Detroit - What the **** are NFTs?
If you are like me, I am sure you have seen this short acronym come across your timeline or within conversation. As a current marketing student at Michigan State University, these digital assets have caught my attention, but I simply do not know how to approach them yet. Celebrities such as Lil Baby, Post Malone, Steph Curry, GaryVee, and many more have joined this digital space and have amassed millions of dollars in revenue. 12-year-old, Nyla Hayes, has made millions by selling her art in the form of NFTs. Well, I had to do some research for myself because there is honestly too much pape (money) flowing around without me touching it – Ion like dat! (I don’t like that)! This blog post is to share what I have learned and how the city of Detroit can truly benefit from this new venture!
A non-fungible token or NFT simply put is a digital asset. We are going to break this down even more. The word fungible means, a certain a quantity can be switched out for another equal quantity when making a purchase or exchange. For example, If I were to give you $5, you can give me five $1 bills and that would equate to the same value. For a more detailed explanation, look it up on your own my baby (LOL). The pre-fix “non” signifies that whatever is being exchanged is NOT equal in value exchange. Look at it like this, as of today, Wednesday, December 22, 2021, one Ethereum Coin (ETH) is worth about $3,947.69 (8:44am). With this understanding, we can see that $1 does not equate to 1 ETH, hence “non-fungible”. The word token in this term, NFT, in my understanding, is simply saying a piece of art, design, meme, video, etc. - WHATEVER THE HELL YOU WANT! So, when we combine all these definitions, we get NFT.
So, now that you have a baseline understanding, why the hell does this matter to us? Artists like, Sheefy McFly, a legendary Detroiter, visual artist, rapper, and designer have used NFTs to further create direct ownership of their work and directly collect profits for their creative expression. Detroit is home to the most dope Black artists the world has seen, and this new space can create a new community for expression, support, and Black wealth within our community. I personally believe when used correctly NFTs open up a world of endless possibilities. Below are some examples of how NFTs can help Detroit.
1. Charity
· Creating NFTs that are collectible items for sponsors and donors, and all proceeds go towards organizations that positively impact our youth such as:
o The Midnight Golf Program
o Caught Up Mentoring
o The Detroit Phoenix Center
o Leaders Amongst Leaders
2. The Detroit Nightlife
· If clubs were to create NFTs that guest could purchase in advance they could create amenities that allow prepaid access to the club and pre-purchased bottles.
· 1 NFT purchased allows the owner of that NFT a booth, 1 bottle, and 4 guest passes
3. Health & Wellness
· The Black community struggles to deal with past and current trauma
· If someone was to create NFTs that when purchased go towards mental health services on behalf of those who cannot afford them, we allow ourselves the opportunity to infuse technology, health & wellness, and community building
I hope this blog post was helpful to those who took the time to read, and if not, I encourage you to do your own learning. I have spent a decent amount of time doing my own research, so if you want to learn more, please email me andreinichols4@gmail.com and place “DET – NFT” in the subject line. I plan to enter this space within the near future and I will do it with intentionality and purpose because Detroit needs it. From my hood to yours – Boss Up! #DuffySzn
Sources for you: