WHAT ARE NFTS – BASICS

Recorded on 21-12-2021

Notes on Apr 22, 2022

1:08:09

Intro to the world of NFTs!

Is it a bubble or should I actually be learning this?

  • Whaaaaat is an NFT?!

    • Non-fungible token

    • Unique digital assets that represent real-wold objects. They are bought and sold online, with cryptocurrency, and they are generally ecoded with the same underlying software as many cryptos

  • What are they even good for?

    • Ownership rights, to make money to flex

    • Lets talk about some examples music, restaurants, community perks, art, gaming, real estate

  • Why is there such a hype?

    • The hype won’t last forever



Fungible

Non-fungible

bitcoin

Your dog

ethereum

Images, videos, real estate

cryptocurrencies

Any type of digital file

You can buy fractions of it

Unique no two are the same

Each fraction of the tokes has the same value as the other (1 BTC same price as another 1 BTC)

Can be sold at different prices, eve if same collection


What to look for in an NFT:

  • Utility

  • who/community/marketing

  • Desirability (common sense will help you here, but not always)

  • Reg flags?! 

    • Where is the money going

    • “Guaranteed returns”?

    • Too good to be true?

Where do get find / buy / sell NFTs?

  • Opensea - ETH Network(metamask)

  • Solanart  - solana network (phantom)

  • Veve app - 

  • gaming /metaverse NFTs - sandbox