I wanted to put in my $ 20, but OpenSea didn’t accept credit cards. I should buy part of the cryptocurrency Ether to complete the transaction. All right! I am a game. Ether in my hand (or wallet, to be exact), I went back to OpenSea and tried to make a purchase. Except at the time I was ready, those initial drops were apparently already sold out. The price has gone up. Way up. Secondary vendors, who may have seen the same topics on Twitter that I saw, were now trying to reverse their OG NFT. With dark resignation, I bought more ether and tried again.
That’s when I discovered gas fees, a service fee charged by miners to check transactions. Being cheap, I was at a low level. My transaction never went through. The price of Olive Gardens continued to rise. I tried again, this time paying the market rate. Success! Katie will be so happy.
Except … have you ever tried to give someone NFT? I had to pay even more in the form of gas to make the transfer. All in all, the humorous purchase that I initially thought would cost me $ 20, and later estimated at maybe $ 75, eventually paid me back for almost $ 300.
But hey, my friend Katie now owned, in a way, a JPEG photo of Olive Garden at a mall in Louisville, Kentucky, on the Ethereum blockchain. What a great gift!
That’s it was a great gift until just over a week later the he says Olive Garden’s attorneys sent OpenSea a notice of removal, and all those irreplaceable olive gardens are gone in, uh, ether. Poof.
Like I said, money is weird now. And so this problem dive into the way technology shapes our financial future.
Whether it is a universal cryptocurrency based on biometrics designed to support Web3, cities built by Bitcoindigital currencies that are cash replacementor way iBuying is transforming the real estate markettechnology is fundamentally changing the ways we buy, spend and save money. Even the way we gamble.
We hope you enjoy it this problem, and to reveal something new about the present that helps you better understand and prepare for the future. Even if it’s just planning your gas charges in advance.
Correction: An earlier version of this story quoted a copyright notice, in fact it was a trademark infringement notice.