EDU-GRAPHICS PART 2 : What the bloody hell is an NFT?
Strange as it seems, even after NFTs being globalized with endorsements and adoptions by Celebrities, Football clubs and brands like Nike, McDonalds and many more, there are still many out there that don’t still yet know or are unclear of what NFTs really are.
Stranger still, is actually how NFTs are actually stereotyped in the mainstream, tagged as ‘over-priced jpegs’. True as this may appear, NFTs have evolved so fast in such a short time into so much more than their former self.
I think the article by the Verge explains one of the most frequently asked questions about NFTs and that is ‘What if I just Google it and download the image for free?”
Sorry, I was busy right-clicking on that Beeple video and downloading the same file the person paid millions of dollars for.
Wow, rude. But yeah, that’s where it gets a bit awkward. You can copy a digital file as many times as you want, including the art that’s included with an NFT.
But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.
Read the full article here : https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq
When I first heard the term “NFT”, for whatever reason it resonated like Peter Parker’s Spidey-Sense and yes, I did get that tingling sensation. When I started digging deeper into it, I seem to have more questions but at the same time, more ideas — I felt limitless in the possibilities of which NFTs could be used — which EXCITED ME!
Another great read is is by FORBES :
What Is an NFT?
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.
But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.
For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.
Anyone can view the individual images — or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?
Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.
Read the full article here : https://www.forbes.com/advisor/investing/nft-non-fungible-token/
Strangely enough, a great visual I found that clearly shows the meaning of “fungibility” in a graph form is a Singaporean Bank — DBS, and true to the Singaporean way is clean, clear and concise :
For those like me, who are more visual and want to watch something on YouTubepedia check out this Video:
And as per tradition and because I really love Meme’s… here’s a selection of some of my favorite that make me LMAO each time! Share & ENJOY!!!
Well, that’s it for this subject! I hope it’s helped if a little and enjoy your journey in the wonderful world of the NFTs!
Keep SMASHING!
This article was written by the Robert Vicencio, the Co-Founder and COO of SMASHCHAIN — focusing on NFT Management, Marketplace & the Metaverse.
View & Buy NFT’s on OPENSEA : https://opensea.io/SMASHCHAIN_OFFICIAL
All SMASHCHAIN official links: https://linktr.ee/smashchain
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