Ocean Protocol: A Web 3.0 Project Unlocking The Data Economy With NFTs

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Web 3.0 is emerging right in front of us. It allows for information to be shared in a decentralized manner and rewards participants by leveraging blockchain technology. Current Web 3.0 trends include NFTs and the Metaverse, but soon the broader crypto space will realize that “data” is the centerpiece of a decentralized digital economy worth trillions of dollars. According to the World Economic Forum, data could become the most valuable resource globally.

The amount of data produced in the world will continue to increase forever, given the world's population, internet of things and innovations sprouting from various industries. Data covers a wide range of use-cases, ranging from a ‘Bored Ape’ profile picture, a Facebook user record or a dataset of consumer behavior optimized for artificial intelligence.

Data: an exploited, illiquid asset

The amount of data produced daily is immense, but unfortunately, it's not utilized. Private data is not under the owner’s control and is given out to companies for free, who then sell it. We don't realize that it has been used until our identity is stolen or we have a look at our spam email folder.

While some companies sell their data, a vast majority of them lock it up because they lack the tools to monetize it. They are afraid of giving it out with nothing in return. This leads to the conclusion that our current data economy is broken and can't be depended on as the world evolves.

Thankfully, there's a technology that could disrupt how data is exchanged, controlled, and monetized. It's called non-fungible tokens or NFTs. NFTs are becoming more popular as the day passes and massively adopted due to the many use cases they unlock.

The NFT mania around Bored Apes and CryptoPunks, which sold for millions of dollars, encouraged users to speculate on digital art. However, NFTs have evolved. Regulating ownership of digital art is just one utility that is rather small.

With NFTs, you can also regulate access to data. Whether it's an investment algorithm, a research report, or sensor data, NFTs can control access, and data owners have the liberty to share the data with whomever they please. Gone are the days when someone could exploit data or steal it for their gains. The idea to offer a platform with simple tools for data owners to create NFTs for their datasets is not popular yet. But, Ocean Protocol is here to change all of this.

Ocean Protocol: Building a Data Marketplace for Data Tokenization

Ocean Protocol is the first to leverage the NFT concept to create a data marketplace where users can turn their data assets into Data NFTs. You can tokenize, control access, and monetize your data just by having a Web 3.0 wallet and an internet connection. Because of this remarkable initiative, the World Economic Forum has awarded Ocean Protocol a technology pioneer in 2021.

The beta version of Ocean Protocol was launched in late 2020 when the Marketplace experienced an unexpected demand for tokenized datasets. This year, in Q1 precisely, the team is making giant strides to make creating Data NFTs safer and more convenient. Very soon, Ocean Protocol will launch "Ocean Data Market v4."

Not only will Ocean Data Market v4 create an intuitive experience for Data NFT creators, but it will also reward yield farmers to participate in data farming rewards and regulate the data market. Also known as Ocean Farming, the data farming program will incentivize staking on premium-quality data assets with the protocol’s native token OCEAN.

Through NFTs, Ocean Protocol is shifting the paradigm of data ownership and access. Data owners can leverage the protocol to generate revenue when creating NFTs of their datasets. The owner can also allow others to access the data by creating sub-licenses in Datatokens. Ocean Protocol will be unveiling the tools for creating Data NFTs soon. Get ready and learn more by visiting Data Whale’s Ocean Data Market Tutorials and download ALGA, the first mobile wallet for blockchain data assets.

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.