I wanted to lower my $ 20, but OpenSea did not accept credit cards. You will need to purchase some of the Ether cryptocurrency to complete the transaction. Good! I’m a game. Ether in hand (or wallet, more precisely), I went back to OpenSea and tried to make a purchase. Except when it was ready, those initial drops had already run out. The price had gone up. Up. Secondary marketers, who may have seen the same Twitter threads they had seen, were now trying to turn their OG NFT upside down. With a sad resignation, I bought a little more from Ether and tried again.
That’s when I discovered gas tariffs, a service fee charged by miners to verify transactions. Since it was cheap, I went down. My transaction never took place. The price of Olive Gardens was still rising. I tried it again, paying the market rate this time. Success! Katie would be very happy.
Except … have you ever tried giving someone an NFT? I needed to pay even more in gas rates to make the transfer. All in all, the joke purchase that I initially thought would cost me $ 20, and then revalued to $ 75, eventually cost me almost $ 300.
But hey, my friend Katie now owns a bit of a JPEG photo of an Olive Garden in a mall in Louisville, Kentucky, on the Ethereum blog chain. What a great gift!
This is it was a great gift until just over a week later, when the real Olive Garden lawyers sent OpenSea a withdrawal notice and all those non-expendable Olive Gardens disappeared into the air. Poof.
Like I said, money is weird now. And so this problem goes deep into the way technology is shaping our financial future.
Whether it’s a universal biometric-based cryptocurrency designed to support Web3, cities built by Bitcoin, digital currencies that are replacing cash, or the way iBuying is transforming the housing market, technology is fundamentally changing. the way we buy, spend and save money. Even our way of playing.
We hope you enjoy this issue and that it reveals something new about the present that will help you better understand and prepare for the future. Even if this is just budgeting gas rates in advance.
Correction: An earlier version of this story quoted a copyright notice, it was actually a trademark infringement notice.