In the upcoming digital age of Web3, users will have the ability to not only collaborate on their digital experiences but also have ownership over them. This new concept of ownership is being introduced through an emerging digital framework where users have control over their data and content. Unlike traditional social media platforms where a single company owns and controls all the data, decentralized social media platforms like Niche distribute the data among its users, allowing for democratization and portability of data. This new system allows Niche users to become owners of their content and data, similar to someone who owns stock in a company. As the popularity and exclusivity of the user group increase, the value of their ownership stake also increases.
Credit: Flyfish Club webiste
NFTs Revolutionizing Digital Media Ownership at Flyfish Club
Flyfish Club is testing out the use of NFTs for ownership purposes. The exclusive restaurant, scheduled to open in 2023, will enable members to lease their NFTs, which serve as their membership cards, for a limited period of time. According to David Rodolitz, the founder and CEO of Flyfish Club, NFTs have altered the value proposition for members since they now own their memberships instead of merely renting a social experience. NFTs are also transforming the way people engage with digital media by granting digital certificates of ownership. Gary Liu, the founder and CEO of Artifact Labs, claims that NFTs provide intrinsic value to digital media, resulting in new business models and direct relationships. In essence, NFT technologies are changing the calculus of the internet and allowing digital media to have intrinsic value.
