With more technological advancements, comes greater responsibility — especially when it comes to the way the world views and spends money.
It’s one thing to learn how to use the latest non-fungible token (NFT) craze and know the ways in which it operates, but it is a whole different story to learn how to not get caught up with the scams and flashy promises that could possibly come along with it.
Will Lucas, the host of AfroTech’s Black Tech Green Money (BTGM) podcast, continues to provide us with insight on how to properly navigate the world of NFTs. During the latest episode of BTGM, Lucas breaks down some of the most critical ideas as they pertain to NFT ownership.
How To Store NFTs
“What you don’t want is an NFT to be stored on like a blue host or like even AWS or Dropbox,” Lucas explained when talking about the importance of responsibly owning NFTs. “Those file systems, those centralized servers, they could be stored there. You don’t want that.”
Want to learn more? You can at Afrotech Executive and by listening to the latest episode of the Black Tech Green Money podcast.
The Future Is Now
As the digital landscape continues to grow and evolve, NFTs are at the forefront. Therefore, Lucas explains that now is the time to get involved in a way that best works for you.
“Let’s say a Fortnite skin was an NFT and they put out a LeBron James or a Spiderman NFT as a skin in 2021 and I brought it when there were only 10,000 of them,” said Lucas. “That’s all they produced and if you got it, you got it. If you didn’t, you missed out.”
He continued: “Now, the year is 2035, 2040, and I have that Spiderman or LeBron James skin on Fortnite. That’s probably going to have some value because there are no more. You can’t go back in time and say, ‘I have a Lebron James skin on Fortnite’ and fake it, because the blockchain is immutable.”
Learn more about more critical ideas for NFT ownership that include storage and decentralization, by listening to the full episode of Black Tech Green Money podcast below.