Who invented NFTs? Here’s your answer – and also what they’re up to right now!
This blog is not financial advice and engaging in any crypto-related activities involves high risks. Do your own research. Data Whale is not liable for any of the below information, as this blog is for entertainment purposes only.
Trent McConaghy and Bruce Pon, Founders at Ocean Protocol
Bruce Pon, Co-Founder at Ocean Protocol, once told me that he considers people like Vitalik Buterin or CZ as “100x Coders”. It makes sense, because their tech and vision reached multi-billion-dollar valuations.
That’s why I believe it’s important to follow projects with a technical team and profound knowledge of the Web3 / Blockchain space. These projects will outperform the market in the long-term, although they may not be as flashy as the most recent Memecoin launch or promising NFT Mint.
A challenge for these projects is that they are not understood easily by the larger audience – their value proposition takes time to read, research and understand. Time is something that crypto investors nowadays tend to forget – price action is monitored on a minute-to-minute basis and everyone’s chasing the next 3X coin. Is that sustainable? Probably not.
However, Ocean Protocol is a project that is close to launching a new Blockchain megatrend, like DeFi. Both founders, Trent McConaghy and Bruce Pon, have a deep technical blockchain knowledge, immense understanding of Web3 and token-economics. They’ve grown with Bitcoin and Ethereum. Back in 2013, Trent McConaghy already understood the value of tokenizing digital assets in the form of art – something that is nowadays represented by NFTs. Trent and Bruce built ascribe.io in 2013 (aka the "early" OpeanSea) and launched the first “NFT” transactions on the Bitcoin network. Ascribe failed – it was simply too early. Investors on Madison Avenue and even the general crypto community just didn’t understand the technology and value yet.
Although their first startup failed, Trent and Bruce understood the opportunity of unlocking the exchange of the world’s most valuable asset: intellectual property – arguably worth 100’s of trillions of dollars. But how can intellectual property value be determined or even exchanged? Well, NFTs started this trend around digital art but that’s really just scratching the edge. Generally, any intellectual property can be represented in some form of data. Even “art” is effectively “data”. But “data” is also algorithms, general research, people’s browsing history, company information and more! Any invention or idea of anybody in the world can be summarized in the form of data.
We’re doing it already – our world will produce 180 Trillion Gigabytes of data annually by 2025. All of this value is currently monetized by a couple of large organizations such as Google and “Meta”. But Ocean Protocol unlocks the exchange of data as an asset class and disrupts this industry. It's a serious project and their work is recognized by the World Economic Forum, Government of Singapore, the European Commission (Gaia-X) and a couple of pioneers in their segments (like Daimler or Roche).
Now, imagine we can encourage the adoption of a blockchain asset class that unlocks the value of data (i.e. intellectual property). That’s effectively what Ocean Protocol has done with their their "Data Token" technology. Anyone in the world can now tokenize data (and even algorithms!) with the help of Ocean Protocol’s technology and their native currency $OCEAN. Ocean Protocol also runs across several blockchains, like Ethereum, Polygon, Binance Smart Chain, Polkadot’s MOVR, Energy Web Chain and more!
“Data Tokens” can be traded on decentralized exchanges like any other crypto-asset. A massive opportunity, as investors can now participate in the value exchange of intellectual property. There are also several providers, like Fractal, building tools where people’s data is collected, monetized and part of the profits paid back to their owners. This is what we call the “Data Sustainability Loop”. If you’d like to get involved on trading Data Tokens, please head on over to https://market.oceanprotocol.com. Also, get ready for the massive “Data Farming” airdrop happening in Q1/2022.
Would you like to identify the next big multi-billion-dollar blockchain trend? No, it’s not about the Metaverse. It’s what comes after the Metaverse. So, spend some time and read about the Web3 Data Economy on our blog, follow our Twitter or watch our YouTube videos!
Also, please support our OceanDAO Round 12 Proposal HERE!
Thank you for the read!