Copyright applied this Lockean view to the intangible products of the mind. Recent: Why crypto’s next breakthrough could start in the classroom — Animoca’s Yat SiuAs I noted in that essay, Locke's reasoning — that a person's labor generates property — provided a strong basis for "ownership of intangibles including intellectual property, usage time, data, and the derivatives of data". Intellectual property is fundamentally intangible: Scientific breakthroughs, literary works, musical compositions and various other creations of the mind emerge "from thin air" and without fixed physical form. In capitalist economies, the protection of intellectual property plays a crucial role in supporting and incentivizing creators, making it possible for the work of our minds to enjoy commercial success, distribution and longevity.
Blockchain provides a secure and trustable type of framework for large-scale tracking, provenance, ownership and various other aspects of intellectual property that are currently being challenged by generative AIs. Even better, blockchain can also facilitate usage tracking and royalty payments related to ownership of individual assets, even for assets of very low value. In the AI-driven world of the near future, blockchain technology can be the basis for efficient mechanisms that provide fair rewards and accreditation to creators whose intellectual property fuels AI (a subject I addressed briefly in my TED Talk). Digital property rights: The next frontierWhen someone asks me how NFTs or cryptocurrencies can have real value despite being intangible, I usually ask them the same question about the work of their favorite musician, author or filmmaker.
The same principle of ownership over the intangible that helped fuel the Enlightenment, the Scientific Revolution, and the Information Age can now be extended to our digital lives in the decentralized open metaverse, where technological frameworks already enshrine provable ownership of the virtual, and where creating and accessing virtual assets is inherently democratic and easily available to all participants. A little over 315 years after the Statute of Anne began to pave the road that leads to the open metaverse, the confluence of technology and property rights is now poised to unlock nearly unimaginable creativity, economic empowerment and progress for billions of people. Opinion by: Yat Siu, executive chairman and co-founder, Animoca Brands.
The story "The value of virtual: Economies are powered by ownership of the intangible" has 1942 words across 75 sentences, which will take approximately 9 - 17 minutes for the average person to read.
Which news outlet covered this story?
The story "The value of virtual: Economies are powered by ownership of the intangible" was covered 14 hours ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 35 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
