Why buy an #NFT when you can just right click save on Google?
Here's why it makes sense.
1/ Thread 👇
Here's why it makes sense.
1/ Thread 👇
2/ First off, what's an 'NFT'?
Non Fungible Token.
Cryptocurrencies are mainly FUNGIBLE tokens.
They can be interchanged equally whether the token was mined 10 years ago or today.
Like how a $1 note = another $1 note = Fungible.
Non Fungible Token.
Cryptocurrencies are mainly FUNGIBLE tokens.
They can be interchanged equally whether the token was mined 10 years ago or today.
Like how a $1 note = another $1 note = Fungible.
3/ So 'Non Fungibile Tokens' are unique.
Each is different.
You can link these tokens to art, virtual land, game items, tickets, etc.
Basically everything digital and beyond can be attached to a token and thus making it tradable.
Each is different.
You can link these tokens to art, virtual land, game items, tickets, etc.
Basically everything digital and beyond can be attached to a token and thus making it tradable.
4/ So when you are buying an NFT, you're buying a token that represents something.
In the example of cryptopunks. There's 10,000 of them.
But only 7 are of the 'alien variety'.
One sold for $7.5M
I know. WTF.
But it's rare and punks are one of the first NFTs on Ethereum.
In the example of cryptopunks. There's 10,000 of them.
But only 7 are of the 'alien variety'.
One sold for $7.5M
I know. WTF.
But it's rare and punks are one of the first NFTs on Ethereum.
5/ And then you have virtual land.
Each little pixel below is a 16x16m virtual land, (birds eye view).
But when you enter #Decentraland, you can visit what people have built in 3D and eventually VR.
Some of these NFTs have gone from $100 to $100,000.
Each little pixel below is a 16x16m virtual land, (birds eye view).
But when you enter #Decentraland, you can visit what people have built in 3D and eventually VR.
Some of these NFTs have gone from $100 to $100,000.
6/ So an NFT is much more than an image.
It's a way for artists, creators, projects to make digital assets tradeable among different marketplaces.
In the case of the art industry, these NFTs represent digital art that artists can asign scarcity to.
It's a way for artists, creators, projects to make digital assets tradeable among different marketplaces.
In the case of the art industry, these NFTs represent digital art that artists can asign scarcity to.
7/ So an artist can, for the first time, 'sell', their art as a scarce piece.
Whether they asign only a single token thus making it a one of a kind.
Or maybe they have 100 tokens that represent the same art piece. Thus there can be technically 100 owners.
Whether they asign only a single token thus making it a one of a kind.
Or maybe they have 100 tokens that represent the same art piece. Thus there can be technically 100 owners.
8/ Since it's on blockchain you can do cool things with your NFT.
Take a loan against it on @nftfi
'fractionalize' it on @NIFTEX
Stake it to get 0 fees on @BondlyFinance DEX
Use it as a ticket to a club like @3LAU did in @decentraland.
Take a loan against it on @nftfi
'fractionalize' it on @NIFTEX
Stake it to get 0 fees on @BondlyFinance DEX
Use it as a ticket to a club like @3LAU did in @decentraland.
9/ Creators, Builders, devs, artists are all realizing there is so much that can be done here.
Which is why it has a lot of investors and creators rushing to the space.
What else can be made an NFT? What other industries can NFTs disrupt?
Learning? Insurance? Identity?
Which is why it has a lot of investors and creators rushing to the space.
What else can be made an NFT? What other industries can NFTs disrupt?
Learning? Insurance? Identity?
Here's 25 industries the NFT industry is disrupting.
https://twitter.com/DCLBlogger/status/1304420025449631744
10/ I'll end with this beauty @punk4156 posted.
NFTs mean nothing if it's a picture on your phone.
The value is with the token holder.
NFTs mean nothing if it's a picture on your phone.
The value is with the token holder.
https://twitter.com/punk4156/status/1376195997525667840
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