Ordinary people may become fledgling financiers of computer records…
From The Atlantic:
Forget the hype around all things crypto. Set aside, for a moment, whether it makes sense to spend a fortune on an ape picture. Those matters are distractions. Let’s call things what they are: NFTs represent a first step in the securitization of digital assets. They turn digital data into speculative financial instruments. That shift has enormous implications because computers are in everything, and that makes anything a digital asset—your bank records, your Fitbit data, rings of your smart doorbell, a sentiment analysis of your work email, you name it. First the internet made it easy for people to conduct their lives online. Then it made it possible to monetize the attention generated by that online life. Now the digital exhaust of all that life online is poised to become an asset class for speculative investment, like stocks and commodities and mortgages.
Beeple, Alive, 2021
NFTs might burn out, the crypto-collectible equivalent of Beanie Babies. But the more likely scenario is weirder and scarier: a securities market for digital data. Financiers, who previously turned everything, whether loans or hurricanes or payroll data, into bets, will likely go to town on all this fodder. But ordinary people may also become fledgling financiers of their—or others’—computer records. It is, in a way, the most honest turn of the internet epoch. From the start, online businesses have presented themselves as making culture, even as they really aimed to build financial value.
Now, at last, the wealth seeking is printed on the tin.