Identity is the new money.
In today’s consumerist society it can seem as if money conceals our true identity – our clothes, our house, our car have become status symbols, which communicate financial success. What we can afford often defines us in the eyes of others and the objects we own act as a veneer that can obscure our true selves.
In recent years, our relationship with money has started to move beyond facilitating our personal identity (through material ownership), to our identity becoming the new money. For example, creditors are beginning to analyse a person’s behaviour via social media networks, to determine the likelihood individuals will repay loans. Mobile payment apps are utilising biometrics (face recognition, fingerprints) to create secure payment methods. Electronic money is combining with our individuality and this trend is likely to continue, as smart phones become ubiquitous payment methods, which harbour large amounts of personal information.
Currently all technological advances, which have brought money and identity closer together, have been add-ons to the existing monetary system. What if this technological progression continues and identity actually became money? What would this system look like? How would it work and how would value within this system be derived?
The FOM award invites creative practitioners to imagine a future world where identity has become the new money. We are looking for either hopeful or woeful visions of this monetary future, which explore the social impact of this technological trend.
The competition will run in two phases.
FIRST PHASE – Initial Idea
Please submit an overview of your initial ‘Identity’ concept. Preferred format = PDF. Maximum 3 pages communicating the concept and examples of previous work (website or PDF).
Deadline for submission 10th February 2014.
Send entries to email@example.com
SECOND PHASE – Project Development
Shortlisted entrants will receive £500 each to develop their idea and produce a short video. The videos and concepts will be judged during the annual Tomorrrow’s Transactions forum in London, and prizes will be handed out to the winners.
The awards will be presented during the annual Tomorrrow’s Transactions forum, on the on 19-20 March, organised by Consult Hyperion.
The top three entrants will have the opportunity to present their concepts at the Digital Money Forum to an audience of financial experts and industry leaders.
£500 each for project development.
1st prize – £750
Winners and shortlisted entries will also be uploaded to the Future of Money archive.