Is Self Tokenization Inimical to the Extant Financial System? | Solomon Oluwaseun Olukoya

Have you ever thought of a financial system that makes it possible for us to buy and sell our friends? Crazy right?

Meet Alex Masmej. A 23-year-old who thought of forging a new paradigm for the creation of economic value known as self-tokenization.

In the world today, nearly anything can be invested on, thanks to the emerging revolution of the internet – Web3.0.

By it, just about anyone can become an investor, unlike what the old financial system avails.

As the world is getting more financialised, the emergence of Web3.0 has ruthlessly disrupted the now mundane financial system, thereby making it possible for people not to invest in just companies or government bonds alone, but in digital assets, people, life, culture, and the likes, which has hence opened up and widened the roads for the creation of wealth which was previously restricted to some selected few.

Could it be that we finally going to experience the era where the decision-making process abides by the many other than the few?

What Alex did by tokenizing himself simply means that persons who invest in or are owners, or holders of Alex Masmej’s token as in $Alex (the dollar sign before “Alex” represents Alex Masmej as a commodity hereinafter referred to as $Alex Token) can vote and make life decisions for Alex Masmej.

Life’s decisions include every decision Alex could make for himself, including what to wear, what kind of food he eats, places he should or should not visit, and even as trivial as when he should go to bed, daily.

Alex thinks this is the best way to fund a startup, because there are little or no hitches at all in venturing into the crypto industry, probably due to its newness and less mass adoption.

This speaks volumes as to how financializing digital assets, life, people, and culture can facilitate and play a major role in the equitable distribution of wealth even though it places humanity as the stake, which is apparently the only challenge in the system.

Inquiries from Alex himself reveal that almost all the investments in him are owned by founders and whales in the crypto industry who are out to help him, and think his self-tokenization as an idea is “funny” and somewhat adventurous and challenging.

While this is still a hot topic of discourse, it is trite to note that Alex is not exactly bound by any policy, as any investment in him is considered a risk as well as it is to be seen as some sort of crowdfunding. Therefore, it is not regulated by the SEC or any agency or even policy.

However, they have been a lot of concerns as to what happens should he succeed in his business which was the underlying reason he resorted to self-tokenization.

And I think that has afforded us a billion-dollar question; should personalized tokens be regulated?

Source: Solomon Oluwaseun Olukoya