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NFTS AND THE
FUTURE OF
DECENTRALIZED
OWNERSHIP
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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.
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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
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Item 1 Item 2 Item 3 Item 4 Item 5
50
40
30
20
10
0
TRANSACTION
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So in order to meet your needs :
You needed to acquire certain items
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So in order to meet your needs :
You needed to acquire certain items
To acquire, A transaction has to happen
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So in order to meet your needs :
You needed to acquire certain items
To acquire, A transaction has to happen
To register a transaction
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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.
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What we can
learn here is
that:
One of the important activity required to fulfill human needs is the
activity of Ownership
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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”
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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.
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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.
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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.
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As far as history
goes:
The General Register
of Sasines was the
first national land
register in the
world.
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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.
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Humans are optimizing beings
What we learn is that over centuries,
we’ve always sought to innovate and
optimize our workflows
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In time, The internet was invented,
we embraced digitization.
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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.
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We aggregate all of our
certifications, learning and
work experience (speaking to job
security, social status)
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We aggregated our
social status, our
houses, our Fun Eagle Yacht Club
Societies, Our friends and
network, Art etc.
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We aggregated all our
investments.
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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.
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We empowered anyone, anywhere in the
world to Sell, by setting up an online
store, we could buy anything we needed.
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We empowered journalists & creators to
tell their stories, without barriers and
borders
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We empowered the world to learn from
anywhere, and get certified for any thing
As long as you had an internet connection.
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We began to create, produce, consume and
distribute ideas, art, knowledge, stories
more than we could have ever imagined.
We Pioneered the Digital Economy
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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
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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.
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3 distinct components of economics
PRODUCTION — CONSUMPTION
— DISTRIBUTION
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Production
Production refers to the process of creating utility.
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Consumed
Now that utility needs to satisfy human needs for it to be
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Distribution
And when there is a circulation of value from said Utility, We
successfully have
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An Economy with no
3rd Parties
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That was
Peer to
Peer
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Earn, Transact and Own.
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In order to facilitate
Consumption & Distribution
we needed Utility!
This is when Ethereum came along —
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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.
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ERC-20 powered
Marketplaces, Goods &
Service Providers
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We could Earn Tokens
We could Transact with Tokens
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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.
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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.
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EIP-721 created what can be defined as Non-
Fungible-Tokens
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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).
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These interfaces are defined through
a Proposal structure known as EIP -
Ethereum Improvement Proposal.
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EIP - 721 : The Most Popular (BAYC, Punks etc)
[ART, Uniswap, ENS]
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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.
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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.
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EIP - 2615
The Renting EIP Proposal
Open up utility and revenue
possibilities for NFTs
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EIP - 2615
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provable unique and scarce
commodities that can address the
various hierarchy of needs for
individuals in our world today.
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This is the key to unlocking an
Economy where we can
Earn, Transact and Own.
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Thank
you!
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Andrew
Miracle
Creator @daccred
Twitter: @0xalzzy
Website: www.andrewmiracle.com
Deck: www.speakerdeck.com/0xalzzy
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