A Crash Course in Crypto: NFT Anything!
Dogecoin cryptocurrency was invented by software engineers Billy Markus and Jackson Palmer, who created an instant, fun payment system free from traditional banking fees. It recently reached a market capitalization of US $70,355,561,773 on April 16, 2021. If you have an asset, uniqueness, or time, you can create and market a token of your very own.
With major stock markets around the globe companies who IPO (initial public offering) enable public share issuance to raise capital. Crypto currency companies ICO – (Initial coin offering) to gain backers and wealth in doing so. Companies will offer, find or do things to make their digital token worth more and we will explain more throughout the article.
What if you can tokenize your own buying power, your consumer profile and preferences or something else?
What is Crypto currency? What is NFT Token?
If you have an asset, a database with useful information or even a great idea you can create a crypto token; a digital asset. Uber recently created a crypto currency and will accept crypto currencies as payment. Other brands are following suit. A crypto token is a virtual token or digital “currency” that resides on a decentralized network (outside of governments and banks), written on blockchain (an un-editable ledger). In monetary banking different currencies exist: US dollar, Canadian Dollar, Pound, Yuan etc. The same goes for digital crypto currencies. Specifically a non-fungible token is a tradable asset. Transactions are recorded on a digital ledger, called a blockchain, certifying a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, art , clothing lines, videos, audio and other types of digital files. Artists are accepting crypto currency and even issuing NFT’s in exchange for the release of their next greatest work. Companies already dabble in this type of “currency” currently with points cards, self-named dollars (Canadian Tire Money) and this can also be a way to gather data about you and your buying preferences for marketing purposes. This will be true about crypto currency as well.
Another example: let’s say you’re an exploration company sitting on a bunch of Gold in the Yukon but need some financing to mine it, issue a crypto currency token that people can purchase offers financing to mine the gold, pay the backers with interest. Issue a finite # of token to finance mining and production. When the material is mined all your backers get paid and then some.
If you have a tangible asset you may be able to back a crypto currency with it!
The biggest disclaimer and probably the craziest part about crypto currency is this: if anyone accesses your private wallet key, your crypto can be irreversibly traded. Therefore, it is possible to irreversibly lose everything if you are not 100% safe with your digital wallet. The holder of any crypto token can use it for investment or economic purposes and it is worth real monetary market value. On the other hand, the benefits of no questions asked, unlimited trading power, anywhere, anytime, outside of bank regulation with transparent transactions which everyone can clearly see is what makes token ideal. The finality and the verification process utilized by blockchain is part of what makes it so powerful as a means of transacting.
Finally be aware that some #crypto exchanges like $CRO do not give you private & public wallet keys. In crypto, this is equivalent to giving your money to banks, not keeping it under your mattress. (I do both!) There is risk of someone could hack the site obtaining all the users’ accounts. Choose crypto exchanges carefully. Trading cryptocurrency on a decentralized p2p network using your own wallet with a private key and public address is considered the more secure way of the two options for buying crypto currency. Potential downside is if you lose your keys there is no body who can help you!
Read on to find out ways to tokenize your lifestyle.
The Creator’s Coin
Imagine if your next masterpiece, artwork, t shirt line, album or perfume was issued in the form of an NFT?
Wu-Tang Clan once auctioned off a single-album work of music for dollars, but the same principle can be applied to NFT crypto currency. “Once Upon a Time in Shaolin” was limited to a single copy and sold for 2 million dollars. These days, Wu-Tang may be interested to release their next single-copy album for an astronomical amount of NFT.
If there is something unique you have created, you may be able to create hype and value around it in the form of token.
Do you enjoy being active? Are you a go-getter with a penchant for burning energy? Are 21km bike rides or runs your thing?
Not only can you capture the kinetic energy on your rowing machine or bike and sell it, strap a solar panel on your car and house and tokenize that energy too.
Your token may be even more marketable based on your jogging or biking route : Buyers of your token could be featured on your hat or jogging shorts (like sponsors).
The more sponsors you get, the more valuable is your token.
LAY-Z Coin: Couch Potato Coin for the Win!
Are you a home-body who loves your favorite show on TV?
Would you accept payment in the form of a crypto currency to watch regular programming while ai studies and gathers your eye movements during 20-30 second advertisements?
Would you give your own personal feedback on social media in exchange for a Crypto token issued by a production company that will pay dividends based on a show’s success?
Can you watch content while ai studies and analyzes your facial movements? Would you get involved in a social network where your activity is paid in token?
You can tokenize your time and opinion this way!
Imagine what Roger Ebert’s opinion is worth if he issued NFT token to get it?
Creating a coin based on your personal entertainment preferences is big! Artificial intelligence is based on formulas of mass aggregated data, some of which can be traced back to aesthetic human preference. In offering your opinion, tastes, likes or dislikes, you not only help to perfect future a.i. systems, you can capitalize on selling data too!
THE TINKER-PERSON TOKEN
Do you offer a service or goods that you can market and sell? Maybe you’ll do accounting in exchange for bitcoin or plumbing in exchange for it’s worth in bitcoin. Point is, if you set up shop on a digital network you can accept digital token as payment. If you expand your sole proprietorship in future, a further option exists to ICO and gain backers for capital gain.
Perhaps you create a device that captures the energy of a person jumping up and down or pulling a lever at a bus stop whereby, a person could earn their bus fare generating energy for the city in the form of city dollars or in Toronto “TTC Token”. (This tactic has been used around the world to combat obesity, but not widely used to capture and sell kinetic or solar energy in exchange for goods or service transacting on a digital ledger). The person who successfully lobbies these societal changes shall include every person can be financially free, to a digital degree.
Now that you know about NFT token and ways you can generate money with digital cryptocurrency, what is your coin going to be called and what makes it so valuable to your backers who hold it? For you, the future is now!
Learn more about how people and businesses are implementing blockchain and digital currency. I spent almost 2 decades working in Canada’s Largest Financial District, Toronto’s Bay Street and learned a lot about it!