NFTs in Politics: An exploitation of politicians using the decentralization of blockchain and NFTs for their own agenda and personal motives
Good day to all of us here on crypto space! This is your Mr. Decentralized again talking about a no non-sense posts regarding different aspects of crypto and its applications.
Today, we will talk about how the new craze NFTs are being used in the politics to fund their political campaigns and other stuffs related to politicians.
Fundraising politics using NFTs
----> It is not new that most of the political parties currently on seat or running in the next elections needs to have funds in order to have their campaign get going. Which is why before, most of them really needs to be wealthy already before getting into politics or get some IOU's-like kind of x-deals in order for them to get the political seat they do always wanted. It seems that globally, this system is going to start to change because of the blockchain technology and NFTs.
NFTs as a decentralized no-trace, no liability fundraising
----> If you have been in the crypto space for awhile, you should be aware that Donald Trump has made his NFTs online and for sale. Check this video out:
Here are some news and articles wherein this type of fundraising seems to be a rugpull or a scam made by these political figures and could be used by others as their plan in their fundraising without actual liability.
https://www.bbc.com/news/business-63995563
Then in here, you can see in the news that the NFT collectibles went down by 80% in 14 days! https://beincrypto.com/donald-trump-nfts-lose-momentum-declines-80-in-14-days/
Now, imagine owning those NFTs sold by Donald Trump, you will be feeling that you got rug pulled! Because you cannot sell them at a higher price anymore after the elections. You just gave the politician free money for them to earn more once they take the seat in the congress, senate or even vice-presidency and presidency!
The Dark side of politically-inclined NFTs
----> The example above of what Donald Trump did to "address" his fan base doesn't seem to just only get their money to have his campaign funds get funded but also took the liberty to bypass the decentralized nature of blockchain and the ERC-721 infrastructure to get those money that can be laundered or just use them for their own good and not for the good of their constituents in the U.S. or wherever these types of political persons enter the campaign period. This is what we can coin in as the "Dark side" of NFTs. No liability and we cannot even have them get sued because anytime they can deny it and has no laws governing the usage of NFTs yet.
Ethical impacts of political usage of NFTs
----> My reflection and take on the ethical usage of the NFT on politics is this: For me, NFTs must be used only by private persons and country citizens and not political leaders and politicians. I believe that NFTs must be used by businesses and artists to fund-raise for their upgrade of their skills and talents to be shown to the public more often. Small businesses should be the one to benefit as well from NFTs by making them handed out to their customers as their goodwill in being their customers and once they get an enough number of NFTs from the business, the customers can claim some rewards from it!
Let us defend the businesses that gives food for the table to their families and giving you services coming from them.
Perfect usage of NFTs from Polygon integrated with big businesses
Let me show you how the NFTs must be used. First of all, Polygon has their Starbucks Odyssey being rolled out wherein the customers of Starbucks can collect NFTs on-chain so that they can have different tier rewards and even get a reward wherein the loyal customers can go to the HQ of Starbucks and see how the operations and coffee are being made real-time!
Another use-case that I got on my mind in the future that "can" happen is the potential partnership of NVIDIA and Polygon - MATIC blockchain project! Imagine, every time you buy graphics card, there could be raffle, and the NVIDIA company can also be a validator node on staking of $MATIC token! That is what is waiting if ever this potential partnership can be made.
What I am trying to imply here is that NFTs must be used for the benefits of the ordinary people globally and get the benefits from their hobbies and interests and even from the food and drinks they buy! Not for politicians! A big NO! NO!
A light at the end of the tunnel for political-based NFTs for fundraising
---> You may see this as a biased view but maybe we can have these political NFTs to be tweaked by our congress to have these types of NFTs be able to share a big part of the revenue or sales to the taxes by our internal revenue. Certain shares can also be go to the different charities and also to those sectors of the government that needs funds.
You may ask me how to do it? Via smart contracts! In the world of blockchain and crypto, we do have smart contracts wherein the moment a specific trigger on the code is being satisfied, it will execute the pre-coded directions onto it. So for example, a political NFT is pre-coded wherein part of the sales will go to charity, it will automatically executed via blockchain execution and is immutable.
With the demand of transactions on-chain, and multi-chain capabilities and cross-chain transactions nowadays, what I do recommend is the Polygon technology: https://polygon.technology/
With these solutions above, it will make the political NFTs have a use-case to be made for funding different persons who really needs the most and not all will go to these politicians. These politicians cannot mess up the sales because it is all recorded on public ledger such as blockchain. No manipulation.
As a conclusion and summary, It is innovation and the redirection of use-cases of these kinds of NFTs are what is important to make us keep moving forward and making the world a better place for our constituents and fellow men. These people deserve the best coming from their government and from the blockchain because crypto is made by the people for the people including the technology that makes NFTs possible.
Thank you everyone for reading this about NFTs and how we can use these NFTs with the usage of Polygon to get re-purposed for the betterment of the world!