Who, What, Where, When, Why NFTs
Hello Frens,
Hello Frens,
Welcome to 2022; I felt it would be appropriate to explain to you “Who, What, Where, When & Why NFTs.” This post will cover What are NFT’s, Who is supporting them, and Why they are so important.
What NFTs
The acronym NFT stands for “Non-Fungible Token.” A non-fungible token is a form of a digital asset where the NFT can verify the authenticity through blockchain technology and smart contracts. NFT allow you to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain. The majority of NFT’s fit the categories of digital collectibles, music, artwork, and in-game items. You can find an in-depth guide explaining NFT’s at Opensea.
Why NFTs
NFT’s have reached mainstream media, celebrities, and shining light on digital creators in the past few months like never before. As a collector of Pokemon cards, FunkoPOPs, and fiat currencies. In my opinion, this is the future of collectibles, licensing agreements, gaming, sneakers, and other aspects of daily life. I have seen early adopters of NFT’s make thousands of dollars off of NFT’s such as Cryptopunks, BAYC, Cool Cats NFT, Gutter Cat Gang, Axies Infinity, and my personal favorites Cryptokitties. Even if you do not believe that NFTs have a future, there is no doubting the substantial amount of capital people are earning and losing. If you follow any NFT influences, their second or third post typically will usually read “NFT’s changes lives,” or “NFT’s changed my life.”
You also have notable brands that have entered the space, such as Nike, Adidas, and Pepsi.
Starting with Adidas collaborating with BAYC this being the first major real-world brand joining the metaverse with avatars. Link to collection Adidas Into the Metaverse
Nike followed suit with the purchase of an NFT studio called RTFKT Studios. They recently released their collection and with Clone X — Takashi MurTakashi. Unfortunately, this collection was riddled with controversy since a significant amount of insider trading occurred pre-announcement.
Pepsi launched their NFT collection, which was a raffle, and all raffle spots were botted, and actually, collectors had to purchase on the secondary market. The collection has no utility to as we know so far.
Who NFTs
Mike Winkelmann, the digital artist Beeple has never sold a print for more than $100. However, earlier this year, on March 11th, Beeple sold his NFT for a record-breaking $69 million at Christie’s. In addition, the famous collage, Everyday’s: The First 5000 Days, was sold at Christie’s. According to the auction house, this sale positions him “among the top three most valuable living artists.” A few factors contribute to why Beeple’s work has become so valuable. For one, he’s developed a large community of followers, around 2.5 million followers across all social channels. One of his most notable works is “Everyday,” Winkelmann creates and publishes a new digital creation every day. This project is now in its 14th year. The Verge interviewed Noah Davis, a specialist in post-war and contemporary art at Christie’s, said, “He showed us this collage, and that was my eureka moment when I knew this was going to be extremely important.” He continues to say, “It was just so monumental and so indicative of what NFTs can do.” NFT’s can change lives for digital creators who have put in the blood, sweat, and tears.
Where & When NFTs
NFT trading is fickle and vain; You will never know when or where the market will go. So timing is crucial, and you need to sprinkle all of your luck. So first, let’s talk about where NFTs. The best place to find NFT projects is usually on Twitter, Discord, and follow what NFT whales do. Finding a project isn’t the hard part. Vetting the project is the hard part, with the plethora of projects popping up from every crevice in the MetaVerse. I would highly recommend DYOR(Doing your own research) and NFA (Not Financial Advice) are two terms to get very familiar with since every so-called NFT/Crypto Guru will say this while shilling their paid promotion.
Few things to consider when prospecting a project
Artwork/Artist: Either the artwork is something you like, or the artist is well known
Community: Looking for a vibrant, engaged, welcoming, and informative community.
Hype: No matter how well known the artist is or how beautiful the art seems. Most projects live/die with how much hype the projects generate.
Utility: Many NFT projects will offer “utility” as an incentive to mint their project. Most incentives are either Merch, collaboration with other projects, ERC-20 protocol tokens, and many more. Most of which are useless, in my opinion.
DYOR: Do Your Own Research — I mean it.
To close this out. We all want to find a project that will 10x — 20x. Unfortunately, these projects are harder to come by. I would use some luck and be at the right place and at the right time.
See you in the Metaverse. 😎