Implication and Effects of Politics on NFTs
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There's definitely no doubt that Non Fungible Tokens (NFTs) has been a major trend in the Cryptocurrency space due to the great features it possesses and it increasing number of use cases when it comes to solving real world problems.
The adoption of Non Fungible Tokens has also increased to the extent that NFTs are now being utilized in the Music industry, Art Industry, Entertainment Industry, Fashion Industry, Gaming Industry, Real Estate agencies (Virtual Real Estate), Supply Chain, FinTech Companies (DeFi Loans) and many others.
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Despite the increasing adoption rate of Non Fungible Tokens across most sectors in the digital space, it's quite astonishing that Non Fungible Tokens are now being utilized by Politicians as a means of campaigning to the masses and the most surprising part is that some Politicians now make use of NFTs as a tool to raise funds for their Political campaigns and benefits.
Two Important Questions
I came across a trending news published on BBC News which was published on the 16th of December 2022 which has to do with the former US President (Donald Trump) NFT trading cards.
According to the report by Annabelle Liang from BBC, it was clearly stated that the total number of cards was estimated to be 45,000 with each costing $99 as quoted in the text below;
There were 45,000 of the cards, available for $99 each, according to OpenSea, which tracks such offerings.
Three weeks after the launch of Donald Trump NFT Cards, another news source known as beincrypto claimed that Donald Trump NFT Cards lost it's listing value by over 80% on the ubiquitous Etherium based NFT trading platform known as Opensea as quoted below;
The recently launched NFTs of former US President Donald Trump is trading at 80% below peak value. The floor price of the collection has dropped to 0.19 ETH from a peak of 0.84 ETH in less than two weeks.
After this occurrence, two questions came into my mind and I've being pondering over these two questions for some period of time. These questions are ;
Is it ethical to raise funds with NFTs for political benefits?
What can -or should- expect from this kind of approach of our civil representations?
After conducting little research and feasibility studies, I got to know that these two particular questions will definitely explain the implication and effects of Politics on Non Fungible Tokens provided the questions are answered correctly.
Without wasting much time, I'll share my opinion as regards these two questions including it effect on NFTs as a whole and I definitely hope you tell me what you think about this via the comment section.
Fund Raising With Non Fungible Tokens for Political Benefits
According to the question being asked, Is it ethical to raise funds with NFTs for political benefits?
This is actually a "YES" and "NO" answer for me because using NFTs as fund raising tool has it's advantages and it's disadvantages even though your point of view may be quite different from mine but please try to share your suggestion with me via the comment section.
A YES FOR ME
It is actually ethical to raise funds with Non Fungible Tokens for political reasons due to the fact that this can be used as a means of showing support by the citizens to their Political Candidates.
There are times whereby the citizens most preferred or beloved political candidate may not be financially capable when it comes to running campaigns for elections or doing some other things, the utilisation of NFTs can used to raise funds for such political candidate as a means of love and support from his family and supporters.
There's also a high chance that adopting Non Fungible Tokens in Politics may definitely be used by the citizens as a means of voting for their desired political candidates through a complete decentralized voting system (Web3) and blockchain technology where all voting will be done online by the citizens in their comfort zone without the need for going outside to vote.
Thus, this may lead to more Cryptocurrency, Blockchain Technology and Web3 adoption rate by the masses (mass adoption).
A NO FOR ME
I stated earlier that what has it advantages will surely have it's disadvantages. There are actually lot of disadvantages attached to adopting Non Fungible Tokens in Politics but for now I'll only be sharing just few.
This also explains the answer to the question which has to do with "what can -or should- expect from this kind of approach of our civil representations".
Firstly, there's definitely no doubt that adopting NFTs in Politics may lead to some NFTs loosing their real value just like what was experienced in Trump NFT Card and this also tends to directly affect the investors or holders of such NFT. The dumping or lost of value by the NFTs can be due to different reason but most importantly, it majorly caused by Political War between two or more opposing parties. Such Political wars tend to affect the holders or investors of such Non Fungible Tokens.
Another effect of Politics on NFTs is that there will be an increase in scam rate on NFT exchanges. Some scammers or fraudsters may use this as a means plotting with an NFT developer or artist just to scam the masses by creating NFT of a Political candidate without the Politician knowing anything about this. Before you know it some people have already started trading and minting such NFTs and when the scammers notice the increasing sales they rug pull making investors and holders loose their money.
In summary and conclusion, Politics on Non Fungible Tokens definitely has both its good side and bad side but what really matter most is that NFTs are meant to be utilized as a tool that benefits both the Citizens and Politicians in terms of the development of the country.
Reference
About Me
I am Adebola by name and I'm also a graduate of Agricultural Engineering (BSC). I am someone who cherish self development and being productive is in my DNA, this is why I am always open to learning from anyone and I love making research. I have been in the crypto space for the past five years and my level of enthusiasm for cryptocurrency and blockchain technology keeps increasing day by day. My hobbies are reading, writing, eating, engaging in agricultural operations, travelling, designing and blogging. My skills include Content writing, Graphic Design, UI/UX (Product) Deisgn, Copywriting, Internet Marketing, Blogging, Research and Coding (Novice). Feel free to connect with me via;
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