Blockchain has been a hot topic in recent weeks. This technology is at the very heart of cryptocurrencies.
The very first blockchain database was created, by an anonymous genius (or several) under the pseudonym of Satoshi Nakamoto, to develop Bitcoin in 2009. Since then, the blockchain has become not only the support for a multitude of cryptocurrencies , but also fertile ground for industries such as NFTs and the Metaverse.
The blockchain, an immutable technology
Blockchain is the digital form of a ledger that stores all operations and transactions as “blocks” on a public database network called a “chain”. This network is connected via peer-to-peer “nodes”. Every transaction that takes place on a blockchain is authorized by the digital signature of the owner. From then on, this transaction is stored in the register in the form of a block which protects it from any falsification. The immutable nature of the blockchain is one of the things that made the creation of NFTs (non-fungible tokens) possible.
The very first NFT was created in 2014 by digital artist Kevin McCoy. But the technology wasn’t available to the general public until 2017. In that year, a set of token standards was made public, making tools for creating NFTs accessible to developers. However, the real revolution came when NFTs started to trade and get real speculative value like the art market or the market for collecting rare items. Platforms like OpenSea, magic edenand Mediacoin have helped make blockchain a thriving space for content creators by simplifying the process of selling and buying NFTs.
Currently, there are many content sharing platforms available for artists and digital creators (BeHance, DeviantArt, Dribbling…), but none of them offer creators as many advantages as NFT marketplaces.
Issues such as plagiarism and restrictions imposed by intermediaries go hand in hand with traditional platforms.
Conversely, blockchain-driven marketplaces offer transparency and immutability. With blockchain platforms, creators can thus sell their art or any other digital file as NFT.
As the Internet evolves into a new Web 3.0 version, digital communities are simultaneously evolving from the “social web” to the “creator’s web”. The world is certainly beginning to accept blockchain and decentralization as enablers of this progress.
Decentralization is a feature that facilitates the free flow of ideas. Anyone can sell original content to the highest bidder. Likewise, a buyer can choose from the many content providers on the blockchain.
The strength of community
The heart of blockchain-powered platforms is their community. All that remains is to make the general public aware of the advantages of decentralization.
“As long as humans are on this planet, there will always be a demand for content. It is therefore imperative to build solutions that encourage content creators to trust blockchain technology.” – Sergey Sevantsyan, CEO of Mediacoin.
Achieving decentralization that is useful and profitable for creators, users and platforms is not easy. The priority task of blockchain companies is to connect the real world and the digital world, while creating trust between the different actors.
Ultimately, the winners will be those who manage to grab and keep users’ attention. In the blockchain reality, it is the users who make the decisions.