NFTS!!! WHAT ARE THESE? HOW CAN I GET INTO THIS?
Ever had this experienced of like an explosion of blockchain news to leave you thinking?
“...that feeling of Like what is happening??” That’s the feeling you experience when reading about boys getting millions of dollars for NFTs or about boring pictures being sold for high cost.. And by the time we all thought we sort of knew what the deal was, the founder of Twitter put an autographed tweet up for sale as an NFT. But how we’re still seeing headlines about people paying car money for clip art of rocks and your mum and dad probably still doesn’t really understand... So I pray you are kind enough to share this to them
what are NFT's?
You might be wondering: what is an NFT, anyhow?
After literal hours of studying, I think I know. I also think I’m going to cry.
Okay, let’s start with the basics:
WHAT IS AN NFT? WHAT DOES NFT STAND FOR?
Non-fungible token.
That still doesn’t make it any clearer right?
Right, sorry. “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a token is fungible — trade one for another token, and you’ll have exactly the same thing. A one-of-a-kind trading token, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Customized converse and got an old Rickety boot crazy ain't it?
So How does NFT work?
At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.
What’s worth picking up at the NFT supermarket?
NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.
You mean, like, people buying my good tweets?
I don’t think anyone can stop you, but that’s not really what I meant. A lot of the conversation is about NFTs as an evolution of fine art collecting, only with digital assets
What’s the point of NFTs?
That really depends on whether you’re an artist or a buyer.
I’m an artist.
First off: I’m proud of you. Way to go. You might be interested in NFTs because it gives you a way to sell work that there otherwise might not be much of a market for. If you come up with a really cool digital sticker idea, what are you going to do? Sell it on the sticker Store? No way.
Also, NFTs have a feature that you can enable that will pay you a percentage every time the NFT is sold or changes hands, making sure that if your work gets super popular and balloons in value, you’ll see some of that benefit.
I’m a buyer.
One of the obvious benefits of buying art is it lets you financially support artists you like, and that’s true with NFTs (which are way trendier than, like, Telegram stickers). Buying an NFT also usually gets you some basic usage rights, like being able to post the image online or set it as your profile picture. Plus, of course, there are bragging rights that you own the art, with a blockchain entry to back it up.
No, I meant I’m a collector.
Ah, okay, yes. NFTs can work like any other speculative asset, where you buy it and hope that the value of it goes up one day, so you can sell it for a profit. I feel kind of dirty for talking about that, though.
So every NFT is unique?
In the boring, technical sense that every NFT is a unique token on the blockchain. But while it could be like a van Gogh, where there’s only one definitive actual version, it could also be like a trading card, where there’s 50 or hundreds of numbered copies of the same artwork.
Who would pay hundreds of thousands of dollars for what basically amounts to a trading card?
Well, that’s part of what makes NFTs so messy. Some people treat them like they’re the future of fine art collecting (read: as a playground for the mega-rich), and some people treat them like Pokémon cards (where they’re accessible to normal people but also a playground for the mega-rich). Speaking of Pokémon cards, Logan Paul just sold some NFTs relating to a million-dollar.
It would be hilarious if Logan Paul decided to sell 50 more NFTs of the exact same video
Linkin Park’s Mike Shinoda (who also sold some NFTs that included a song) actually talked about that. It’s totally a thing someone could do if they were, in his words, “an opportunist crooked jerk.” I’m not saying that Logan Paul is that, just that you should be careful who you buy from.
Are NFTs mainstream now?
It depends on what you mean. If you’re asking if, say, my mom owns one, the answer is no.
But we have seen big brands and celebrities like Marvel and Wayne Gretzky launch their own NFTs, which seem to be aimed at more traditional collectors, rather than crypto-enthusiasts. While I don’t think I’d call NFTs “mainstream” in the way that smartphones are mainstream, or Star Wars is mainstream, they do seem to have, at least to some extent, shown some staying power even outside of the cryptosphere.
But what do The Youth think of them?
Ah yes, excellent question. We here at The Verge have an interest in what the next generation is doing, and it certainly does seem like some of them have been experimenting with NFTs. An 18 year-old who goes by the name FEWOCiOUS says that his NFT drops have netted over $17 million — though obviously most haven’t had the same success. The New York Times talked to a few teens in the NFC space, and some said they used NFTs as a way to get used to working on a project with a team, or to just earn some spending money.
So to sum it all up!
let me Give you a perfect example
let's say you have your own coffee shop, so you want to do something spectacularly extra for your customers, you release 100 NFT'S that give the holders a free coffee everyday for life! you sell these for $150 each and made $15k off the initial sale, so as people starts to see the value in holding these NFts thier floor price starts to rise beyond the initial $150 in the secondary Market, so if one of your holders, decides to accept an offer of $300 and sells, doubling his investment... yeah you just made $15 too off that's sale since you'd set your royalty to 5% and of course get a new client... Let's say 1year later, they now valued over $1000 each.. your shop is famous and you have an hour long line outside your shop, you made $15k off of the initial sale and $50k in secondary sale and now you decide to open another branch
All because of Free Coffee
So after reading this maybe like me or an average Nigerian
you'd want to just jump and start looking for where to get Nft or how to make one or plenty so you have plenty money.. My candid advice is to be guided, so many people even those I know personally have lost fortunes because of NFts, because as the value can rise, so also it can fall
they are a lot of Nft courses out there.. but the higher the price the higher the quality, I have a Friend called Saheed, this guy likes quality stuffs but he will always can't afford it
so if you are like him
there's always a way, there's a book by Coin Gecko I'd recommend, this book will guide you from creating your own NFts to positioning your self where to sell fast, it's basically the most comprehensive guide you'd get on how to NFT
So here's your Guide.https://enigma778.gumroad.com/l/eryjo