The development of crypto currency has prompted individuals to rethink how they handle money and exchange in the modern-day world. Crypto currency started with the creation of Bitcoin and has since progressed into newer ideas such as NFTs. While Bitcoin is digital currency, NFTs are encrypted digital art pieces that can be sold or traded. Since the development of Bitcoin, those that partake in this system now have a new way to complete transactions without the use of the more familiar systems such as paper money and credit cards.

Crypto is a new process of encryption that involves the creation of a crypto or digital currency that serves as an accepted medium of exchange through a computer network. These transactions cannot be performed under a government system or fundamental authority such as a bank. Brad Fowler, a management information professor, shared some of his personal insight on NFTs.

“NFTs are built on the blockchain technology,” Fowler said. “A blockchain is basically a very secure ledger system. It allows two people to make a digital agreement that can be recorded in a way in which neither party can claim that they did not agree to the transaction. In the world of database, this is called non-repudiation.”

Fowler conveyed his predictions on whether the development of crypto currency will be a positive advancement in the future.

“I think they are solutions built on negligible problems,” Fowler said. “The problems that they solve, like giant banks and centralized government-backed currencies, are not a big enough problem that most people are seeking out cryptocurrencies in order to make their lives better.”

Despite this idea being a new and exciting prospect to some, there are still those that have their doubts about the system. A fair amount of people feel that things are changing too much and becoming overcomplicated. According to a 2021 survey performed by Morning Consultant, 20% of U.S adults are somewhat interested in the concept of NFTs. Only 9% felt very interested. Along with this, Morning Consultant also reached the conclusion that 23% of those collecting NFTs are Millennials.

A poll was also conducted to a general population on Instagram in which out of 72 people, 83% voted that the use of NFTs is a step in the wrong direction for society. Only 19% felt that it was a good advancement. Nathan Mulling, GC management information systems graduate, described his perception of NFTs and the potential effects they will have in society over time.

“I think crypto is all a scam. It’s a study in basic economics and it’s all about supply and demand,” Mulling said. “It has value because people think it has value. I’m not a fan. In terms of changes that I think it will have on the world I don’t really see it doing anything crazy.”

The pros and cons of cryptocurrency will remain a subject of debate for many years to come. While research shows that many people do not trust the concept, it is still a project that has continued to evolve. From Bitcoin, to now NFTs, it seems that crypto currency is here to stay, and society may just have to adjust with the times.