Non-Fungible Tokens (NFT) appeared in public in Sept. 2020 when an NFT digital artwork sold for 262 Ethereum coins ($101,000 US). In Oct. 2020 a NFT Designers work sold for $131,250 US. By the month of November, NFT Art work created 2,6 million US dollars and in December it reached 8.8 million US dollars.
Now it’s March 2021 and just one piece of NFT Art is expected to change hands at 6.6 million US dollars. The collectibles market is worth $130 billion worldwide and there has been a Shift in treating collectibles as an investment asset, not just a hobby.
Why and how has this happened so quickly?
1. NFTs are a Certificate of Authenticity; a unique, significant Asset in a world where there is a lack of trust and so much is counterfeit. People are even stealing the personal identity of others.
2. NFTs are one of a kind. There is only one and it is valuable when individuals want it and it is scarce.
3. NFTs can not be divided into smaller parts. Only one owner can have a specific NFT; whereas many owners can own Bitcoins which are equal in value.
Why I am so attracted to NFTs?
Paper money is being printed at a great speed by nearly all governments, especially in the developed countries. Whereas currencies were once backed by gold or silver, most governments have sold their gold to buy more paper to print-print-print. The most powerful country puts 4 words on each piece of paper “IN GOD WE TRUST”, when at the minimum they should be printing “IN POLITICIANS WE TRUST, EVEN IF MOST ARE REALLY UNTRUSTABLE”.
Whereas my ancestors saved money for retirements, we now find that governments have spent all our savings are now financially bankrupt. The only thing politicians can do is print more paper dollars; control the media; build an army with the power to make us behave as they wish; while saying it is for our own good. We must live according to the demands of politicians, bankers, and the very rich – all of whom will do whatever it takes to maintain their power and life style.
Those with the power to do so in our modern, developed economies are now moving to also control all other classes of assets beyond the once almighty US dollar. Though government decrees, regulations and not enforcing previous laws they have allowed the bankers and rich to control the price of other assets besides dollars, such as gold or silver and all other commodities we need to survive.
What are ASSETS?
Anything of value which enables individuals to live a reasonably safe, comfortable and meaningful life. In terms of saving for a secure life and retirement assets have been: PAPER MONEY; A HOME; LAND; A BANK SAVINGS ACCOUNT; STOCK MARKET; GOLD; SILVER; DIAMONDS; BITCOINS etc. Personally, I believe my greatest assets are my ability to LEARN, CHANGE, and the FREEDOM TO DO SO.
What is this relatively NEW ASSET?
NON-FUNGIBLE TOKENS because they are authentic, transferable and preserve ownership rights that no one or government can change.
They are based on standards that and presently are most commonly found on top of the ethereum BLOCKCHAIN platform, beyond the control of governments.
What are just three examples of NON-FUNGIBLE TOKEN ASSETS?
1. For me the most important if MY PERSONAL IDENTITY and academic qualifications, medical records and even my appearance. With the increasing instances of personal identity thefts it is hard to know whom one can trust.
2. NFT ART – Only one single person can have ownership, but anyone can see it.
3. NFT COLLECTIBLES – Anything that can be collected such as antique cars; baseball cards; music; novels, inventions, etc. Conventional collectors are now on to digital assets.
All these NFTs require BLOCKCHAIN TECHNOLOGY which is the reason for this website. Seniors need to be aware of new assets which can be trusted. It enables individual to have full trust in this new digital asset.