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NFT Thy Self: Reclaiming Your Data and Time by Tokenizing It

Get ready, the age of open-source, self-sovereign identity is coming.

The possibilities opened up by NFTs are just about endless, say Craig Sellars, co-founder of Tether, Luke Stokes, managing director of the Foundation For Interwallet Operability.

In a recent Roundtable interview, Sellars described one of those possibilities that has not yet been widely appreciated: people can NFT themselves.

Sellars went on to describe how platforms like keychain.org are building an open-source, self-sovereign, and decentralized identity.

“Once you have done that and you recognize that you are the owner of the value that you create, it's no longer 'you' being sold as a product by the Googles and Facebooks of the world,” Sellars said. “You now have self-sovereign control over all of the content that you create and the value that you want to share with third parties. That means you can selectively reveal attributes about yourself to third parties who are willing to compensate you, as opposed to the Facebooks and the Googles of the world.”

Sellars says that people should be able to own their data and license it to third parties. If Facebook wants a piece of your fund, Sellars says they should pay for it. You can also tokenize your time, charging various rates to meet with people at different times throughout the day.

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“There are 24 hours in the day. How much is your 3:00 p.m. hour worth to you versus your 2:00 a.m. hour? Are you scheduling a meeting during that time? Someone sends you a calendar request or are you willing to say, ‘Okay, I cost $65 an hour at 3:00 p.m. I cost $1,200 an hour at 2:00 a.m., if you'd like to schedule me then.’” Seller says.

Stokes says that it can also be used for good. For example, if someone wants to donate to a cause they believe in, those groups can be financially compensated through NFTs.

“They could actually contribute to the wellbeing of that person through tokenization, meaning when that person launches a token, or better yet, when someone else launches a token on their behalf, it ensures that the value of that token flows to them into their wallet, whether they want it or not,” Stokes says. 

Watch the full panel: