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NFTs for dummies.
Loosen this
Loosen this
If you've ever played video games, NFTs should be relatable. Let's say you're playing COD; then with every level, you get coins/tokens that helps you purchase ammunition and gives you more advantage. Think of those purchases as NFTs.
Non Fungible Tokens can also be likened to saying entertainers, sportsmen, artists now have a place on the blockchain, to sell their art "*uniquely".
They are digital assets but are directly linked to real world assets.
They are digital assets but are directly linked to real world assets.
Think of NFTs like, you have a real world car but you can replicate that car digitally.
What makes this different is...
You can prove its authenticity and provide ownership for whosoever that would purchase it.
So, this is a big break in the fields of creatives.
What makes this different is...
You can prove its authenticity and provide ownership for whosoever that would purchase it.
So, this is a big break in the fields of creatives.
Creatives can now sell their arts uniquely and provide sole ownership for the buyer.
For an art to fit in as an NFT, it has to be:-
- scarce
- indivisible
- uniquely differentiated from other assets
- it is irreplaceable.
For an art to fit in as an NFT, it has to be:-
- scarce
- indivisible
- uniquely differentiated from other assets
- it is irreplaceable.
#Bitcoin 
, #Ethereum, #BNB 
aren't NFTs.
They are divisible, can be found in quantities, aren't scarce and are replaceable.
NFTs first found home on the Ethereum blockchain, so many NFTs are located there but other blockchains have started housing NFTs.
, #Ethereum, #BNB aren't NFTs. They are divisible, can be found in quantities, aren't scarce and are replaceable.
NFTs first found home on the Ethereum blockchain, so many NFTs are located there but other blockchains have started housing NFTs.
I can imagine you asking me:-
"Uncle Ayo, so I can create my own NFT?"
Yes.
Your architectural drawing, your musical piece, your tweet, can be made into an NFT and you can sell it "uniquely".
"Uncle Ayo, so I can create my own NFT?"
Yes.
Your architectural drawing, your musical piece, your tweet, can be made into an NFT and you can sell it "uniquely".
If this doesn't make sense.
Take a minute and ask yourself.
Why do people break into safes to steal paintings?
Monalisa painting by Da vinci was stolen in 1911. Why did it create that kind of media buzz?
Why do people pay so much for Picasso's painting?
Take a minute and ask yourself.
Why do people break into safes to steal paintings?
Monalisa painting by Da vinci was stolen in 1911. Why did it create that kind of media buzz?
Why do people pay so much for Picasso's painting?
There you go.
You're right.
- it is unique
- you have an eye for art
- the creator made them in limited copies (rarity)
- you're boosting your collection.
So these paintings satisfy the criteria of being an NFT.
This might be a lot to sink in but read the thread again.
You're right.
- it is unique
- you have an eye for art
- the creator made them in limited copies (rarity)
- you're boosting your collection.
So these paintings satisfy the criteria of being an NFT.
This might be a lot to sink in but read the thread again.
How do I create my own NFT?
This would be on a different thread. It takes a lot of technicalities and costs money; you should know what you're doing.
If this made any sense, ask your questions, RT, quote and like.
This would be on a different thread. It takes a lot of technicalities and costs money; you should know what you're doing.
If this made any sense, ask your questions, RT, quote and like.
Conversations are always ongoing on the telegram channel.
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