“It is not the strongest or the most intelligent who will survive but those who can best manage change.” —Charles Darwin
Anyone who has tried to implement change that impacts other people understands that change, and thus inherently, adaptation, is a gradual and often painstaking process. The process of change cannot be thrust upon people without expecting some resistance.
Each day, the world around us is growing more digital and technical. But we’ll never stop being human. How we adapt to innovative technology will have an impact on how we live our own lives and the lives of people in the generations that follow us. The intersection of humanity and technology will take us to new realms, and we must not forget humans are certainly capable of change, but slowly, and with significant persuasion.
Business leaders know they’re standing at the precipice of transformational change yet again. IoT, machine learning, Web3, cloud computing, AI, NFTs, the metaverse, and other recent technologies are poised to disrupt business as usual. Overwhelming as it may seem, if those leaders responsible for continued company growth through disruption understand and plan appropriately regarding Web3 and NFTs, adaptation is possible. It’s better than the alternative.
What is the importance of NFTs?
NFTs are one-of-a-kind digital assets (often artwork, but increasingly collectibles, event tickets, and even tweets) that exist entirely in the digital realm. NFTs are not interchangeable (hence non-fungible tokens) which means they are unique. This is unlike paper bills and other cryptocurrencies, which have unique markers to identify them, but identical functionality.
NFTs exchanged in marketplaces are usually organized into sets that share some similarities. These collections can vary in substance and scope, from trading cards to art pieces to virtual spaces in online games.
NFTs have revolutionized the market for digital assets because of their ability to guarantee ownership of a specific digital piece. Before NFTs, there was no way to determine who owned a piece of digital art from someone who downloaded a copy of the file. The most basic principle of markets is they can’t operate without clear rights of ownership. To have a functioning market, and for someone to buy a product, it needs to be clear who has the right to sell that product. And once sold to a new “owner,” proof must exist that can confirm a transfer of ownership from the person selling the product to the buyer/new owner. NFTs created a market because they give the seller and buyer something that represents ownership.
This is feasible because NFTs are stored on blockchains, which are essentially digital ledgers of transactions that are duplicated and distributed across the entire network of computer systems on the blockchain. Blockchains allow for the ability to prove who owns any given NFT at any time and can trace the history of previous ownership. NFTs are easily transferable between people as well and aren’t just traded in marketplaces. It’s revolutionary that, for the first time, ownership of a digital asset is easy for consumers to certify and transfer.
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What is Web3?
Those in the C-Suite need to understand the impacts innovative technology will have on their business processes. How will Web3 affect your industry? Your company? Your competitors?
Web3 is the newest recapitulation of the World Wide Web that incorporates decentralization, blockchain, and token-based marketplac