I am not counting on my nascent NFT collection to fund my retirement. At least not yet. But I have enjoyed collecting them this year and using them to learn about and get involved in the crypto space. Playing around and experimenting is one of the best ways to learn.
I recently discovered a project called The Tower (DAO) and I think that many of you, particularly those in the real estate community, might find it interesting. In its simplest form, it is an NFT project where you buy “residences” in a virtual metaverse tower. They look something like this:
The tower has 500 floors and 20 units per floor. And so there are 10,000 units in total. Each is unique.
When you buy a residence, you get, among other things, a profile page on the web that allows you to show off your residence and all of the other NFTs in your crypto wallet. You can also see who else owns on your floor.
Of course there are plans for a lot more. As part of The Tower’s roadmap, the team wants to direct some of the funds that it raises toward real-world affordable housing. There’s also a roommate model in the works where, presumably, people can share their residences and earn tokens.
Now, I have no idea how a project like this ends up evolving or what it ultimately becomes. But I think it’s a fun example of the kind of creative projects that are being developed as a result of the fact that we can now all take ownership over scarce digital assets.
Many of these “assets” will likely end up going to $0. But others, as we have seen, will come to be worth a lot.