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Picture Above: Nevena Prijic, born 1985, Belgrade, Serbia “Vinča 1”
The question, “What is an NFT?”, is one that I have repeatedly asked with little satisfaction to the answer. However, now there is an exhibit at the Orlando Museum of Art, “TwentySomethings – Works and NFTs from the Fabio Sandoval Collection” that gets me closer to a satisfactory answer.
Nigel Howlett British, born 1979, Croydon, UK “Pet Magazine”
I am challenged by acronyms. It seems I am always switching the letters around and for that I really need to know the words that each letter represents to be sure I am saying the letters of the acronym in the correct order; N = Non; F = Fungible; T = Token.
Following is another question, “What does ‘fungible’ mean?“ I ask some 20 somethings, and they can’t say, but they do know what an NFT is. There is no doubt in my mind, I am far from that generation. The acronym has the meaning, but the words representing them do not? Google to the rescue! FUNGIBLE (of a product or commodity) replaceable by another identical item; mutually interchangeable.
Almendra Bertoni, born 1998, Buenos Aires, Argentina. “My Heart is Closing Like a Fist”
Suddenly I have context! Non-fungible tokens are blockchain-based tokens, and each represent a unique asset like a piece of art, digital content, or media. An NFT is an irrevocable digital certificate of ownership with the authenticity for a given asset, whether digital or physical.
This exhibit is from the collection of Fabio Sandoval, a 25-year-old still in college, who began his journey at 17 buying and reaping the financial benefit from bit coin investments which turned into art collecting. When asked what do you look for in an artwork, he simply says, “When I see something I like, I buy it.” There are no other criteria and the artwork indicates that his “likes” are varied and the decision to purchase is viewed through a smart phone, even if they were a physical object.
Imagine now, you are a buyer of a home. Would you be completely open to anywhere and any kind of home? The answer would likely be ‘no’. Your home is a huge investment that most likely is a longer time investment. You probably are not buying simply with “if I like it, I buy it”. In fact, it often takes time to consider all your likes and needs before you start the process to buy.
If you read my last blog on Fear and Freedom https://vivianfloridarealtor.com/2023/01/21/vivians-case-for-real-estate-and-art-fear-and-freedom, you may remember that sometimes just jumping in can be extremely financially rewarding. TwentySomethings have that going for them, time and fearlessness. However, sometimes the process of the needs and wants can become so overwhelming that you can’t see past the house at hand verses what the product could be, even for the TwentySomethings. A realtor can be just what you need to identify the unknown desires and to present the alternatives to make it fit your desires. This can help you get over fear to make an offer on a property and securing it with a smooth transaction. For those with no fear, a realtor can also spell out the pitfalls in the process giving you a healthy sense of reality, emphasis on the word ‘healthy’.
From my perspective, my grandmother was brilliant with finances. When I was hesitant to purchase a property because I felt the terms were unfair, I remember her response. Her words: I never heard a person say, “I am sorry I purchased this”, I only hear, “I am sorry I did not purchase that property”. Because of her, I did purchase and I am NOT sorry!
