An Update on Non-Fungible Tokens (NFTs)

[analyst75]

Fungible means that something can be traded for itself. For example, you can trade one BTC for another BTC, you can trade a dollar for another dollar, and you can trade a one-ounce gold coin for another one-ounce gold coin.   

 

Non-fungible means that you cannot trade something for itself. For example, Leonardo DaVinci’s Mona Lisa painting is non-fungible—you can’t trade it for another Mona Lisa.

 

NFTs or non-fungible tokens are blockchain-minted artworks with unique encryption codes which allow for verified authenticity and ownership. An NFT can represent anything from a digital art piece to a song or cartoon, sports card, or a whole album. Even fashion designers are getting in on the NFT craze.

 

More than 509,000 NFT artworks were sold in March 2021 alone, totaling more than $85 million in sales so it's kind of a big deal. If you want, you could draw a stickman on a sticky note, take a picture of it and upload the jpeg as an NFT.

 

Elon Musk’s girlfriend, Grimes, a Canadian musician, singer, songwriter, and record producer learned about NFTs recently. As a result, she promoted one on Twitter and then made $6 million selling it in about 20 minutes.

 

 

Here’s a list of 15 NFT developers who have sold over $5 million in NFTs (from https://gothammag.com/top-selling-nft-artists):

 

Beeple (Mike Winkelmann)

Trevor Jones

18-year-old FEWOCIOUS

PAK who is anonymous but has produced digital work for two decades

Mad Dog Jones (Michah Dowbak)

SlimeSunday (Mike Parisella)

Hackatao

XCopy

3Lau (Justin Blau) - DJ, and fintech aficionado. All of his music is now being released as NFTs

 Grimes - singer, composer, and record producer (and Elon Musk’s girlfriend)

 WhIsbe - a street artist who has made gummy bears into NFTs

 SSX3Lau - (this title is for two people, a DJ, and an art director)

 Jose Delbo - at least a famous artist for such things as Wonder Woman and Little Lulu

 RTFKT Studios - a collective of artists that create digital skins that can be worn by digital characters in the metauniverse 

 Bosslogic - (Kode Adoba) – a graphic designer from Australia 

 

To make an NFT, you simply have to create something unique and upload it to a site such as Rarable, OpenSea, or Mintable. As I said, you could draw a stick man on a sticky note, take a photo of it and then upload the photo to one of these sites and you have your first NFT. But good luck selling it.

 

To me, NFTs sound crazy. I’d rather own a tulip bulb or a beanie baby, however, for those of you looking for infinite wealth, study the field a little bit and perhaps you can start selling NFTs for $5,000 each.

 

Author: Dr. Van K. Tharp