questions?
If you have some general questions on NFT’s, what they are and how to get involved this is the page for you.
If you still have questions make sure to join our Discord and our community can help!
What’s an NFT?
NFT stands for Non-Fungible Token. You may be asking “what does that even mean!?” and “why would I want one?” Hopefully our brief introduction answers these questions and more.
Let’s start with some basic definitions
So, NFTs are unique digital assets bound to blockchains. By design, they are verifiable, trackable, and tradeable.
+ Fungible
This refers to assets that are equal and interchangeable. For example: physical currency. A $1 bill can be switched out for another $1 bill; it remains the same value.
+ Non-Fungible
This refers to assets that are unique and not interchangeable. For example: sporting event tickets. Each ticket represents a different seat/section/day. Prices may vary.
+ Token
This refers to a digital asset. The asset, which can take multiple forms (ie images, audio, clips), has associated data which is unique and identifiable.
+ Blockchain
Sometimes referred to as a digital ledger, a blockchain is a shared database technology that provides and distributes secure, decentralized records of transactions. Cryptocurrencies like Ethereum and Bitcoin use the blockchain structure to store and track exchanges. NFT transactions occur on crypto blockchains.
NFTs: More Than a Picture
Ok, you understand what an NFT is, but what’s with all the hype? Why do people have random cartoon animals as their profile pictures? Why am I seeing news articles about NFTs selling for millions? Well, as with any new and emerging technology, trends develop and early adopters set certain value points that some outside the space may not fully understand. For all our NFT newcomers, we are more than happy to highlight and explain a few of these value points.
+ Collectability
Some will pay thousands for a pair of limited edition sneakers. A vintage designer T-shirt might sell for $500. A rare baseball card for thousands. These collector items sell because of rarity, quality, brand recognition, and/or the overall prestige of ownership. The same can be said for certain NFTs. These digital assets are collectors’ items. They are fun to track and trade. They build community around common interests. And they sometimes accrue monetary value.
+ Identity
Most of our daily interactions occur online. It is no surprise then that our individual online personas have become valued forms of self-expression. NFT’s provide us with a means to define, shape, and reflect our identities online-- whether it be in the form of a carefully curated NFT gallery or a sick Twitter profile picture. PFPs (industry speak for profile pictures) have become a window into who we are, much like the fashions we wear and the music we listen to. Many in the NFT space have set their PFPs to their favorite NFT giving their friends and followers insight into their interests, community, and/or latest big get.
+Utility
Flexing your identity and social media persona isn’t for everyone. Luckily, there is much more we can do with NFTs. Remember: NFTs aren’t just art, they’re technology. Owning an NFT is something we can verify. Its positioning on the blockchain system makes the verification process secure and easy. This opens a realm of possibilities. Imagine physical goods being accompanied by an NFT, allowing the owner to prove that the good is both authentic and one-of-a-kind. No more wondering if the LV bag is a counterfeit or real. Your favorite Twitch streamer is releasing limited edition merch? This merch can be gatekept and accessible only to holders of the streamer’s NFT collection. NFT utility could also include discounts to your favorite brands, exclusive access to your favorite content, participation rewards, and exclusive event invitations.
NFT’s and the Environment
There is a lot of negativity around NFTs at the moment and most of it focuses on the environmental impact of blockchains in general. The first thing we would like to point out is that there are multiple blockchains and each have their own impact. Some are more eco-friendly than others. Just like an electric car is vastly different from a coal rolling pickup truck. For the two most popular blockchains Bitcoin and Ethereum, the CO2 footprint is less than 1% compared to other sectors.
This doesn’t mean the industry isn’t trying to do better. Like any technology, blockchain is always improving. New and greener solutions are being developed, such as Ethereum’s proof of stake.
NFTS and You
So now what?
Go find some art you like. Support a local artist. Buy into an exclusive community. Join a group of creative minds and explore the metaverse. Jump into some NFT games. Dive into interactive lore and storytelling. Gain access to exclusive merch. Whatever you are looking for there is a community and an NFT for you. Pro-Tip: The space exists mainly on Twitter and Discord, this is where you can find the right community and project for you. Feel free to hop into our Discord or follow us on twitter and we can help point the way! Thank you for taking the time to read all this.
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