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I wanted to drop my $20 but OpenSea wouldn’t accept credit cards. I will need to buy some of the cryptocurrency Ether to complete the transaction. Alright! I am the game. With ether in my hand (or rather wallet), I went back to OpenSea and tried to make a purchase. Except when I was ready, these first drops had apparently already been sold out. The price had gone up. Way up. Perhaps the secondary vendors who saw the Twitter threads I saw were now trying to translate their OG NFTs. In relentless surrender, I took some more Ether and tried again.
That’s when I discovered gas fees, a service fee charged by miners to verify transactions. I miscarried because it was cheap. My transaction has never been completed. The price of Olive Gardens was still rising. This time I tried again by paying the market rate. Success! Katie would be very happy.
Other than that… have you ever tried giving anyone an NFT? I had to pay more gas fees to make the transfer. All in all, my joking purchase, which I initially thought would cost me $20, was later revalued to maybe $75 and eventually set me back about $300.
But hey, my friend Katie now owns a JPEG of a photo of Olive Garden in a mall in Louisville, Kentucky, on the Ethereum blockchain. What a wonderful gift!
so, he it happened great gift for a week later most real Olive Garden’s lawyers sent OpenSea a takedown notice, and all these irreplaceable Olive Gardens, uh, disappeared into the ether. puff.
Like I said, money is weird now. And so this issue dives into the way technology is shaping our financial future.
Whether a biometric-based universal cryptocurrency It means support web3, Cities built by bitcoindigital currencies change cashor the road iBuying transforms the housing markettechnology is fundamentally changing the way we buy, spend and save. Even the way we gamble.
we hope you have fun this issue, and that it reveals something new to you about the present that helps you better understand and prepare for the future. Even if it’s just to budget your gas fees upfront.
Correction: An earlier version of this story was referring to a copyright notice, it was actually a trademark infringement notice.
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