If the NFT (non-fungible token) craze makes you kinda feel like you’re seeing double and wish for the simpler days of trading Pokemon cards, you’re in good company. Or as Trevor Noah puts it: “There’s a new confusing internet money thing in town.” This was back in April, but no worries moms and dads, you’re about to get schooled.
NFTs, for starters, are unique and non-interchangeable digital tokens stored on the blockchain (the digital ledger that gave cryptocurrency its rise to fame). Translation: they’re the limited edition digital collectible version of baseball cards or…Pogs. So if your teen’s already on the crypto kick, chances are they’re also familiar with the fact that Jack Dorsey’s first tweet ever sold for $3 million. And a digital collage sold for the tune of $69.3 million. No big deal right?
Apparently, it’s all the Gen Z rage right now.
If TikTok is the new discovery platform for the younger gen, then NFTs are not far behind. In fact, they’re like cousins.
Global Head of Marketing at Tiktok makes his case: “Now, fans can own a moment on TT that helped shape the internet while supporting some of their favorite creators.” While the name Curtis Roach might not mean anything to you, his 15-second claim to fame video garnering 6.7 million views about being bored during quarantine is about to hit NFT sales. As ownership gets a makeover, NFTs are making waves in other spaces that you’re probably familiar with:
- Roblox: you may have seen this online gaming platform’s avatar experience updates, but in-game features don’t stop there. Roblox creators can put up items they design for sale and reap benefits off royalties, much like NFTs. Cha-ching!
- Digital art world: it seems like anyone with talent and some patience to build out a Twitter following can get in the game. The success story of two teen artists (18 and 17yo) who entered the space less than a year ago started attracting eyeballs through an online auction site, selling out at $1000 and $7250 a pop.
All this sounds great, but what’s the catch?
Crypto and NFTs are certainly putting power in the hands of those who wanna learn the trade. Kudos to that. BUT, let’s not forget the sad turn of events when our kids’ success catches the wrong kind of attention. Case in point: a 14yo in England was punched and kidnapped for ransom after making ‘a reasonable amount of money’ from trading crypto online. Heavy sigh.
While their digital savviness is impressive, they’re still kids after all. Safety first.