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71 | Are NFTs Scams?
Do you know what NFTs are? 30% said No on my YouTube Community and there was this comment "it's a scam aimed at pumping ETH". 🤌
I felt the need to expand on that and provide further insights from my personal experience given I've been a crypto enthusiast (can I call myself investor? 🙊) for some years and last year I developed a strong interest in NFTs.
NFT literally means Non-Fungible (meaning unique, non-replaceable) Token and is a unique digital code that represents some kind of digital item. It could be digital art, music and many other things (I'll give examples later). An NFT is secured and stored on a public blockchain. One token is not interchangeable for another, and a token cannot be further divided. There are many different types of non-fungible tokens, and many of them are created on the Ethereum blockchain.
I disagree with people thinking it's a scam. I respect their view but this is how I think about it:
#1 💰 I try to see the value from a creator/artist perspective rather than the ETH "hype". I do believe we're entering a new era in terms of digitalisation. I do see digital money being incorporated by Governments and Financial institutions more and more.
#2 🇺🇦 What happened with Ukraine (the new donations website partnered between Public and Private sector for the first time ever) is a breaking point from the way we traditionally think about money. @FTX_Official @everstake_pool
#3 🎥 Some time ago I made a video about "How I Survived Only With Bitcoin in London For 24 Hours" and I showed how I was paying for hotels, coffee, food, taxis and every day life with Bitcoin.
#4 💸 The way we think about money has changed and will continue evolving. It's up to us if we adopt it, the change is there. The same thing with NFTs. We're in the early days so as everything can be a "hype" till it gets more under control with a set of rules and more players.
#5 🎨 I think artists (from the traditional world and digital world) will benefit from it and also creators (photographers, videographers, etc.). Art is not just the Mona Lisa (La Gioconda) we see in the Louvre in Paris. Art is not what we see but what we make others see.
#6 🎵 When Napster came to threaten the music industry on the internet, we thought it was the end but then Spotify and other apps came. Licenses changed. The music industry changed. There are countless examples but my point is that the "art" industry is also changing.
#7 👾 From my perspective NFT is bigger than "art" itself. This is about collectibles yes but also about access, contracts/loans, coupons, real estate, memberships, P2E, virtual accessories, even tweets! This is a whole new level in terms of how we see business.
#8 💎 Most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin.
#9 ⚙️ Some blockchains can implement their own versions of NFTs (for example TRON). So technically this is not just an ETH hype but yes the ETH blockchain was faster in the game.
Anyway, I'm working on my first NFT collection of 10 unique images with very special stories in one of my favourite places in the world I visited a few years ago. This will be available on OpenSea next month. 📸
Have a great week!
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Totally agree with this! It doesn't really matter how good we are on X, Y, Z areas. It's also about working with the right folks and showing your work in the relevant platform / channel for the right audience.
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🎙️ Podcast I'm Enjoying
Don't Bring Your Internet Brain To The Blockchain
By The GaryVee Audio Experience
You can listen to the full episode here.
Gary Vee visited The Kris Fade Show in Dubai. He started the show by going over the basics of NFTs and Web3 and why we care about digital assets. He also talked about the lack of accountability in society, his new book, the importance of TikTok in our social media strategy, and he answered live questions from the audience.
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