You’ve probably hear a lot about NFTs recently. You may not have paid too much attention, but here’s a quick note to explain why I think you should.
Soon we will all be buying NFTs.
NFTs are simply digital assets. Like the posters, vases and clothes in your home, NFTs are your digital belongings. Right now, your NFTs simply live in your digital wallet but soon you will be able to view and utilise your NFTs in various spaces in virtual worlds, and in some cases even use them for access and utility in the physical world. In my opinion, buying NFTs is no different to buying anything else in the world – it’s all a matter of personal preference. For example, I like notebooks. If I find a notebook I like in a shop, I’ll buy it even if I don’t have an immediate need for it. It’s the same with my NFTs – I buy what I like. I currently buy NFTs mainly for the aesthetics. Of course I look for NFT projects that I believe will have longevity and enduring value, but I also want to like the things I own.
You need to learn the lingo.
Before last week, I didn’t know the meaning of ‘floor price’, ‘rarity’ or ‘gas wars’. These terms will soon become as common as ‘e-commerce’, and checkout. Even if you just buy a super cheap NFT from a relatively unknown creator you will be taking your first steps in learning a key technology for the future. Right now the blockchain-powered smart contracts that enable NFTs allow you to verify your ownership of jpegs and other digital assets, but one day you might need one in order to buy a house. NFTs are a great entry point for this emerging technology.
You might have a future as an NFT creator.
The NFT space is not just for visual artists. There are writers, charities and many other individuals and entities entering and making things happen in the space. If there’s one benefit I’ve already received from the NFT space, it’s inspiration. I have tons of ideas on how I can bring my writing into the space as well as other innovations. The first NFT I bought inspired me to write a short story. The NFT space is bursting with ideas and creativity. If you are a creator, scrolling through Discord Servers and OpenSea will get your creative juices flowing – at least, that’s what it’s done for me! There are new careers emerging in the NFT and broader blockchain industry – your next career may be being invented in this space.
In some cases, you get to do good.
My first NFT project was Afrodroids by Owo (see images above). Written into the smart contract underlying the NFT drop was a 20% royalty on every sale and futures sales which donates a portion of the proceeds to Dream Catchers Academy, a non-profit Academy, offering educational opportunities, leadership skills, and a better life for street and underprivileged girls, through dance, drama, music, and visual arts. I get a cool piece of art and I get to make the lives of young girls better; that’s a win-win if I ever saw one!
Excited and want to know more?
I’ll be running a workshop on how to buy your first NFT next week. Sign up today to be part of the workshop: https://www.linkedin.com/events/howtobuyyourfirstnft6840670094218035200/