Data tokens are like NFTs for the Data Industry
Just as NFTs unlocked valuable new ways for artists to collaborate and tokenize their work, data tokens are looking to do the same for data professionals willing to explore this nascent but rapidly accelerating area of Web3.
What is a data token?
A data token is a digital asset built on the Ethereum blockchain. Its primary role is to gate access to data assets.
You can hold data tokens in your metamask wallet and share them with others just like other digital assets.
Anyone who has one of your data tokens can spend it and get access to your data asset based on the access terms you set.
It’s not the only role of a data token however. Being built on ethereum enables a number of interesting features and benefits.
Why use Data Tokens?
Data tokens enable data teams to distribute ownership of the data assets they create by sharing the data tokens among contributing team members.
For example, you and a remote team could build a data asset which analyses public blockchain data to extract investment insights. Ownership of this data asset could be shared among contributing parties enabling your team to share the rewards generated.
Data teams can collaborate across borders and build the value of their data assets over time. This enables data teams to bootstrap data projects and begin treating them more like a startup.
What determines the value of a Data Token?
The Ocean Market is a marketplace which enables the publishing, buying and selling of data tokens. When you publish a data asset you can sell it for a fixed price or choose dynamic pricing.
Dynamic pricing determines the price of data assets based on demand. It’s assumed that more valuable data assets will have more valuable data tokens as the potential value created by accessing that data is higher.
What is Ocean Missions?
Ocean Missions is a community of data professionals creating valuable data assets from blockchain data.
The Ocean Missions community extracts valuable insights for Investors and other organisations focused on understanding NFTs, DeFi and Cryptocurrency.
Unlike a regular analytics organisation which owns the data assets you create, you own the data assets that you build or contribute towards within the Ocean Missions community. This allows you to choose the projects you wish to work on and benefit from the long term value of the work you do while collaborating with a community of Web3 data professionals.
If you would like to get involved come and join the Ocean Missions community on Discord.