This week is heavily focused on secondary research…
As I started to narrow down my topics last week, I decided to explore more on the “how can NFT arts empower minority group?” direction. I first did some first round of secondary research on what is happening in the NFT community, and what people are interested about. Surprisingly, even though I meant to search the NFT related topic, the first and most trending news that popped out on my screen is a cryptocurrency called Shiba inu. I kept that in mind as well because cryptocurrency also is made possible by the same technology behind NFT arts, the blockchain. On October 4th, 2021, the day when multiple mainstream social medias like Facebook, Instagram, WhatsApp, etc. were down for more than 6 hours, the cryptocurrency Shiba inu went up for more than 60% in value, making it the mostly increased cryptocurrency after the raise of Bitcoin and Doge Coin. Therefore, theoretically, anyone who bought or held Shiba inu coin before the raise could increase his/her value for more than 60%. This further inspired me with the idea that if one is equipped with he knowledge and instinct, that person can easily make a substantial amount of money in the crypto or blockchain world. When this concept is applied to NFT, I realized the reason why not that many commonly considered monority groups are participating in the activity is they are not familiar with the concepts, and they don’t have the necessary knowledge to “play the game”. The news I found last week “Transgender teen created NFT artworks that are sold for more 2 million dollars” proved that the current social status of a person does not matter in the NFT trading world, it is the knowledge and mindset that determines whether one can success or not. So for the next steps, I will keep doing more secondary research on how NFT impact the minority groups.
