The future of Non-Fungible Tokens or NFTs in this economic downturn is not one that we can see, with profile pictures and generative art. It will be one that we can rely on to complete a huge percentage of our tasks. Since he first learned about the underlying technologies powering NFT blockchain technology, he has always stated that autonomous workflows powered by the blockchain and artificial intelligence will be the catalyst that cements to the world that it is much more than a niche or a bubble it is a game-changer.
Autonomous processes powered by AI technologies such as Natural Language Processing will allow for 40-60% of extremely time-consuming and expensive processes to be automated at an unprecedented rate. Many ask will this take away jobs? The answer is a firm no. In fact, these technologies will act as force multipliers for the industry. From banking, law, healthcare and social media, not only will users be able to own their content, records, and more. They will be able to share them in tiered manners with those who need access, removing centralized and antiquated workflows from the equation. The days of waiting for your records, files, or having to focus on fact checking in closing an Acquisition in the due diligence process. The blockchain in coordination with NFT and Cryptocurrencies will allow for the true decentralization of processes and allow true scalability to cumbersome, expensive, and manual error prone processes. This is greatly due to the adoption of blockchain technologies by technologists in the Web 3.0 space. To highlight this Amro wants to provide a few reasons that support his claim:
- Blockchain workflows will be a contributing factor to proving their scalability, security and value in ways that never before existed.
- Protecting the provenance of data, gone are the days of paying 6 figures for glorified fact checking or inefficient slow, and inaccurate workflows while allowing participants to earn as much as possible while under the most favorable terms for their skilled services. Smart contracts can eliminate the dirty work with the help of AI and present artists with an opportunity to not only decentralize antiquated projects but facilitate the most important stages in complex processes while eliminating the dull work of simply organizing and checking facts around the world.
- The use-case brings us outside of the Web 3.0 ecosystem. With solutions such as tiered metadata and decentralized professional services using smart contracts such as the Ethereum-based ERC 721 and ERC 1155, professionals, institutions, and beyond can now customize their processes and allow their industry participants and even competitors to assist in highly error-prone processes. This is something that has never been done before and truly exemplifies the core philosophical giving that defines the ecosystem.
In short, for the first time, it is now in the control of the entire industry, not just the highest decision makers. With companies moving as slow as molasses. This provides the community to be at the front and center of these approaches and displays truly how much passion is reciprocated by industry and its participants not in just improving workflows but in actually delivering a share of the revenue from the supported process across companies for the betterment of their sector. Lowering the price, and barrier to entry, and bringing new experiential frameworks to flawed systems.
The outlook is bright for Web 3.0 and as innovators bring NFTs to beta and to launch this only further supports the case that music will bring adoption across industries saying holding true; adapt or die.
Amro Shihadah is a Web 3, AI, Cloud, and Entrepreneurship Subject matter expert, and he does not hold any positions in music NFTs and provides this insight to expand the perspectives of those yet to explore the web 3 space.
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