NFTs are getting more and more popular these days after word of crazy sales shook the internet. A lot of people are now jumping into it and trying to make a few profits out of it, but many are left disappointed after they realize it isn't so easy.
A major part of the problem lies in the fact that most people don't know what they are dealing with, they don't even know the meaning of NFT and the way it works. So, first off, what is an NFT? NFT stands for Non-Fungible Token, and by non-fungible, we simply mean that a unique item is being stored on the Blockchain database.
Each of these tokens is different and very unique; no two NFTs are exactly the same even if they look similar (think of it as humans having different fingerprints). Most NFTs are part of the Ethereum Blockchain but recently we have seen the rise of NFTs on other Blockchains like BCH, Tron, and polygon.
Just a quick question, do you guys know that Twitter's CEO; Jack Dorsey sold one of his tweets as an NFT? And it was sold for over 2.5 million dollars 🤯 I mean, the tweet is right here and anybody can even take a screenshot of it, I even took a screenshot of it earlier and can turn it into an NFT if I want.
But even if I turn it into an NFT, it's not going to be sold as high as Jack's own, and why is that? Because Jack's version has his unique signature and it can be verified anywhere on the Blockchain that it was created by Jack who is a celebrity. It's basically a digital certificate that has been verified by the creator (or let's just call it an autograph 😉).
The usual type of NFT most of us are familiar with is digital arts (images) but anything can be turned into an NFT: music, videos, paintings, and even articles! Check out this video NFT by Grimes that sold for almost $390,000 (it actually looks cool) or this one by beeple that sold for a whopping sum of $6.6 million 🤯. I even downloaded the video, but someone paid over $6 million for it, what's so special?
A lot of people don't buy an NFT just for the beauty of it, some buy them because of the person behind it, especially in the Ethereum chain where lots of them don't have a use case. Take for example the Mona Lisa by Leonardo da Vinci is currently worth more than 850 million dollars and I have seen more beautiful art than that.
But the Mona Lisa is sold that high because it was made by a very famous artist and there's only one of that painting in the whole world. It even became worse when da Vinci died, it simply means he can never create another art like the Mona Lisa, and hence, its value increased. That's how it works with NFTs as well (especially those without a use case).
Just like the NFT by Twitter's CEO, it's very unique because it is one of a kind (super rare) and it was created by a famous person, and that is the reason it was sold at a high price. But does that mean that someone that isn't famous can't sell an expensive NFT? Of course, they can.
A rich person who has a lot of money to throw around can just come across an NFT they like and pay a huge amount of money for it, they can even go around and sell it for an even higher amount, they are rich and likely famous after all (it's business 😎).
The NFTs in the BCH cryptoverse are very unique because they usually come with a use case (staking, video games). One of them that's being used in video games right now is joybot NFT while others like lawpunk, fatcat, and the rest have staking capabilities. I would love to see an NFT in SmartBCH that incorporates the use of metaverses, maybe the NFT will serve as a portal into a metaverse.
As I said in the article's title, I will also be talking about how to create NFTs and that comes in form of a course I came across recently (The complete NFT course). It's a paid course on Udemy but it's going to be free for 2 days now, so you should register now if you're interested. The course is going to be talking specifically about NFTs on the Ethereum Blockchain, so you should consider that before registering.
I am going to be dropping more Udemy courses for those who might be interested, it will probably come in my next article so you should watch out for it 😉 I got courses that cater to different fields, so you might come across something you like especially if you want to acquire a new skill.
Thanks for reading 💖💖💖
Wednesday April 20, 2022
I clicked on the link and I saw; #10500 has the fee for the course