A Biblical Perspective on Web3 – Crypto, NFTs, and the Metaverse
Technology has always had the potential of advancing human flourishing, or promoting wicked agendas. Technology’s effects depend crucially on the heart and capabilities behind the people wielding it. The rapid proliferation of web3 technologies – fungible tokens (“crypto”), non-fungible tokens (NFTs), and the metaverse – is no exception. And now we have a new opportunity to influence the new frontier of the internet and demonstrate the heart of God to a world that is crying out for signs, wonders, and miracles. To do so, we need to acquire knowledge about web3, for it is written in Hosea 4:6 that “My people are destroyed for lack of knowledge.”
People often refer to web1 as the initial revolution of the internet where content became digital and web2 as a comparable transformation where content was sharable and personalized. But now we are at the precipice of a new frontier where we can own digital assets and the ownership structure is decentralized on distributed ledger technologies (DLTs). That means that the consensus mechanism – or the way that people decide what activity is recorded on the blockchain – is decentralized, rather than centralized and decided by a single organization or sub-group within the organization.
While there are certainly applications of web3 technologies that are concerning, that should not stop us from seeking the Lord about His heart about the frontier. We cannot be a church body that flees from innovation. Rather, we must spend the time in prayer, intercession, and communion to figure out how the Lord wants us to use innovation to be salt and light.
Over the past few years, and especially the past two, I have become an active practitioner and student over web3 technologies, authoring over 25 articles in the press and two peer-reviewed scientific papers. I have also launched a web3 multimedia startup called Living Opera, which produces digital assets (e.g., NFTs) anchored in classical music, especially opera.
Admittedly, there is so much more to continue learning, but the journey has given me perspective on the types of web3 use-cases that are aligned with God’s heart, and we should embrace.
1. Cryptocurrency for delivering secure payment to the persecuted church
Many Christians, among other religious minorities, face such incredible political persecution in some countries that there is no way for them to maintain a traditional bank account. However, if they could access a phone with an internet connection, they could be gifted a digital wallet that receives airdrops of tokens from support groups and these could be converted into dollars or other fiat currencies if needed through standard marketplaces or even decentralized marketplaces, like Uniswap. Furthermore, a digital wallet would allow the persecuted church to access international capital and digital labor markets even if the area that they live in is hostile.
2. Remunerating content creators
Content creators, including artists, are taken advantage of by large technology and media companies. Many people overlook the reality that we are the product in the web2 environment. Technology companies, such as Google or Meta, own our data and they make billions off it. But web3 tools are fundamentally about authentication and ownership. In Living Opera, we view NFTs as a tool for remunerating artists: when they “mint” an NFT, that becomes a token that their fans can purchase and receive services (e.g., video or audio files). NFTs, therefore, provide a direct line between the content creator and their fans on a decentralized network, meaning that the NFT lives forever, and no centralized entity can decide to censor or remove it. Of course, there are still many quirks that need to get resolved, especially relating to enforcement of property rights, but the reality still stands that NFTs are the key to remunerating creators of all shapes and sizes.
3. Reduction in physical barriers
The metaverse allows for immersive experiences is virtual spaces. Although the applications of the metaverse today are often crude, they point to such a wide array of possibilities. Imagine getting baptized or visiting the Sistine Chapel in the metaverse. God is the origin of all creativity, and He works without limits; Jesus is the word made flesh. That means mountains must obey the sound of His voice (and thoughts), as do the waters and every living creature. Embracing the metaverse as a new frontier to build in opens the floodgates for creative expressions of His character.
Christos A. Makridis is an entrepreneur, professor, and policy adviser. Among other responsibilities, he serves as the CTO/COO and co-founder of Living Opera, a web3 multimedia startup. He holds doctorates in economics and management science & engineering from Stanford University.
Technology has always had the potential of advancing human flourishing, or promoting wicked agendas. Technology’s effects depend crucially on the heart and capabilities behind the people wielding it. The rapid proliferation of web3 technologies – fungible tokens (“crypto”), non-fungible tokens (NFTs), and the metaverse – is no exception.