NFTs and Social Media: Exploring New Technologies and Governing Online Platforms

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Sep 27, 20234 min read

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NFTs and Social Media: Exploring New Technologies and Governing Online Platforms

Introduction:

In the ever-changing landscape of technology, two emerging trends have caught the attention of individuals and industries alike - non-fungible tokens (NFTs) and social media. NFTs have revolutionized the concept of ownership and digital art, while social media has transformed the way we communicate and consume information. In this article, we will explore the exciting possibilities that NFTs bring to the hospitality industry and discuss the challenges surrounding the governance of social media platforms. By examining common points between these two topics, we can gain a deeper understanding of the opportunities and responsibilities that come with these innovations.

Exploring the Potential of NFTs in the Hospitality Industry:

Recently, a groundbreaking event took place in Slovenia, where NFTs were used as tickets for a dinner. This unique experiment showcased the versatility of NFTs and their potential impact on traditional industries. The verification of NFT tickets was made possible through Rarepass, a solution developed by a community member. Attendees downloaded an app that recognized the NFTs in their wallets, creating a seamless and secure ticketing process. This dinner not only highlighted the novelty of NFTs but also emphasized the importance of embracing new technologies in the hospitality sector.

Connecting the Dots: Privacy and the Regulation of Social Media:

The regulation of social media platforms has become a pressing issue, with debates surrounding the control and dissemination of information. To better understand the challenges at hand, we must draw a parallel between the concept of privacy and the historical development of communication mediums. In early America, the interception of letters by the British government during the pre-Independence era led to the establishment of a constitutional post with a strong emphasis on the confidentiality of mail. This principle of privacy in personal communication carried forward and was extended to telegrams and phone calls as well.

The Evolution of Regulation: From Radio to Social Media:

As technology advanced, so did the need for regulation. The introduction of radio broadcasting presented challenges similar to those faced by social media platforms today. The unregulated nature of radio communication led to issues during critical events, such as the Titanic disaster. Eventually, large companies entered the radio market, prompting the recognition that certain businesses must be responsive to the public interest. This notion of accountability shaped broadcasting regulations, which aimed to ensure that information dissemination aligned with the common good.

The Vexing Challenge of Governing Social Media:

Today, social media platforms have become powerful tools for communication and information sharing. However, they have also been criticized for promoting polarization, extremism, and misinformation. The distinction between personal and public speech on these platforms is complex, as intentions and reach can blur the lines. To address this challenge, it is crucial to extend privacy rights to personal online communications while applying a public interest standard to online broadcasting. This would entail holding internet and social media companies accountable for the content they transmit and ensuring that they operate in the public interest.

Actionable Advice:

  • 1. Advocate for Strong Data Protection Laws: A majority of individuals across political affiliations support greater government regulation of personal data. Encourage lawmakers to prioritize data protection to safeguard user privacy and ensure responsible data handling practices by tech companies.
  • 2. Revisit Section 230 of the Communications Decency Act: The liability shield provided by Section 230 needs to be re-evaluated. Social media companies should be held accountable for the content they allow on their platforms, promoting responsible and ethical broadcasting practices.
  • 3. Encourage Public Participation in Governance: The governance of social media platforms should not be left solely to the hands of corporations. Engage in public discourse, support democratic processes, and advocate for the involvement of public institutions in shaping the policies that govern online communication.

Conclusion:

As we navigate the ever-evolving landscape of technology, it is essential to embrace the opportunities presented by innovations like NFTs while addressing the challenges surrounding the regulation of social media platforms. By recognizing the historical precedents of privacy and accountability in communication mediums, we can develop a democratic framework that aligns with our values and traditions. Through actionable steps, such as advocating for data protection laws, re-evaluating liability shields, and promoting public participation, we can work towards fixing the issues plaguing social media and creating a more responsible and inclusive online environment.

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