When Chris Washburn ’08 learned about non-fungible tokens (NFTs) in the summer of 2021, he was skeptical and critical. He first wondered why a smart person would spend so much money on pixel art. or a cartoon character. Despite the speculation, Washburn decided to take the risk and purchase his first NFT from the “Shiboshi” NFT collection. Now, he is deeply involved in the growing NFT community and is working on building his own collection.

Washburn, better known by his stage name DJ Washburn, DJs at Moonies Bar & Nightclub on The Commons and founder of Washburn Entertainment. Washburn was first exposed to cryptocurrency and NFTs through his favorite pastime: poker. the high risk-high reward the nature of cryptocurrency has made it a popular phenomenonto in the poker community, their similarities being what drove Washburn to roll the dice and invest in crypto.

“I had a friend who played poker professionally, traveled the world and played online,said Washburn. “He was big in bitcoin and cryptocurrency, and in 2016, he told me, “Hey, I made a lot of money from this, you should check it out.”

Cryptocurrency has a long and complicated story dating back to the 1980s, although the phenomenon was really recognized after the launch of Bitcoin in 2009. From there, hundreds of different coins entered the market with varying levels of success and recognition, and the price of Bitcoin is passed from $1 in 2011 to $36,850.10 in 2022.

NFTs are the latest trend in cryptocurrency world and have attracted massive attention over the past year. NFTs use blockchain, a system used to record the transaction and authenticity of cryptocurrency, to authenticate ownership of a unique digital medium. Mark Volkov, a computer science student at Ithaca College, explained the range of what can be turned into NFTs.

“NFTs are not considered a currency but are non-fungible tokenized digital assets that can be minted, bought, sold and transferred,said Volkov. “The scope of NFTs, as defined by the Ethereum Foundation, is anything that is unique and requires a demonstrable property.

NFTs have gained great popularity outside the realm of crypto. Celebrities show their NFTs as profile pictures and information programs and late–nightly talk shows discuss NFTs. Some artists like A Boogie wit da Hoodie, Lil Durk, and Meek Mill have mentioned creating mixtapes that only people with NFTs will have access to.

Moonies posted an image on Instagram on January 20 of two potential designs for a Washburn NFT DJ. The two portray DJ Washburn in an “Ithaca is Moonies” t-shirt and have since seen new variations on Washburn’s personal Instagram. While the NFTs were originally created as a joke, Washburn considered selling them with club-exclusive benefits.

“There’s no use or functionality for them yet, however, I’ve been thinking about how they might be applicable to Moonies,” Washburn said. “Maybe anyone buying an NFT for $10 or $20 could skip the line or get a special discount on something.”

Junior Kristen Stefanick is one of countless students who have developed an interest in NFTs.

“I first heard about NFTs through my brother who invested in them over the summer,” Stefanick said. “I was very skeptical and thought he would lose all his money. Since then he has made 10 times his initial investment.

Washburn’s interest in NFTs doesn’t stem from their current situation but rather where they are heading. Washburn thinks NFTs will play a bigger role in the Metaverse and our digital society and will serve a different purpose.

“You know, it’s not just about the artwork — it’s about what they come with,said Washburn. “It could be a membership or special access to an event or media collection …Let’s say you want to buy my NFT, you may also receive a T-shirt in the mail or an exclusive DJ mix.

Stefanick agrees that the potential of NFTs has yet to peak, explaining what she thinks is to come from tokens in the near future.

“There’s so much potential it’s ridiculous,” Stefanick said. “Maybe we will all get an NFT for graduating from Ithaca. There are so many things that go beyond the NFTs themselves.

While NFTs are still being experimented with in terms of everyday application, cryptocurrency has already been integrated into our lives as average consumers, with various banks and stores offering services to accept cryptocurrencies.

“There are digital assets called stablecoins, like USDC, that are pegged to the dollar and can be spent as currency with a Coinbase debit card,” Volkov said. “There are ways to spend any cryptocurrency you own in a store with the Coinbase Debit Card — of cours, there are conversion fees for switching from crypto to dollars.

Washburn has already implemented such services in its company: Washburn Entertainment. Customers can use crypto as a form of payment for Washburn’s music services.

“I started thinking, ‘How can I make my business innovative?’ said Washburn. “We started using cryptocurrency a few years ago as a method of payment for weddings and the like. Few people do it, but all Every time I tell people we’re taking cryptocurrency, their eyes light up because it’s something cool and innovative.

While millions of people around the world are engaging and embracing the financial and cultural influence of NFTs, many are dismissive. NFT and cryptocurrency are often accused of being harmful to the environment. According to Investopedia.com, 30 kilotons of e-waste are produced each year as a result of Bitcoin mining. Another criticism more specific to NFTs is the impact they have had on the artistic community. Anyone can make an NFT from any digital media, hence many artists who post content online have had their work stolen and sold as NFTs.

Whether or not NFTs triumph as the future of finance or become a tricky fad, Washburn said that ultimately most people buy and share NFTs simply to get involved in something new.

“It’s the same reason someone would spend $200,000 on a Rolex instead of $20 on a Timex.,said Washburn. “You’re going to buy these NFTs for a certain amount of money because it’s cool.”