Welcome back to Geeky fellas. The topic of today is not for anyone. If you still believe BTC is a scam then stop right here. Don’t keep scrolling. Cause we are about to speak of an entire world created on blockchain. Something like digital art, digital collectibles and so on. You still there? Awesome! Let’s keep on going 👇
Definition of NFT
NFT stands for Non-fungible token. Pretty easy so far, right? Let’s break that down though.
Non-fungible: a non-fungible asset refers to something of a distinct value. You will never find two which are the same (a house for example).
For example, Bitcoin is a FUNGIBLE TOKEN. 1 BTC = 1 BTC= 1 BTC and so on.
Non-fungible token is when things get mind-blowing 🤯
Art on blockchain
If you are a bit confused do not worry, it is normal. I am still confused too although I have been studying NFT’s for a month now.
What do blockchain and art have in common? Technically nothing, right? That was true before blockchain. Nowadays, they have a loooot in common and here’s why.
This is Trevor Jones’ crypto painting. As I am posting it here, it’s increasing it value and he’s making more money.
By doing this, the process allows us to create proofs of authenticity for digital content that can be owned, traded and sold. Indeed, all these tokens are basically stored on an open blockchain (Ethereum for example), and all the data can be verified by anyone in the world.
The implications of this are truly infinite, and we’ve just begun to scratch the surface of possibilities. So far, non-fungible tokens are being used to create industries around digital art, collectibles, gaming skins, digital land, and many many more.
OMG I had a dream: Memes were on sale.
Then I woke up this morning and boom. Here’s the headline of Business Insider.
When I have read it I was like:
But yes guys, that’s pretty much what’s happening right now in the world. Buying memes as well as art is so doable with NFT’s. I know that you are still more like the guy below.
But let’s calm down and make an example. Imagine if you create an image (any image) via Photoshop or a video. To turn it into an NFT, you just gotta mint it on blockchain. Afterwards, you just put it online for sales in many website out there (my fav is Nifty Gateway), sell it and hopefully make money every time is being sold or traded. And that’s not crazy, it’s just the world of NFT’s.
Would you ever pay for painting-like video of Kobe Bryant $200k? The answer is probably no but many people would. They are actually doing I
Zoom out: the Internet is valuable
NFTs allow us to completely transcend the supposed conflict between scarcity and abundance.
By creating a rare 1 of 1 NFT that represents a potentially famous and consumed file, we open the doors to capturing the value of viral content. Not necessarily making money every time the content is consumed, but by the value of that unique and original NFT going up. A great analogy useful to understand what we are talking about, it’s the Mona Lisa.
You can take photo of the Mona Lisa with your phone. But you never claim the ownership of the painting. The more pics you share on social media the better is in terms of painting value.
NFT’s are going to stick around for the next decade. Someone compares them to Internet back in 2003. Interesting years ahead.
Alright, thanks for sticking through guys, hope you enjoyed it. If you did, share this post on LinkedIn, Instagram or Facebook. You can also leave a comment and sign up to the newsletter. If you did not like it, let me know and gimme some tipssss! See ya 👋👋👋👋