It’s almost a week that I have been on hive, and it’s been wavy but fun filled, still trying to get a grip of how things are done most especially the crypto aspect. I’ve mostly been focused on just creating articles as most newbies should, but must admit after reading the last two articles from @deraaa I was motivated to check for myself how authentic NFTs are and I felt the need to share my discovery with you guys.
Truth is many will always ask these questions.
IS NFT real? Is it another failed digital coin in disguise? Well sorry to cut you short but worry no more because NFT is real and here to stay for long.
In March 2021, a non-fungible token was sold for $69m and paid for in cryptocurrency, while you may naturally think this was some shady transaction done on dark web.
Note that, the first 5000 days was sold by renowned auction houses. E.g christie’s auction company.
A little over a year it was reasonable to believe that an investment in NFT is someone just duped into buying an overrated and highly expensive JPEG, but the fact remains as long as big banks and investment funds add crypto to their portfolios. Capable investors will always find a way create the next big thing that can repeat the successful feat of BITCOIN.
Yeah I know what you think. Even if NFT is real, is it really the next big thing? In order to answer this question I need you to know that since the appearance of the first NFT in 2017 the market for digital assets has grown massively. A big contributing factor was the release of the ERC721 token standard in 2018. This standard provided the basic functionality to transfer and track NFTs, this effected a growth in NFT tech, giving developers the tools to develop products easily. The NFT market has continued to make unprecedented growth. With reports showing up to 2100% where more than 2 billions was spent on NFT collectibles in first three months of 2021.
My viewpoint might be a bit biased on the future of NFTs, But the daily testimonies are becoming less of an anomaly. Months ago if I am correct, a crypto punk character dubbed “Covid alien” was sold for $11.7 million in sotheby’s Auction, the buyer was a billionaire and venture capitalist. Shalom MecKenzie.this tells you that even the top men in the game are buying into this crypto market and it’s only a matter of time before it sky rocket.
How to know what NFTs are really selling and which to invest in. Over the Past few years, cryptocurrency has gone from a little understood rumor to a normality in our daily lives. This is because we are learning more about how the blockchain they’re built on works. So we can use them in different ways and more efficiently than before. But with all the hype around it it is hard to tell which NFTs are selling and why? can be a difficult question. In theory any digital art can be sold as NFT and provide solid proof of ownership and copyright. But when everything from tweets to slam dunks have entered the market, it becomes harder to tell whether you’re looking at a masterpiece or one purchase away from a huge waste of money.
Beeple (creator of the record breaking NFTs) is a talented digital artist and the first tweet ever is a souvenir of a historical moment which marked the disruption of the online space as we all know it today.
A prime example of a real NFT will be don diblo’s DESTINATION HEXAGONIA.
The NFT unlocks a 1 hour immersive music video. It was created exclusive for superrare auction and filmed over a year with 3D-rendered characters and sets, all within Diablo’s eco-if aesthetic.
These are the NFTs pioneers, but as NFTs become more popular. we are going to see more contents minted, sold and traded.
On momint, we have seen variety of ways our creators are making use of the NFT mechanic. Connectedthecoast NFTs unlock experiences, the beertimes came with a case of special craft beer. Also here on this platform we have the HIVE ECOSYSTEM.
In conclusion: I would like you to know that NFT on hive is a medium put in place to solve crypto problem in crypto art space, namely high gas fees, commercial licenses and NSFW contents.
NFT showroom is the first platform that allows you to attach commercial licenses to NFTs, which is a major step forward, in the future NFTs will not only be used to proof authorship/copyright/ownership but will also track commercial usage license of photos, videos, music and art.
NFTs are almost worthless without utility or usage rights, most are
online and offline is never sold, unless it provides some utility to the buyer.
Please take into consideration the fact that I’m still a new bie and I’m learning, as such I’m very open to corrections and suggestions, kindly leave your comments, I’ll be looking forward to you all contributions.
Thanks for reading. God bless 💯💪🏽
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