WAGMI

Reflections on Web3, NFTs, DeFi, and much more

NFTs

A Brief History of NFTs

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What in the world is an NFT?

NFT stands for Non-Fungible Token.  Unlike big daddy Bitcoin or your local 1 dollar bill which are 2  fungible examples,  NFTs are non-fungible meaning they are unique assets with different utilities and characteristics that are stored in the blockchain.

But WTF does fungible mean?  Stepping back this means that your dollar or BTC look/feel/work the same way. This means you cannot tell them apart and you can use them as money to buy or save for the future (yes you maxis chill as we will go down the rabbit hole later on why BTC is a better store of value, but my fellow newbs here is a sneak peak).

With that said examples of NFTs can be digital collectibles in the form of art, memes, virtual land, sports cards,  music and much more. 

Why are NFTs important?

NFTs allow buyers to hold ownership of assets in a digital way as these are coded in the blockchain. Yes it’s true can download a video,  screenshot a picture or record audio and share it worldwide across the internet.  However its important to mention the blockchain here as this is what distinguishes who owns this the asset from one that is copying it.

From a creator perspective this allows an artist or developer to set the rules.  These rules can vary and can be things like; how many items does a collection have, what is the percentage of royalties artists make, what is the utility for owners among other things.  The fact that artists can decide royalties and have pricing power makes this technology a blessing for creators. If not just read the news on how artists like Taylor Swift or the band Failure get shafted by the likes of Spotify. Yeah maybe we do not care about Taylor Swift shes loaded with tons of $$$$, but your talented stoner cousin from California can now make money and platform himself. All thanks to the magic of NFTs.

Nic Carter , Crypto OG goes more in detail about this here (not the Backstreet Boy)

Although NFTs are a relatively young technology they continue to have increasing utility serving as a token to proof membership of an exclusive community, game pieces/digital characters, real estate deeds and much more.

How did it all start?

History was probably my favorite subject in high school yet you probably want a short and sweet snipped to here are key points and a brief timeline.

 

6 Extra Things You Should Know:

 

Good luck I am tired now and going to bed.

 

 

 

Comments

  1. Hello, everything is going fine here and ofcourse every one is sharing facts, that’s genuinely good,
    keep up writing.

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