NFTs : Non-Fungible Tokens |
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Non-fungible means ‘ not |
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interchangeable ’. You can ’ t swap |
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them like you might one £ 20 note |
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for two £ 10 notes . It ’ s a bit sneaky |
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to slip this one in here as NFTs |
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aren ’ t really ‘ money ’ – they ’ re an |
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‘ asset ’ you invest in , just the way |
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you might invest in a painting . But |
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unlike physical paintings , NFTs |
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are unique digital assets such as a |
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piece of art , music , or video where |
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the buyer ’ s ownership is recorded |
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in a blockchain . |
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In 2021 , for example , ‘ Nyan Cat ’, an animated cat with a Pop-Tart body , sold for almost US $ 600,000 . Now , anyone can share a cat meme , but only the buyer OWNS it . And one day they might be able to sell it for even more money than they purchased it for . |
Social currency
If you ’ ve got ‘ social currency ’, it
means that you ’ ve got influence . It
might be because you ’ re a trusted
expert like Sir David Attenborough ,
a reputable public figure like
Michelle Obama , a TikTok star with
a huge following , or a well-loved politician ( stop it , they do exist ).
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governments ! But a lot of people rely on cash . According to the World Bank , there are 1.4 billion people in the world without a bank |
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Social currency isn ’ t strictly ‘ money ’ |
account . They ’ re mostly female and |
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but it can help you make some and |
often poorer and living in hard-to- |
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it can set you up for success . Some |
reach rural areas . Some say going |
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types of influence are fragile – you |
cashless means leaving these |
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could be a star today and old news |
people behind . Others say we |
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tomorrow . But some types last |
need to do the work to get there , |
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longer and get stronger over time – |
because going cashless makes |
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like the influence that comes from |
everything smoother , easier , and |
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being knowledgeable and trusted . |
will bring down violent crime too . |
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Time to whip out that crystal |
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NFTs can be digital representations of actual physical things too , making them easier to trade . As long as you ’ ve got a digital wallet and some crypto handy ( because that ’ s usually the only way to buy them ). But a word of warning : NFTs depend on a blockchain , so they also use up a lot of energy and come with the same environmental issues as cryptocurrencies . |
MoneY toMorrOw
What will the future of money
look like ? Some people think we ’ re
headed towards a ‘ cashless society ’
– one without any physical notes
and coins . They say cash is on its
way out . A relic of the past . Some
countries have set up ( or are setting
up ) their own digital currencies
too ( not to be confused with
cryptocurrencies !). These are issued
by central banks and backed by
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ball . What do YOU think ? What ’ s the future of money ? Why not write to us at the address on the AQUILAnauts ’ page of the AQUILA website , and tell us what you think . We ’ ll share as many of your responses as we can .
Turn to page 28 to be in with a chance of winning Rashmi Sirdeshpande ’ s book Think like a Boss . You ’ ll be glad you did !
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Words : Rashmi Sirdeshpande . Illustration : Emily Stone |
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