Dr. Quinn Button and Dr. Jonathon Button moved to Nicaragua in 2012 to start a company called “Life out of the Box” selling jewelry to help donate school supplies in order to give more people the powerful tool of education. They then started working in Guatemala in 2013 and Morocco in 2015, expanding their team of global giving even further throughout the world. After hearing George Gilder speak about his book, Life after Google, the couple was inspired to put money into bitcoin. After looking at their investment in bitcoin in 20202, they realized they had a huge return on their investment. This leads them to discover the value of NFTs. An NFT is a non-fungible token aka a digital identifier that is unique and cannot be replicated or taken apart. It is valuable because it holds the value of what is represented and there is ownership. NFTs take the form of digital art, but they are way more than what meets the eye.
I think partial ownership of royalties is fascinating. This can relate to music and earning money when some song gets more recognition, profits are shared. This same thing can happen with fashion companies, like coach outing out NFTs and using their claims to have redeeming value. This is huge when it comes to marketing and can completely change how companies advertise and give incentives to buy. Consumers now have unique ways to interact with companies and bring more attention to those which are innovative in this way. NFTs are also starting to have a physical aspect as well. Dr. Quinn Button talks about the hat she has from an NFT NYC convention, started 4 years ago, that when scanned or tapped brings up the NFT owned by her. Interestingly enough, NFTs can even be used to verify luxury goods and be tracked back to the sale and where that item has come from. This can even happen back to the animal that luxury item is made out of. That is the power of these new tools.
A concept that is foreign and frankly very confusing to me is the metaverse. It is defined as a network of worlds that are 3D and virtual. Meta is one of the platforms that work a lot with the metaverse, and Dr. Jonathon Button even holds a weekly meeting in this world with a fully virtually decorated office. Other examples of these companies with digital land are Decentraland and OnCyber.ion. There is also something called play-to-earn games. Funds that come from playing games like these can be used as a cryptocurrency. This currency has been huge in third-world countries like the Philippines. This is an advantage for the whole country. A company called sandbox uses these technologies and monetization.
Dr. Button goes on to explain NFT memberships and the different memberships that are available. The change in common things like buying something that occurs because of NFTs and the technologies that have followed them is insane to think about. For example, only being able to eat at a certain restaurant if you have an NFT from the Flyfish Club. This is about community and the decisions consumers will make based on exclusivity and uniqueness. Other examples of some NFT memberships are Bored Ape Yacht Club, 33 NFT Pass, and Aokiverse. NFTs also expand to sports just like in NBA Top Shot, Fan Controlled Football, and NFL All Day. Tickets can now be in NFT form and kept not just physically for memory's sake but also for companies to be able to do things like reward loyalty. The NFTs cannot be lost, cannot be destroyed, and are proof of purchase, sale, or attendance.
All in all, the creativity that goes into things like NFTs, cryptocurrency, and other new innovations is shocking to me. I love hearing about them because things like these are going to keep propelling our nation and economy as a whole. Although I don’t fully understand these technologies, lectures, and classes like these are the reason I want to learn more about the opportunities they bring. However, a main concern I do believe is valid is if these technologies will eventually lose all money. I also want to acknowledge that malinvestment can be very dangerous and when doing things like purchasing an NFT critical thinking and engagement are necessary. Ideally, popularity will not cause a loss of value. But the encouragement and optimism of Dr. Quinn and Dr. Jonathon may be a little biased and lead to shortcomings. With critical thinking, research, and engagement the advantages of NFTs can be unlocked and limitless.
