Irreplaceable tokens (also known as NFT), bitcoin and cryptocurrency are growing digital assets used for electronic financial transactions and are becoming a variable factor for people who want to make big money online and offline.
The new gold rush is becoming a virtual boom, involving many black Americans and other people of color, according to The Washington Post.
Bitcoins and blockchains
Cryptocurrencies, commonly referred to as cryptocurrencies, are offering opportunities for minorities usually unprofitable through traditional financial systems, reports the Black Information Network. With the difficulties of the traditional financial landscape (ranging from bias on the part of banks, venture capitalists and other institutions) it is not always easy for black people to get proper support to create wealth.
“If you were blocked from the system, if you had no way to it create a wealth of generations, you see an opportunity in that, ”said Clive Messidor, founder of the National Political Network of Colored Women in the Blockchain. “You’re going to tell your community about it and find ways to make the most of it to ensure that you’re not just creating wealth for your community, but creating wealth for the next generation.”
According to one description, the essence of the crypt is based on work on “blockchain technology, a decentralized network distributed on many computers.
“Crypto is the value of a currency based on supply and collective demand, and is not supported by the federal government or values - with the exception of stablecoins. Thousands of digital currencies emerged after the creation of bitcoin in 2009 – perhaps the most famous cryptocurrency, “- says one definition.
According to Forbes, NFT is built on the same type of programming as cryptocurrency, such as Bitcoin or Ethereum.
According to https://ethereum.org, NFTs are also tokens that people can use to represent possession of unique items. They allowed the creators to “label” items such as art, collectibles or real estate.
Accordingly, physical money and cryptocurrencies can be sold or exchanged between them https://youthfulinvestor.com/. This defines them as “replaceable” because they have the same value.
The article adds that NFTs, however, are different. Each has a digital signature, making it “impossible or equivalent to NFT transmission [hence, non-fungible]».
What’s the hype around NFT? First, buyers can own the original facility through NFT. From built-in authentication to proof of ownership, obtaining digital rights to these items is virtually “collectors valued more than the item itself,” according to the article.
Mike Winkleman, a well-known digital artist known as “Beep”, did this when he composed a composition of 5,000 daily newspapers to create perhaps the most popular NFT of the time: “Every day: 1st 5,000 days.”
NFT of this work sold for $ 69 million at Christie’s auction house. According to the auction house, the sale put him in the top three most valuable living artists.
NFT in DBT
Mack Hendrix, co-founder Detroit Black Tech (DBT), created an NFT-based ticket to his group’s upcoming Detroit Black Tech conference.
Founded in 2018, DBT (technophiles who want to create a Detroit black community) is holding a virtual conference of software developers Hacking with the Homies Developer Conference, February 25-26. One of the topics of the conference will include NFT.
Henriks spoke with the Michigan Chronicle about creating a digital ticket to a conference entirely composed of NFT, which he said was a “topic of interest” for members between 500 and 1,000 people depending on the platform used for the group.
More information about the conference can be found at https://detroitblacktech.org/.
“People want to know if you’re going to talk about NFT,” said Hendrix, 47. “We were really trying to figure out how to really handle this space.”
Hendrix said it was a “normal” process to create a ticket with NFT, which he pulled from photos from last year’s conference and added a filter on top that he said was creative and original. “You initially buy a unique thing. This is my personal first entry into the market, and we seem to be learning along the way. ”
Hendrix said anyone can join NFT and that it is essentially creating content for online.
“If you have interesting content, you can make NFT, and if someone finds that content interesting, they’ll buy it,” Hendrix said, adding that people don’t need to wait to enter that market. “The market itself will dictate that interesting content. In particular, black people need to be able and understand how it works so that when something they create becomes very popular, they can get proper compensation. ”
Hendrix said that once content is created, it needs to be sold so that it can be sold.
“Even though you create this content, if no one knows about it, you won’t get paid,” Hendrix said. “I think for me it’s a great equalizer when it comes to creating unique works.”
Hendrix said beginners need to have a digital wallet, a crypto-wallet that they can easily download from the Play Store app. They need to add real money to the wallet to be converted into a crypto.
“Unlike the US dollar, they are rising and falling and fluctuating a lot,” he said, adding that he puts a little more into his crypto-wallet to take into account any fluctuations.
In the future, Hendrix wants to bring its financial profile to 50 percent (or at least 30 percent) of cryptocurrency after retirement in the next 20 years or so.
“I’m afraid, like everyone else, that any fluctuations in the market scare me,” Hendrix said, adding that as he gets older, he hopes the market stabilizes and NFT becomes more normal. «[Hopefully] In 20 years I will be ready to retire. ”
Derrick Hamilton, a professor of economics at New School, says Americans who are already losing the most risk more by rushing into this volatile market, according to the Black Information Network.
“It’s true, the traditional financial system did not give access and openly exploited black people,” explains Hamilton. “But the remedy is not to turn to another vulnerable system, no matter how good it may or may not be. The remedy is the public sector, which guarantees them access on a fair basis. ”
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