This is an excellent article on Non-Fungible Tokens (NFT) and Web3. https://nftnow.com/features/5-unique-nft-use-cases-that-will-dominate-2023/ The author points out several commercial use cases for token technology that are far afield and more tangible than the tulip craze surrounding bored ape art sales of last year. The cited uses include ticketing, membership, voting, “ownership records”, the “melding of physical and digital, phygital”, wearables, collectibles, and AI generated content.
It is an enlightening article because of the practical use cases revealed. That said, there’s also some unstated implications for cybersecurity embedded within. What’s missing or left for the reader to infer? Broadly, I’d characterize the missing use case as being tied to cybersecurity. More narrowly, and alluded to in the article, it’s ownership of data. Why is data ownership such a useful cybersecurity strategy? Because ownership may enable redress for infringements of property rights. Web3 and tokenization of content are architectural features of this Web evolution (i.e., Web3 represents the next evolution of the Web).
So the big upside of Web3 will be the ways by which enforcement of property rights will help to stabilize online trust. It’s imperative that users, regulators and legislators – and lawyers who can pursue enforcement actions under Web3 – come to understand the significance of data ownership.