Show   Notes

NFTs, Social Coin and Web 3.0 – Podcast Episode 175

Hey there, my fabulous listener, welcome to episode 175 of the Small Business Made Simple Podcast.

Thank you for lending me your ears today – I know you have lots of choices, so I sincerely appreciate me being one of them!

If you’re enjoying this podcast – I’d love to you take a screen shot and share it on your socials and tag me in it.  How cool would that be!

Don’t forget you can get the show notes for this podcast at www.socialmediaandmarketing.com.au/175

Also, my 6 weeks Marketing Mastermind program is coming up for the first time in 2022 shortly.  I only run this 3 times a year and only take 8 business owners.  So if you’re keen for some mentoring, accountability and group coaching to take 2022 by the horns and turn it into YOUR business year, then come along and join me for the February starting 6-week marketing mastermind program.  You can get all the details here: (or go to the show notes as previously mentioned!) https://bit.ly/mastermindwithjenn

Ok, let’s get into this week’s episode on 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 here’s what I do know and the best way I’ve heard it explained (remember, I am no expert in this field!).

So 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 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 …. Mmmmm the future uses are actually unimaginable – like not invented as yet but oh so interesting!

Now, absolutely, no bars held, I am NOT an expert in any of these fields.  BUT it has been the massive rabbit hole I’ve been down over the Christmas, New Year break and I am just so fascinated by it all.

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

Have you 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 disgruntle-ness 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, Google can either show your website/products or not – it’s 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 they simply deactivated their account – made them disappear overnight? Mmmmmmm

So, here’s lays my disgruntleness of 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.

NFTs, social coins and cryptocurrency you can’t.  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’s 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 podcast episode 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 podcast episode 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 the 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 podcast 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.

Remember you can find the links in the show notes at www.socialmediaandmarketing.com.au/175

See you next week on the podcast for episode 176.  But in the meantime, let’s hang out on social and get social on social – you’ll find me on Instagram, Facebook and my fav LinkedIn.

But whatever you do,

……..remember small business peeps, as my opening song says, there’s no point in dreaming small!