Hi there everyone, TheRingMaster is back with a pretty exciting and thought-provoking blog.
A lot of people have one common fear and that is the negative effect of advancements in Artificial Intelligence (AI).
AI clearly does a better manual job than the average person and even the super smart people. Not only is AI good at doing the manual or repetitive jobs people do but it gives us an advantage, to do the same thing autonomously meaning without much active effort from people and yet more productivity.
Doing work faster, with less effort and more productivity is the core purpose of technology itself. The big Tech industries like Google, Amazon, Apple and Facebook are seeing the value of AI and it has now become inevitable that AI will dominate the future. Let's face it, this is already happening today.
- NVIDIA is now one of the most valued companies in the world because they're at the forefront of AI development. About a month ago from the time of writing this blog, CNBC news announced that NVIDIA has surpassed Microsoft and Apple to become world's most valuable company. Of course these stats could change at any point but it's proof of how much impact AI is making in this era.
I think NVIDIA is essentially running on the principle of - If Everyone is Digging For Gold, You Start Making Shovels. They make the AI chips that these companies need to create AI tools.
In many factories today, people work with robots or machines to get the job done faster and more efficiently but the focus of AI is to make it totally the responsibility of robots to get the entire work done.
The Fear of Job Displacement
AI making quick advancements is a good thing but comes with a downside because if they're more efficient, cost effective and more capable of doing the work people do, then people will have no jobs. The problem is we earn from the job we do for a living. Without the work we do, we can't make money and therefore can't afford life's essentials. This is the fear many people in the job market have.
- There are men and women that have dedicated their entire lives to master a craft or gain a skill and in one moment robots immediately replace them doing a much better job. This would leave them with no other means of income.
The probability that AI could eliminate all jobs is understandably alarming. That's why we need to make changes in our perspective of how to earn money now before the time comes.
- Elon Musk proposed an idea of a Universal Basic Income for all those that would lose their jobs to AI and robots in the future. It sounds smart but pretty difficult to achieve.
It brings fear in the hearts of people, however it’s important to not be scared but instead try to understand and adjust to the inevitable changes.
I see the rise of AI in a very different light. I see it as an opportunity for new ways of doing things and earning money.
While I'll admit, the AI replacing you at work appears challenging, it also offers an occasion for us to acquire alternative sources of revenue and change how we perceive money.
- I wrote a blog a few days ago on how autonomous vehicles won't stop cab drivers from their work but create a better business opportunity for them to earn passively while the self driving car does all the work.
Web 3.0 Role in The RoboTaxi Industry - Monetizing Your Cars
AI even affects technical sectors and creative ones. Yeah, it's not just manual labor. AI is super creative and as they keep improving it, it's going to get even more creative.
From blog writing, to video creation, even the content creators might take a hit on this. No industry will be left untouched whether sports, healthcare, arts, music, literature and food.
Infact Netflix of all industries is now taking a hit from AI. AI industries are developing tools and platforms that would allow people to prompt their very own movies and TV shows.
You can watch this video to see how it's being done right now.
I also saw on YouTube, a short animated movie created entirely by AI bots. It's not as good as Disney movies but it's good enough to let you understand the potential of AI tools being used for content creation.
I would not advice that you panic but just change your perspective on how to earn and what work to do. Usually the people that succeed in the future are those that a good at adapting to the change which happens in the world. That's why it would be wise for you to change your perspective on work.
Embracing Passive Income Streams
One very effective way to limit the effect of AI on employment is for people to concentrate on developing passive income streams. Passive incomes usually do not involve you actively working on something that an AI could do as well. This means most passive income earners would not be that much affected by AI replacing humans.
As a matter of fact, business owners will make more profits because instead of paying human employees they would just purchase the working robots and save cost heavily.
Passive incomes include investments, royalties, rental income, and profits from online businesses among other things. This means users on Hive that earn from content creation and Hive token investments will still be earning money and infact the AI tools can assist in making the community better.
InLeo for example is already working on LeoAI and soon we'll experience the power and value of it.
- I will briefly share a few ways people will still be able to earn lots of income even at a time where AI totally dominates the job market.
Investing in Stocks and Bonds
Some people would not want to take risks, but it can be one of the ways for them to make money living in a world that is completely controlled by AI. Dividends and capital gains are some of the ways through which investors earn passive income from shares at the stock market. Interest payments also make bonds provide steady earnings.
This implies that people can obtain continuous returns without being actively involved. And that's something AI can't take away from you I guess.
Real Estate Investments
Nowadays everyone that succeeds at anything ends up in real estate. As long as the property doesn't burn down without insurance you're going to make profits. Land is getting scarce and so those with rental properties will keep generating incomes.
From sport athletes to music and movies stars, anyone that was able to make a fortune invest a lot in real estate. Rental properties are able to generate ongoing income with relatively low effort.
Being a landlord or owner of assets like that can also get you too involved with government agencies and a whole lot of things some people don't want. If you're like that and don't want much burden well, Real Estate Investment Trusts (REITs) would allow you to invest in property without necessarily being a landlord but still getting the profit benefits.
Online Businesses
Most of the jobs AI or robots will be used for are manual offline works. There are quite a lot of passive income generating businesses on the Internet. From e-commerce to affiliate marketing and digital products (like e-books or courses). Once set up, these businesses can run with minimal oversight.
And now with AI bots coming into action, online business owners can take advantage of tools to make their work more effective. Highly trained AI assistants can assist your customers in purchasing products, ordering a service or answering some questions.
Content Creation and Social Media
- Here's some good news for Web 3.0 community members.
Social Media platforms like YouTube, Instagram, and TikTok offer content monetization opportunities through ads, sponsorships, and merchandise sales. There are millionaires who made all their millions from social media. From Mr. Beast to Logan Paul and PewDiePie. Gamers, vloggers and celebrities earn from their content online. I believe that's something AI will not be replacing.
The reason I said it's good news for Web 3.0 creators and curators is that we know the future of decentralization is brighter than ever before. Cryptocurrency and blockchain technology are getting very popular and adoption is still ongoing. Web 3.0 or Hive will eventually become a big deal in some years to come and that would mean most Web 3.0 creators, curators and investors can earn even way more money from their work on the platform.
The content be it videos, audios or blogs cannot replaced by AI. Yes of course AI can create videos and write articles but it's not going to do that for itself. A content creator will use the tool to earn in the future so that means the creators will still be in business and infact be able to create better content than ever before.
Creating very engaging content can lead to substantial passive income over time. So I would encourage all creators on Hive and other social platforms to keep sharing the best they possibly can.
Gaming
Nowadays gaming is not just for fun. People literally live off of the earnings from play-to-earn games and online gaming competition. Some of these online gaming competitions like the one with Fortnite, earns gamers millions of dollars literally. I wrote a blog on this and shared a couple of videos too. I think it would be great to share one of them again just for you to understand how serious this is.
A young guy with the nickname "Bugha" earned about 3 million dollars for winning the Fortnite cup and some of these players earn up to 7 million dollars if not more.
These competitions and Web 3.0 play-to-earn games will be a major means of income soon. Especially with the advancements of Metaverse, Virtual reality and Augmented reality games will become an even bigger deal in the near future.
Cryptocurrency and DeFi
Cryptocurrency and Decentralized Finance (DeFi) offers innovative ways to earn passive income through staking tokens, yield farming, and lending. Of course not everyone wants to take a risk of investing in crypto not knowing whether or not it will make profits but it's one of the ways people can earn.
On the Hive Blockchain, you can still earn crypto, either the Hive token or Native token like LEO, CENT, LEM and WAIV to list a few. I really wish I could list @ecency community token and perhaps soon I will be able to.
I think the main key to earning passively is "Ownership". If you own something that works for you, it's going to be difficult for AI to replace that because it's already autonomous in itself.
We really shouldn't be scared of changes brought about by AI but instead accept them.
- For those who want to learn and try new ways of earning money, there is always a brighter future.
Thank you for taking the time to read. As always I would love to get your feedback on the blog topic.
Let's Make Web 3.0 Great ✊
Posted Using InLeo Alpha
