Ten years is very little. Ten years ago most of us didn't know anything about cryptocurrencies, let alone NFTs.
In just ten years, technology and the storm of decentralization have grown so much that today we have to be deciding almost minute by minute where we should put our energy so as not to be left out of the metaverse.
First, we learned to understand the relationship between money and value, something that traditional economists still failed to understand, thinking that the industrial production model will continue to prevail in future generations. The first thing that university economics scholars should understand is that we have been living for some two hundred years under a system of "debt" based on the printing of paper money by a ruling elite that gives "value" to money, through fixing a consumption system in which only the corporations that arrive first in the distribution of printed currency win. The great difference is that fiat money is debt, and cryptocurrencies are assets.
Later we learned what a blockchain was, a technological device of computer science that allows us nothing more and nothing less than to dispense with the parasitic action of intermediation, especially the “educated intermediation” constituted by banking corporations.
Then decentralized finance appeared, and the promise of this ecosystem is wonderful, although it is still in its infancy and has to evolve a lot, in that it reinforces the idea of the disappearance of the centralization of money by elites.
Then a complete collection of passive income generation tools appeared from the assets represented by cryptocurrencies, which are basically implemented by platforms and exchanges that compete minute by minute in terms of their offers, APRs and APYs.
In the midst of this silent, dizzying, and still unknown evolution by more than 90% of the world population, the NFTs began to make themselves feel, as a cryptocurrency of personal value, a kind of asset that "only belongs to me" and that does not can be copied.
As you all know, I am a theoretical anarchist, a mutualist anarchist who believes in a self-sustaining utopia implemented in "islands" that only admit a certain number of inhabitants, precisely to access sustainability. As a mutual anarchist, I do not believe in private property, but I do believe in individual property, subtle and defining differences. And the maximum individual property is today represented by this thing called NFT.
In reality, each of us is an NFT. Our identity is an NFT, and many governments around the world are working on this to implement an individual information coordination system by considering each individual as an NFT minted in a blockchain with unique identification.
Each individual can produce objects and inventions of his/her individual property and use them however he/she wants, so that the "value" that an individual creates is his/her true wealth, not because a group of people that the capitalist system fuzzily calls "market" demand, but because the individual is the "owner" of that invention that he/she created and minted on a blockchain. There is no need for anyone to give it value because it already has an intrinsic value that individual property gives it. We all know that this diffuse institution called "market" can be horribly manipulated, with which, the value of objects becomes the property of the manipulators. An NFT is an asset that has value on its own, it is not given by a “market” (invisible hand) that has a power project based on the accumulation of money and power. BTW, do you think the price of a jar of yogurt is set by the market or by the corporation that makes it?
That is why NFTs are the natural evolution of cryptocurrencies, as an individual's own currency that will represent his/her value and realization.
Future generations, which carry as an implicit code the management of technological devices such as smartphones, tablets, and laptops, will generate wealth through the exchange of value through NFTs of their property. The concept of "money" changes dramatically under these premises. Each individual will "make" his/her own money in the form of an NFT.
The capitalist system, which has neoliberalism as one of its faces and socialism or populism as the other, is based on the standardization of production and consumption. Their cycle begins with the depredation of raw materials that "belong" to the corporations because they paid the governments to buy the "property" based on "laws" that they themselves had dictated in the parliaments that they came to power in the successive elections. Then it continues in robotic production plants, to move to a logistics system also robotic, ending in a supermarket, the most emblematic icon of consumerism.
It makes me laugh a lot at how neoliberalism mocks communism, saying that the latter standardize products and that all the inhabitants of a socialist regime consume the same products rationed by a central bureaucratic power. And then, you enter a supermarket in a "democratic and neoliberal" country and see huge shelves with the same product, brand, and packaging. What is the difference?
An NFT is an individual value standard, it is an individual's own currency with which he/she will do his/her exchange operations. It should not be forgotten that the metaverse of the NFTs is still in its infancy and that the various teams working on its development are actually experimenting every day to learn and investigate the future of this metaverse. That is why there is still a lot of confusion and little understanding of the true dimension of this ecosystem, especially in regards to marketplaces and payment systems. This is logical because the whole world still measures the transfer of value in fiat money. Still, a BTC or an ETH are worth “so many” dollars. The real revolution is going to start when you reason in the opposite way, that is to say, how many satoshis or how many gweis are necessary to acquire a dollar.
Therefore, the confusion leads some to wonder how a pixelated cartoon can be sold for millions of dollars. Some say that this is "not art" and that it is bullshit. And who is talking about "art"? This is not art sir, this is a new economy. And if it were "art", who says that something is art or it is not?
There is a long way to go and many things to learn. The fascinating thing about all this is that it is just beginning and that we are going to experience a cataclysm in the coming times that will change the course of humanity.
For my part, I am exchanging a large part of my cryptocurrency portfolio for NFTs and dedicating much of my energy to this metaverse, because I believe it is the solution to the famous issue of inequality and the concentration of power in the hands of a few.
As usual, none of the things written in this post are financial advice and are not intended to replace personal research.
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