Things like these are getting sold for millions.
Is this madness or is there some mega-trend at play?
Let's understand the NFT craze: ππ
Is this madness or is there some mega-trend at play?
Let's understand the NFT craze: ππ
1) NFT?
- It is an asset on a blockchain network (eg. Ethereum network)
- B/c the data can be tracked, it has a clear proof of ownership.
- And, like the Monalisa painting it holds no value if it is broken down (hence, it is non-fungible)
- Example:
Jack Dorsey's Tweet
- It is an asset on a blockchain network (eg. Ethereum network)
- B/c the data can be tracked, it has a clear proof of ownership.
- And, like the Monalisa painting it holds no value if it is broken down (hence, it is non-fungible)
- Example:
Jack Dorsey's Tweet
2) Just because you 'own' a NFT does not mean thatΒ you get to do whatever you like with it:Β
- For example, you can't change Jack's Tweet above even if you are the owner.
- Or hide it from people.
Oh then what's the point? π
- For example, you can't change Jack's Tweet above even if you are the owner.
- Or hide it from people.
Oh then what's the point? π
3) Owning a NFT gives you multiple advantages
For one, bragging rights.
- If you own the Tweet, you get to say: "hey, I am a baller and I own such cool things".
- You will then be invited by news channels or whatnot and you elevate your social circle.
But is that all? NO.
For one, bragging rights.
- If you own the Tweet, you get to say: "hey, I am a baller and I own such cool things".
- You will then be invited by news channels or whatnot and you elevate your social circle.
But is that all? NO.
4) NFTs have real value:
- Example: imagine if you could own Picasso's paintbrush. Its value? probably in millions.
- Same goes for other 'rare NFTs'. So a lot of rare NFTs like Crypto Punks have been minted.
- The best part: in the NFT world, the proof is traceable.
- Example: imagine if you could own Picasso's paintbrush. Its value? probably in millions.
- Same goes for other 'rare NFTs'. So a lot of rare NFTs like Crypto Punks have been minted.
- The best part: in the NFT world, the proof is traceable.
5) NFTs also have a 'use case'.
- For example: if you can buy a NFT by Amitabh Bachchan, which says: if you own this NFT, you can go on a dinner with me.
- Then there will be a lot of demand for such a NFT.
- Creators are coming out with a range of utilities.
- For example: if you can buy a NFT by Amitabh Bachchan, which says: if you own this NFT, you can go on a dinner with me.
- Then there will be a lot of demand for such a NFT.
- Creators are coming out with a range of utilities.
6) Gaming metaverse like Axie Inifinity, Sandbox and Decentraland are building the next layer of these NFTs.
- Even big institutional players are buying Land and other NFTs on these Metaverses.
What about India? do we have a contender?
Oh yes, big time!
- Even big institutional players are buying Land and other NFTs on these Metaverses.
What about India? do we have a contender?
Oh yes, big time!
7) Totality corp's @thezionverse is building amazing Indian Mythology based Metaverse.
They recently launched Lakshmi NFT (will write another thread on that) which can give 108% APY.
They recently launched Lakshmi NFT (will write another thread on that) which can give 108% APY.
Summary: NFTs are a great space that is transforming the creator economy and Metaverses and you should definitely learn more :)
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