Digital Commodities- the Unlimited Resources of Commodities Has Born

By xuanling11 | Crypto Learning | 13 Nov 2021


Cryptocurrency is everything. They are hard to be categorized as. For example, Bitcoin can be just like security to store valuation yet it can be used as a currency to purchase daily goods. The financial system has been redefined since crypto was born.

 

What commodities

Commodities are raw material or agricultural goods that can be traded or sold. There are 4 types of commodities such as metal, energy, livestock, and agriculture. They either have intrinsic value or are speculated to have. It means they are valuable by themselves, such as gold or meat.

 

Digital commodities 

The concept of digital commodities is that commodities can be in digital form. However, there is no intrinsic value until the cryptocurrency gives value to. Therefore, digital commodities have been born.

 

Commodities are dispensable 

Over commoditization is what we are facing right now. The economy is heavily dependent on buying cheap goods and creating more waste to the harmful environment. It is an unsustainable way of growth. Such ideas also were borrowed to implement into corporations who believe Human Resources is dispensable just like commodities because there is always cheaper labor that can be more efficient and replace the old one.

 

Commoditization is falling 

If goods are so cheap and replaceable, people will just buy another one without paying attention to the cost. Everyone desires more cheap goods and resources of supply of cheap goods are shrinking to a point where there are no longer available cheap products and all waste of previous cheap products accumulated to become trash that cannot be gotten rid of. Then countries start shipping trash around the world to make them magically disappear from the earth or sell to the poorer countries. What poorer countries can get rid of trash? They aren’t recycled because they did not invent recycling technology but to burn it up. Simple and fast solutions yet it creates byproducts that hit up the global.

 

Commodities of human 

Human power is also going through a similar process. Cheap labor can be exploited to make cheap commodities until the living standard improves and the country becomes rich enough to hire poor countries to exploit cheap labor against. The cycle continues. 

 

Digital commodities disruption 

The value of commodities has been redefined by crypto because efforts are input through computer power rather than cheap labor. There is less encouragement of using cheap labor in digital commodities and Human Resources can be redefined from dispensable which will waste resources to become openly anticipated to make everyone contribute.

 

Cryptocurrency can close the loop of waste 

Making digital commodities can save lots of waste. As the NFTs market slowly rises, digital commodities have a new meaning to share. Metaverse will help digital commodities to become their own marketplace.

 

Reduce needs of physical commodities 

We are heading toward de-commoditization where the cost of commodities will be expensive and owing few rather than lots is the norm. Inflation will not go away as central banks wish and digital commodities will continue evolving into their own style.

 

In conclusion 

I agree with the view of crypto as the majority of them are commodities to establish a digital economy and metaverse. De-commoditization is a way to help people get out of the old system and prepare for their new ways of living.


Photo by dan lewis on Unsplash

Note: the post was shared on multiple platforms.

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