I have seen a lot of discussions on #NFTs where people think of them as just some pixelated punk images which were made in the 90s, 3D render of apes to just very expensive JPEGS
It is not about the JPEG, there's more to it! 🌆
A thread on NFTs 👇🏼
(1/18)
It is not about the JPEG, there's more to it! 🌆
A thread on NFTs 👇🏼
(1/18)
Let's forget the image part of an NFT, owning an NFT would mean that you own a specific digital asset on the blockchain
A digital asset is the main focus, not the image
(2/18)
A digital asset is the main focus, not the image
(2/18)
Being on the blockchain would mean that you or anyone in the world can see which wallet owns the digital asset
So everybody can check the owner but nobody can change it - obviously except the owner
(3/18)
So everybody can check the owner but nobody can change it - obviously except the owner
(3/18)
This digital asset can be anything that people would value from your premium access to a community to some limited signed autograph by @imVkohli ✍🏽
It's about owning a digital asset, which fundamentally has value.
Let me state some examples of what we value:
(4/18)
It's about owning a digital asset, which fundamentally has value.
Let me state some examples of what we value:
(4/18)
Rarity ✨
We have always valued rare things from gold to an original #MonaLisa painting
During my school days, we would have these Slam Attax cards and everyone would be willing to pay to trade all their cards or pay money for my John Cena champion card 🃛
(5/18)
We have always valued rare things from gold to an original #MonaLisa painting
During my school days, we would have these Slam Attax cards and everyone would be willing to pay to trade all their cards or pay money for my John Cena champion card 🃛
(5/18)
This high price for my card was due to it being very rare, collectibles that are only limited in number hold value.
You can see NFT collections as these Slam Attax cards where a rare card is valued by the community, driven by the desire to own the rare item
(6/18)
You can see NFT collections as these Slam Attax cards where a rare card is valued by the community, driven by the desire to own the rare item
(6/18)
The firsts 1️⃣
The first moments of life hold huge value for an individual or a community.
You would always remember and value our first day of college 🏫
Humans remember and value Neil Armstrong as the first person on the moon 🌑
(7/18)
The first moments of life hold huge value for an individual or a community.
You would always remember and value our first day of college 🏫
Humans remember and value Neil Armstrong as the first person on the moon 🌑
(7/18)
Past owners 👱🏽
We value things previously owned or connected to someone we value from your grandmother's watch to
@sachin_rt's bat
Scarlett Johansson's used tissue was sold for $5k (yes a used tissue!)
Kate Winslet's dress in the movie Titanic was sold for $330k 🥻
(9/18)
We value things previously owned or connected to someone we value from your grandmother's watch to
@sachin_rt's bat
Scarlett Johansson's used tissue was sold for $5k (yes a used tissue!)
Kate Winslet's dress in the movie Titanic was sold for $330k 🥻
(9/18)
In essence, we value things that are non-replaceable.
Thus the concept of owning digital assets that are non-replaceable gave rise to the term called #NFT (Non-fungible token)
This means each token is unique and non-replaceable
(10/18)
Thus the concept of owning digital assets that are non-replaceable gave rise to the term called #NFT (Non-fungible token)
This means each token is unique and non-replaceable
(10/18)
A few examples of digital assets providing value:
Passive income NFTs 💰:
Holding this NFT gives you a source of passive income for the next few years
Example - @CyberKongz owners get 10 $Banana tokens every day for the next 10 years.
Today that is $140 per day!
(11/18)
Passive income NFTs 💰:
Holding this NFT gives you a source of passive income for the next few years
Example - @CyberKongz owners get 10 $Banana tokens every day for the next 10 years.
Today that is $140 per day!
(11/18)
Access to private communities 🎟
Think of it as a pub membership, where you won't have to pay stag every time because you own a lifetime pass. You can meet new amazing people and expand your network!
Owning a #BAYC NFT gives you access to @BoredApeYC community
(12/18)
Think of it as a pub membership, where you won't have to pay stag every time because you own a lifetime pass. You can meet new amazing people and expand your network!
Owning a #BAYC NFT gives you access to @BoredApeYC community
(12/18)
Royalties 🎶
Imagine if you could own an NFT of
@arijitsingh
that would give you 1% revenue every month of what his album makes.
This is another form of a digital asset
(13/18)
Imagine if you could own an NFT of
@arijitsingh
that would give you 1% revenue every month of what his album makes.
This is another form of a digital asset
(13/18)
Another cool NFT project is the #AustralianOpen NFT 🎾
You can buy a part of the court using NFT, each time the ball bounces there you earn points that can later be converted into real-world items given by the organising body
(14/18)
You can buy a part of the court using NFT, each time the ball bounces there you earn points that can later be converted into real-world items given by the organising body
(14/18)
Let's take a case where I buy an NFT @imVkohli's autograph
You may think I can just right click and save the autograph too!
Yes, you can, but that just saves the image. The information on the blockchain remains unchanged and that has the whole utility!
(15/18)
You may think I can just right click and save the autograph too!
Yes, you can, but that just saves the image. The information on the blockchain remains unchanged and that has the whole utility!
(15/18)
Another thing that may pop into your head is maybe I can download the image and create the NFT again.
Yes you can, but you can't do this in the original collection, so you still can't use the utility. You can't sell it 🎭
(16/18)
Yes you can, but you can't do this in the original collection, so you still can't use the utility. You can't sell it 🎭
(16/18)
So you can think of buying an NFT is not like buying the image but the receipt. This receipt is the one that has value
When Virat announces that he would have dinner with the NFT owner, he won't check who all saved the autograph image but who has the real receipt! 🥗
(17/18)
When Virat announces that he would have dinner with the NFT owner, he won't check who all saved the autograph image but who has the real receipt! 🥗
(17/18)
To conclude NFTs are proof that you own a piece of digital asset that has value 🔗
This proof gives you access to the utility of the project 💵
The image is only a visualisation of the proof, this visualisation holds no value thus it's not just about the image!
(18/18)
This proof gives you access to the utility of the project 💵
The image is only a visualisation of the proof, this visualisation holds no value thus it's not just about the image!
(18/18)
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