NFTs, Crypto, Metaverse… Who else can’t catch up?
I remember that for the longest time I’ve been trying to get my Dad on Twitter and he was really skeptical about it. He just wouldn’t get it as it made him overwhelmed. I now find myself to be in the same space as my father- I completely missed the TikTok wave (also dancing in front of camera, no thank you) but I’m completely okay with that; now I find myself overwhelmed by the Metaverse, NFTs, Crypto and the daily news coverage on how the world is moving at such a fast pace into a digital world where we have digital currency, stores, clothes and events. I barely can catch up with the physical world I am in, let alone a whole digital world that I am supposed to integrate and live in.
I do believe that this is the future and where its heading, whether we like it or not- and to be well-informed about it, is key. I very much find myself at a crossroads on how much of my time I should be dedicating to understanding these things and accessing them. Am I too early, especially being in the MENA region? Or should I pick up right from the beginning?
Here are some of my tips that you can try to get into the this new space that’s opening up:
Pick Something: For you to stay in touch with the space, pick something. If you have a fashion business or can create NFTs, understand the space in more detail. If you have a real estate business, figure out if you can start selling digital real estate and how that works. Take up this new area as an extended arm of your existing lives and understand more about it.
Understand the space: Read. Read. And read some more. The best way to understand the Metaverse or any other “new” thing is to read relevant details about. Grab those books off the bookshelves, check out websites that talk about crypto, blockchain and NFTs, follow and read more about people who are into this space. Understand the space through all the resources that are there in the open for you to pick up. I spend a few minutes a day consuming content in this space.
Ask questions: It's a new space if you are finding it hard to grasp the concept of the NFTs and the Metaverse then ask for someone to explain it to you. The least we can do is to educate ourselves and contribute to conversations. Talk about it, share your viewpoints and thoughts and learn more about it. The only way you’ll know more about the space is when you start the conversation.
Embrace the new space: It would be unfair of us to not change or understand how the world is changing. There’s a digital parallel universe to the world we’re living in and that’s where people are now building things. As a businesswoman, a marketeer and an entrepreneur I need to add value to my clients, my coaches, and my investors and I won’t do it if I don’t develop a more positive attitude towards it.
I’ve listed below some definitions of each term along with some videos to help you understand them easily:
Cryptocurrency: A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
NFTs: Non-fungible tokens or NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.
Metaverse: The metaverse is a network of 3D virtual worlds focused on social connection. In futurism and science fiction, the term is often described as a hypothetical iteration of the Internet as a single, universal virtual world that is facilitated by the use of virtual and augmented reality headsets.