career & money
Blockchain
NFTS
Something key that you need to get your head around is that we have two technology revolutions happening at the same time: the currency revolution (cryptocurrency taking power away from banks) but also, and maybe even more impressively, a blockchain revolution, which is transforming how we store, send and verify data and more. Blockchain technology offers benefits that can be applied to pretty much every sector. Let’s focus on the benefits for currency. Rather than one central authority having power and control over your transactions, it’s many, many individuals who are non-biased and use mathematical calculations and code to approve transactions. Up until blockchain technology, banks have been the only way to send and receive currency. Think about it! You want to send money to a friend? It must go through a bank account. You want to get paid a salary? It goes through a bank account – which is accessible and can be frozen by banks themselves and the government. Blockchain changes this. There are many different blockchains. When something is done on a blockchain, it cannot be altered, only viewed. If someone was to attempt to change something on a blockchain the code behind the technology would be altered, which would make it extremely obvious and is no easy task to pull off! All of this and more is why 80 of the top 100 companies in the world are now using or planning to implement blockchain technology.
NFTs are a beautiful combination of art, crypto and blockchain technology! Before I go any further (and with the hope that I don’t confuse you), NFTs aren’t just for art. Anything can be made into an NFT – even real houses are getting sold as NFTs these days. But for this article, we will focus on the art side. An NFT is basically a stamp of approval that certifies that something is authentic. This stamp of approval is done on the blockchain that, as you now know, means it cannot be altered. Why is this important? Here’s an example based on artwork: in the pre-NFT world, an artist produces a beautiful piece of art. However, it can be counterfeited. Also, when the artist sells the art piece, they could be little known and only make a few pounds from their art. Ten years down the line, as their fame implodes, their artwork is now worth millions. The traditional artist won’t be able to earn from their early work as they already sold it. However, with NFTs, they can code in a royalty amount so that every time the art is resold, the original artist gains a percentage of the revenue. There are so many reasons why you need to take the crypto space more seriously – far more than can be squeezed into an article, but that’s where you’re in luck! There are hundreds of resources online to learn more about crypto. If you thought cryptocurrency was just about investing, you were wrong! The space is whatever the participants want it to be, with the main consensus being to make the world a fairer place and give power and rewards back to the people. As in every space, there are deceitful people and businesses that won’t make it. There is fear, uncertainty and doubt. However, amongst all of this, there are a lot of opportunities to build wealth over time, contribute towards something bigger than yourself and do cool stuff!
That’s all from me for now, folks. If you want to keep tabs, follow me on Instagram @girlsthatcrypto, or you can also check out my website (www.girlsthatcrypto.com) to find out more about my crypto course and discord group! ✦
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