The smart contracts that underpin NFTs mean that, unlike traditional art auctions, the original creators can ensure they take a cut of any future sales too. Most of the OG meme NFTs are being auctioned via Foundation, which gives a standard ten per cent share of any future sales to the person who minted the original NFT.
The pandemic has proven that consistent access to high-speed internet is an essential good. Without it, urgent tasks like applying for unemployment, attending school, scheduling a vaccine appointment, and seeing loved ones are difficult or impossible. Those who’ve finally gotten connected during the pandemic say it provides a sense of normalcy and safety amidst crisis. Advocates of equitable access say the internet is no luxury but instead a utility like water, gas, or electricity, and that Americans like Wright shouldn’t be left behind to bridge the digital divide on her own.
Governments plugged into the fiat-based, global financial system are unlikely to reap any of the uncensorable benefits bitcoin provides. And while bitcoin is a comparatively cheap way to move large amounts of capital, Angel thinks governments have gotten hip to the “technological revolution” and will have their own stablecoin-like central bank digital currencies (CBDCs) online soon.
But what of the digital gold narrative? Of course no government would hold bitcoin to transact with – no, people do that!