The Bifocal economy of NFTs
The Beauty of NFT and Why It’s Not a Fad or Hype!
It was back in 2012, when one of my coworkers, Raphael, and I had both begun working for a firm and shared a mutual acquaintance with whom we used to socialize. Raphael drove a Toyota Corolla and I drove a Nissan Altima.
After a few years, Raphael went to a firm in the neighboring town, and he drove roughly 160 miles every day, Monday through Friday. Within a month, he was hurting his back from excessive driving, and he had a dire need to get a more comfortable vehicle. As a result, he made a decision to trade in his car for a Mercedes. Since then, our mutual acquaintance has begun to treat Raphael differently, as if his social stature has improved. It’s worth noting that I was financially secure enough to buy a Mercedes, but it was not a need for me.
Long story cut short, I got impelled by this behavior and within a few weeks bought an Audi to prove my economical stature to my society around. I took pride in owning the Audi. My Audi became my NFT.
This ego, taking pride in ownership, has existed since the dawn of humankind and will be there until we dust. Today, we simply refer to it as NFT. For Richard II, the King of England, who attempted to invade Scotland in 1385, Scotland was NFT. For Vladimir Putin, the President of Russia, who is trying to invade Ukraine as you read this today, Ukraine is NFT.
Human psychology is the most effective instrument ever devised by mankind. It has been and can be both an adverse disaster or a favorable miracle. One of the finest things that can happen is if we can use this NFT — the only programmable asset — properly by applying a positive social impact layer on top of the pride of ownership.
For examples. (1) All the training and graduation certificates can be issued as NFT. So it can’t be faked, it can be verified publicly, and the owner can still take proud of what he or she has accomplished. (2) Issue concert tickets in the form of NFT so they can be memorabilia; it can include a piece of artwork by an artist so that the buyer can support her or his cause, or even turn the concert ticket buyer into a stakeholder of the concert.
The beauty of NFT is the economy around it is bifocal. For example, NFT membership levels such as Silver, Gold, and Platinum can be created for sports enthusiasts with layered perks. Fans, on the other hand, can be rewarded with crypto tokens for participating in activities such as social media engagement with their favorite teams and players, and with the tokens they earn, they can purchase NFTs of their favorite players.
The NFTs are much more than pixelated jpegs, and we’ve barely scratched the surface. NFTs will become a permanent part of our daily lives as NFT efforts grow more utilitarian in the future.
