NFTs and cryptocurrencies are changing the financial world as we know it. Fiat money used to be scarce and backed by gold to guarantee its value. But that changed under US president Nixon.
In 1971, he decoupled the dollar from gold to offset the cost of the war in Vietnam, which had caused a huge deficit in America’s resources. Over decades, this has led to our current situation, where governments print money like there’s no tomorrow.
As a result, inflation is ever-increasing, calling for better alternatives to money as it is today. Fortunately, there’s a better store of value, wealth, and financial innovation in the form of cryptocurrencies and NFTs.
What is an NFT?
An NFT is a non-fungible token. It is a unique digital data carrier that is not interchangeable. On the other hand, most everyday items and money (like the US dollar) are fungible. They are not unique and are interchangeable.
Here’s a scenario to explain better.
Imagine you’re holding a bottle of soda. If you finish it and are still thirsty, you can get any other bottle of the same soda since the bottles are the same and readily available. It doesn’t matter which specific bottle you choose; it contains the same content. This is interchangeable, unlike NFTs, which are one-of-a-kind items.
Each NFT is unique, making them the perfect vehicle for creators to store and distribute their unique creations and Intellectual Property (IP). Creators now have the opportunity to sell their work as NFTs, either as one unique token or fractionalized versions, allowing one NFT to be owned by more than one person.
NFTs allow complete control and profits for creators over their work. What is significant for these creators is that the original artist continues to get a percentage of the sale for each resale of the creation.
How it works
Non-fungible tokens are straightforward and have many use cases. For example, the blockchain gaming space makes full use of NFTs in their games. Gamers own individual NFTs, and the Play-to Earn (P2E) concept allows them to make money as they play.
Another compelling use case for NFTs is events ticketing. Since each NFT is unique, it will put an end to ticket scalping, which helps to keep event prices at the right price and affordable for everyone.
We’ll likely find more impactful use cases for NFTs in the future because we’re just at the start of the revolution. Creators can put art, music, or a video clip in an NFT and sell on dedicated NFT marketplaces. Each NFT remains traceable, and ownership is easily proven.
NFTs can be fractionalized, keeping them affordable and building a community of supporters around them. Because NFTs live on the blockchain, mainly Ethereum, anyone can publicly register and easily verify each transaction.
Impact of NFTs the future of money and ownership
Today, most creative items can be tokenized and turned into NFTs. You can buy and sell the digital certificate of ownership. This impacts the way we create, transact, earn, invest, and build wealth.
NFTs can become a fundamental part of your investment strategy as an investor. Creators have the opportunity to share their IPs with the rest of the world in an original, digital, and easily accessible form. In this way, NFTs are becoming a whole new (and significant) player in the financial, investment, and artistic world.
What is happening now is that cryptocurrencies are enabling increasing purchases of digital assets through specialized digital marketplaces like OpenSea, Rarible, and many others.
NFTs are being pushed into the mainstream by popular creators because of their benefits of indisputable ownership and records each time an NFT changes hands, effectively eliminating financial and institutional middlemen.
At this time, governments and banks are also starting to pick up on the evolution, and quite a few countries are looking into Central Bank-Backed Digital Currencies (CBDCs). This way, they can turn a countrys’ fiat currency into a digital version. The future of money seems to be online, in a digital form. China already operates with a digital Yuan that is live and available.
Benefits for NFT early adopters
NFT early adopters get to reap many benefits — from being part of communities of creators and visionaries to reaping the financial rewards of collecting NFTs when they’re more affordable.
Getting the hang of how NFTs work, what they can enable, and what you can do with them will pay off increasingly in the future as they become more widely adopted. Early adopters who are familiar with current use cases are on the inside for future possibilities.
Revenue Coin and NFT creator economy
Revenue Coins and the NFT creator economy go hand in hand. As the nascent and fast-growing space expands, founders and creators are on the lookout for alternative, effective, and inclusive ways to raise funds or monetize their businesses. Revenue Coin curates a worldwide community of crypto investors who buy and hodl $RVC to fund these startups and creators to scale and gain more revenues.
Simply put, Revenue Coin — through Revenue Capital — helps to provide funding and support for creators and startups, allowing them to focus on bringing their projects to a global scale.
Whether NFTs or startups, with Revenue Coins, creators have more options to fund their creations without going the traditional route of venture capital, bank loans, and giving away equity to gain some runway.
Revenue Coin creates smart contracts with portfolio companies, laying out all terms of the agreement. The goal is simple: to make it easier for all sorts of creators from anywhere in the world to access funds they need through Revenue Capital’s community of crypto investors.
NFTs can be the key to wealth and success for their creators, as long as they become part of supportive communities like Revenue Coin, which creates a decentralized funding approach with fewer middlemen and more returns. These attempts democratize the financial markets as fast as technology evolves and pave the way for the future of money.
Conclusion
Although cryptocurrencies can be volatile, and mass adaptation is yet to happen, we can no longer ignore the current waves. New values and wealth opportunities are knocking on our doors today, and it’s up to us to recognize and participate in building a new economy.
