About NFTs, Social Coin and Web 3.0

by | Apr 4, 2022 | Business Building Musts, Finance, Small Business Help

This blog is all about NFTs, Social Coin and Web 3.0.  NFT stands for Non-Fungible Tokens

What’s a non-fungible token?

Well, I am still not 100% sure – but below is what I do know, and the best way I’ve heard it explained (remember, I am no expert in this field!).

Bitcoin is fungible – as in every bitcoin is the same.  They have identical numbers on a computer and are purely digital and only 21 million were ever created.

That’s what fungible means – the same.

NFTs are non-fungible – they are never the same.  In fact, no two are ever the same.  The best example I can give is your house.  There is never going to be another house exactly like yours.  Yes, someone might have the same floor plan, but it won’t be on the same land as yours – therefore your house is non-fungible – unable to be replicated.  It’s non-fungible.

NFTs are tokens that are non-fungible – no two are the same.

They do NOT have the same numbers on the blockchain – even if someone has 100 tokens that all do the same thing – they all have unique identifiable numbers.

Imagine the possibilities of being able to own something, a token and being able to trace it forever.

The future uses of this tech are actually unimaginable and limitless – not even invented as yet but oh. so. interesting!

Now, absolutely I am NOT an expert in any of these fields.  BUT it has been the massive rabbit hole I’ve been down recently and I am just so fascinated by it all!

For those listeners who think I’ve gone a little crazy and just aren’t sure what I am talking about – here’s a “Jenn” explanation.

I’m sure you have heard of bitcoin or Cryptocurrency?  It’s kind of like an online currency but no one knows it – it’s built on a blockchain.  And I have been done the rabbit hole of who the heck invented Bitcoin and have come up trumps!

I think my fascination with NFTs, Social Coin and Cryptocurrency has come from my disgruntledness of Web 2.0.

Basically, Web 1.0 was the start of the internet as we know it.  It wasn’t what it looks like today.  Only a few creators, personal web pages were common and you might remember Netscape (the first web browser), Yahoo was the directory for the net and Flickr – where people stored their photos.

Web 1.0 was a simpler time – no one owned the web and that was in fact the intention of the man who invented the web, Tim Berners-Lee.

Fast forward to today – web 2.0 where the web is basically owned by a few giants.  Apple, Google, Meta (formerly known as Facebook) and Amazon.

They rule the net.  Amazon gets to say whether you can sell your products on their giant online shopping space, Google can either show your website/products or not – it’s a choice and Facebook, well, they are a law unto themselves.  Did you know that there was an account that called themselves Metaverse and talked about Metaverse for 10 years prior to Facebook’s name change and afterwards Facebook simply deactivated their account – made them disappear overnight? Mmmmmmm

So, here lays my disgruntlement with web 2.0.  So the thought of web 3.0 is fascinating!

It’s at its very very early stages, even though Bitcoin has been around for over 10 years now, the thought of a web built on open and transparent protocols that live on the blockchain is still extremely new and frankly, confusing to us (including me.)

I am of the opinion that it’s only confusing to us because of the way we are programmed.  Money is tangible, even if we just trade it over our banking apps – we can still imagine what it looks like and we can, if we wanted too, withdraw it, touch it and have it under our pillows.

But – with NFTs, social coins and cryptocurrency have no physical element.  In fact, bitcoin has a symbol of a coin to help us imagine it – even though no actual bitcoin exists in tangible form (or at least not as legal tender – perhaps just as a gimmick!).

Now, you might be wondering or thinking how I earth this is ever going to take off so I thought I’d remind you of some massive errors made in judgment in the past by people who should have had more foresight than they did, just to give you a nudge into what might be possible.

Firstly, Blockbusters had the opportunity to buy Netflix for $50 million but turned the offer down.  Blockbuster at the time was worth $6 billion. In 2010 Blockbuster declared bankruptcy.  They failed to see adapt from DVD to streaming – they failed to see the vision that the small but mighty Netflix could see.

From $6 billion to nothing in 10 years.

Another famous ridiculous quote (it’s ridiculous now – not back then) was from the owner of Dell computers.  He said he’d “shut Apple down and give back the money to the shareholders”.

Clearly, Blocksbusters CEO and Dell guy never thought they’d be wrong.  They did not just how wrong they’d be.  So the world is full of naysayers, it depends on whether you are willing to listen and learn or for me, where your pain is at.

Just because we can’t imagine something, doesn’t mean that it can’t happen.  Just because we can’t touch something, doesn’t mean it can’t be invented.

If you need some more convincing that web 3.0, NFTs and social coins are a thing that will be as common as a $5 note in the future, consider this:

  • Eric Schmidt, former CEO of Google is now a strategic advisor to a crypto company
  • Jack Dorsey, co-founder of Twitter quit Twitter to focus on Crypto and changed the name of his company “Square” to “Block” – ohhhhh loving that!  Very clever Jacko son!
  • Facebook recently renamed itself Meta and is going all-in with Metaverse,
  • Total investments in cryptocurrencies along is about 2.3 TRILLION and companies like Visa, Mastercard and PayPal are all getting into it as “early adopters”.

So this blog was never about telling you about these new currencies and this new way of doing business but really just to say – it’s coming, ready or not.

The main aim of this blog was to put it on your radar.  It’s on mine.  It’s something I am going to keep listening to, hoping to get some guests on my podcast to talk to you about it – someone who actually knows more than me (which isn’t hard).

If you’re interested in it, let’s keep in touch. If you know someone who’s a trader or expert, I’d love for you to connect them to me!

Otherwise, if you want to learn more, look for some great podcasts to listen to, follow some peeps on social to learn more.

Come down the rabbit hole with me!

I really hope this blog has inspired something in you.  Made you think outside the box and perhaps learning something new and being an early adopter of the future completely lights you up!

I’d love to talk more about all this – come and join my Facebook group Like Minded Business Owners!

 

CONTACT JENN:

I love all things Social Media and Marketing, and if that is an area you struggle with in your small business, then book a call with me at: https://calendly.com/jenn-smm/discovery

Also, don’t forget to go over over and join my Like Minded Business Owners Facebook group if you aren’t already a member! I absolutely love the fantastic community of small business owners I have built there. Everyone is so supportive and welcoming, and so willing to share their experiences.

Or you can DM me on Instagram or send me an email jenn@jenndonovan.com.au

I wish to acknowledge the Traditional Custodians of the land, the Yorta Yorta People, on which I conduct my business today and pay my respects to their Elders past and present. I extend that respect to Aboriginal and Torres Strait Islander peoples reading this blog post today.

About the Author:

Jenn Donovan of Social Media & Marketing Australia.  Jenn’s a coach and mentor from rural NSW and is all about empowering business owners to earn what they’re worth so they can make a bigger difference in the world.  The Founder of Buy From a Bush Business, Co-Founder of Spend With Us – Buy From a Bush Business Marketplace and host of the very popular podcast Small Business Made Simple, Jenn is all about community and humans interacting with humans!  H2H Marketing – human to human marketing. Jenn talks the talk but importantly walks the walk! Jenn’s online community is over 320,000 with her famous Facebook Group currently at almost 351,000 members and still growing every day.  She’s the major of her own little online city!

Get in touch – www.socialmediaandmarketing.com.au

On Instagram – @jenndonovan_

On Facebook – Jenn Donovan

Or on LinkedIn as Jenn Donovan

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Brilliant – it’s on its way – thanks!

 

Brilliant – it’s on its way – thanks!

 

Brilliant – it’s on its way – thanks!

 

Brilliant – it’s on its way – thanks!

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