Data is now the king of our digital world. All sizes of businesses are looking for ways to make money from user data to fuel their services and products. These businesses often fail to be fair and transparent in how they extract value from the data.
Facebook is one example. Recent criticisms of Facebook’s business model have been directed at it. It is built on user data monetization without giving back any users. This was most recently highlighted with the company’s rebranding to “Meta”, which signifies its concerning foray into the metaverse industry.
Google is another prominent example of a company facing criticism over its monetization. European regulators have brought charges against Google for allegedly abusing its position in the market to give preference to its own services and products over its rivals.
This problem can be solved by blockchain technology. Blockchain, a distributed database that allows digital ownership to be created and fair wealth distribution through permissionless trustless protocols. Blockchain is an excellent technology that can be used to create a fairer data monetization system.
Digital Ownership: Achieving True Digital Ownership
Next Earth, a company that uses blockchain to empower digital ownership, is another. Next Earth, a platform for virtual land ownership and leasing that allows people to buy or lease land virtualized. NXTT was the company’s own token. It launched on January 27th. NXTT is the currency used for all platform fees, rewards, land purchase, and marketplace sales.
Gabor Retfalvi (founder of Next Earth) explains. “We truly believe that we can help the world become a better place, with the democratization of the Metaverse; with true digital ownership by the community, by delivering an economy where users can monetize themselves, create not just wealth and value, but also the community-driven content of the Metaverse itself, and get appreciated for it.”
In other words, Next Earth’s platform gives users true digital ownership of their land, allowing them to control how it is used and who has access to it. Next Earth provides transparent information about the whole process so that users can see exactly what their data are being monetized.
This results in a data model that is more fair and users have greater control over their own data.
Blockchain and the Metaverse: Can Blockchain Help?
The idea of the metaverse isn’t new—in his 1992 novel “Snow Crash,” Neal Stephenson described a digital world in which people could interact and do business. Second Life was one of many startups that emerged in the 2000s, trying to make this dream a reality. These efforts were hampered by a failure to be fair and transparent in the business models they use.
With its blockchain-based technology use, Next Earth wants to transform all of that. Next Earth, through its token and platform, is creating a better system for everyone. This will make it easier to succeed in the metaverse.
Future of the metaverse depends on businesses being able to communicate with users in fair and transparent ways. This is what blockchain technology promises to enable.
DAOs or Decentralized Autonomous Organizations is a way to take it all to another level. This is why Retfalvi says that “the endgame of Next Earth is a fully DAO controlled state-of-the-art self-sustaining platform.” Ultimately, Next Earth will be fully user-controlled and will give back more and more to its users and the surrounding community.
How true virtual land ownership matters
We own both the land that we call home and any other things on the earth. You can build your home, business, or other structures on this land. You can sell, lease, give or rent it. This basic right is what we all have in the real world, and should be ours in digital.
Virtual land, a vital part of the metaverse, should be owned and controlled by those who live there. Next Earth’s platform and token are leading the way in making this happen. Next Earth allows users digital ownership for their land. It is an essential right and should be granted to everyone who uses the metaverse.
The current system of data monetization has its flaws and must be changed. Metaverse users need to be compensated for their data rather than being taken from them without any return. Next Earth has been leading this charge and their token and platform will ensure a fairer and more equitable metaverse.
Unsplash photo by Jeremy Bezanger