Digital assets should be valued as ‘property’ – co-founder of Sandbox

Digital assets such as cryptocurrencies and non-fungible tokens (NFTs) should be recognized as legitimate property, especially as more of the world’s population goes digital, argues The Sandbox’s co-founder.

Speaking to Cointelegraph editor-in-chief Kristina Lucrezia Cornèr during Blockchain Week Rome last week, Sebastien Borget said that so-called “digital natives” — those who grew up with and subsequently have more confidence in digital devices — are growing.

“More than half of the world’s population is now a digital native,” says Borget. The United Nations reported in December 2021 that nearly two-thirds of the world’s population, nearly 5 billion people, were online.

“We need to build a future for them where if they spend more time and more money on digital assets, they should have value and be recognized as real property.”

He added that the Metaverse can provide a new way for digital natives to connect and that governments should “appreciate the work [and] recognize the jobs that take place in space and begin treating “the digital economy as a real economy.”

Borget said that while there are world events that are challenging global stability, such as the Russo-Ukrainian war and ever-increasing inflation, he believes the Metaverse “can be a driving force for positive impact, social impact, increased awareness and inclusiveness .”

Hello from @wistaverse Enter country @TheSandboxGame.

The Arena One is a freedom of expression venue for protests and social events. Bring global communities together around important issues and provide a platform for their voices to be heard.

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— Sebastien (@borgetsebastien) May 13, 2023

Borget believes that lowering the threshold for digital content creation opens up new opportunities for many and that cryptocurrencies could provide access to payments in countries where “the banking system may not be as developed.”

Artificial intelligence (AI), according to Borget, is one of the “driving forces” that can empower creators and speed up the idea generation process.

Related: KBW 2022: Digital Property Rights Key to Booming Web3 Economy — Animoca’s Yat Siu

“All you have in mind now is a text prompt that you can render and visualize. It used to take days,” he says.

However, it’s not at a level where it can produce content without “some human work” to get it right, Borget warned.

Borget said he hopes to create a platform where people can best reflect their inner talents and skills, which can best flourish in “the virtual world,” such as helping with mental health.

“It’s great to be a platform that gives people the opportunity to find their own reason,” he added.