Jumping on the NFT bandwagon is not something novel and unique anymore, but Mnemonic, a firm with exposure to neat new stuff like dapps, is looking to provide its own proprietary services through its NFT platform.
Tom Farren at Cointelegraph reports Mnemonic intends to use APIs and cross chain aggregation to provide what Farren calls “on-chain quantitate (sic) data insights.”
“The (Mnemonic) co-founders have previous experience working as senior executives and lead data engineers at global corporations such as Google, Uber, Reddit and Change.org, among others,” Farren writes.
Citing a seed round of $4 million, Farren describes business connections with Dapper Labs and Mintable in Mnemonic’s bid to create a “Google-like crawling system” in order to implement digital asset functionality on the web.
Part of the reason this new report is interesting involves the link between NFTs and similar digital assets, and the new functional or semantic web, or in other words, Web 3.0.
Those who have been paying attention to the evolution of digital systems know that Web 3.0 is soon to eclipse the previous iteration, Web 2.0 or the read/write web.
Alex Sawchuk at ATB explains further:
“Web 2.0 is largely centralized around major search engines like Google and driven by user-generated content—that is, anything created by an individual and shared on an online platform such as a social media page, online forum or website,” Sawchuk writes. “A major criticism of Web 2.0 has to do with who owns personal data, how it can be used, and the requirements for privacy protection. If this sounds familiar it might be due to news coverage on the multiple antitrust lawsuits filed against large data collectors such as Facebook, Alibaba and Apple.”
So what about the blockchain? Sawchuk hints at the transformative potential this way:
“The heightened regulation of ‘big tech’ has incentivized the creation of digital assets that can better maintain user data and confidentiality. … The public blockchain ledger allows anyone to verify transactions and data stored on the blockchain without compromising their identity or privacy.”
Look for new changes related to Web 3.0 to make their way more into the common dialogue around tech – just as cryptocurrency and then NFTs have done.
