In many countries, millions of people demand equal basic access to financial services that would allow them to meet their daily needs.
On this week’s episode of NFT Steez, hosts Alyssa Expósito and Ray Salmond meet with Mashiat Mutmainnah to discuss how renewable financing (ReFi) can provide more access and inclusiveness to blockchain technology.
Reassuringly, he explained that as a “message-driven movement,” ReFi enables users to redefine their relationship to the existing financial system and their relationship to finance and wealth.
What if there were newer models that could sustainably mitigate that? According to Matma, ReFi can redefine what money means and how it is used.
What is the ReFi effect?
Reassuringly, ReFi intends to raise awareness of how current financial systems operate in an “extractive” and “exploitative” manner. She also made a comparison with fast fashion, explaining that what enables a user to buy a T-shirt for $5 comes at the expense of a child laborer.
These “extractive” systems no longer work for people, and the basic principle of ReFi is accessibility and fair distribution.
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Reassuringly explained that ReFi is often seen as synonymous with climate, and while this is one of the pillars, ReFi enabled “tangible and accessible use cases.” Users can “connect” and participate in models and systems that can increase their overall prosperity and the well-being of the ecosystem.
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Therefore, ReFi can be seen as a way to triangulate the elements of sustainability by “stabilizing” climate and “biodiversity,” while also maintaining equitable access within global communities. This has the potential to create new financial models and systems that can increase prosperity.
As he reassuringly said:
“ReFi helps people change the way they relate to money.”
Related: NFT Steez and Co-Founder Lukso Explore Implications for Digital Self-sovereignty in Web3
Can Web3 and NFTs be used for social and public benefit?
When asked if non-fungible tokens (NFTs) could be used for social and public good, Mutmainnah referred to a pilot program that includes the “Loyalty NFT Rewards Program.” Similar to Starbucks’ more recent NFT loyalty program, Mutmainnah demonstrated how a similar scheme could yield positive and sustainable benefits.
For example, imagine buying an NFT that gives its holder free coffee for 10 days. In these models, NFTs can bring more economically viable benefits than purchasing the item, while increasing awareness of the good or service.
Contrary to the hype and speculation circulating about NFTs in 2021, more creators and platforms are expanding and exploring practical use cases from peer-to-peer and peer-to-business initiatives.
However, this does not mean that adoption always comes easily. According to Mutmainnah, there are many “pieces of infrastructure” to explore beyond NFTs, including creating more dynamic products that enable this.
It’s a dance between “making a product frictionless” for seamless adoption and enabling the user to be a “progressive” user who takes “full ownership of their assets,” he explained reassuringly.
To hear more of the conversation, tune in and tune in to the full episode of NFT Steez on Cointelegraph’s new podcast page, or on Spotify, Apple Podcasts, Google Podcasts, or TuneIn.
