On September 30, NFT Steez, Twitter Spaces hosted by Alyssa Exposito and Ray Salmond met with Mashiat Mutmainna to discuss how renewable finance (ReFi) can enable greater access to and integration of blockchain technology.
ReFi as a “message driven movement”, a hopeful explanation, allows users to rethink their relationship to the current financial system and their relationship to finance and wealth.
Currently, millions of people in many countries do not have basic and fair access to financial services that would enable them to meet their daily needs.
What if there were newer models that could mitigate this sustainably? ReFi could redefine what money means and how it is used, Mutmainna said.
What is the effect of ReFi?
He assured, assuring that ReFi informs how existing financial systems operate in an “exploitative” and “exploitative” way. She also drew comparisons to fast fashion, explaining that what allows a user to buy a $5 shirt comes at the expense of a working child.
These “pull” systems no longer work for people because the core of ReFi is accessibility and fair distribution.
He reassuringly explained that ReFi is often seen as synonymous with climate and that despite being a mainstay, ReFi provides “tangible and accessible use cases”. Users can “plug in” and participate in models and systems that can enhance their overall well-being and that of the ecosystem.
Thus, ReFi can be seen as a way to triangulate the elements of sustainability by “stabilizing” climate and “biodiversity” while maintaining equal access in a global society. This can lead to the creation of new economic models and systems that can increase wealth.
“ReFi helps people change their relationship with money.”
Related Topics: NFT founders Steece and Luxo explore the implications of digital sovereignty in Web3.
Can Web3 and NFT be used for social and public good?
When asked if NFTs could be used for the public and public good, Mutamina referred to a pilot program that includes a “Reward NFT Loyalty Program”. Similar to the recent Starbucks NFT loyalty program, Mutmainnah has demonstrated how such a scheme can deliver positive and sustainable benefits.
For example, imagine buying an NFT that can give its holder free coffee for 10 days. In these models, NFTs can provide benefits that are more cost-effective than buying a product while increasing awareness of the product or service.
Contrary to the hype and speculation swirling around NFTs in 2021, more creators and platforms are expanding and exploring practical use cases for peer-to-peer and peer-to-peer initiatives.
However, this does not mean that adoption is easy. Beyond NFTs, there are many “infrastructure elements” to explore, Mutmainna said, including building more dynamic products that enable this.
Mutamina explained that there is a kind of dance between “creating a seamless product” for smooth adoption and allowing the user to be an “advanced” user who gets “full ownership of their assets”.
For more on the conversation, tune in to the full episode of NFT Steez and be sure to mark your calendars for the next episode on October 7 at 12 pm EST.