Everything you need to know about NFTs
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What is an NFT? Are NFTs good investments? Or are they pure hype? Today you’ll learn how to make some money from NFTs or at the very least understand what they are. Why is everyone talking about crypto NFTs?
A video of LeBron dunking just recently sold for over $200,000. The artist, Grimes sold roughly 6 million dollars worth of NFTs in about 1 day. The Nyan Cat meme sold as an NFT for $590,000 and Jack Dorsey (CEO of Twitter) is selling his first tweet ever. The highest bid currently stands at $2.5 million. What’s interesting is that none of these NFTs have anything physical behind it, no physical assets, no cash flow – just digital rights. So is this a pure hype bubble? First you have to understand what NFTs are.
1. What is an NFT? An NFT is a non fungible token, but what does that mean? In technical terms, NFTs are based on blockchains like Ethereum, Cardano, Polkadot etc, where people stake money into smart contracts and issue their own customized tokens to which they attach digital art. People can buy, sell, trade, and exchange back to USD whenever they want.
2. Why do they have value? NFTs have value for the same reason any other piece of art has value. It’s rare and people want it. Aren’t NFTs digital so why are they rare? Can’t creators just make more of them? No, the creators cannot mint more of the same token because it’s on the blockchain. Same with Bitcoin which has 21 million maximum coins that will ever exist. Once the contract and the rules have been written and the NFT is launched, the creator cannot step in and just create more. Technically the creator could make more editions of that token but it would have variations in the ticker symbol or launch date which is provable by the blockchain which would obviously not be the same as the original even if the art work is 100% identical.
Another reason they have value is because creators attach physical assets or invitations to experiences and collaborations with the token owners. This is a big part of NFTs that really help them shine over their physical counterparts.
Which ones are worth buying? Here are my 3 criteria to look at.
1. Notorious. The creator, brand or genre of the NFT should be someone or something that’s “notorious” or famous. The bigger the more safe your investment will be. Global brands always have fans that support their favorite creators.
2. First. That means this NFT is the first from that specific creator, or it’s the first of its kind in the industry. People always want a piece of history and first mover advantage is everything in life, so if you can buy into something that is first, chances are it will be valued by fans of that artist, brand, or genre.
3. Tangible. The NFT should ideally have something more than a digital element attached to it, like an experience, or a physical asset behind it. Similar to Logan Paul’s NFT where you had a chance to meet him.
4. Scarce. This is a bonus but obviously the more rare something is, the more valuable it will be.
Disclaimer: This criteria is totally made up and fictional but it’s a way to easily remember the best NFTs are one that have the NFT factor. Notorious. First. Tangible.
Which NFTs are the best?
1. Pay specific attention to sports NFTs, they are going to be huge. NFTs will allow players to negotiate the rights over the footage of themselves playing. That’s a new way of monetizing sports entirely.
2. The EDM music industry. Artists like Steve Aoki, Blau, etc. The EDM scene is unbelievably big, and the artists are able to generate hype like nothing I’ve seen before, and the fans are extremely loyal. This scene is set for huge growth.
Are we in a bubble? Short term, who knows? Long term, we are just getting started. You can buy NFTs at niftygateway.com (not sponsored) which is where I got my NFTs from Steve Aoki’s drop.