NFT Reflection

What is an NFT?
Presenters Drs. Quinn and Jonathon Button gave a very clear and concise definition of what an NFT is: an NFT is a non-fungible token, or in layman’s terms, a unique digital, keyword, identifier that cannot be copied, substituted, or otherwise bootlegged or copied. And another unique feature is it proves ownership and authenticity whenever it is looked up or passed on. Because it is non-fungible, this means it cannot be interchangeable anywhere or with anything, it is totally and completely unique to only the person who bought it, which means no one is able to imitate NFTs either. So essentially, it is way more secure than any other paper currency that we have circulating right now, and that is only the first difference that we will see between cryptocurrency and regular currency.
Types of NFTs
Personally, when I hear the word NFT, the first thing that comes to my mind is a monkey smoking and wearing a crown of jewels, which as the Buttons talked about, is from the Bored Ape Yacht Club. Now the Bored Ape Yacht Club is a typical original NFT company, which means they sell pieces of art for lots of money except it is all digital. However, there are many different types of NFTs, which I did not know about prior to the lecture, that includes fashion, sports, membership, and music, and each one has special perks that go along with their categories. Fashion NFTs, for instance, can give you special early or private access to brands’ upcoming or limited drops and in some cases like memberships, you must have a Pass to even get a chance to buy a limited edition NFT. Drs. Button gave two examples of how a fashion NFT may work. In the case of Coach, they released 40 total NFTs, 4 sets of 10, each one giving the owner exclusive access to a free, yes FREE, customized Coach purse, all for owning a free piece of artwork, which is essentially the same as winning the lottery. A lot of brands hold “lotteries” that if you are lucky enough to win a free, or even pay for, an exclusive NFT, you can redeem them for real, tangible items. But the real draw of NFTs is the resale. During most of the lecture, Dr. Jonathon Button mentioned the secondary market as what seems to be the most important and exciting part of trading NFTs. Personally, it sounds like it is a big fancy modernized version of collectors, not this up-and-coming new type of currency that will be the way of the world in the next couple of decades. I can understand collectors and very rich people buying into NFTs as a way of flexing their money and power, but for those who are just trying to live their everyday lives, this does not seem efficient or a reliable source of income or trading.
Other Parts of NFTs
The physical NFT is only part of this new fad, there is a whole other side to online trading. They are in the process of creating a metaverse, a set of 3D virtual worlds that are focused on social connection. The Drs. made the comparison to one of my favorite movies, Ready Player One, which is honestly the best way of explaining what a metaverse is without even using words. As far as do I agree with or am I excited about creating a metaverse, no, I am not. Though I am a part of the generation that is growing up with the internet and electronics, I am not an iPad kid. I prefer paperback books, and in-person meetings, I do not like nor agree with the idea of pushing our entire social settings and interactions online. People need human interaction to thrive, that is scientifically proven, and if we try to force our society online for what begins as just hangouts with people from around the world, it will soon turn into some place where everything will be held, just like in Ready Player One. It not only creates a disconnect and stunted emotional growth, but it also creates laziness and soon we will all look like the people from Wall-E, and I cannot get on board with something that encourages those types of behaviors and ways of life. The Drs. were going on and on about all the benefits and amazing things that NFTs do bring and will bring to the economic world, and I am sure that it is all true and is as amazing as they say, but from the social aspects, I will never be a fan of it or will I participate in NFTs for the foreseeable future if it means it will end in a dystopian future.