The world of NFTs

The first time I heard about NFTs was sometime in Spring this year. Me and my bf was sitting with our phones, came across something related to NFTs and the first conversation about NFTs started. I think I had the same reactions as many others. Hmmmm…. What is this about? I spent TOO LITTLE time reading about it and quickly concluded I don’t understand it and I am not interested. I had it in the back of my mind for a while however but didn’t do anything to learn more or explore the NFT world. During the next 5 month I would come across articles randomly (or as random as things get online in this day and age ) or I would have friends and people I don’t know text me and tell me to do NFTs. I thought nooooo, it is not for me. The more messages I got and the more I saw about NFTs I thought, OK let me give it another try. It doesn’t hurt to learn. So I started reading about it and watching videos about it on Skillshare and YouTube.

 

My next conclusion: I still have much to learn but this is INTERESTING! I guess NFTs (which btw stands for Non Tangible Tokens if you are also completely new to it) dates back to 2017, so it has been around for quite some time but it is still new. Most people I talk to don’t know what it is and when I try to explain what I have learned about it they still have trouble understanding it. Ok to be fair, maybe I am not the best “NFT ambassador”, I honestly still don’t understand a lot of it but I get the gist of it. Some people believe that NFTs are the future, others think it is a temporary “internet trend”. 

nfts

About NFTs

NFT stands for Non Tangible Tokens. It is a unique digital asset. For example, I can upload a digital artwork, it can be bought and sold online. It is non-fungible because It can not be generated in bulk. It can be copied I guess?? (like anything out there) but it won’t be authentic. Each NFT has a unique digital signature which defines the ownership of your assets. Then we have NFT royalties. It basically means if I sell an NFT, I will get royalties every time my NFT gets re-sold (you can choose your royalty percentage. 5-10% is considered a standard royalty. I as an artist will keep all right to the NFT so people who buys it cannot make money of my NFT.