In the world of Web3, almost anything can be represented digitally. Moreover, digital representation can be more than a representation of something real—digital assets are now being purchased and sold with real money.
Cryptocurrency For Digital Artists
A non-fungible token (NFT) is a unique and non-interchangeable unit stored on the blockchain. NFTs have been on the rise mostly due to the application of blockchain technology for buying and selling art.
Anyone can upload content to the internet, but the greatest challenge for online creators is monetization. Many online creators don’t make any money at all—they work full-time jobs in order to sustain themselves. Their ability to be a creator is funded through their day job, leaving very little money for other things in life. Most creators struggle with cash flow stability because their income isn’t generated through traditional means. As such, the profile of someone who works a full-time job while also side hustling as an online creator is usually risk-averse. The creator economy has given people the ability to publish their work and build online audiences, but even the most successful influencers generate revenue through sponsorships or brand partnerships—not the digital work itself.
NFTs, however, enable a creator to profit from the art itself by selling digital ownership. Anyone can download and save a copy of a digital piece, but the NFT represents the ownership of the original work itself. The original creator of the NFT can still hold the copyright and rights to reproduce the work.
Cryptocurrency for Women Entrepreneurs
Women in crypto are on the rise. Female celebrities and entrepreneurs are encouraging more women to invest in the cryptocurrency economy. Through online forums and discussions, women have joined forces together to discuss ideas and trends and educate one another. Gweneth Paltrow and Mila Kunis have publicly spoken about the opportunities that cryptocurrency presents to women, who tend to be more risk-averse than men.
Cryptocurrency for Real Estate Investors
Very few people can afford to purchase a home in its entirety in cash. In a traditional real estate transaction, buyers need to have a large upfront sum of capital to pay for the downpayment. In addition to the downpayment, buyers need to be approved for a mortgage, for which most banks will require proof of stable income.
However, in today’s economy where a rising percentage of Americans are switching from employment to freelancing or entrepreneurship, it isn’t uncommon to be on an unconventional career path. And banks are typically hesitant to approve a mortgage for the non-traditional types.
Many young professionals today are unable to afford to own property. But platforms like Real T are breaking down entry barriers through crypto-based real estate investing. Instead of purchasing a property by paying a downpayment and taking out a mortgage, fractional real estate allows investors to buy and sell shares of a single property.
The good news is that fractional real estate isn’t just for those who cannot afford to purchase property traditionally—it’s for any investor who values liquidity, transparency, divisibility, and speed. Asset tokenization is quickly taking the financial world by storm.