Nonfungible tokens can bring intriguing new prospects for self-governance as dispersed political discourse grows.
Everyone appears to grasp the rising relevance of nonfungible tokens (NFTs) for the 21st-century economy, from corporate behemoths like Visa and Anheuser-Busch to socialite Paris Hilton and NBA luminaries Michael Jordan and Kevin Durant.
World-famous artists, sportsmen, and singers have jumped on board, bringing respectability to this new technology that allows for the ownership of a wide range of digital goods. However, how NFTs can promote human rights and other public goods will be the ultimate test of this invention, not how it helps the affluent maintain their positions of power.
The self capacity
Let’s begin with the most often misunderstood international human right: the right to self-determination. It was the essential premise behind US President Woodrow Wilson’s Fourteen Points after the end of World War I, which were included in the United Nations Charter of 1945 and integrated into the United Nations’ International Bill of Human Rights.
While all “peoples” have the right to “freely determine their political status and pursue their economic, social, and cultural development,” the exercise of self-determination has been reserved for national liberation movements seeking to become fully independent states after long decolonization battles. There was no need for anyone else to apply. The right to self-determination may now be more completely fulfilled outside of the confines of statehood, thanks to nonfungible tokens.
Nonfungible tokens might make voting rights more accessible and enhance the democratic process by facilitating access to and trust in the election process. It’s not hard to picture a political universe where membership rights contained in smart contracts supersede civil rights. An NFT holder might vote on suggestions in a larger community of other NFT holding and watch the changes take effect in real time using smart contracts. Voting on the blockchain might alleviate a slew of existing real-world issues, including fraud and gaining access to voting locations.
NFT for the government
NFTs can help in a variety of ways, including facilitating the achievement of economic, political, and social goals. States would no longer be the exclusive arbitrator of disputes, arbiter of property rights, or enforcement of contracts under such a system. All of this is possible with smart contracts on the blockchain. We may devise a new system in which individuals or political organizations (whose membership is represented by NFTs) vote on ways for more effectively distributing commodities and services, rather than relying on battered, inefficient, or archaic bureaucracies. Politics as usual has come to an end.
After all, whether we are registered Democrats, Republicans, or Independents, we are not required to vote in lockstep. We may be pro-gun rights, but we may also be pro-choice when it comes to abortion and vaccinations. By controlling whatever underlying NFT corresponds to group membership, an individual might readily indicate support for a range of causes. We can have many more ways to identify “self” outside of our nation or even traditional identity politics as a result of this development. Rather than being bound by the jurisdiction and preferences of our pre-assigned cultural, economic, faith-based, social, or political groupings, we might choose to be a part of other communities.
As a result, self-determination does not have to be limited to the concept of statehood. When one considers the list of unsuccessful separatist efforts following WWII, when rebellious provinces sought to further exercise their right to self-determination, this is a significant step forward. The civil conflicts that followed the disintegration of the former Soviet Socialist Republic of Yugoslavia in the 1990s, Katanga in 1962, and Biafra in 1967 are examples.
Biafra’s founders, for example, desired the land to form its own country, distinct from Nigeria. Because most of Africa had just recently been liberated from colonialism, new separatist movements were seen as a danger to the continent’s political stability. Only a few African countries acknowledged Biafran independence, which was doomed from the start. During that ill-fated exercise in self-determination, an estimated half a million to two million people perished of starvation: never has the quest for human rights gone so poorly.
Biafra, on the other hand, created its own currency. However, money supply is simply one aspect of the state’s sovereignty. Public health, citizen safety, utilities, a clean environment, drinkable drinking water, and even basic consumables are examples of public goods that a state should provide.
Given that NFTs’ tulip fever shows no signs of abating, let us discover methods to use this frenzy to improve the processes by which we govern ourselves and distribute public goods. Michael Jordan, Tom Brady, Paris Hilton, and global corporations already wield sufficient power and celebrity.