CRYPTO 101 PART 8: WHAT ARE NFT’S?

HI EVERYONE, AND WELCOME BACK! SO, WHAT ARE NFT’S?

In theory, Non-Fungible Tokens (NFTs) are crypto assets with unique identification codes and metadata that distinguish them from each other. Although 95% of these are valueless gabage, scams, or ponzi schemes, 5% for the NFT's out there have real value and utility...the Key is utility. This makes them ideal for use cases like digital art, gaming, and more. Unlike all other cryptocurrencies, which are identical to one another (fungible) and can be used for commercial transactions, NFTs are a type of cryptocurrency that is not interchangeable with other NFTs or any other type of currency.

BACKGROUND:

You're one of the early adopters of cryptocurrency. You've been following Bitcoin since it was created, and you were an early investor. You're always on the lookout for new opportunities in the space, and when you heard about NFTs, you were intrigued. So when you saw that someone was selling a digital volcano for 100,000 dollars, you decided to buy it.

It turned out that the digital volcano was just an iPhone screen saver. You were disappointed, but you didn't want to admit it to your friends. After all, you're supposed to be an expert in this space. So you kept quiet and pretended like everything was fine. But inside, you were fuming.

It's okay, we've all been there. We've all made mistakes when it comes to investing in new technologies. But the important thing is to learn from them and move on. So don't be discouraged, and keep your eye out for the next big opportunity in cryptocurrency. Who knows, maybe you'll be the one to strike it rich.

In this installment of Crypto 101, we explore non-fungible tokens and what makes them unique. Unlike cryptocurrencies, which are identical to one another and can be used for commercial transactions, NFTs are crypto assets with unique identification codes and metadata that distinguish them from each other. This makes them ideal for use cases like digital art, gaming, and more.

WHAT ARE NFTs AND WHAT MAKES THEM UNIQUE?

Non-fungible tokens, or NFTs, are crypto assets that have unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, which are identical to one another and can be used for commercial transactions, NFTs are not interchangeable and are only suitable for specific use cases.

These crypto assets have unique identification codes and metadata that distinguish them from each other. This makes them ideal for use cases like digital art, gaming, and more. Unlike all other cryptocurrencies, which are identical to one another (fungible) and can be used for commercial transactions,

The most popular use case for NFTs is digital art. In May of 2020, an artist by the name of Beeple sold a digital collage for $69 million. That's right million. But it's not just digital art that is being sold as NFTs.

Recently, the NBA has partnered with a company called Dapper Labs to launch NBA Top Shot. NBA Top Shot is a platform that allows fans to buy, sell, and trade highlights in the form of NFTs. These highlights can be anything from a LeBron James dunk to a game-winning shot.

SO, WHAT'S THE BIG DEAL WITH NFT'S?

Well, there are a few reasons. First of all, NFTs offer true ownership of digital assets. When you purchase an NFT, you are the sole owner of that asset. You can do whatever you want with it, and no one can take it away from you.

Secondly, NFTs are immutable, which means that they cannot be changed or altered in any way. This is important because it ensures that the digital asset you purchase is exactly the same as the one you sell, trade, or give away.

Lastly, NFTs are unique. Because each NFT is created with its own unique identification code and metadata, they are all completely different from one another. This makes them collectibles that can be traded, sold, or auctioned off to the highest bidder.

WHY SHOULD YOU CARE?…… AUSTIN CLARK SAYS IT?BEST;

SO AGAIN, WHY SHOULD YOU?CARE?

NFTs have been gaining in popularity due to their unique properties and potential use cases. They offer a way to potentially store a value that is unique and cannot be replicated, making them suitable for use as a store of value or for tracking ownership of digital assets.

Some of the potential use cases for NFTs include:

-Digital art: NFTs can be used to represent digital artwork, and can be sold or traded like any other piece of art.

-Gaming: NFTs can be used to represent in-game items, and can be traded or sold like any other game item.

-Digital media: NFTs can be used to represent videos, music, and other forms of digital media.

-Ownership of digital assets: NFTs can be used to represent ownership of digital assets, such as domain names, websites, and social media accounts.

-Collectibles: NFTs can be used to represent collectibles, such as trading cards, comics, and other types of collectibles.

DO PEOPLE REALLY THINK THAT NFT’S WILL BE THE FUTURE OF COLLECTING?

For me no, but that doesn't mean they don't have their place. There is no doubt that NFTs have the potential to revolutionize the way we collect and trade digital assets. Their unique properties make them ideal for use in digital art, gaming, and other applications. While they are still in the early stages of development, NFTs have the potential to change the way we view digital transactions.

So far, there has been a lot of interest in NFTs from the community, and many believe that they will become the standard for collecting and trading digital assets. Time will tell if this is truly the case, but there is no doubt that NFTs are an exciting new technology with a lot of potentials.

WHY HAVE NFT’s BECOME SO POPULAR?

NFTs are gaining in popularity for a variety of reasons, including but not limited to:

-Their unique ability to represent any type of digital asset

-Their security and transparency

-The potential to create new markets and business models

-The potential to change the way we interact with digital assets With the rise of digital art and other forms of digital media,

NFTs are well-positioned to become a major players in the world of digital assets. As such, They're worth keeping an eye on, and could potentially be a game-changer in the world of digital assets.

NFTs IN THE REAL?WORLD

NFTs have the potential to be used to represent ownership of physical assets, such as cars, houses, and other property. This would allow for a secure and transparent way to track and transfer these assets.

They could also be used to represent ownership of digital assets in the real world. This would allow for a secure and transparent way to track and transfer ownership of websites, domain names, and other digital property.

NFTs IN THE VIRTUAL?WORLD **(This is One of My NFT’s)**

NFTs can also be used in virtual worlds to represent ownership of virtual property, such as in-game items, characters, and other game content. NFTs can also be used to create unique virtual collectibles, such as trading cards, comics, and other types of collectibles.

Virtual worlds offer a unique way to experience digital content, and NFTs offer a way to create and manage unique virtual assets. This could lead to new opportunities for the gaming and entertainment industries.

The Photo above is one of my personal NFT's. Its for a "metaverse" P2E (Play to Earn) game in development called "Wilderworld". Built on the Blockchain, Wilderworld is a GTA inspired concept. This specific NFT is not only aqn origional, it will also have in game utlity. Wilderworld is currently under develoment.

WHAT ARE THE?RISKS?

Like with any investment, the risks involved with buying NFTs are that they go to Zero. In fact, that's where most are going. The prices of these collectibles can fluctuate rapidly, and you could lose money by either selling them at the wrong time or buying the "wrong" one.

There is also the risk that the exchanges where you buy NFTs could be hacked, and you could lose your tokens.

Another risk to consider is that NFTs are a new technology, and they are not yet regulated. This means that there is no guarantee that you will be able to sell your tokens or that their price not drop suddenly.

You should only invest money that you are willing to lose, as there is a risk that you will not be able to get your money back.

Despite the risks, buying NFTs could be a good investment if you are careful and do your research.

If you believe in the technology and think that it has a bright future, then buying NFTs could be a good way to invest in the future. Just be sure to understand the risks before you invest any money.

FINAL THOUGHTS

NFTs are a new and exciting technology with a lot of potential. They offer a way to store and transfer value that is unique and cannot be replicated, making them ideal for use in digital art, gaming, and other applications.

While they are still in the early stages of development, NFTs have the potential to revolutionize the way we interact with digital assets. So far, there has been a lot of interest in NFTs from the community, and many believe that they will become the standard for collecting and trading digital assets. Time will tell if this is truly the case.

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