Last month non-fungible tokens (NFTs) catapulted to fame with record-high sales of (Beeple and Nyan Cat )at $69 million and $590,000 respectively. Who would have thought that a collage and low-resolution memes of flying kittens pooping rainbows would open up the gateway to an all-new crypto art economy?
This phenomenon has left many investors scratching their heads in confusion, but NFTs are not an entirely new trend or technology. NFT is a token built on ERC-721 to identify unique artwork and intellectual property.
By writing/studying NFT’s I hope to familiarize myself with and de-mystify the complexity of NFTs(crypto art ) and learn valuable insights to make money as a creator and hopefully, eventually an investor.
Er,What Is a Non-Fungible Token?
A non-fungible token is a cryptographic token enabled by ERC-721, an Ethereum-based smart contract that is indivisible – making it unique for individual intellectual property tracing!
So basically a non-fungible token is comparable to receiving a glimmering token in an 80’s video game store that can only be used for specific games ! Keep in mind that very coin you use is non-divisible or refundable. Unlike ERC-20’s NFTs cannot be interchangeable with other tokens.
Unlike ERC-20’S , NFTs are non-fungible tokens that possess three uniquely delicious characteristics – eccentric individuality, rarity, and indivisibility – you cannot break it down or destroy it ! Like me soon I hope!! These characteristics are benifits that’s crypto artists and creators (and me in particular with all this hacking bullshit!) love!!
I really need NFTs! I know I do! So do you, maybe .NFTs empower digital artists to watermark their work across the entire digital economy. I know with all of the fraud and identity theft I’ve been experiencing lately, that is a major draw! Musicians/creators of music can use NFTs to monetize their work and enforce IP rights . Let’s prevent piracy people!! . At the same time, art collectors find the processes of collecting digital art simplified and authenticated. No worries of buying a fake near replica.
One popular real-world adaptations of NFTs is NBA Top Shots – a platform built on FLOW blockchain . Users capture highlights of the NBA games & mint them into NFTs. I don’t really care for NBA , but with Top Shots , sale of NFTs reached an all time high of over 218$ million in February alone; so I am learning to embrace it !! I could capture some highlights of NBA games and not so much negativity! I am trying to learn about and love everything I’ve previously over looked to fool and repel some of the flow of negativity that surges towards me from nearby surrounding sources … anyway… The crypto art economy is valued at $100 million. I want in on this desperately! To do something right, without negative influence or interference!!
As the world creeps towards its post-pandemic era, NFTs may just be the key to accelerate the economy and the digitalization process (and my income)! I need to do something combative to the negativity of other processes in place designed to destruct me!