{"id":61358,"date":"2021-05-04T14:56:46","date_gmt":"2021-05-04T14:56:46","guid":{"rendered":"https:\/\/blog.glaciermediadigital.ca\/?p=61358"},"modified":"2022-03-21T02:43:58","modified_gmt":"2022-03-21T02:43:58","slug":"five-ws-of-nfts","status":"publish","type":"post","link":"https:\/\/blog.lodestardigital.ca\/index.php\/2021\/05\/04\/five-ws-of-nfts\/","title":{"rendered":"Five Ws Of NFTs"},"content":{"rendered":"

\"\"<\/h3>\n

Image Source:\u00a0 NBA Top Shot<\/p>\n

 <\/p>\n

Unless you\u2019ve been quarantining on a private island for the past few months, your social media feeds have probably been flooded with talk about NFTs.<\/p>\n

Most of these posts are highlighted with clickbait headlines like \u201cNFT sold for half a million dollars\u201d or \u201cSocialite celebrity _______ mints her first NFT.\u201d<\/p>\n

(Insert name of your favourite celeb)<\/p>\n

These are examples of celebrities trying to capitalize on the NFT craze.<\/p>\n

Are NFTs a fad?\u00a0\u00a0A scheme to make a quick buck or do they actually serve a purpose and function?<\/p>\n

WTF Are NFTs?<\/p>\n

This article will discuss some of those burning questions.<\/p>\n

 <\/p>\n

What are NFTs?\u00a0<\/strong><\/h4>\n

NFT stands for non-fungible tokens or in its simplest terms, can be thought of as a file or a digital asset. This digital asset can be a mp3, jpg, png, gif, sport collectible cards or digital art which exists on the blockchain.\u00a0\u00a0The non-fungible aspect makes the asset unique because it can\u2019t be duplicated or replaced\u2026it\u2019s one of a kind. How do we know it\u2019s one-of-a-kind? We know because it\u2019s tracked on the blockchain for everyone to see.<\/p>\n

Celebrities, digital artists and creators are all gearing up to put their artwork on the blockchain.\u00a0There are endless possibilities creating NFTs and the blockchain helps prove authenticity and ownership of their works.<\/p>\n

Like any collectible in real life like an art, hockey cards or even Pok\u00e9mon cards, an NFT is coveted because of its uniqueness, scarcity and authenticity. NFTs are minted (created) and assigned serial numbers.\u00a0 The lower the serial number, the more valuable it is.<\/p>\n

Although it\u2019s more common for digital artworks, gifs and videos to have their own NFT, physical collectibles can and may be represented by NFTs in the future.<\/p>\n

<\/h4>\n

Who can create an NFT?<\/strong><\/h4>\n

Anyone can essentially make a NFT.\u00a0 Yes, anyone. What it really needs to have is something of value or interest. It can even be an experience.\u00a0\u00a0Right now, the most popular NFTs are digital art so if you have some kind of design or graphic that you love, you can turn that into an NFT.<\/p>\n

Once you\u2019ve decided what you want to mint, you\u2019ll just need to decide on which NFT platform and which blockchain you want to use. Minting an NFT has costs associated with it and you will need a bit of crypto currency to cover these fees. Choosing which blockchain you use to showcase your NFT is a factor in how much these costs are.<\/p>\n

 <\/p>\n

Where can you buy or create an NFT?<\/strong><\/h4>\n

Picking a platform to create NFTs comes down to personal choice and the blockchain you want to use. There are several popular platforms that are promoted in mainstream media now.\u00a0\u00a0Below are several popular platforms and some to keep an eye on because of their unique offerings.<\/p>\n

O<\/strong><\/a><\/em>penSea<\/strong><\/a><\/em>\u2013 Catch-all platform that claims to be the largest NFT marketplace.<\/p>\n

Rarible<\/strong> <\/a><\/em>\u2013 Non-restrictive marketplace where art pieces can be easily created without any coding knowledge.<\/p>\n

NBA Top Shot<\/strong><\/a><\/em> \u2013 NFT platform that creates video highlights, Licensed by the NBA.<\/p>\n

BakerySwap<\/strong><\/a><\/em> (Advanced users)\u00a0\u00a0– Operates on the Binance Smart Chain, lower transaction fees.<\/p>\n

VEVE<\/strong><\/a><\/em> (Buy & Sell Licensed NFTs) \u2013 App-based marketplace for premium licensed digital collectibles and carbon neutral NFTs.<\/p>\n

 <\/p>\n

Why should we care about NFTs?<\/strong><\/h4>\n

Although some speculate that the whole NFT space is just a fad or a bubble waiting to burst, we must be reminded that technological innovations often becomes clearer after the hype dies down.<\/p>\n

Use cases for NFTs right now are mainly about digital art and collectibles. The technology and the power of the blockchain has the potential to open doors and change the rules of ownership. It can aid in the removal of the middleman in transactions and smart contracts can be created to facilitate the transfer of assets as well as monetary payouts like commissions and payouts.<\/p>\n

Brands can incorporate it into marketing campaigns, product launches such as NFT promotion materials, swag giveaways or create NFT gift cards that contains a monetary value that could be spent.<\/p>\n

The possibilities are really limitless.<\/p>\n

 <\/p>\n

When Is The Best Time To Get Into It?<\/strong><\/h4>\n

Today is a good day.<\/p>\n

The past year has been a year we all want to forget and move past from but it may also be remembered as a year of innovation and the coming-out party for crypto and NFTs.<\/p>\n

Advancement in this space is moving very quickly everyday.\u00a0\u00a0By the time you read that something will be coming soon, it probably arrived last week already. Early adopters have a bit of an advantage and this space appears to reward them quite well.<\/p>\n

 <\/p>\n

Connect with us if you want to take a deeper dive into the world of NFTs or learn how you can sell your own artwork or designs.<\/p>\n","protected":false},"excerpt":{"rendered":"

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