In today’s digital age, the news industry faces unprecedented challenges. Social media’s rise and the spread of misinformation threaten traditional journalism’s credibility and relevance. While text-to-speech (TTS) technology has improved content accessibility, the next big leap for news could be “text to token (TTT)”—a transformative approach that could reshape how we value and consume news.
Why News Needs a New Valuation System
Current Challenges:
- Click Counts: Right now, news value is often measured by click counts—a metric that can be misleading and doesn’t reflect the true impact of journalism.
- One-Dimensional Metrics: This simplistic approach fails to account for factors like the quality of reporting, the impact on public discourse, and audience engagement.
The Solution: To better assess news value, we need a multi-dimensional valuation system. Just as the music industry measures the value of a song through streaming counts and downloads, news should be evaluated through:
- Impact on Public Discourse: How a piece of news influences conversations and public opinion.
- Source Trustworthiness: The credibility of the sources providing the information.
- Audience Engagement: Levels of interaction and feedback from readers.
By adopting a comprehensive system, we can ensure that high-quality journalism is recognised and rewarded appropriately.
Assetizing News: The Role of Blockchain
Tokenization of News: To give news its due value, we should consider treating it as a digital asset. Blockchain technology provides a way to:
- Secure Storage: Safeguard news content against tampering.
- Tokenization: Convert news articles into non-fungible tokens (NFTs) with provable ownership and transparent history.
Case Study: PUBLISH’s NFT Initiative PUBLISH has already demonstrated this concept by converting historical manuscripts like the Korean “Hunminjeongeum Haerye” into NFTs. This initiative preserves historical documents digitally and makes them accessible worldwide, showcasing how blockchain can protect and enhance the value of intellectual property.
Benefits for News:
- Protection: Ensures news content remains secure and immutable.
- Value Creation: Transforms news from a commodity into a valuable asset that can be traded and valued.
Learning from History: King Sejong’s Legacy
King Sejong’s Innovation: King Sejong of Korea revolutionised the written language by creating Hangul—a scientific, logical alphabet that was accessible to everyone. His approach was grounded in the meticulous observation of phonetics, resulting in a language system that democratized literacy.
Applying the Lesson: Similarly, the news industry must embrace a methodical and innovative approach to evolve. By using blockchain for copyright protection and tokenizing content, we can create a transparent market for news that ensures its integrity and value.
Navigating the Challenges of Paradigm Shifts
Technical Hurdles:
- Learning Curve: Blockchain and tokenization technologies are still emerging, requiring significant investment in education and infrastructure.
- Integration: These technologies must be integrated thoughtfully with existing systems to avoid disruptions.
Economic Risks:
- Cryptocurrency Volatility: The instability of cryptocurrency markets poses risks for news organizations looking to monetize content through tokenization. Managing these risks demands strategic planning and resilience.
Cultural Resistance:
- Change Aversion: There is often resistance to change within news organisations accustomed to traditional methods. Overcoming this requires clear communication of the benefits and a gradual introduction of innovations.
Conclusion: Embracing the Paradigm Shift
The news industry stands at a crossroads. Embracing a “text to token (TTT)” approach could be the key to securing the future of journalism. By leveraging blockchain to value, protect, and tokenize news, we can move beyond outdated models and ensure journalism remains a vital, trustworthy pillar of society.
The road to this new paradigm is not without its challenges, but the potential rewards are immense. With dedication and strategic effort, we can pave the way for a future where news is not just consumed but valued and respected as the crucial asset it truly is.
Useful Links:
- Blockchain Technology: Investopedia – Blockchain Basics
- Tokenization of Assets: Forbes – What is Tokenization?
- NFTs and Intellectual Property: NFTs and IP Rights – CoinDesk
- Historical Manuscripts and NFTs: PUBLISH’s NFT Initiative
- Digital Asset Management: Harvard Business Review – Digital Asset Management
