While machines keep getting better, faster and stronger, the human age is far from over. Efficient, intelligent machines standing by our side will buy us more time for more important activities – provided everyone is involved in the system. This is peaq’s vision for the future of machine-human interaction, a future only possible with the Web3 innovations that Machine NFTs can offer. Machine NFTs are digital tokens that represent a stake in the underlying smart machine fleet. The technology is enabled by sovereign machine identities, Web3 passports, which allow machines to identify themselves within the larger ecosystem. Such passports are already in the works by some of the leading consortia exploring the use of blockchain with connected devices.
Discover peaq now!
Machine NFTs offer a decentralized and transparent solution for fractional ownership of intelligent machine fleets, thereby addressing the core problem of automation-related job losses. Whenever a robot replaces a human, whether it’s on a smart assembly line or an unmanned shop, the goal is to do more work for less, thereby increasing the company’s revenue. However, only a select few – the owners of the machines – are benefiting from this growth. Machine NFTs allow a group of people to jointly own machines and benefit from fleet performance in a fair and transparent manner. By pooling their resources, such communities can overcome the barrier to entry that poses high upfront investments for potential machine owners.
Self-driving cars are an example of machines that can bring huge profits to their owners. They can independently provide profitable taxi and delivery services when their owners are not using them. They can also collect various types of data, from road quality to weather conditions and, if necessary, their cargo to sell for a profit. While the car is in operation, its owner can pursue his hobby, go on vacation or engage in some other activity, thereby earning additional income. A self-driving car can initially cost hundreds of thousands of dollars, which means that typically only the wealthy or large companies like Uber can afford to invest in such a car and take full advantage of its benefits. Machine NFTs are changing that by providing the infrastructure for an entire community to invest in a self-driving car.
Discover peaq now!
In the future, any group of people will be able to create Machine NFTs to verify their ownership interest and share the resulting profits fairly and transparently. By democratizing this technology, it lowers the price of investing in a machine and makes it a more accessible tool for people who are most at risk of losing their jobs in the age of automation. peaq believes that all humans should be able to benefit from machines. Machine NFTs and the peaq network enable all participants to earn passive income and enjoy the freedoms that automation brings.