I met with a progressive gentleman, Usman Tijani, who is the product director and CEO of The Greenwood District Society, and his colleague, Jordan Bobo. The Greenwood District Society is a tech start up that utilizes NFTs to drive economic mobility among Black people and communities of color.
cj: What is an NFT?
UT: NFT stands for non-fungible token. A non-fungible token in the world of crypto [currency] and web3 is the next step in the internet space. Currently, Google and Safari are what we use in today’s society. So, now we are transitioning into something called web3 and it is just a new space where it is, like, a virtual reality.
cj: How does this NFT differ from what we are currently using in our economy?
UT: The NFT is a unique token in the crypto space and cannot be duplicated. In today’s world, we have fungible tokens, which are dollars or cents. If I give you a dollar and you give me a dollar, it is an exact exchange. In the NFT space, for example, I live in a house, and you live in a house, but our houses are different — they are unique, and they can’t be duplicated. That is what non-fungible pretty much means — it is a unique token in the digit space.
cj: How is the non-fungible token used in the digit space?
UT: So, in the digital space, a lot of projects are creating NFTs. For example, with our project, you have the opportunity to walk into different Black-owned restaurants and receive different perks and benefits from their establishments.
cj: Why would someone want to get involved with the Greenwood District Society project and NFTs?
UT: For our specific project, what we are doing is recreating the “Black Wall Street, “just like [in] the 1920s. For our project, the reason why you would want to join or utilize our NFTs is because we are helping to cut the racial wealth gap between races. We are educating the community on the crypto space, and we are also giving a chance for holders to get passive income with a smaller investment, instead of trying to go tooth and nail on thousands and thousands of dollars.
cj: What is the cost of NFTs?
UT: Our NFTs are only about $175.00 right now, and in about 10 years it can be worth more than $17,000 to $20,000 depending on how our phases move. If you are interested in the crypto space, this is a good guideline to enter. If you are not super in-depth or knowledgeable into this space, our project is a foundational start for a lot of individuals in our community.
cj: If someone wants to get involved in NFTs, how can they become a member of your society?
JB: If you wanted to become a holder, it is not as hard as it may seem. You go to our website — www.greenwoodistrictsociety.com —and from there, the homepage is the place that you can purchase mint. In the crypto world, the word “mint” just means buy inside the crypto space. So, if you have a little crypto knowledge, you would click that option and then go through that process on purchasing through the crypto way. But if you are not as in-depth into the process and you just want something basic and then learn as you go, then we have a “pay for card” option.
cj: How can I purchase an NFT and how can I use it?
UT: So literally, it is as simple as buying something online. You would go to our website, put in your information, make your purchase, and after that you become a townsperson. Then you go to a website called OpenSea. OpenSea is where all NFT projects are hosted. You can think of it as the Amazon of NFTs. So you know how you got to Amazon to purchase literally anything you want — OpenSea is the resemblance to that but just for NFTs.
Consider researching NFTs and what the crypto world has to offer, and see how this new way of living can help build generational wealth for you, your family and friends, as well as your community, as the world is changing all the time. There are many businesses in your immediate area that are using NFTs on a daily basis, and you, too, can become a member of this society. Going forward, we should consider starting NFT clubs or information sessions to learn and grow together in this newest way of living with Greenwood District Society.
Until next time…PEACE!
cj is a poet, educator, motivational speaker, and inspirational writer who resides in Philadelphia. if you were moved by this piece, shoot cj a “like” or comment at [email protected]
Disclaimer: The advice offered in this column is intended for informational purposes only. Use of this column not intended to replace or substitute for any professional or financial advice. If you have specific concerns or a situation in which you require specific financial help, you should consult with an appropriately trained and qualified specialist. This column, its author, the newspaper and publisher are not responsible for the outcome or results of following any advice in any given situation. You, and only you, are completely responsible for your actions.