The Pros and Cons of NFTs

Getting rich, for many, is the dream.  Others pray to do what they love. But both would agree, acquiring wealth from waking up every day and doing what you’re passionate about – that’s what they make movies about. And for the struggling graphic designers of the world, opportunities are as bare as a baby’s buttock. Until non-fungible tokens were born.  

Recently, I sat with Jonathan Gicewicz  of JEG DESIGN INC. to discuss his latest adventure through the prepubescent world of NFTs. He chuckled and told me this story:

A friend of his, a fellow graphic designer, inquired about creating an NFT.  Gice’s response – “Don’t, unless you are ready for your life to change forever.”

Now, Gice had known this friend for quite some time, so he knew he could confidently say this. But the friend and all of you reading this are wondering the exact same thing – Why? Me too!  

I literally wrote a blog for him a couple weeks ago saying how amazing this was for the starving digital artists of the world. How now it’s their time to shine. They could go out and create a world where they all can thrive, strive, and be royalty to those incapable of constructing a stick figure.  

So, what did Gice say when I asked?  “Listen, man, it’s got its pros, and it’s got its cons. It’s just something that you need to really think about before going down this never-ending, expensive path.”

However, I had to know what those pros were, and I definitely needed to know what those cons were. I mean, what’s so atrocious that a man who sees the financial present and potential needs to step back? 

Well, here are the pros and cons of NFTs.

PROS AND CONS OF NFTS

Now, before we go in, realize this is one person’s opinion. I mean, some people really like hazelnut coffee. I, on the other hand, violently vomit whenever catching a whiff. So, you know…

PROS:
  1. Creative
  2. Cutting Edge
  3. Community-Based
  4. Ability to Make Income
  5. Decentralized
CONS:
  1. Decentralized
  2. Scams
  3. Everyone Wants to Make Money
  4. Toxic
  5. Time Suck

PROS

Creative 

It’s art. And whenever dealing with art, you’ll have some good, you’ll have some bad, and you’ll have one that’ll inspire a movement. 

Cutting Edge

The ground floor is being built by minds without limitations and borders. They don’t know you’re not supposed to do something. Because here, they can do anything. 

Community-based

Whether you’re slinging grilled cheese sandwiches in the lot of Phish concert or are immersed in the show WeCrashed on Apple TV – you know the beautiful benefits of working in a community space. “It takes a village” is the feeling of multiple people raising a child, right? Well, for many in this space, their NFTs are their offspring. 

Ability To Make Income

People are getting wealthy from all of this. And whether you’re Gary V looking to add another zero or a graphic designer seeking substantial income – this is life-changing money being made. More on that in a moment.

Decentralized

As Gice put it, “It’s the Wild West.” Meaning there are no special interest groups directing dignitaries because Buffy needs braces. And people don’t lose their life savings because the price of soybeans spooks speculators. However…

CONS 

Decentralized

It’s Tombstone. If Curly Bill shoots the sheriff in an opium-fueled haze – there’s no promise Wyatt and Doc are waiting to make sure he hangs.  Meaning, there is absolutely no one to stop someone from coming in and stealing money.  And speaking of money…

Scams

Gice told me the story of an NFT being created, selling out, making millions for the creators. The following day, investors woke to find the recently acquired digital asset no longer in their wallet. Why? The creators vanished or they have been hacked and taken. This happens. And it will continue to happen. 

Money

Aside from the story above, some go “all-in” with their limited savings hoping to catch the tail of a comet. Unfortunately, the unpredictable nature of this fresh-faced industry has caused many to lose everything they have. And just like those who acquired life-changing money, there are just as many, if not more, who have had their lives changed because of what they just lost. 

Toxic

Remember earlier the world being created by the starving artist? Well, people get pissed when they don’t eat – hangry. Even worse, those who have tasted something delicious and now want to horde it all for themselves.  This world, in a way, is piracy — survival from being cut-throat.  Attrition is acquired by exchanging one’s ethics, sacrificing what someone holds true on the promise of financial gain.  And, of course, some people just suck. 

Time

When you live in a digital world, time zones go out the window, and being proactive means working around the clock.; go check the gas fees at 3 AM EST as opposed to 3 PM.  And if you’re a developer, you may need to speak to a night-owl who only works at 1 AM. And that’s 1 AM their time, not yours.

Conclusion

Gice is not a 22-year-old who just walked out of the doors of the now-defunct Green Mountain College with a dream and a degree in design.  He’s a married man in his 40’s with business, pets, and a tee time. Why do I say this? Because he isn’t you. 

You may be just out of college or a high school dropout with a penchant for pencil drawings.  You may have the time, the desire, and the can’t-lose attitude many entrepreneurs possess to make their ideas come to fruition.  

Just know the world of NFTs is far from sipping a Mai Tai in Shangri-La.  It’s a grind. It’s going to test your mental and physical mettle. It will require patience, a thick skin, and emotional stability.  And that’s just the early stages.

That’s why Gice offers consultations to anyone interested in entering this world. He’ll be happy to tell you in greater detail why he feels the way he feels.  Just go to JEG DESIGN INC. today and schedule your free consultation.  

Why? Because for some of you, the world of NFTs may be the dream of your lifetime. And for others, it may be a nightmare unlike any their creative conscience could ever imagine.

Written by Keith Hannigan. Keith is the co-owner and Chief Writer at SBI Content Creation LLC. SBI Content Creation is a content writing company just outside of Atlanta, Georgia