Ownership Labs

Binance Live: What is the Magic between Data and NFT?

On October 7th, Jessie and Josephine from Ownership Labs were invited by Jean from NFT4METAVERSE(M7e now) at Binance Live to discuss design philosophies behind the Dataverse product – the magic combination of data and NFT.

Q1: Previously, I found a very interesting article written by Jessie, and I was surprised by her insights on NFTs. It’s quite different from other popular ideas out there.

I think most of us, especially Jessie, view NFT as a sort of data asset. Are NFTs forming our second brain in the digital world? Why do you think so?

Jessie: I came into crypto in late 2017. At that time, I was more into research on Bitcoin and other popular blockchains. In 2019, DeFi came. Financial use cases were built during DeFi summer.

But NFT has storytelling attributes. I like the explanation Jesse Walden gave before. He says that NFT is a media chain. It’s a universal canonical content registry. It’s like a very huge notebook to register all these media with unique IDs. The network so far is Ethereum.

In Web3, NFT gives media and content identities, and that becomes the identity of data. It’s not just the anchor of data since the anchor is just a description. With unique IDs, media or content can interact with other virtual things, forming a more connected network!

Whether it is a social graph or a knowledge graph, or just contextual media, they interact with each other. We can navigate and discover amazing things through the paths of NFTs. That’s why we think that NFT is a good way to extend human thoughts.

Jo: Another reason for bridging data and NFT is to own our preference data. In Web 2.0, tech giants use our data to their advantage. Like when shopping on Taobao or Amazon, we get customized recommendations based on our preferences or past shopping behaviors, which is a trade-off between convenience and data privacy. In Web3 with Dataverse, we’re giving back data ownership to everyone.

Jessie: Your data is documentation of your behavior and how you distribute attention on the web. How to capture that is what we are currently researching and what we’re focusing on.

Our product Dataverse can capture your social behaviors and give ownership back to you. You can either make profits with it or make recreations or something. It all depends on you.

Q2: What kind of NFT projects are representing the social network and knowledge graph? Could you give an example?

Jessie: My favorite one is called Blitmap. I think the difference between Blitmap and other NFT avatars is context and story. Those NFT avatars like punks are more like an identity for a tribe. But for Blitmap, it is another kind of story.

Blitmap is created by 16 artists. Every two of them can be mixed and generate a sibling. There are about 1600 siblings. In total, there are 1700 Blitmaps in the Blitverse.

First, we create the basic Blitmap character in the Blitverse. Then we have the heroes, who are human characters based on blitmaps, called Blitnauts. There’re maybe 17000 Blitnauts you can create and then there will be the enemies for Blitnauts.

What I’m trying to say is that they have the storyline and the plan. The founder, known as Dom, also drives other projects: the loot project, supdrive, and PFP. And he makes those projects connect with each other. This kind of story is quite exciting.

Q3: What is Dataverse? Is it an NFT curation tool or a new kind of social network?

Jessie: NFT curation is the first tool that we are currently integrating into Dataverse. You can easily save your favorite NFTs into your private space. This provides an option for managing NFTs you love but cannot own right now. You can enable the SaveNFT function by installing the Dataverse Chrome extension, then you can collect NFTs from several marketplaces including Opensea, Rarible, Foundation, and more. You can create collections, add tags and notes on NFTs, then save them to specific collections.

In Dataverse, you have your own decentralized identity and profile page, showing NFTs that you created, owned, and liked. You can share this unique identity with friends, then they can view NFTs and collections you authorize to them. The social graph is the second tool we would like to build.

Jo: We partnered up with Ceramic Network and Filecoin Network to build a user-centered data cloud. You can import or export your data whenever you want, or sync data to the Filecoin network for permanent storage. This is the basis for building your second brain. You own your preference data and so services can be delivered right to you, like NFT recommendations provided by global data scientists.

Jessie: We will add more exciting functions in the upcoming days. We also interviewed our friends and investors, who are active NFT curators and collectors. In terms of what to do next with Dataverse, people have different intentions. Curation is the first step and the next step depends on you.

Q4: Opensea is the largest NFT trading platform and Tryshowtime is an NFT social platform. So what are the main differences between these platforms and Dataverse?

Jo: If you are an NFT newbie, it’s really hard to navigate this crazy NFT world at first, because there are too many projects out there, especially with Opensea being able to list so many projects. It’s hard to distinguish which projects worth your attention. Dataverse comes in by adding a filter or a curation layer. You can sort or filter or view KOL & friends’ NFTs in Dataverse.

As for Tryshowtime, it’s basically a social app like Instagram, focusing more on how to interact with others. But Dataverse focuses on building your own space with guaranteed data ownership and privacy, it’s more about you.

When you interact with NFTs, your behavior pattern changes and NFT impact accumulates. Right now NFTs are mostly booming around Art and Collectibles. We believe there are other forms emerging, like using NFT to register your thoughts and behaviors on-chain.

Jessie: I quite agree with what Jo said about Tryshowtime. In my opinion, Opensea and other marketplaces, are just places to buy and sell. Opensea is not doing curation. For social apps like Tryshowtime, are also doing curation but in a different way. Their intention is to build a larger social network. But for us, we want to create something useful for individuals, something that unleashes your creativity. That’s the first step, and then we may consider some other functions like social.

Jo: Yeah, while designing Dataverse, we think a lot about the idea of “tools for thought.” Ideally, we’d love to see it as a transformative tool for extending human thoughts and for building a digital brain.

Q5: Last but not least, let’s talk about the Shanghai Metaverse Week. Ownership Labs is a very important partner of our metaverse week. Also, you sponsored the Shanghai Blockchain International Week, hosted by Wanxiang Blockchain. Why are you active in partnership with these friends? I want to hear your thoughts.

Jessie: First of all, I think we would take this opportunity to speak to the whole community. Metaverse is a network, not only for the blockchain industry but for all the industry. We want to show the idea, show what we’re doing, and express our thoughts on that. We could have an open discussion with all the participants.

Jo: Yeah, I think Wanxiang Blockchain Week is more industry-focused and tech-related while Shanghai Metaverse Week is more like a cultural event where people gather together to talk about metaverse, people with different professional backgrounds. We will keep an eye on potential collaborations during the event.

Jean: Thank you for coming and sharing your interesting and unique insights on NFT and blockchain. Also thanks for sharing your interesting new product, Dataverse. I think this is just the beginning. And I want to use a slogan to end the talk show tonight: the best is yet to come.

Source: https://medium.com/@OwnershipLabs/whats-the-magic-between-data-and-nft-430cb82ea82b