Non-fungible tokens

Years ago when I was still in high school I attended a private fundraiser for my local community center. As I made my way around the room, snacking on cheese and crackers, shrimp cocktail and mini pastry puffs I began a conversation with an older man.

He wore glasses and had a blazer with the elbow patches. As I introduced myself and shared my hopes of one day becoming an actress/lawyer/dancer he peered closely leaned forward and stated: “You can get a degree in basket weaving if you want, whatever you do take an economics class. Learn how money works and you will never go wrong”. This conversation stuck with me and upon my arrival to Hampton University at the ripe old age of seventeen I had no idea what I wanted to do.

I started as an undeclared freshman and took fun classes like dance, photography as well as mandatory courses that would cover a plethora of majors. I didn’t however take this wise advice shared with me years ago. Instead, I declared my major my second semester (English literature with a minor in elementary education). I immersed myself in the African American literary cannon and reveled in writers such as Zora Neal Hurston, Richard Wright, Langston Hughes, Nikki Giovanni, Gwendolyn Brooks, Toni Cade Bambara, Toni Morrison, Alice Walker, Dr. Martin Luther King Jr., as well as Henry Luis Gates Jr.

The very idea of taking an economics class was pushed all the way out of my mind as I read, wrote and discussed literature throughout my time at Hampton.

This conversation has come back to me over and over again as I listen to the news and learn a little bit more about crypto currency and non-fungible tokens ( NFT). The concept of digital versions of tangible items is not foreign to me. I think of items such as file folders, books, movies on VHS and disks are all available in a digital format. This I understand and quite easily. However, money in a digital format? This still leaves me a bit perplexed as I attempt to learn more.

Now to my understanding NFTs are digital images that can be bought with cryptocurrency and the ownership of an NFT is what supports the value of cryptocurrency (anyone out there that’s immersed in this world please share and correct me I’m completely off). The NFT is sold on a block chain that serves as a digital receipt that confirms the NFT’s authenticity and therefore confirms its value. This is all very foreign to me but I’m trying to hang in there and learn more!

A recent article written by Lisa Hanna for Jamaica Observer has been easy to follow and understand as it relates to the world of NFT’s and the argument that more underrepresented countries should jump on this new way of ownership and wealth building.

There’s so much to learn, unpack and digest as it relates to NFTs, cryptocurrency and the concept of ownership and who has access. I’d love to hear from you dear readers, have you heard of NFTs? Do you currently invest in cryptocurrency? What are your thoughts as it relates to a very non traditional way of the less restrictive environment of digital currency? We are barreling towards the new frontier of how we use and value money and the concept of ownership. I can’t wait to hear your thinking. Blessings.

6 thoughts on “Non-fungible tokens

  1. I consider myself a dinosaur when it comes to currency, maybe it was how I grew up. I just always loved the idea of counting money. It made me feel so accomplished to see piles of it. The idea of making it all digital scares the hell out of me. My thoughts: Who takes it? Is it universal? Can someone hack me? I’ve learned that the world is going to change with or without me. Covid showed me a lot regarding merchants. Many people went paperless, which baffled me. I would say “You don’t take cash!? Cash is like the ultimate way to pay!” Slowly but surely I’ve decided that it is in my best interest to learn of ways to invest my money and welcome the idea of a wallet that doesn’t need a wad of cash.

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