The Rich Get Richer with Crypto and NFTs

The great promise behind crypto was a redistribution of power and wealth from the haves to the have-nots.

But this might be nothing more than a warm and fuzzy front, not dissimilar to NIKE publicly supporting Black Lives Matter while their sweatshops work overtime in China.

Providing the technology to democratize access is one thing, but who will supply the money, time, and education required to take advantage of those opportunities?

If power and wealth are being redistributed, they’re being redistributed from one privileged class to another.

Let’s take a closer look.

Capital

According to Bankrate, only 39% of Americans can afford a $1,000 emergency bill — that is to say that almost 2 in 3 Americans has no more than $1,000 in savings.

When you consider that the floor price of appreciating assets such as a parcel of land in The Sandbox metaverse is about 3.2 ETH (about US$10,000 at time of writing), it’s easy to see how most Americans are priced out of the market.

And if that wasn’t enough, access to rapper Snoop Dogg’s mansion in The Sandbox metaverse will set you back about 1 ETH (about US$3,300, and three times more than most Americans have saved).