Build New Wealth by Circumventing Old Money Cryptocurrency offers a new way to create wealth without relying on old methods.
By Kurt Ivy Edited by Russell Sicklick
Opinions expressed by Entrepreneur contributors are their own.
Regardless of policy, president or progress, the wealth gap continues to increase at the same rate. And I'm in no way pointing fingers at individual entrepreneurs or politicians. Although many of them have a hand in this, the machine sustains itself. It's part of how it's built. Because of the growth imperative of inflation, interest and debt, ambitious individuals have no choice but to kill or be killed.
We're living in a scarcity-based economic model. There is no way to get around that playing by the same rules that were created to enforce the system. By playing, you are perpetuating and there is nothing you can do about it.
What we've seen is stagnant wages and increased work hours. Productivity has gone up because of highly skilled employees and automation. Wages are going down because of inflation and the increased cost of living. What this means is the average worker is not enjoying the benefits of the growth of our economies, globally.
As we move into the future, there is less and less incentive to participate in this losing battle. Scarcity-based economics is a zero-sum game. No amount of hustle and hard work will result in a fair distribution of resources. Among ten equally-qualified candidates for one job, only one can win. That doesn't mean the other nine didn't work hard enough.
So how do we make our own rules? It starts by making our own money. Currently, fiat is the tool humanity is using to facilitate transactions. Without fiat (dollars, euros, etc.), there is no agreed-upon method of exchange, and commerce breaks down. As long as the central banks control the fiat, they control our lives.
The blockchain allows us to make our own money, in a manner of speaking. Our own method of exchange. Cryptocurrency and NFTs are the results of this technology. Currency and assets that no one controls, but that are still safely controlled. This control comes from cryptographic algorithms and automated functions that can't (easily) be hacked. The rules are built into the system, and everyone must follow them.
The world of cryptocurrency is very strange and new to many. But it is growing rapidly and the participants in the system are rewarded for that growth. We have a saying in crypto: WAGMI, or we all gonna make it.
To learn more about finance as it relates to crypto, I strongly suggest the Pomp Podcast with Anthony Pompliano for fun but educational content. Start with the episodes in the middle. I also recommend Beyond Bitcoin: Decentralized Finance and the End of Banks by Simon Dingle and Steven Boykey Sidley, a deeper dive for those with the patience for it.
It's time to create our own wealth and build a new world order based on the principles of abundance. Below are a few projects that are attempting to rebuild society from the ground up and will provide opportunities for entrepreneurs to become economically independent.
A new global bank
Many of you reading this might be new to crypto. If you are, the first thing I would tell you if I met you would be to take your money out of your bank and put it into a crypto account. Banks take your money and invest it for their own profit. As your money sits there, it slowly burns up due to inflation. You get none of the benefits of those investments that the bank makes. In fact, banks often charge you to bring them your hard-earned cash instead of rewarding you for the free money you're giving them.
Cryptocurrency puts the power of the bank in the hands of the investor. When used correctly, crypto holders can stake their tokens and receive a portion of the value being created by that pool of currency.
You might think that crypto is volatile and would be hard to rely on, but there are coins called stable coins like USDC and USDT that match the value of the U.S. dollar. One coin equals one dollar. Coinbase is great for beginners and Crypto.com has lower fees for slightly more experienced users. If you didn't want to take any risk, you could simply use stable coins and still be rewarded for your participation.
Related: 5 Things to Consider Before Investing in Cryptocurrency
A new global nation
Sapien is laying the tracks to create the first global digital nation. A borderless, free country that will soon confer many benefits to those who hold the NFT passport that admits entry. Users will have the ability to create their own cryptocurrencies. This will allow themselves and others to invest in their communities to support powerful initiatives like universal basic income, crowdfunding and mutual aid. Even start a business.
Anything is possible with a clear, trustworthy system to work with. This is how we begin to circumvent old-money power instead of trying to fight it in vain. We can create our own systems. Systems that reward us for participating and that can't be controlled by individuals. Build your own virtual town and do what you want inside of it. Make your own rules. Your income will be protected by digital vaults and will connect to the global Sapien economy.
Soon, this project will have a new social media platform powered by people, not AI and will even launch the world newspaper. This is the first step towards a single nation of humans. Better yet, it's a step towards self-sufficiency and independence.
A new global economy
As I said in my previous article, e-commerce is quickly becoming a monopoly, and I also mentioned Splyt as a possible solution to this. Putting e-commerce on the blockchain decentralizes decision-making and promotes transparency, creating a truly free market that isn't controlled by private interests. Blockchain technology takes care of enforcing the rules and regulations. Without middlemen, everyone is free to join and transact without paying high fees.
Related: The Decentralization of Monopolized Marketplaces - How ...
Without getting into the details, NFTs are used in place of product listings. That means each listing is its own sovereign piece of data that can be moved from place to place within the platform. If you are an affiliate marketer of any kind, you know how hard it can be to sign on with brands and collect payment properly. But if you sell one of the NFTs listed on the platform, you can collect the commission without even one minute of negotiation.
This will allow affiliates to hand-select NFTs (which represent real-life products) to populate their online store and sell to their audience without needing inventory or paperwork or...anything. Run a business without any overhead or headache. The project will integrate with Shopify when it launches.
A new creator economy
There are many new cryptocurrency project launchpads out there, but most of them are very general. They allow you to create a coin and introduce it to the market. That model is quickly becoming oversaturated. There are hundreds of new coins. If you are a creator and want to build out your community in a purpose-built ecosystem, there are a few interesting launchpads for you.
TokenSociety is an NFT and metaverse project launchpad that incubates, develops and finances the start-up of the projects on the platform. Filmmakers can create NFTs called Snippetz, which are short clips of a TV show. By selling the Snippetz, the filmmaker and their team can fund a project without the help, and hindrance, of investors and production studios. If you are a content creator, you may want to find an option like this to break free of traditional fundraising patterns and find your own path.
One of the strengths of a centralized platform is to decide who gets to use it. As our online communities get larger and larger, that decision-making power becomes a huge responsibility. It can even turn into censorship. When OnlyFans censored the users that helped create it, it was an injustice. Thankfully, Splash created a decentralized marketplace for adult content-themed NFTs so that those content creators can take control of their finances and own their own data.
Finally, an interesting and inevitable project that is soon to launch is Starseed DAO, which can be considered a metaverse talent label. This platform will help musicians transfer themselves into the metaverse by creating their very own metaverse pop star as an NFT. This digital alter-ego will be represented by an avatar designed by the artist and their team. By creating a DAO around these personas, fans can participate and contribute, giving power back to the community. The first metaverse-native popstar is called CCisDreaming and will set an example for those to come.
If you are a creator that fits into one of these curated boxes, you may have just found a new way to start your career. And, without relying on the ultra-wealthy monoliths who pick and choose who they want to elevate and who they want to ignore.
A new world awaits
Hopefully, this overview will give those new to crypto a clearer picture of what this new industry has to offer. Cryptocurrency isn't just magic internet money. Each coin represents a project with something to offer. The ecosystem itself represents an exciting parallel universe to our society that isn't under the control of the rich and powerful. If you can find your place here, you will be among the first to participate in the digital gold rush.
Related: Should You Invest in Bitcoin and Cryptocurrencies? Experts Share ...
