Cryptocurrency & NFTS: How Are They Changing the Workplace
Employers are always on the lookout for high-performing employees to fill open positions that will help their company’s success. However, some companies experience a struggle, especially in terms of a shortage in IT staffing.
Numerous factors influence this issue. One of them is the opportunity presented by cryptocurrency and non-fungible tokens (NFT). According to some studies, over six million people quit their jobs just in the last year to pursue cryptocurrency investing.
But what are cryptocurrency and NFT? What opportunities do they open to employees? Keep on reading to find out.
What Is Cryptocurrency?
Cryptocurrency is a digital currency that uses cryptography to control new currency units and verify the transfer of existing currency units.
Cryptocurrency uses a decentralized structure to operate, meaning there is no central authority like a bank or government that’s in charge of it. This means it’s not subject to any regulations. Essentially, the cryptocurrency you own is yours.
There are currently over 1671 different types of cryptocurrencies to choose from. And although the vast majority of them are worthless, some are worth a great deal of money, such as Bitcoin.
What Is NFT?
A non-fungible token is an asset that’s represented by a unique identifier. NFTs are different from cryptocurrencies because they don’t contain any monetary value. They’re similar to cryptocurrencies in that people can trade them on a blockchain platform.
The idea behind NFTs is that people can use them to track ownership of physical and digital assets, like a car, a piece of art, an event ticket, and so forth. The idea is already catching on because people can verify that their assets are owned by them, with no disputes or fraud.
How Can Workers Capitalize on NFT?
NFTs have opened up opportunities for people to trade their assets freely without the need for a middleman. More and more companies are thinking of using NFTs to represent their assets, products, and services.
1. Creating NFTs
Workers can use their creativity to develop an NFT that innovatively represents their product or service. This way, workers can benefit from the NFT’s success. They can sell the NFT they create to the public and make money from it.
2. Buying and Selling NFTs
NFTS can easily be traded with others and sold thanks to their decentralized structure. There is a growing market of NFTs on popular websites like OpenSea and Rarebits. People can invest in NFTs to make them grow in value or to sell them for a profit.
3. Playing Video Games to Earn NFTs
Some games will allow NFTs to be earned and used as a currency accepted by the game. For example, CryptoKitties. To earn or buy NFTs through CryptoKitties, you must use your Ether, a cryptocurrency, to buy it and then wait until it gets sold to someone else to earn profit.
4. Working at Blockchain Technology Companies
According to a recent study, the blockchain industry is growing fast, and it may reach $10 Trillion in value by 2028. Because of this, companies are looking for blockchain technology experts and enthusiasts to help promote and improve their businesses.
Cryptocurrency and NFTs have opened up new opportunities for people to make a living. Its decentralized nature makes it possible for people to trade with others freely. If you’re not looking for a job or if you already have one, then this could be an excellent opportunity for you to capitalize on one of the fastest-growing industries in the world. On the other hand, if you are an employer, you must note that blockchain technology is not just for technology enthusiasts or people looking to solve problems independently. It’s a great way to improve business operations and get ahead of your competitors.
Learn more about IT staffing best practices when you work with Technical Paradigm. We provide professional IT recruitment services that ensure you are up to date with current trends and challenges. Give us a call today to discuss how our IT staffing solutions can help you.