Blockchain is only a game changer if players are stakeholders

The recent boom of NFTs has led many to think of blockchain, the underlying technology that supports them, as a solution seeking a problem — sometimes rightfully so. Yet, blockchain’s potential to decentralize virtually any organization and establish uniqueness and ownership of digital content makes it possible for individuals to interact in a trusted manner without the involvement of third parties. This redefines and redistributes value in an all-digital world, placing it back in the hands of its respective creators and owners, and pushing all industries to rethink how they envision the future.

This new paradigm has revealed unprecedented possibilities for artists, creators, and consumers. The rise of cryptocurrencies and NFTs is a direct, though still cluttered, outcome from this disruption on digital economies, especially in the art and financial sectors, respectively. But the climate of distrust and disapproval set by early applications of blockchain should not overshadow the latent trend behind the craze. Online, individuals, and communities have evolved as co-creators and stakeholders of digital worlds and experiences, now expecting that their content, data, or time could produce value they too can benefit from.