NFTs: WTF is that?
An introduction for noobs
Ever since Jack sold his first tweet on twitter for a couple million dollars I have been asking myself: “Kalu what is your plan in life?” and I have been doing it everyday. Blame me all you want, but I saw a tweet get turned into a JPEG and sold for $2.9 million dollars. If anything, I get anxious seeing Jack tweet because he might decide to sell again and at that point the DJ Khaled in my head will go: “another one”.
At that point I might lose my shit.
In fact, I lost it. The following months were filled with people selling weird stuff for thousands and, hundreds of thousands of dollars and calling them NFTs. So as a result, Gen Z in me thought it’s a new slang from tech people. It is.
Just like almost everyone reading this now, your reaction to this may be “WTF is an NFT?”. Well, here’s something cool to take a look at from Coca-Cola.
Alright so NFT means “Non-fungible token”, it’s the perfect productization of when your relatives give you money and your mom asks to hold it for you. Then when you refuse, she threatens you with the “I carried you for nine months” line.
There’s no replication, no comebacks and no refunds. It’s gone and that’s it. Thanks mum.
Now unlike the case with mum, they’re not scams. (Mummy please I will still like to leave the house with my face in one piece, you’re not a scam In Jesus Name)
So how it works is either someone creates “art” (read random JPEG) or an artist makes actual art and then places it on an auction site/marketplace for people to bid or buy, using cryptocurrency as payment. Cool right? Google “crypto punk” in your spare time.
The rule is: there can only be one kind of that NFT, which is the one being sold. So no, Patricia you can’t turn a picture of your house into an NFT. But you can make a 3D model of what the inside of Jupiter looks like, that should sell nicely. (don’t forget to send me some ETH when this idea makes you money).
That being said, are NFTs worthy investments? Frankly it is in its early stages so whatever you buy now, HODL till the next five years or more. Assuming you have the money for it.
Also, who knows, maybe with OnlyFans closing in October the creators can turn their porn to NFTs?
Hmmmmmmmmmmmmmmmmmmm.
An introduction for noobs
Ever since Jack sold his first tweet on twitter for a couple million dollars I have been asking myself: “Kalu what is your plan in life?” and I have been doing it everyday. Blame me all you want, but I saw a tweet get turned into a JPEG and sold for $2.9 million dollars. If anything, I get anxious seeing Jack tweet because he might decide to sell again and at that point the DJ Khaled in my head will go: “another one”.
At that point I might lose my shit.
In fact, I lost it. The following months were filled with people selling weird stuff for thousands and, hundreds of thousands of dollars and calling them NFTs. So as a result, Gen Z in me thought it’s a new slang from tech people. It is.
Just like almost everyone reading this now, your reaction to this may be “WTF is an NFT?”. Well, here’s something cool to take a look at from Coca-Cola.
Alright so NFT means “Non-fungible token”, it’s the perfect productization of when your relatives give you money and your mom asks to hold it for you. Then when you refuse, she threatens you with the “I carried you for nine months” line.
There’s no replication, no comebacks and no refunds. It’s gone and that’s it. Thanks mum.
Now unlike the case with mum, they’re not scams. (Mummy please I will still like to leave the house with my face in one piece, you’re not a scam In Jesus Name)
So how it works is either someone creates “art” (read random JPEG) or an artist makes actual art and then places it on an auction site/marketplace for people to bid or buy, using cryptocurrency as payment. Cool right? Google “crypto punk” in your spare time.
The rule is: there can only be one kind of that NFT, which is the one being sold. So no, Patricia you can’t turn a picture of your house into an NFT. But you can make a 3D model of what the inside of Jupiter looks like, that should sell nicely. (don’t forget to send me some ETH when this idea makes you money).
That being said, are NFTs worthy investments? Frankly it is in its early stages so whatever you buy now, HODL till the next five years or more. Assuming you have the money for it.
Also, who knows, maybe with OnlyFans closing in October the creators can turn their porn to NFTs?
Hmmmmmmmmmmmmmmmmmmm.