. The cryptocurrency is the native asset of the blockchain and the ledger allows you to prove ownership on the blockchain.
Non-Fungible Tokens (NFTs)
NFTs are unique, verifiable digital assets on the blockchain that cannot be replaced. The use cases for NFTs are limitless and can include ownership of in-game items, real estate in the metaverse, and contributions to artists. NFTs unlock the potential for true ownership of digital goods and represent an evolutionary step towards the adoption of Web3 as online content is increasingly created, operated, and owned by users.
In the future, internet users will own their digital property, and Web3 domains are at the forefront of this movement. Web3 domains are digital names that exist as NFTs on the blockchain and provide a unique name to identify users, pay and get paid, and prove ownership of digital assets and data. With Web3 domains, users hold the key to their self-sovereign identity and own a digital asset. Unlike traditional domains, Web3 domains are unique and stored in your wallet, providing benefits beyond traditional domains.
In conclusion, the digital world has brought about a revolution in the way we think about ownership. Web2 has clouded the issue, leading us to believe that we own our digital assets when in reality we only have limited access to them. But the rise of Web3 and blockchain technology is changing all of that, offering us true ownership and control of our digital assets. With the help of cryptocurrencies, NFTs, and Web3 domains, we can now prove and transfer ownership of our virtual possessions, creating a more decentralized and democratized internet where our digital assets truly belong to us.
Stepping into the world of Web3 with Worldwide AI Hackathon and WowDAO
WowDAO, the first DAO for the global AI community, was created with the goal of building a community-oriented environment.
While still at early stage of development, WowDAO aims to make a big impact in the AI industry and the first step towards this goal is to launch the Worldwide AI Hackathon. This event is not only an opportunity to showcase the talent of AI enthusiasts from all over the world but also a starting point for WowDAO to bring together a community of like-minded individuals and organizations that believe in the potential of a decentralized AI community. By participating in Worldwide AI Hackathon, you’ll get to see how WowDAO comes together and be directly involved in its development.