How NFTs are boosting communities in Southeast Asia
If you’ve heard of NFTs, it’s most likely from the entertainment space where athletes and artists are joining the cash chow of NFTs in ownership and production of NFTs. The value of NFTs that are being published leaves the rest of us thinking NFTs are just not afforded to the general public, especially for underserved or developing communities. NFTs are a lot more accessible than we perceive them to be, primarily in a utilitarian way.
Understanding the evolution of Web 3.0
Before delving into NFTs, we’ll need to understand the core concept of Web 3.0.
The first implementation of the web, known as Web 1.0, started in 1989 and lasted through 2005. It gave us static pages and commercial websites that didn’t allow interaction or user contribution as a read-only network.
Starting in 2004, Web 2.0 emerged giving us dynamic pages, social media, and user-generated content. It gave users a platform to connect, engage, create, and contribute as a read-write network. With Web 2.0 comes the mobile apps we use today.
Web 3.0, the next iteration or phase in the evolution of the web is as much a disruptive paradigm shift as Web 2.0 had been. Web 3.0 give users more independence and control over their data and how they contribute. Web 3.0 is built on the principle of decentralization, transparency, and greater user utility. Web 3.0 first appeared around 2006, but significantly picked up steam with more significant usage of the decentralization of blockchain in businesses.
Web 3.0 is quickly germinating areas of the internet, transforming how companies interact with their customers and market to consumers. With the emergence of the Metaverse, Web 3.0 as a decentralized web will be the connectivity in the Metaverse digital space.
With Web 3.0 comes NFTs
At this moment, NFTs are the esteemed focus of Web 3.0, but their use cases are merely getting started. First, let’s define what NFTs are and why they’re so coveted right now. NFTs (non-fungible tokens) are digital assets that represent something special or unique, whether it be a piece of art, music, collectibles, or any digital file. They represent real-world items, both physical and digital, are non-interchangeable data units that cannot be replicated, and have traceable ownership. These blockchain-held tokens or digital assets are changing how commodities are owned and traded. This digital possession is the value behind NFTs.
How NFTs are helping communities in Southeast Asia
NFT adoption in Southeast Asia is rising, with the region having the highest adoption rates worldwide which could put them at the top of NFT ownership in the years to come. “Recently, the region has emerged as a leader in the NFTs phenomenon, with Central and Southeast Asia accounting for 35% of the USD 22 billion global NFT trade last year”, according to Asia Financial. Per research from Finder, NFT adoption are higher in countries that pay workers low average wages. With opportunities created through NFTs for wealth development, younger generations in communities throughout Southeast Asia are on a quest for technological advancements and inclusion, driven by their interest in technology and social connections. NFTs are presenting real opportunities and connectivity that can boost their quality of life that may not be possible locally.
What is now being realized is the utilization of NFTs that goes far beyond owning digital assets in the form of art and entertainment. They are being introduced into real-world use cases. Think of NFTs as a service where utility-based NFTs are being used for identification, investments, loans, community events, content creation, learning, gaming, real estate, and so on. NFTs will be more easily accessible for everyday usage and not just for purchasing extravagantly priced assets.
NFTs provide unique opportunities for community building to create a more sustainable future through the transparency, trust, and inclusion that are inherent in the technology. Anyone can assess and verify ownership, track the progress of any projects, or implement innovative projects. Projects that foster community development and sustainability can include crowdfunding, environmental initiatives, educational development, community membership, and many more. The versatility of NFTs will be limitless in a digital economy with its wide range of use cases, and will only become more accessible with decentralized applications.
Zocial creates custom super apps for organizations and their members with a Suite of Services tailored to their unique needs. Zocial will soon be giving organizations access to a Web 3.0 NFT-based Social Commerce platform with NFTs-as-a-Service that’s robust and easy to use, even for less crypto-savvy users in any community for easy entry and adoption of NFTs. Zocial’s mission is to provide organizations and their unbanked, underbanked, and underserved members a safe, secure, and inclusive Web 3.0 Social Commerce Platform. Stay connected for upcoming news.
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