Primer on Non-fungible Tokens NFTs

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Cathie Wood’s ARK Invest reports in their ‘Future of Automation’: ‘Today, the Third Industrial Revolution is upon us, cutting across sectors to weave robots and adaptive algorithms into the fabric of our lives. By 2035, ARK predicts roughly half of the US labor force will be replaced by automation. Demand for robots will grow significantly, improving margins for businesses, and potentially lowering costs to consumers. The benefits of automation, however, will be even more profound than the $12 trillion increase in incremental GDP. Perhaps most importantly, automation will enable people to pursue higher-level careers that will spur future innovations and progress, and further human fulfillment.’ ARK Invest believes that automation will not cause mass unemployment but rather a significant displacement of workers into higher-value-add jobs. Automation is an integral part of human progress. Throughout the Industrial Revolution there were periodic panics about the impact of automation on jobs. In the end, these fears were never realised. Demand for new types of labour (such as mechanics to fix the new machines, supervisors to oversee the new factory) created new sectors for the economy. We are living through a fundamental transformation in the way we work – one that will shape our culture and give further rise to the creator economy. The creator economy is the class of businesses focused on independent content creators, be it video, fashion, writing. It is an industry still in its infancy as not long-ago content was still dominated by big media and Hollywood celebrities. The high barriers to entry into this industry was removed with the advent of social media. The internet decentralised media and now content is being made by everyday people. 24

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