Why Are NFTs Becoming Popular?
NFTs, which are close relatives to the ChatPGT that everyone is so excited about, had their beginnings ‘way back in 2015, and are just now starting to experience some degree of popularity and success.
Some NFTs have recently sold in the millions, and there’s a good reason why, which I’ll presently try my best to explain:
The normalization of cryptocurrency, online fandom, how royalties work across sales, and of course, scarcity and all that that implies.
Most folks who have happened to have already heard of NFTs — and most folks haven’t — think of them as some sort of vaporware currency that can be banked and used for trade, but that’s not what they are, not at all. Don’t think of crypo as an investment. It’s a unit of trade, is all.
When someone buys an NFT, which means “Non-Fungible Token”, they find themselves the owner of the content, but apart from the NFT, that thing can end up all over the Internet, which is one way that a NFT can become popular. It’s obvious that the more people see it online and become aware of it, the more apparent value will accrue.
NFTs are all about “Authenticity”. Digital Assets contain specific data that makes that NFT different from any other NFT. Think of it as an address, a slot, that is not like any other slot anywhere. In this case, the Bill of Sale has its own value apart from the item being described and traded.
At the moment, that’s all done with blockchain technology, but because it is so abrasive to nature, it’s being quickly replaced by finding other technological solutions to singular identity and access to that identity.
Fake NFTs are easy to detect, because each NFT can easily be traced back to the original source. Unlike cryptocurrencies, they can’t be directly exchanged with one another because no two are the same, everything’s one-of-a-kind, a “one-off” in its own right..
Are NFTs Mainstream Now?
Well, not exactly mainstream, but slowly flowing in that direction. The recovery of the crypto currencies has helped a lot to bring the NFT back to life among the cognoscenti. Look it up. It doesn’t need to be mainstream to be of use to you. The market for NFTs has never collapsed — it’s as strong as the reputations of those involved.
Did you know that dozens of basketball players have created NFTS? Well, not exactly. Their managers or handlers or owners did that. But the fact is that several of those NFTs of basketball champions have NFTs with ultra-short videos of them making a ball go through a hoop? They sell for on the average about $800,000.00 apiece. I’m not saying that you can produce a celebrity NFT, but if you can, you own the street.
FT stands for a non-fungible token, a non-replaceable token, which means simply that it can’t be replaced or interchanged with another thing that is only somewhat similar. Actually, USD bills have serial numbers on them, which amounts to the same thing.
The fact that the ETH has recovered and doubled its lowest price has a lot to do with me being back on opensea more actively again. It’s not easy doing NFTs, and the energy can be very draining, so I have to address my NFT collections with some degree of exhaustion before I even begin. It can be overwhelming, but mastery is within grasp if you keep the pressure up on yourself.
Okay, So What Can I Do With This NFT?
Oh, don’t tempt me. Well, besides the obvious sarcastic response, NFTs are regaining popularity now that the cybercurrency market is starting to recover. As a matter of fact, my ETH have recovered to the degree that I’m now slightly ahead of my purchase price when I started working with opensea, where everything, all business, is conducted with Ethereum cryptocurrency, so you have to buy into it a little, just to get started.
There’s a lot that can be done with NFTs, only always remember that they are a form of trading currency, sort of like money, although you can’t generally back up into ETH from NFTs unless you sell the NFT for USD on opensea, which is, of course, the basic idea, providing you with a source of funding for your retirement NFTs.
Yeah, you want to be thinking about retirement early, because nothing lasts forever, and the NFT is by its nature — environmentally brutal — limited in reliability, meaning that some technology is going to overcome that of the NFT blockchain technology at some point, and that’s probably going to be really soon, as soon as they can come up with a substitute.
You want to drive traffic to your opensea acount, which doesn’t typically happen by itself, and one of the clearest and most effective ways is to link your creations on @nightcafe to opensea, and that’s in the publishing button’s domain. Night cafe graphics automatically defer to the “Buy NFT”, which is the default position on the publishing dropdown. Apart from that, all your customers are going to be your friends from your social media circle, if you’ve done your homework.
Crypto-trading — lots of different cryptocurrencies out there, some of which look attractive as digital or electronic trading coins or cards. Some are “fungible” and some, like the NFT, are not. You can’t trade a NFT for another NFT like it, unless there’s an agreement between buyer and seller. With Eth or BitCoin, you can trade any for any — all bitcoins and eths are alike. No two NFTs are ever alike.
Collecting artwork — I happen to have on hand several actual 17th century Rembrandt etchings, all of which are unusual and rare. Each of them have been photographed for sale, and the photos could easily find their way onto or into a NFT, which constitutes a Bill of Sale and a Certificate of Authenticity, besides being an actual collectible in its own right.
Fashion and Design — Suppose you designed a particular dress or some article on Zazzle or Redbubble or Print All Over Me, and you wanted to add a bit of flair…you could photograph a celebrity wearing or holding the article, along with the bill of sale showing provenance. The NFT serves both as an Article Transfer of License and Ownership, it becomes a collectible in itself, because it’s tied to a celebrity name and for no other reason. You can also get extra money from something just because a celebrity once owned it or used it, like a movie prop, which is worth more when you have evidence that it was actually used and made it to the Final Cut. In the marketing world, celebrity is everything.
Digital Content — This is the most significant use of NFTs today. You can embed digital content, and transfer ownership at the same time.
Empowered Creator Economy — where artists retain ownership of their content, unlike when they’re dealing with Audible and Amazon, where the platform that’s making it possible to market the thing actually through deceit and deception ends up owning the thing, instead of the artist. That’s slowly changing as NFTs become more and more popular, but it’s the Industry Standard to rip off the creator and enrich the marketeer.
Gaming Items — NFTs are favored by today’s game developers. They can provide many benefits. In games like Diablo 2r, you can buy items for your character. Most games don’t allow that, but with NFTs you can sell the items once you’ve outgrown them, and even sell built-up characters like a Perfect 99 Sorc.
Investment — NFTs share the same infrastructure with DeFi applications, allowing you to borrow actual money by using cybercurrency collateral, although please don’t ask me how it’s done.
Domain Names — NFTs and Domain Names go together wonderfully well. You can also use the NFT like a domain name, I believe, and of course, it makes it a lot easier to sell the domain name when you market it with a NFT, just like giving away a free giant panda with every new car that leaves the lot.
Celebrity Drops — celebrities are constantly “dropping” or releasing unique artwork and videos, and those are getting bought, sold and traded every day for thousands of dollars apiece, but it doesn’t make the front page anymore, unless the amount is in the millions.
NFTs are just digital files, like any other digital file. It can be a piece of art, a photo of some piece of real estate, or a video of a basketball champion making a winning basket.
Turning ordinary digital files into NFTs makes buying, selling and trading more efficient and less likely to be fraudulent.
What do I do with a NFT after I buy it?
Buying an NFT does not automatically transfer ownership of the underlying media to the buyer. You’re only getting some artwork or media that happens to be somehow associated with the token. What you’re actually buying is the digital key to a unique address on blockchain. You can trade, display or hold the tokens that represent those keys — however, as you well know, it is frighteningly easy to simply download the digital file by taking a screenshot.
What Do NFTs Look Like???
Boy, that’s a good question Lemme see if I can answer it…
NFTs, or non-fungible tokens, don’t have a physical appearance because they are digital assets that exist on a blockchain network. Essentially, an NFT is a unique digital certificate of ownership that verifies the authenticity and ownership of a specific digital asset, such as an image, video, audio clip, or even a tweet.
Although NFTs don’t have a physical appearance, they can be represented by a visual or audio image on a website or marketplace where they are sold or traded. These representations often include a thumbnail image of the digital asset, a title, a description, and information about the owner, the transaction history, and other relevant details.
NFTs don’t have a physical appearance, but they are represented by digital images and information on a blockchain network and associated marketplaces.
Okay, maybe I can provide you with some general guidance that might help you get started on the Path to Blame — just kidding about the blame thing.
- Choose a Theme or Concept: Start by deciding on a theme or concept that you want your NFTs to represent. Your theme could be anything from digital art, music, or collectibles to more specific themes like sports, gaming, or memes. Having a clear theme or concept can help you focus your creative efforts and make your NFTs more appealing to a particular audience.
- Make Them Unique: NFTs are all about uniqueness and rarity, so make sure your NFTs are one-of-a-kind and stand out from the crowd. Consider using different colors, textures, or patterns to make your NFTs unique and distinguishable from others.
- High-Quality Visuals: If you’re creating digital art or any other visual NFTs, make sure that they are high-quality and visually appealing. Consider using high-resolution images or videos that showcase your creative talent and attention to detail.
- Interactivity: NFTs don’t have to be static; you can create NFTs that are interactive and engage the audience. For example, you could create a game or an animation that can be played or viewed within the NFT itself.
- Branding: Consider branding your NFTs with a unique logo or design that helps them stand out from others. This branding can help create a consistent look and feel across all of your NFTs and make them more recognizable to your audience.
Ultimately, the key to creating successful NFTs is to be creative, original, and true to your own style and vision. I’m currently creating an entire line of golden coins and tokens for gaming and other uses.
I hope that helps you to actually get off your ass and get started toward mastery of the NFT, not for financial gain, but simply for the experience, which is unlike any other. Good luck with your NFT creations!
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