NFTs: It's moving crazy

#38

Monday, January 10, 2022

1:44 PM

Lead image

Good afternoon readers, it has been two days ago since I posted and that’s due to some shit I have been dealing with for a while. Actually, there is no shit but I have been busy for a while and yesterday was a Sunday, am I not meant to have rested? But NO, I was in church almost the whole day, we left the house around 7am yesterday and didn't even eat anything in the hope that I'll be back early enough to find something to eat but it was just a shocker when I got to church and discovered that there was this program, IMPACT that just ended yesterday and I had to be there. At least, for the grand finale. The program started almost immediately after the main service and it extended till around 8pm and before I got back home, I was really stressed and all I could do was to eat and sleep even though I still woke up to do some research. It has really been hectic. Today is Monday and obviously the first day of the week is always very busy and hence stressful, I got my hands on some books to read to expand my knowledge on NFTs and I am therefore here to give my little quota in building the NFT community and I will be doing this for a while until I get most of the read.cash members to understand the speed at which this technological development is moving. It drives me crazy and I'm sure y'all would agree to that after this series.

let's get going…

What is an NFT?

It's an abbreviation for Non Fungible Token, Non-Fungibe?

What does fungible mean?

Well, to my knowledge, it means replaceable. Replaceable in the sense that it can be exchanged for something else. For example, Bitcoin, Etherium, these coins can be swapped, any newbie should know about that. Fiat money is also an example, I can exchange $100 for two $50 notes… you get the gist? They are the same and that's what fungible means but when you hear Non fungible, it means you can't exchange it for any other thing no matter how much they look alike because they have specific and distinct data stored on a block chain.

What is a block chain?

Some years back, a technology called the block chain technology was launched to ease banks of their stress, it would be of no surprise if banks do not exist anymore in the next few years because what the bank does basically is to validate transactions, what I mean by validate transactions is that they really do not deal with money, they just do simple addition and subtraction calculations by subtracting from the amount you have and adding it to the person's amount you are sending it to. That’s great but block chain came with a better and more decentralized (doesn't depend on an institution like banks or even the government) technology that helps to validate transactions just like the bank but this time by a group of computers, all these computers have to agree to your transaction before it is carried out and this transactions are encrypted, yet transparent. This makes the block chain way better for transactions… IT IS JUST WONDERFUL!!!

An NFT is basically anything that can be digitalized, it can be an image in form of an art work (this is the most common one tho), videos, gifs, audios, tweets… just name it, once it can be digitalized, it can be an NFT.

THE PSYCHOLOGY BEHIND NFTs

For ages, we have seen people go for exhibitions or artwork displays where people showcase their artworks and probably find an admirer or even buyer to purchase these paintings (not everyone sells their paintings tho and that's part of what makes it rare and even expensive because of bidders, still depends on how beautiful it is tho). I remember this movie I watched, it’s a series actually, Blindspot where the FBI wanted to retrieve an expensive painting that was stolen from a museum. NFTs would solve such problems. The main psychology behind the high price of NFTs (I've not discussed the price yet, I will do that later) is that when humans get abundance in terms of riches that makes them able to cater for their feeding, shelter, meds and basic needs conveniently, the next thing is to create value in things that have no inherent value… its all psychological hype and this hype is also one of the main reasons for their high prices…

I'll end it here…

Stay tuned for the next one, its going to be a long one so seat tight and grab your popcorn…

Thanks for reading.💖❤️💗