Delving into cryptocurrency and NFTs at The Fledge

TUESDAY, Dec. 14 — Have you read the sensational media coverage of cryptocurrency and nonfungible tokens, better known as NFTs that are sweeping the Internet? Are you as confused as many other people are? Then you might find an upcoming series of classes at The Fledge, The NFT Happy Hour, to be quite fascinating.

“I am going to go through the history of The Fledge, so people know what our cause and what our battle is,” said Jerry Norris, founder of The Fledge in Lansing. “Then, we’re going to get into the very basics of crypto, blockchain and smart contracts. We will talk about NFTs and their true value.” 

Norris has long been invested in the world of cryptocurrency. In 2017, before the craze become totally mainstream, Norris had an operational Bitcoin ATM for use by visitors to The Fledge and even developed his very own cryptocurrency, known as Fledgecoin, or FLDG. With a cryptocurrency of its own, Norris said The Fledge has created an innovative way to raise funds for its multiple community-focused services, such as hosting concerts and computer classes and charitable efforts like food drives. 

“Since the beginning of The Fledge, we’ve been involved in crypto,” Norris said. “We were buying Bitcoin and Ethereum and some of the other popular coins back then. We got in early, so we were able to build assets. But we always reinvested back into the Fledge.” 

But why develop an exclusive cryptocurrency in the first place? Why not just use the more popular and well-established currencies like Bitcoin, Ethereum and Dogecoin? Norris said there are many ugly flaws with mainstream cryptocurrencies. There are several reported instances of cryptocurrencies being used to lure unwitting victims into pump and dump schemes, as well as cases where users pay for goods with cryptocurrency, only to never receive their order. With its own cryptocurrency, The Fledge crew can maintain a less dangerous system.

“There are a lot of ills associated with crypto, from environmental impact to the way that crypto is pumped and dumped and can hurt people that get in late,” Norris said. “There are predatory things where people are told to send somebody Bitcoin for a car they’re buying, and the car never shows and they can’t get their money back. To make our own coin is to define what that coin can be used for and how speculation will work.”

Norris is part of a growing group of people that believe cryptocurrencies and NFTs are the future for a primarily digital-based economy. The Fledge has its own series of NFTs for trade called Fledge Flies. The profits accrued by Fledge Flies are used to reinvest and bolster the center’s resources and community projects.

An NFT is a digital piece of data that is stored on a digital ledger known as a blockchain. These can be purchased and traded among users for cryptocurrency, then ultimately be exchanged for a cash value. The purpose of NFTs have been questioned because, after all, saving an image or other data on the Internet can be as simple as right clicking with a mouse. Norris has explanation for the true value of an NFT, and why he thinks they will become standard in the coming future. 

“When you buy a car from somebody, you give them your money and they give you the title and the proof of ownership. They also give you the keys. That is how you realize your ownership of the car,” Norris said. “With an NFT, the digital image is just a happenstance.”

“Behind every NFT there is something that is known as an ‘unlockable,’ which is future value for the NFT,” Norris added. “For example, if you bought a Fledge Fly, we might announce that anybody who bought one can come to any show in 2022 and not have to pay for anything.”

NFT Happy Hour at The Fledge

Wednesday, Dec. 15, 5:30 p.m.

The Fledge

1300 Eureka St., Lansing

Facebook.com/Thefledge