In modern life, we consume and interact with digital assets everyday. We save them for later use, like audio and video content on Spotify and YouTube, we even categories our photo albums and share them to our followers and friends. In this post my focus would be mainly expanding on our production of digital assets like this blog, online portfolios, websites, even the photos, videos and audio content that we share and upload onto our profiles in social media platforms and what they mean to us but I will also be looking into ownership of these digital assets and how we can claim ownership of them within the digital platform.
Firstly, it is important to clarify what exactly the definition of a digital asset is. Simply put a digital asset is a “collection of binary data which is self-contained, uniquely identifiable and has a value. To break this down a bit more, binary data differentiates the asset as being digital (i.e. held on a computer system and composed of numerical values which are either zero or one). A digital asset must be uniquely identifiable, otherwise it is not possible to transact upon it. The implication of the word ‘asset’ is that the entity has a value. How much, to whom and how that is expressed are separate considerations, the point is that all digital assets have value” (Windsor, 2017).
The value of each digital asset is determined by their intrinsic and extrinsic values, which as mentioned above won’t have equal measures. For example a photograph, art or document has the intrinsic value of containing binary data which is used to view visual or textual information; a domain name has unique scarcity and enables the licence holder to direct internet traffic through thier site. Extrinsic value to these assets come from the contextualization of their uses. For content digital assets like photos, metadata are used to categorize and increase the chances of the content be found and hence increasing its value.
However, while you can pay a licensing fee for the right to use stock, when it comes to digital art and photography the big problem for artists is the ease of duplication being made and piracy of original work. It is known that “the link between content and its original author is very difficult to keep” (Pérez‐Solà and Herrera‐Joancomartí, 2019) and once the original content has been duplicated, the value of the digital asset drops significantly, so how can we claim ownership of these contents and our productions in the digital platform? Blockchain, a format commonly used with crypto-currencies like bitcoin, has been employed to introduce digital scarcity for digital art and photography. The format enables artists to issue limited copies which can be traced back to unique blocks proving ownership.
Bailey, J. (2020). The Blockchain Art Market is Here — Artnome. [online] Artnome. Available at: https://www.artnome.com/news/2017/12/22/the-blockchain-art-market-is-here [Accessed 12 Dec. 2019].
Windsor, R. (2017). Defining Digital Assets – Digital Asset News. [online] Digitalassetnews.org. Available at: https://digitalassetnews.org/assets/defining-digital-assets/ [Accessed 10 Dec. 2019].
Pérez‐Solà, C. and Herrera‐Joancomartí, J. (2019). BArt: Trading digital contents through digital assets. Concurrency and Computation: Practice and Experience.
Mackenzie, A. (2005). Untangling the Unwired. Space and Culture, 8(3), pp.269-285.