I recently wrote about NFT’s, Non Fungible Tokens, from the perspective as a novice, dear reader, I am still a novice! As I continue to learn more about NFTs, their current value within our society and the connection to cryptocurrency I am keeping my ear open to what’s being discussed as it relates to pop culture. Cryptocurrency has taken center staged as it relates to geopolitical politics, the value of art and pop culture. I have listened to a lot of different conversations around NFTs and cryptocurrency and whether or not there is a future in the value of this new way of making and using money as well as what we, as a society, place value.
One of my favorite podcast, Flagrant 2, had a guest, Gary Vee on recently whom talked excessively about cryptocurrency. The host, Andrew Schultz, questioned the validity of cryptocurrency as it relates to its longevity. Vee made an important point. He discussed how whenever something fairly new shows up on the scene (of a rather established way of doing business) there will always be naysayers, doubters and ones that believe it is a fad; a passing moment. During a time when something is relatively new with little oversight and regulation, fraud will run rampant. Vee went on to state his belief that cryptocurrency is here to stay and worthy of investments. Unfortunately, as I mentioned above the relative newness of cryptocurrency, NFT’s and blockchains will lead to a lot of fraud and abuse. There is also little or no regulation and insurance as it relates to everyday people jumping into pool of currency that you can’t actually hold in your hand or place in your wallet. This had me thinking about my own actual wallet, there is rarely any money in it.
Most of the purchases I make I do so electronically. Most of how I spend my money is via EDI, electronic data interchange . As I reflect on how I started my financial journey, as a fifteen year old working at the public library, to an educator a lot has changed. I no longer use checks or mail my bill payments. I used to always have postage and a checkbook. Now, I have to scramble to get postage the few times I actually have to mail something! How quickly things have changed in less than a quarter century!
Through my pseudo-research into this unknown world, I learned a new concept. It’s called EFI token. In the simplest form, EFIs were created to connect blockchains (correct me if I am inaccurate here dear reader!). The use of EFIs allows for smoother transactions of purchases as it relates to the buying and selling of NFTs in the virtual sphere, yes the virtual sphere as in the metaverse.
In my post, Non Fungible Tokens, I wrap up the post by asking:
I would love to hear more about your thoughts as it relates to NFTs, EFIs and EDIs. Have you considered purchasing an NFT, have you been to the metaverse and if you haven’t, are you interested? I am looking forward to your responses. Blessing.