$700 billion. That’s how large the NFT market is expected to reach by 2034. Let that number sink in. Seven hundred billion dollars. And at a time when so much of it is being used to fund speculation on digital monkey pics and virtual kicks. It’s enough to drive you to rage quit, isn’t it?

Imagine if we could turn just a small percentage of that wealth to support something more impactful. What if NFTs could instead be a powerful engine to promote social justice? That’s not just a pipe dream, it’s the current untapped potential.

What if NFTs Funded UBI?

Now, picture a world where NFTs do more than bragging rights and digital scarcity, but instead result in tangible real-world impact. This is what we’re proposing with UBI paid out through NFTs.

Think about it: instead of relying on bureaucratic systems, governments or charities could issue NFTs to individuals or families in need. In practice, these NFTs would be redeemable for reimbursements on a basket of necessary goods and services, or perhaps even transferable into other stablecoins.

The blockchain’s transparency would promote accountability. We’d eliminate waste, fraud and abuse, maximizing the impact of every taxpayer dollar. Then we’d have the ability to see, in real time, where all this money is going and how it’s all being used. It’s a far-reaching concept, but the possibility is staggering.

You might be thinking, "That sounds complicated." And you're right, it does. But so was the internet in 1995. The technology is there. What’s lacking is the desire to reach for potentially positive outcomes.

Community Ownership Revolutionized by NFTs?

It’s time to go beyond personal assistance and focus on collective liberation. This notion is just the tip of the iceberg on how NFTs can transform community ownership.

Consider a struggling rural community facing deforestation. Rather than bringing in outside developers, the community could simply tokenize its forest. Each NFT affords you a piece of ownership in the value of the forest’s resources. As a holder, you accrue these dividends, which are derived from sustainably-harvested natural resources.

In doing so, these NFTs can draw socially responsible investors from around the world. Through selling them, the community will draw in the capital necessary to restore its forest and develop an economy that can sustainably support it. This isn't just theoretical. DAOs (Decentralized Autonomous Organizations) are already experimenting with similar models of ownership and resource stewardship.

This is where the awe comes in. The idea that a small community can control their own destiny, fuelled by a global market and blockchain technology, is mind-blowing.

Standards Needed for Ethical NFTs Now!

The elephant in the room is ethics. We cannot have a serious discussion about how to use NFTs to advance social justice while ignoring their environmental consequences and the risk of exploitation. The carbon footprint of a lot of NFT projects is frankly disgusting.

We should have industry-wide standards for how NFTs are produced and traded that prioritize social good. This includes:

  • Proof-of-Stake (PoS) blockchains: Moving away from energy-intensive Proof-of-Work (PoW) blockchains like Bitcoin.
  • Carbon offsetting: Investing in projects that remove carbon dioxide from the atmosphere.
  • Transparency: Disclosing the environmental impact of NFT projects.
  • Fair labor practices: Ensuring that artists and creators are fairly compensated.

It's not just about being green. It’s more about creating a sustainable ecosystem that works for all stakeholders — large and small — than the few who currently profit. Industry must do a better job of self-regulating or recognizing the need, or governments will be forced to intervene. And frankly, they should.

What we really need are regulations that encourage beneficial uses of NFTs, while making it more difficult to use the medium for illicit or socially harmful reasons. Tax breaks for NFTs that fund charities? Subsidies for DAOs that promote community ownership? These are the types of policies we need to be talking about.

Nike’s recent entry into the NFT space with RTFKT Studios is a clear indicator that major brands are taking notice. We need more than brand integration. To unlock the true potential of what NFTs can do, we need to embrace a paradigm shift in the way we conceptualize them.

The projected growth of the NFT market, with North America leading and Asia Pacific catching up fast, presents a massive opportunity. Are we going to throw it down the drain on shiny new digital baubles? Or will we use it to build a more equitable future?

The choice is ours. Let's demand change. It’s time to start holding NFT creators and platforms, and local and federal policymakers accountable. Let’s join together our collective strength, and make these new tools a powerful force for social justice. The other half of that $700 billion opportunity is out there, just waiting to be claimed. Don't let it slip away.