You are a Digital Asset, you just don’t know it

What makes you a Digital Asset?

Wikipedia definition – a digital asset is ‘any item of text or media that has been formatted into a binary source that includes the right to use it. A digital file without the right to use it is not an asset.’

You could be making yourself valuable just through your daily social media practices. Services are now available that allow you to assess the value of your social media usage and claim yourself as a digital asset.

This includes images and videos you’ve uploaded, a website/blog you may have made and of course your social media activity.

The current value of Social Media data is undeniable. It can reveal consumer practice patterns to businesses, allowing them to target the market for their product(s) and services more effectively. This means that every time you like something on Facebook, post an image on Instagram or search for something on Google, you increase the value of your data.

Unknown Digital Assets

McAfee recently performed their own survey into users digital assets, the results of which were included in a post by Online Security expert Robert Siciliano. Here are the highlights…

  • Nearly 90% of consumers own several digital media devices
  • 51% of that number uses those devices more than 2+ hours per day
  • We have valuable information on all of these devices such as: Personal Memories, personal records, hobbies, entertainment files etc.

(Information from the Mcafee Blog)

But how do you assess the worth of these digital assets you own? How do you assess the value of the digital you?

How much are you worth as a Digital Asset?

With web services like AVG app PrivacyFix, you can assess how much your data is worth to sites like Facebook and Google.

It works through accessing public shareholder information to calculate how much each of its users is worth in each country to the social network. Then it assesses your overall estimated value through analysing your Facebook usage, such as your likes, gender, posts, number of friends etc.

Fun Fact: Men are worth less than women to Facebook.

Commodify.us offers a service that helps you claim your digital assets. It works through exporting the data from the profiles you have on various different social media websites and then uploading it to the site. The data is then analysed, made anonymous to ensure your privacy and can then make you some money from selling your data through the site to interested buyers.

Walter Langelaar, a co-founder of the program, said the site is “part raising awareness surrounding the monetization of profile data, and part creating a platform where people might work out and discuss how to do this themselves.” In a way, it works to make your social media data fair trade.

Future Developments in Digital Assets

Jasmine Gardner discusses in one of her articles how trust itself could become a digital asset, if it hasn’t already (1). Companies, such as TrustCloud, have begun establishing ‘trust profiles’ and have tried to consolidate review data from multiple sources into one defining rating.  We’ve already seen this sort of thing, through reputation and feedback tools attached to services like amazon and eBay, but this information stays within that company and goes no further. This is because it gives valuable insight into consumers, which is now an essential part of digital marketing.

A problem with this trustcard idea is that it would require competing companies to hand over all the data they’ve collected on their customers to one company that will host the trust profiles. Ironically, these companies don’t trust the trust profile site hosts with their precious customer data, that helps to grow their business. This information, however, is required to make an accurate individual’s or company’s trust profile.

Having a collection of all of this data from major corporations would reflect the reliability of an individual, but it would also make it difficult for an individual with a bad trust rating to bounce back, let alone make it challenging for newcomers to the domain to match up to competitors in their area of expertise, who may already have a well-established trust rating.

Ever feel like Disappearing Online? You can Commit Social Media Suicide

If you want to take control of your digital assets, like your social media data and would rather they were out of your life for good, then the Web 2.0 suicide machine may have your solution.

It allows you to wipe clean your Facebook, Twitter, My Space and LinkedIn accounts. The process itself does not actually delete your account, as even when your account is deleted the information can still be held on the social media networking servers. Here’s a rundown of what it’s capable of…

Facebook – can exclude you from a public search, remove all e-mail notifications, remove all your friends, remove you from all the groups you were part of, remove all wall posts, change your profile picture and password

MySpace – remove all your friends and then leaves a status message that you’ve committed social media suicide

LinkedIn – removes all your connections, changes your profile picture and password

Twitter – Changes your password and profile picture, removes your followers and following, removes all your tweets

(Information from http://suicidemachine.org/)

Digital Assets after Death

Ever wondered what happens to all those digital assets you’ve built up over your life after you’re passed away? Get some insight here…

/uk/insights/blog/how-to-preserve-your-digital-assets

References

(1) http://www.standard.co.uk/lifestyle/london-life/your-most-valuable-digital-asset-it-might-just-be-your-integrity-9199057.html 

About the Author:

Adam is a freelance writer that focuses on luxury asset trends for Borro Private Finance.