Wed. Oct 4th, 2023

An eruption of blockchain news can leave you scratching your head and wondering, “Um… what’s going on here?” This is how I felt reading about Grimes’ multi-million dollar NFT deals or Nyan Cat’s sale as one. When we all thought we figured out what was going on, Twitter’s creator put an autographed tweet up for sale on eBay as a non-value-added transaction. People still spend thousands of dollars for clip art of rocks, and my mum doesn’t really grasp what an NFT is, months after we first published this explainer.

You may be asking yourself, “What the heck is an NFT?”

It was my apologies for the confusion. The term “non-fungible” refers to something that is unique and cannot be substituted for another. A bitcoin, for example, is fungible, meaning you can exchange it for another bitcoin and get the exact same thing. Although trading cards can be bought and sold, a one-of-a-kind card is non-fungible. If you swapped it for a different card, you’d get a completely different result. StadiumTalk called this 1909 T206 Honus Wagner card “the Mona Lisa of baseball cards.” You paid up a Squirtle for this card. They say so, so I’ll go with it.

What are NFTs?

Most NFTs are part of the Ethereum blockchain at a high level. Like bitcoin or dogecoins, Ethereum is a cryptocurrency that supports NFTs, which store additional information that makes them behave differently than, example, an Ethereum coin. As an aside, it’s worth mentioning that NFTs can be implemented on any blockchain.

What’s the best thing to buy at NFT?

In reality, NFTs can be anything digital (such as digital drawings, music, or even your own brain, which can be uploaded to a computer and used as an AI), but the present focus is on using NFTs to sell digital art.

Unlike NFTs, Dogecoin is not a digital currency. GIF of a dogecoin, on the other hand, is. Animated GIF: OpenSea’s NyanCat

Is that what you’re referring to?

No one can stop you, yet that’s not what I meant by that statement at all. NFTs have been compared to fine art collecting, but only with digital art, in a lot of the discussion.

When we came up with the slogan “purchasing my good tweets,” we were trying to come up with something ridiculous enough that it wouldn’t be a genuine thing. After we published the report, the CEO of Twitter sold one for slightly under $3 million.)

Is there a serious expectation that this will take on the status of art collecting?

Some others, like the nearly $390,000 buyer of Grimes’ 50-second video or the $6.6 million buyer of Beeple’s film, probably do. In fact, one of Beeple’s works was sold at Christie’s, the world-renowned auction house. That Beeple video had me right-clicking and downloading the identical file that someone paid millions of dollars for.

Wow, that’s savage. It does get a little weird at that point, though. Digital files can be copied as many times as desired, including the artwork that comes with an NFT.

In contrast, NFTs provide you something that can’t be replicated: ownership of the work itself (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). Anyone can buy a print of Monet, in terms of physical art collecting. The original, on the other hand, can only be owned by one individual.

The video isn’t exactly a Monet, but that’s not a bad thing.

Is it worth $3,600 to buy the Gucci Ghost? Tell us in the comments below! In addition, you didn’t allow me to complete sooner. Beeple’s Christie’s auctioned photograph went for $69 million, $15 million more than Monet’s Nymphéas sold for in 2014 when it was auctioned off.

The previous owner sold this for $3,600, but the current owner is asking $16,300 for the property. Animation by Trevor Andrews. The person who got hold of that Monet can appreciate it as a physical item. A digital copy is just as excellent as the original in terms of quality.

P…Penguins in a group?

People have always established communities around the things they possess, and now they’re doing the same with NFTs, too. Not only has a community sprung up around the Pudgy Penguins collection of NFTs, but this isn’t the only one that have done so. In the case of CryptoPunks, one of the first NFT initiatives, and the Bored Ape Yacht Club, an animal-themed enterprise, there is a community behind them.

Indeed, community activities are dependent on the community. For Pudgy Penguin or Bored Ape owners, it seems to be about vibing and sharing memes on Discord, or praising one other’s Pudgy Penguin Twitter avatars.

By Adam

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