Today’s @StoaHQ session on NFT led by @xbarkk and @0xAkshay gave a lot of perspectives on NFT. Starting from defining what NFTs are to exploring some scenarios/use-cases on what could be built on NFTs and its future was supremely intriguing. Here is what I learnt!
What are NFTs? Why are they unique?
NFTs are Non-fungible tokens. They are non-replaceable identity/tokens on the internet representing real-world assets, art, music, in-game purchases. They are unique because it is truly one of its kind and there is no replacement or second copy.
Some trending NFTs are
1. Gaming NFTs — They are essentially a catalyst in the video game industry. The game players can acquire unique virtual avatars by purchasing them as an NFT and help the creator finish the game and later play on it to earn.
2. Profile picture avatars NFTs such as CryptoPunks & Cryptokitties. 10,000 unique collectible characters with proof of ownership on the Ethereum blockchain were created in 2017. The project is the first-ever non-fungible token to deploy on Ethereum.
3. Classic artworks. Beeple is a graphics designer who has been creating digital art for more than ten years. His NFTs exploded in popularity when one of his artwork sold for $69 million and is considered one of the most highly valued NFTs.
More here: https://youtu.be/nTmF26NUZTA
All of this is an excellent boon for creators and some solid ways to benefit from the creative work they do genuinely. This does not stop here. The NFT world is now exploring various real-world scenarios like real estate, manufacturing, etc. Looking at the endless possibilities totally and honestly blew my mind.
Here is a non-exhaustive, beginner-friendly compilation of everything you need to know about NFTs. This is a curation of some good reads & resources: https://www.notion.so/NFTs-49248f51f3ec4311b75f827d64a307ab.
What next? How to start mining NFTs? To do that, we first need a wallet. You can create it in the MetaMask crypto wallet and add funds. Metamask is just a chrome extension that keeps a tab of any purchase you make of NFTs.
Once your wallet is set, you can start selling and buying NFTs- Opensea.io was the suggested marketplace to trade NFTs.
How to pick the right project?
1. Browse and check their artwork.
2. Search for creator details.
3. Verify their socials.
4. Interact around in their discord server to know them better.
5. Check for their roadmap to understand what you are investing in has a future or not.
At the end of the day, NFT = Bragging rights! I also learnt @xbarkk has ENS, which is “ethereum name services,” something like DNS but way cooler!!
I have still not made my mind about investing in this. But sure does make as a good topic to go down the 🐇🕳️