NFTs are frequently discussed in terms of their role in digital art, but beneath the surface, there is a massive, unexplored potential for revolutionising real-world asset ownership and transaction.
This possibility was the focus of a recent conversation between Roundtable host Rob Nelson and Brittany Kaiser, chair of the board of Gryphon Digital Mining (GRYP) and co-founder of the Own Your Own Data Foundation.
Together, they analysed the broader ramifications of tokenization beyond digital collectibles.
Nelson began the conversation by clarifying common misconceptions about NFTs and emphasising their value beyond art collecting.
"NFTs and tokenization bring real utility, wealth sharing, and growth opportunities," he said, laying the groundwork for an informative discussion of how these technologies may be applied in more traditional sectors.
Kaiser presented a rudimentary overview of what a "token" actually entails, stating that at its foundation, a token is a smart contract. With her legal knowledge, she skillfully illustrated how these contracts automate and enforce themselves technologically rather than legally.
"A smart contract is a self-executing digital contract that encapsulates data or transactions in a secure, enforceable format," Kaiser said.
She highlighted the practical advantages of this technology, particularly in data management. Individuals can govern how their data is utilised and ensure it is inaccessible after a set amount of time by using smart contracts, as opposed to traditional techniques, which leave data susceptible indefinitely.
Kaiser's ideas were applied on a broad scale, including the transfer of real-world assets and financial transactions. She described how tokenization may expedite the time-consuming due diligence processes traditionally connected with real estate purchases, transforming them into efficient and secure exchanges.