Introduction
This lecture video was very memorable and valuable for me while watching it. I really didn’t know much about Blockchains, Cryptocurrency, and Non-Fungible Tokens (NFTs). After watching it and hearing the Buttons utilize these platforms to their advantage, I have gained a greater understanding of them, and ultimately a desire to participate in them. The innovation of NFTs are so important to understand, and we as a community can establish what roles we want to play in this creative entrepreneurial creation.
Increased Ownership and Power
This lecture opened my eyes to see the potential of decentralized power and how it can contribute positively to a society. After reading the Road to Serfdom, it was apparent to me that centralized power can really negatively impact a community and can lead to very corrupt governments. By decentralizing power within society, more people are allowed to have power and representation. One way that I think NFTs benefit society with ownership and power is because NFTs support the idea of a decentralized government and society. By owning an NFT, the owners and creators are able to have economic power and they get a personal experience of these specific categories that they are purchasing from. They are very personable and can cater to many different needs. Most people like the flexibility that they are given by owning an NFT. Owners of NFTs also get their own representation through their needs and identities, and their individual property rights. Another way I think NFTs can benefit society with ownership and power is by giving average people the ability to gain experience in business investments, and what it looks like to own something with monetary value. NFTs are a great way for beginners to own something, solely on their own, that can give them monetary and economic value. I think this is important for people getting into the business world, looking to eventually invest in stocks and individually own their own property. It teaches people how to own assets and invest in the right ones. I think it is important for creators of these NFTs to maintain a decentralized power. The Buttons mentioned the Ethereum mining pool platform. It can be easy for these miners to centralize their power and resources when they come together to find a new reward for their benefit in the form of cryptocurrency. I think there are a ton of benefits to mining pools, but it is important that this form of autonomy doesn’t get lost in translation since you give up some of your individual responsibility when joining a mining pool. When thinking about mining pools, I think it’s important to consider the question of how individuals can ensure they still have their independence and individual freedom when owning these digital assets in mining pools?
Entrepreneurial Impact on Society
I think NFTs have the potential to leave great impacts socially and economically. Because they are so new, entrepreneurs have the opportunity to use this new realm of digital assets to their advantage, and create new and innovative NFTs. People who participate in this virtual world of assets get a taste of what a free market looks like in an economy. Not only do NFTs impact entrepreneurs, they also have a huge job market. The emergence of NFTs have allowed people to have jobs in science in technology, digital marketing, and so many more. So, entrepreneurs get access to a huge industry that has limitless possibilities for them, and it creates a chain reaction for the rest of society to get more involved as well. I think another way that NFTs are beneficial for society is the competition it brings to this new and emerging market. In the digital asset market where a lot of the power is decentralized and there is a free market with really no overpowering source of government, there is freedom in what you create and what you own. This allows more entrepreneurs to create NFTs and Blockchain economies and ultimately compete with one another. I’ve argued in many of my other papers that competition and free markets can be good for economies with lower costs, diverse options tailored to more consumers, uplifting entrepreneurs and encouraging innovation, and many more. Even though we are still in the beginning stages of this market, the competition is increasing with every new NFT that gets created.
Conclusion
Before watching this lecture I had heard of Blockchain economies, but I didn’t know much about them. I was very hesitant wanting to invest in something like it just because it was so new. But after being educated a lot more in this realm and what owning an NFT can look like, I really want to own one. I think it would be cool for me to see what it looks like owning an asset, and supporting the creator while I’m doing it. It is a very new and interesting topic that I would love to learn more about.