NFTs and The Future of Decentralized Ownership

This Slide is for my Talk at the Developer DAO Web3 Conference
https://emamo.com/event/web3con/r/speaker/andrew-miracle

I go over the origins of Ownership, How digitization created new opportunities and ushered us into the Web3 Economy.

I also highlight Satoshi's contribution in pioneering the Web3 economy and How NFTs are a cornerstone in the evolution of a Decentralized Economy.

Talk Video https://www.veed.io/view/54950ed8-fc33-422e-bd3a-ac35712ed622

Transcript

1. NFTS AND THE FUTURE OF DECENTRALIZED OWNERSHIP
5. You see as human beings, ownership is a key part of our identity. It is one of the core responsibilities that is required to meet our needs in the present day.
7. In all of these activities, you can identify that: You own the car accompanied with a driver’s license You rented the apartment or bought it You own those nice pair of jeans
8. Item 1 Item 2 Item 3 Item 4 Item 5 50 40 30 20 10 0 TRANSACTION
9. So in order to meet your needs : You needed to acquire certain items
10. So in order to meet your needs : You needed to acquire certain items To acquire, A transaction has to happen
11. So in order to meet your needs : You needed to acquire certain items To acquire, A transaction has to happen To register a transaction
12. So in order to meet your needs : You needed to acquire certain items To acquire, A transaction has to happen To register a transaction An Identity is required to generate a receipt.
13. What we can learn here is that: One of the important activity required to fulfill human needs is the activity of Ownership
14. By conventional definition: Ownership is having simultaneous legal "title" to a resource, good, or commodity and the ability to determine how the resource, good, or commodity is used. keyword here being: HAVING “simultaneous legal title”
15. Before official records began, the ancient ceremony of ‘sasine’ marked the official transfer of land ownership. The ceremony involved handing over a clod of earth and stones to represent the transfer of land from one owner to another.
16. Sasine, though novel at the time, had a number of challenges: If a Sasine was wrongly given, a reverse ceremony had to happen to redeem to property and transfer it to the rightful owner. If the recipient of a Sasine dies before the Ceremony takes place, notes needed to be taken. Well Sasine Ceremonies fell out of favor, because the official nature of representatives required to be present became a cumbersome.
17. By the year 1617 — The General Register of Sasines is established The Registration Act of the old Parliament of Scotland allowed individuals to have their ownership deeds recorded in official registers for the first time. As innovative as this might sound, The General Register of Sasines was description-based, as maps were not yet accurate enough or widely used.
18. As far as history goes: The General Register of Sasines was the first national land register in the world.
19. In 1921 - The year the Typewriter was introduced: Documents to Record Land ownership were type-written, Maps were more accurate, and photocopying of documents became possible to create multiple copies that can be referenced and distributed across registers.
20. Humans are optimizing beings What we learn is that over centuries, we’ve always sought to innovate and optimize our workflows
21. In time, The internet was invented, we embraced digitization.
22. We embraced the Internet, We embraced Digitization More upper club memberships More investments in our portfolio We added even more knowledge to the ones we acquired.
23. We aggregate all of our certifications, learning and work experience (speaking to job security, social status)
24. We aggregated our social status, our houses, our Fun Eagle Yacht Club Societies, Our friends and network, Art etc.
25. We aggregated all our investments.
26. Being able to create more than ever, opened up the economy of Web2 Web2 pioneered a lot of platforms as we know it today, however to access these platforms we needed an identity, an identity that was tied to Centralized services who we were required to trust and give up control to.
27. We empowered anyone, anywhere in the world to Sell, by setting up an online store, we could buy anything we needed.
28. We empowered journalists & creators to tell their stories, without barriers and borders
29. We empowered the world to learn from anywhere, and get certified for any thing As long as you had an internet connection.
30. We began to create, produce, consume and distribute ideas, art, knowledge, stories more than we could have ever imagined. We Pioneered the Digital Economy
32. Then something happened in January 2009 [ Story of Satoshi Nakamoto ] 09012009 — 090109 A man named Satoshi mined the first block of a Blockchain powered cryptocurrency BITCOIN
33. In that Genesis block, a special message was written that gives us a possible clue to why Bitcoin exists. Bitcoin was created On the heels of an economic recession. This singular action of mining the Genesis block kick-started the Web3 Economy as we know of it today.
34. 3 distinct components of economics PRODUCTION — CONSUMPTION — DISTRIBUTION
35. Production Production refers to the process of creating utility.
36. Consumed Now that utility needs to satisfy human needs for it to be
37. Distribution And when there is a circulation of value from said Utility, We successfully have
38. An Economy with no 3rd Parties
39. That was Peer to Peer
41. Earn, Transact and Own.
42. In order to facilitate Consumption & Distribution we needed Utility! This is when Ethereum came along —
43. Ethereum is the first programmable blockchain that gave us to ability to create Utility on top of the blockchain Network, This was pioneered by SMART CONTRACTS.
44. ERC-20 powered Marketplaces, Goods & Service Providers
45. We could Earn Tokens We could Transact with Tokens
46. As the network of chains gained mainstream Adoption, we started to optimize to improve transaction speed so that distribution could scale, We introduced Oracles, L2, Roll-ups and so on.
48. ERC-721 Though this wasn’t the first standard to introduce an Ownership Model on the blockchain. ERC-721 drove the adoption and is currently the Gold Standard as we know it today.
49. EIP-721 created what can be defined as Non- Fungible-Tokens
50. An NFT is a secure, blockchain-based certificate that represents an entitlement its owner has to a (usually) digital or physical asset (e.g. artwork or music) or experience (e.g. a backstage pass).
51. These interfaces are defined through a Proposal structure known as EIP - Ethereum Improvement Proposal.
52. EIP - 721 : The Most Popular (BAYC, Punks etc) [ART, Uniswap, ENS]
54. EIP - 1155 The Most Modular (Great for Gaming Apps) [PLAY TO EARN] An economic model where individuals can play games and earn tokens as rewards.
56. EIP - 2981: The NFT Royalty Standard — (Empower Artist and Creators to Earn) [MUSIC ROYALTIES] — Empowering creators to earn royalties from the perpetual sale of their items without middlemen. Every single agreement will be written as code and executed by computers within the network.
57. EIP - 2615 The Renting EIP Proposal Open up utility and revenue possibilities for NFTs
58. EIP - 2615
59. provable unique and scarce commodities that can address the various hierarchy of needs for individuals in our world today.
60. This is the key to unlocking an Economy where we can Earn, Transact and Own.
61. Thank you!
62. Andrew Miracle Creator @daccred Twitter: @0xalzzy Website: www.andrewmiracle.com Deck: www.speakerdeck.com/0xalzzy