NFTs meaning
I have several questions about this emerging ... um... Platform? art form?
There’s nothing like an explosion of blockchain news to leave you thinking, “Um… what’s going on here?” We’ve always felt that way when we want to start something new in a new universe and wanted to be a part of history
Non-fungible tokens and blockchain technology have exploded in popularity, since their creation. The recent headlines of million-dollar hacks and corporate cash grabs have been an endless supply.
This news left us wondering: What is an NFT?
After countless hours of research and discussions (most of which were against my will), I know. We also had some good laughs.
Okay, let’s begin with the basics.
Non-fungible token.
It’s not more clear.
Right, sorry. “Non-fungible” it means that it is special and can’t be replaced.
For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll get the same thing.
However, a unique trading card is non-fungible. If you traded it for another card, you’d have two completely different cards.
NFTs are built for the Ethereum blockchain in large, although other blockchains have begun making their own versions. This is because Ethereum is a cryptocurrency, much like Bitcoin and Dogecoin do, but unlike Bitcoin and Dogecoin, it also keeps tabs on who owns the NFT.
You mean, like, people buying my good tweets?
No one can stop you, but that wasn't really what we meant. A lot of the conversation is about non-fungible tokens as an evolution of collecting fine art, only with digital art.
Yes, your Tweets could be sold. The founder of Twitter sold one for just under $3 million shortly after this article was originally posted.
So do people really think this will be the future of collecting?
People must really want this — like whoever paid $390,000 for a 50-second video by Grimes or the person who paid $6.6 million for a video by Beeple.
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Yoink! Image: Beeple
I was busy right-clicking on that Beeple video and offering to do the same thing as the person who paid millions of dollars for it.
Is my NFT art copyrighted? Can I copy or download it?
Copying a digital file is as simple as copying and pasting text.
If you upload your digital content as NFTs, anyone on the internet can download it, but they cannot imitate your digital signature to create a new NFT that looks like yours.
To put it in terms of art collecting: you can buy a Monet print. But only one person can own the original.
Consumers are drawn to NFTs because they offer a unique quality. Artists typically issue a small number of limited edition NFTs for sale, and consumers are willing to pay more for limited edition items.
Furthermore, many of the items coined and sold as NFTs are uncommon in and of themselves. NFTs also give artists more privacy and control, as well as improved fan connection.
Normally, an artist would have to go via a broker or dealer to sell their work, but selling NFTs allows for more direct engagement with fans and greater control over how their work is handled.
NFTs are inextricably linked to collectibles, which have been a thriving market for generations. NFTs are a modern way to exchange collectibles, whether it's artwork or an in-game asset, that would otherwise be hard to trade. For a long time, the worth of these objects has been questioned, with many people doubting the wisdom of spending millions on a real-life painting or ancient antiquities.
However, for an art lover or meme fan, these items are valuable, and paying for them, whether directly or through an NFT, is a wise investment. With this in mind, we should expect the NFT sector to thrive in the future, with even more products being minted and sold as NFTs.
Here's a look at how NFTs are being used in real estate right now and what the future could hold for this new technology.
The worth of NFTs is based on the items being minted as NFTs, not the process. The NFT value will be maintained for years to come because people will continue to purchase NFTs and receive an innovative way to do so.
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Looking to launch Your NFT Project ?
- Access to a community of professional talents.
- Access to news and market trend
- Networking opportunities, from finding potential co-founders and team members
- Learn from other community members from other disciplines on various specialized topics
- Collect product feedback from the community.
How do you engage with a community and use it to build your personal brand?
All the technical aspects of buying and selling on the NFT marketplace are fairly simple. However, actually getting customers to buy your token can be pretty challenging.
When you look at it this way, consider this question: Would you invest in an artist who is not active or who does not engage with the community? If you are a collector of anything – even in the real world – would you invest in a non-active or non-engaging artist? The answer: no!
One can also find whale collectors who purchase NFTs and artworks quite randomly, sometimes without thoroughly studying the artist behind it. Of course, we in the community consider it luck! A true collector will always conduct a wide and thoughtful study of an artist's work before making an investment.
They might keep an artist on their contact list for months and evaluate progress and his involvement in social media. Only then will they invest.This would not be limited to the marketplace actions of the artist, but also things like their social media behavior and contributions to the community. All of the above are included in this new method for recognizing and rewarding artists for their contributions and impact on society.
If you're reading this manual, it's probably because of the money. If you are in it only for the sake of monetary benefits, we have seen many case studies to prove that they will fail in the long run if they continue to mine.
You can create an amazing brand identity for your profile/portfolio. The first step would be creating an identity. You'll want to change your username, profile picture, and cover photo as you make accounts on new platforms. It's important that wherever your brand is online people will be able to identify it by these main points of contact between you and potential clients.
Linktree, Lynkfire, and Campsite are recommended to link all your social media profiles and portfolios. It would make it easy for a collector or an artist to discover you and analyze your work. Most collectors tend to collect the works of artists they find on Behance and Artstation than Instagram. This would help them understand and evaluate your progress.
What to do and what not to do. Be patient, play long term games with long-term people. Share your why. Authentically engage with the NFT community. Uplift your fellow NFT artists.
We are looking to explore, discuss, and experiment with emerging technology changing the rules of the internet. We hope to draw out knowledge, insights, and stories from a variety of backgrounds to learn about the evolution of our digital lives.`
If you want to get started with a community on your topic, you can learn from other members who have already created communities. If you’re a NFT creator, you’re not alone. We are the creators of Youarelucky, a web3 company connecting developers, community manager and entrepreneur, encouraging them to build dApps and NFTs. Youarelucky is community-run and dedicated to help the creator ecosystem on Web3.