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Hey Everyone! Jake here,

First off, Happy Holidays to all. Here’s a quick rundown of what you need to know about NFTs.

  • NFTs at this scale were shocking to almost everyone
  • They’re not going away! NFTs will be integral to a digital economy, from gaming to land deeds.
  • The future will be tokenized, this is about much more than cool monkey art or retro punks.

The Creator of Ethereum & NFTs

Last week I was digging through old Lex Fridman podcasts and came upon an unsettling interview with Ethereum founder Vitalik Buterin.

Vitalik is arguably the most important person in cryptocurrency today. Moreover, he’s a realist, meaning he doesn’t fool himself with unrealistic expectations of cryptocurrency. After all, this was the guy who argued that Chainlink was pretty much useless, (THAT’S A BIG NO NO BUDDY). This time, however, Vitalik Buterin challenged the validity of non-fungible tokens (NFTs).

I was definitely surprised by NFTs… I was on record saying NFTs are overrated,” Buterin said on the Lex Fridman podcast. “I guess I just can’t personally relate to this concept of spending a lot of money on a thing and there’s no clear understanding why it would maintain its value.

That’s like Bill Gates saying the Xbox was a dumb invention. So, is Vitalik right about NFTs?

Short Answer: NFTs ARE ALIVE!

Vitalik believed  NFTs were garbage because they didn’t have any utility, no art has “utility”. That doesn’t make it dead. Sometimes they’re just fun to look at, or a flex on your friends. Either way, beauty is in the eye of the beholder.

Sure, some people are making money in NFTs, but most of them are buying pixel art and trying to flip it to the greater fool. No disrespect! So instead of throwing your money at memes or crypto cats, consider “utility-driven NFTs.”

 

Where NFTs are Heading Next 

Short and sweet version, NFTs are the future of ownership, but I personally wouldn’t put money into digital art in hopes of someone else buying at a higher price.

Utility-driven NFTs are digital certifications that unlock real-life items. Let me explain. 

Utility NFTs can be anything; concert tickets, insurance contracts, a deed to your home, a deed to your virtual land, state-issued licenses, or that epic gear you found in your favorite video game. (COME ON STEAM DO IT ALREADY!)

This “Fad” isn’t going away, it’s here to stay. 

Final Thoughts

We are here to affirm that you could still be early! This is quite possibly the future of our economy. We’re going more digital by the day, COVID was a huge catalyst for this. NFTs won’t stop at digital art. I’m guessing we will see many more applications of non-fungible tokens long into the future. It’s simply a much more efficient and secure. 

Honestly, the game hasn’t even started yet, we’re just doing our warm up stretches! 

Crypto never sleeps.

 
Author:
Jake McCarthy

6 Comments

  1. If you are the only person who knows about an NFT or Crypto in your family, note I have multiple grandchildren and even my oldest adult children is in the upper 30’s never heard of NFTs and none have any digital assets. What happens if you pass away which is very possible since I advanced in age and yo are the only one that knows the codes passwords? I think someone in their teens to 30s and possibly 40s this makes perfect sense but what about someone that is say 70?

    1. Age doesn’t have anything to do with it.. by you gaining knowledge if you pass on the little that you already know to you children 9 times out 10 they are going to be interested in learning more and they are going to do the same with you, and collectively y’all will build wealth.

    2. You should always write down your secret pass phrase on paper, NEVER STORE IT ON YOUR COMPUTER (this leaves an opportunity for hackers to find it). Put it somewhere safe along with instructions on how to access it, maybe put it in a safe, or a safety deposit box.

      So long as you don’t sell it, it’ll always be in your wallet, whether it’s stored on OpenSea or whichever NFT platform. It’ll always be connected to your wallet because it is stored on the blockchain (an immutable ledger).

      Also, no one should ever ask for your passphrase (key phrase). <3

    3. Hi Steven, having a plan for something as important as a death is quite important. You can always incorporate this into your will. Which I’m guessing will one day also be secured on a distrusted ledger. Since your will belongs to you and you alone, you could say that that even one day will be an NFT. I hope that helps. Thank you for your comment! evan@ragingbull.com

    4. Spread 1% of your mad money around this ‘fad’ and leave it for your grandchildren. My friend bought ~ 100 square miles of Nevada in the 1960’s. He said “my children will never see the use of it, but my grandchildren will love owning it”.

  2. Good morning Steven, I would say this is truly just the introduction of what NTF’s will become. The easiest example to prove now and make understandable is art. However, many things your currently have are better suited as an NFT. The title of home, a car, a Birth Certificate even are better off as an NFT than the current forms we have them.

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