# Open Economy By [OxFungible](https://paragraph.com/@coinerise) ยท 2023-02-27 --- Ownership --------- This article's goal is to leave a historical legacy. The rise of non-fungible tokens, or NFTs, has captured the attention of the world in recent years. While digital artwork and images are the most commonly traded NFTs, I believe that NFTs have far more potential than we currently realize. In this article, I aim to explain how NFTs are revolutionizing ownership and what this means for the future. This article will be about predictions and expectations, nothing more. Money - The Store of Value! The concept of value has always been central to economic systems. Money has been used as a medium of exchange and a store of value for centuries. The development of money as a medium of exchange was a significant turning point in human history. Prior to its invention, bartering was the primary means of trade. Bartering involves the direct exchange of goods and services for other goods and services. In a market-based economy, products and services are traded for money or other goods. However, finding a mutually acceptable product to trade with can be challenging. In a market where every product is unique, a dealer who will exchange a jacket for a sweater may be difficult to find. This is where the money comes in. Money provides a common denominator for trade and simplifies the exchange process. Money can be used to purchase any goods or services in the market, making it a widely accepted medium of exchange. But money is more than just a medium of exchange. It also functions as a store of value. Money allows individuals to save their wealth for future use. Instead of bartering or exchanging goods and services immediately, individuals can store their wealth in the form of money and use it when needed. This is especially useful in a market-based economy where goods and services are constantly changing in value. The value of money is determined by several factors, including supply and demand, inflation rates, and interest rates. These factors can impact the purchasing power of money and its ability to function as a store of value. When there is high demand for money, its value increases, and it can be used to purchase more goods and services. Conversely, when there is an oversupply of money, its value decreases, and it can purchase fewer goods and services. Nfts - The store of everything! ------------------------------- NFTs are taking this idea to the next level. Instead of using physical currency, NFTs measure the value of an item or service digitally. NFTs allow for the quantification of the value of any object, whether it be a piece of art, a video game asset, or a social media post. The value of an NFT is determined by various elements, including supply and demand. In a digital economy, everything can be measured by processing data to determine its real market value. This represents a fundamental shift in how we measure value. We are moving towards a data-based economy, rather than a market-based one. The power of artificial intelligence can be harnessed to measure the value of goods and services based on demand-supply metrics, leading to the creation of an open data-based marketplace for humanity. This shift to a data-based economy has the potential to shape our future in unexpected ways. NFTs offer a way to create a unique, digital identity for an item, providing unalterable proof of ownership. This opens up a world of possibilities for the creation and exchange of unique, digital or even physical goods. In the future, we may see an entirely new economy based on NFTs, where the value of every digital object is quantified and traded on a global marketplace. In conclusion, NFTs are not just a fad, but a fundamental shift in how we measure value and ownership. As technology continues to advance, the potential for NFTs will only grow. While we cannot predict the future, it is clear that NFTs are leading us towards a new economy based on data, where the value of every object, physical or digital, can be quantified and traded on a global marketplace. --- *Originally published on [OxFungible](https://paragraph.com/@coinerise/open-economy)*