Who does not know the famous story of Hans M. Gluck, as written by the Brothers Grimm, among others. It’s about how the protagonist gradually exchanges a solid piece of gold for less valuable things. From horse and cow to pig and goose to the stone of the tooth, which at the end also falls into a deep well.
Property is binding, and thus makes Hans Walgamot happy to free himself little by little from worldly possessions. However, if you have a goal of at least building a small fortune and ensuring prosperity in retirement, you probably shouldn’t emulate it. However, that is exactly what many are doing at the moment.
How Hans Wohlgemut is imitated today in the world of colorful tokens
A modern Hans im Glück may also begin with a bowl of gold or a precious heirloom. In the first step, he makes a good deal with her. He buys a small business that is worth less than jewelry but still brings him a good monthly income.
But work is boring. An acquaintance convinces him to sell him the business and take a stake in a good public company with the proceeds. “Then you don’t have to worry about anything anymore,” Hans thinks. He does not pay well, but he is happy to own high-quality shares. Because they pay him a good return every year.
After two or three years he is bored. He now knows more about the stock market and is interested in the stocks with the most “moving”. So he tossed his distributed shares out of the wallet. Instead, it enters into more speculative segments when they encounter a lot of hype.
A subsequent rollercoaster ride in stock prices is not good for him. But he already has his next goal in mind. Everyone is talking about cryptocurrency. The future looms there and everything is virtual there. No more companies to follow, just fluctuating prices.
So he is exchanging his stocks of biotech, lithium, and marijuana into bitcoin, ether and dogecoin for much less than their original price. As he looks around in this virtual world and learns terms like Metaverse and Web3, he encounters NFTs (short for Non-Fungible Token, so “NFT-Token” is a meaningless iteration), that is, digitally protected objects.
Why should he have colorless bitcoins when there are other symbols that are inseparable from great works of art? Without thinking twice, he exchanged his cryptocurrency holdings with a colorful set of photos, which are meticulously documented in the NFT blockchain at all times. Despite the complex underlying technology, this works in a completely uncomplicated manner. “Fantastic” thought our Hans.
cues from the story
In theory, Hans can make a lucky break and make a fortune using the appropriate NFT item. Even if you regularly read such stories about the released articles, it is very likely that over time millions and millions of unique photos will prove as worthless as a sharpening stone in a well.
You just have to keep in mind that good marketing is behind the success of the vast majority of virtual tokens. Through targeted psychological tricks, new and inexperienced players are still being recruited all over the world who invest good money in often ultimately worthless virtual properties.
The big trading platforms often don’t even bother to explain in their advertisements what the purported benefit is behind the things being traded. It is all about the movement of prices, just like the casino is all about the movement of the roulette ball. And in the end, as everyone knows, the bank always wins.
If you think happiness lies in owning nothing, Hans Volgmot’s Modern Way might be just the thing for you. For everyone else, it makes sense not to be thrown off track by the wrong temptations of smart marketing people: physical assets, jobs, businesses, and quality inventory remain the first choice if you’re serious about building wealth.
The article Hans Wohlgemut will trade gold for NFT tokens first appeared on The Motley Fool Germany.
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