If you are imagining, managing, or building a creator business or community to be more #futurproof, we invite you to enjoy this article and accompanying podcast highlighting:
- NFT’s: Non-Fungible Tokens And Real Use Cases
- Living On Cryptocurrency In Today’s World - Is It Possible?
- The Cryptocurrency Revolution: Beyond Money & Traditional Governance
- NFT's and Cryptocurrency 1.0 For Creators, Entrepreneurs & Small Business Owners
- The Risk Of Comparing Cryptocurrency To Monetary ‘currency’
NFT’S: Non-Fungible Tokens and Real Use Cases
Listen to the podcast from [02:51] and [05:15]
NFT’s have become a relatively new sort of invention in the crypto blockchain space. NFT stands for non-fungible token. In comparison, cryptocurrencies like Bitcoin or Ethereum are fungible, which means one is indistinguishable from another. You can swap the two. It doesn't matter. Same as dollars. You give me a dollar, I give you a dollar back and there's no difference.
But, NFTs are non-fungible, which means each one is unique. Like people, each one has its own unique properties and they're not interchangeable. Plus, an NFT is a blockchain object; so they are programmable, and you can verify who owns it and ownership is transparent. You can check on the blockchain to verify its rarity. It would be very hard to forge a fake one, so its uniqueness is secure.
With these characteristics, NFT’s are incredibly versatile and present a whole array of new options for trading and exchanging value. A few examples include: tickets, IOUs for services that are verified, verifiable labels such as a specific type of wine verified by this producer. NFT’s are great for any kind of limited edition run of anything. Again, because they are programmable, makers of all kinds - musicians, artists, artisan makers - can build in royalties, for example, so anytime something sells on the secondary market, the initial creator gets paid.
The only real limitation is your own creative imagination.
Living on Cryptocurrency in Today's World - Is It Possible?
For two years, Mike and Euvie lived on cryptocurrency by using an exchange to buy and sell physical cash. Another option is to use cryptocurrency to buy/sell digital cash using an exchange that deposits money into your bank account. [Related: How this family survived 40 countries living solely off bitcoin for 4 years.]
It’s possible now.
And, with the rise and convergence of exponential technologies and decentralized finance growing at an astonishing pace, imagine where we’ll be in five years?
The Cryptocurrency Revolution: Beyond Money and Traditional Governance
There's a lot of things that are not really fully understood about cryptocurrency that goes beyond money.
Cryptocurrency is programmable and can be used to organize decentralized groups of people to make collective decisions and invest in certain projects. There's a term called the DAO - decentralized autonomous organization. It's a collection of people that don't necessarily have to know each other who can make collective decisions on pools of money; so, they can invest in social good projects of all kinds. And so there are mechanisms for them to come to a consensus that doesn’t necessarily exist in our political landscape or in our, any of our voting systems. [Read more: ‘The 5 W’s of Participatory Budgeting’]
There's a whole lot of innovation happening when it comes to governance and decentralized decision-making that is going to be totally revolutionary.
Imagine within the next five years the vast majority of people will be participating in some form of DAO or another and deciding on how funds are pooled and spent. It would be like the government just suddenly gave you voting power over what to do with tax dollars.
It's a pretty interesting possibility for revolution.
And the decentralization of decision-making and economies are ‘deceptively’ close. You need to be aware of it, or you're going to be disruptive. You need to be part of the disruption or you're going to be disrupted.
NFT's and Cryptocurrency 1.0 for Creators, Entrepreneurs, and Small Business Owners
Top things to research and consider in your entrepreneurial venture and small business:
- Start accepting cryptocurrencies
- Be quick about liquidating ‘trading’ cryptocurrencies
- Understand the difference between an asset and trading cryptocurrencies (the analogy is gold which is an asset, vs monetary currency which is used for buying/selling goods and services)
- Increase competitive advantage and agility by decentralizing (a portion of) your business
- Stop reading headlines and start actually trying to understand
The Risk of Comparing Cryptocurrency to Monetary Currency
If you interpret cryptocurrencies with a blanket filter or judgment of “it's a currency”, you are going to, first of all, wreak havoc on innovation which is this massive lost asset. Or secondly, you're going to drive back channels and innovation in secretive technologies, and force people to go underground into black markets of cryptocurrencies.
“Cryptocurrency is a programmable digital asset that can accelerate breakthroughs in transforming the world to a better future.’ -Futurville
Instead, you can think of cryptocurrency - not just as money or assets, but as programmable, digital assets that can accelerate breakthroughs in social good behavior; and with acceptance and adoption help places (towns, states, countries) and companies be increasingly valuable in transforming the world to a better future.
- Learn more at the ExO’s Academy. We’re on a mission to educate the masses on the transformative potential of cryptocurrencies, blockchain technology, and many other areas - https://economy.openexo.com/academy/
- The First-Ever NFT to fund a Smart Village has dropped!, FutureThinkers.org - Click here for more info
- Platforms and exchanges referenced in the podcast: Arcane.no, Bitbuy.ca, Kraken, Binance
- ‘Vince Meens: Blockchain - the building blocks for a new society”, Future Thinkers Podcast Episode #033
- ‘Vitalik Buterin – What is Ethereum and How to Build a Decentralized Future’, Future Thinkers Podcast Episode #016
- ‘The 5 W’s of Participatory Budgeting’, NextGen Podcast: Accelerating Breakthroughs
- Hire experts on-demand in cryptocurrency, decentralized finance, blockchain, exponential economy by joining the OpenExO Community of coaches, consultants, investors, entrepreneurs.
- Disrupting Money (Crypto & DeFi), Peter Diamandis, Founder XPrize and Singularity University
Featured Entrepreneurs: Future Thinkers Mike Gilliland and Euvie Ivanova are entrepreneurs, futurists, strategists, designers, podcasters, blockchain enthusiasts focused on evolving technology, society, and consciousness to create a more sustainable future for all of humanity. Working closely with their community and technology collaborators they co-developed a series of NFT’s (non-fungible tokens) to raise capital, and drive client and community engagement for a Smart Village development project in British Columbia Canada. Web | Twitter
Host | Content Creator: Angela Faye is the Founder of Futurville, whose massively transformative purpose is “Imagining & Building Places Worth Living For”, and her moonshot is creating 1,000 new villages of the future & supporting 1 million existing villages to become more #futurproof. LinkedIn | Twitter
Executive Producer: ExO Angels(™) provide funding for the creation and distribution of the exoskeleton roadshow(™) and NextGen Economy(™) initiatives and is sponsor for the Augmented Human Performance Village.
Collaborators from the OpenExO Community of coaches, consultants, investors, and entrepreneurs whose collective massively transformative purpose is ‘Transforming the World for a Better Future’: Article Editor - Lisa Pereira - LinkedIn | Podcast Editor - Niki Faldemolaei - LinkedIn
Disclaimer: The views expressed here are not those of OpenExO Inc. The content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult directly your own appropriate advisors and professionals as to those matters.
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