You've probably heard the snide remarks: NFTs are just overpriced JPEGs, right? Another fad for the tech-obsessed elite? I understand the skepticism. To write off NFTs as simple digital baubles is like writing off the internet in the 90s. You're missing the bigger picture. NFTs are about something far more profound: real digital ownership, especially for those who've been locked out of traditional wealth-building systems.

NFTs Democratize Digital Ownership

Think about it. How much of your online life do you really own and control? Your social media profiles? The content you create on these platforms? The answer is: not much. Because these are the platforms where they control your data, control your reach and therefore control your earning potential. They can censor you, deplatform you, and shift the rules of the game on a moment’s notice.

NFTs change that. They returned the power to the creators, to the communities, to you.

Now picture that same emerging artist from a developing country, finding it tough to make headway in traditional art industries. Galleries are exclusive, gatekeepers are powerful. Through the use of NFTs, artists can have a more direct relationship with a global audience. They can mint their art as unique digital assets and sell them directly to collectors, eliminating unnecessary intermediaries and taking home a greater share of the proceeds. This isn’t merely a theoretical concern—it’s already happening. That’s something I’ve witnessed firsthand in my work mentoring young entrepreneurs through the digital entrepreneurship initiative Young African Entrepreneurs.

NFTs give you the ability to really own your art and creations in the digital realm. Sell them, trade them or license them out! You can even create whole new businesses on top of them, all without having to rely on centralizing, gatekeeping platforms. This rapidly emerging space is opening doors for a wave of young digital entrepreneurs. It particularly benefits individuals from historically marginalized communities who have been systematically and historically shut out of the financial system. It’s more than a question of making European industry rich—it’s about regaining control over our digital sovereignty.

Decentralization Challenges Power Structures

This is the glorious thing about NFTs, because, of course, they’re completely decentralized. As assets that exist on the blockchain – a transparent and immutable ledger that no one entity controls – they are inherently verifiable. That’s because it makes owning things provably verifiable, transparent, and super hard to hack.

This is a fundamental challenge to the set of highly centralized platforms that now control most online discourse. These platforms wield unprecedented power over the data and revenue generated by their users, doing so largely without accountability. NFTs offer an alternative: a permissionless system where anyone can create, own, and monetize their digital assets without needing to ask for permission from a gatekeeper.

This decentralization is not just about technology, it’s about power. It’s about returning power from these corporations and back to the people. Our vision is creating a digital economy that works for everyone. Here, the playing field is level – an equal chance at success regardless of zip code, ethnicity, bank account balance. And that’s a powerful idea that ought to make anyone in power quiver a bit. It's what gets me excited.

  • Traditional Platform: Centralized control, data ownership by the platform, limited creator control.
  • NFT-Based System: Decentralized control, creator owns their assets, greater control over monetization.

NFTs: A Path to Actionable Empowerment

Okay, so NFTs are revolutionary. But how do you actually use them? Here’s how to get started, and how you can join us in building your own digital empire.

First, educate yourself. When it comes to practical advice, there’s a treasure trove of online free resources. These resources will help you learn about the fundamentals of NFTs, blockchain technology, and cryptocurrency. Don't be intimidated by the jargon. So start with something small, experiment, and learn from your misfires.

Second, find a community. The NFT space is chock-full of passionate and energetic people, eager to lend a hand and help newcomers succeed. Participate in online communities, go to virtual meet-ups, get to know other NFT creators and collectors.

Third, start creating. Whether you’re an artist, musician, writer, or gaming developer, the possibilities to earn through NFTs are infinite. These digital assets are a great start to creating a deeper relationship with your audience and potential visitors. Mint your work, try out different platforms and find what works for you.

We would be remiss if we didn’t recognize some of the broader criticisms of NFTs. There are definitely environmental concerns with the high energy use of some blockchains, specifically those that rely on proof-of-work consensus mechanisms. Certainly, there are scams and rug pulls in the NFT space. These are issues that can be solved with smart innovation and thoughtful regulation. We should be looking to develop a more sustainable, more secure NFT ecosystem not writing off the technology entirely.

NFTs are not a silver bullet. They are not a get-rich-quick scheme. They can be an important use case for democratizing ownership. Moreover, they disrupt incumbent power structures and democratize the economy by empowering a new digital age of small business owners. And that's a revolution worth fighting for.

This article is for informational purposes only and does not constitute financial advice.