Summary

The article argues that NFTs are essential to the cryptocurrency ecosystem, providing a means to store value, fund ideas, and democratize wealth creation in a capitalist society.

Abstract

The author of the article initially expresses skepticism about cryptocurrency, acknowledging its complexity and the common misconception that it is a fleeting trend. However, upon deeper understanding, the author recognizes the importance of knowledge in wealth creation, particularly through the mechanisms of cryptocurrency and NFTs. The article posits that wealth is accumulated by solving mass-scale problems and that cryptocurrency, when held over time, can lead to significant wealth accumulation for those who have the means to invest and hold. The author points out that this often leads to wealth inequality, as not everyone can afford to take the risk of investing in cryptocurrency. Capitalism is identified as a driver of wealth inequality, with the free market allowing for varied outcomes and concentrating wealth among a few. NFTs are presented as a game-changer, offering a new way to store value and providing artists and creators with a platform to monetize their work directly. The author emphasizes that NFTs require a commitment to education and creativity, rather than being a quick path to wealth. By investing in NFTs, individuals can break through wealth inequality and fund innovative projects without relying on traditional investment sources. The article concludes by asserting that NFTs represent the true essence of a free market and are indispensable to the meaningful use of cryptocurrency.

Opinions

Cryptocurrency is initially perceived as complex and ephemeral, but understanding it leads to a realization of its potential for wealth creation.
Wealthy individuals are often more knowledgeable about cryptocurrency, allowing them to invest and benefit from its compounding nature.
The free market and capitalism inherently lead to wealth inequality, as only a few can succeed in a competitive environment.
NFTs are a revolutionary way to store value, even beyond the physical lifespan of the asset they represent.
NFTs require genuine interest and education in topics like art and technology, not just a desire for quick profit.
NFTs can democratize wealth creation by enabling direct investment in creative projects and ideas.
The Pareto principle is acknowledged as an unchangeable economic reality, but NFTs offer a way to improve individual quality of life within this framework.
NFTs provide access to exclusive communities and networks, which can be a source of continuous learning and growth.
The author believes that learning is the ultimate source of human fulfillment and that NFTs facilitate this through their utility and market dynamics.
Without NFTs, the author suggests that the potential of cryptocurrency remains unfulfilled.

Without NFT, Cryptocurrency Is a Scam

Cryptography, cryptocurrency, cryptoeconomy…nothing makes sense. These are cognitively complex topics by design.

I didn’t know a single thing about crypto. Like any average people, I thought crypto is too technical and it’ll soon disappear when people realize the reality and that time I’ll feel blessed I didn’t choose to spend (waste) time on it. Then for some reason I got into it and realised my mistake.

Whoever takes an attempt to understand a complex topic gets free from this complex world (partially). Gains freedom.

Crypto is a game. Here's how you play it (well):

Wealth is backed by knowledge.

Solve a problem at a mass scale and you create recurring, incremental wealth. Wealth is anything that compounds. And compounding is freedom.

Create or build anything that people want, need, or choose to invest in and you create wealth (startups, NFTs). Or provide a service of your specific knowledge that people direly needs, to create wealth (hospitals).

Wealthy people are smart that’s why they got wealthy. Average people are not so smart that’s why they are not yet wealthy.

Smart people understand the future of cryptocurrencies, so they already hold it. Average people are not yet knowledgeable about what cryptocurrency even is. (It is not their fault, though.)

Cryptocurrency is a 5+ year investment, so you have to hold it long enough. The wealthy hold it (because they can) and they’ll keep getting richer. The average people don’t hold it (because they can’t risk the money, because they need the money), so they won’t.

Wealth inequality is a massive disadvantage for average people.

Capitalism is the culprit (not exactly).

Wealth inequality happens due to capitalism.

In a free market (where anyone is free to build products or services and create arts), everyone have equal opportunities but our outcomes can become different because every consumer likes or uses different things. The different outcomes create a capitalist economy.

A capitalist economy is where a massive pile of money is held by a tiny percentage of people. And the rest of the people survive by their monthly salary and payoffs.

In a free market, there will be competition. Competitions are good because then only the best product/service wins. And everyone wants to win so everyone makes their product/service better and better.

In a free market, only a few will win.

NFT changes the game.

NFT changes the game. Art is subjective and art is valuable… (invaluable).

NFT is a 'store of value’. If you buy a diamond worth $5,000, create an NFT of it, and then break the diamond, you’ll still have the same worth of value stored (now in the form of NFT). Ask @Tascha. She did it. She is the first one to do it.

NFT is a mission and/or commitment. You can’t come here for quick money. You have to get educated on one or different topics and create arts related to it (like astronomy). NFTs are arts and arts can be in any form: music, video, text, image, gif …tweets.

Then you can invest your NFT earnings into crypto.

NFT is how you as an average person breaks the wealth inequality and rise to the top, like the top.

Here’s the point many have missed:

You can’t fix the economy. You can’t make it anti-capitalist. The Pareto principle applies to everything. 20% of people will reap the 80% rewards. For sure.

The goal is not to bridge the gap. The goal is to make the life worth living more. Finally.

NFT makes it possible.

The game changes here.

Specific knowledge is the most valuable form of asset. The “pioneer” of NFT arts, the Bored Ape Yacht Club (BAYC) transacted more than a billion dollars worth of NFT sales. They have more than a 100+ million dollars worth of money in their bank to fund a project with no need of running to a venture or angel investors. BAYC has always been a startup. They are funding (bootstrapping) it through NFT sales.

NFT funds your business idea right away. The MVP is good art. The NFT sales are the feedback and customer’s belief in you. The NFT sales money is the your funding source.

NFT funds a business idea. NFT funds a dream.

Investing in NFT also gets you access to invaluable, hardly-accessible people. NFT gives you access to special communities. You can keep getting educated from them.

The whole point is: NFT creates value …and NFT creates wealth and community. All that goes back to is: Learning. Because learning is the ultimate source of human fulfilment.

NFT is the greatest form of utility ever created. NFT is the real free market.

Without NFT, cryptocurrency is meaningless.