I finally understand NFTs. I have looked at a few people try to explain it but it wasn't all clear to me.
Since building an NFT was something I had thought about some time back, it was always there in the back of my mind. Earlier this year when I got a 50% discount on getting some courses, I signed up for this NFT class. I pushed getting into it while I did the courses I was more interested in.
Yesterday I started the NFT course and the initial material was all about explaining the concept.
It basically boils down on the idea of original art.
The original Monalisa painting wasn't worth much while the painter was still alive.... but that changed when some public perception of the painting changed. Now the painting is supposedly $850 million in valuation while the museum that carries it gets close to $16 million on a yearly basis. The whole idea of value for an art is based on originality and hype. If it was based on the art itself, then a near replica of the art should be worth close to $850 million.
Where NFT comes into the equation is that it enables digital assets to be verified as original. The hype is the same as physical art. The society determines that.
So there you have it - NFTs in a nutshell.
I am officially getting into it and minting something soon.
Since building an NFT was something I had thought about some time back, it was always there in the back of my mind. Earlier this year when I got a 50% discount on getting some courses, I signed up for this NFT class. I pushed getting into it while I did the courses I was more interested in.
Yesterday I started the NFT course and the initial material was all about explaining the concept.
It basically boils down on the idea of original art.
The original Monalisa painting wasn't worth much while the painter was still alive.... but that changed when some public perception of the painting changed. Now the painting is supposedly $850 million in valuation while the museum that carries it gets close to $16 million on a yearly basis. The whole idea of value for an art is based on originality and hype. If it was based on the art itself, then a near replica of the art should be worth close to $850 million.
Where NFT comes into the equation is that it enables digital assets to be verified as original. The hype is the same as physical art. The society determines that.
So there you have it - NFTs in a nutshell.
I am officially getting into it and minting something soon.