NFT Explained for Beginners + How to Buy or Sell them!

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So for today’s video, I’m going to cover what exactly an NFT is if your a beginner, why its so popular and if this is going to just be a fad or if it’s here to stay.

NFT is an acronym for Non-Fungible Token. Fungible means interchangeable, or not unique.

For example, if you gave me a 20$ bill and I gave your 20 $1 dollar bills, it means the same thing or the value is the same.

Non-Fungible means it cannot be substituted because its not the same.
For example, if we have the exact same make, model and year car its non-fungible. Your car make have more miles, a defect so its not 100% equal.
Other examples of non-fungible assets are real estate, artwork, and now, yes you guessed it NFT’s.

When we look at NFT’s, it’s a digital certificate that is stored on a blockchain the same way your favorite crypto currency is stored.
So we use NFT’s to show proof of ownership of a certain digital file.
Take the Mona Lisa for example, the original painting is obviously worth more than any copy ever produced. Pieces of expensive art work are accompanied with a certificate, proving that particular piece is the original and authentic.

So when we have a digital file such as a digital piece of art or picture, how do we prove it belongs to us and why would someone pay 100 to 1 million dollars for it. When we could just download it or screenshot it from Google.

Here’s why, First, people want to have verifiable ownership of it
Second, add it to their collections. Just with tangible art and cars, digital collections have started. Or Third, it’s all about social status.

Just like rare art, cars, consumer items, people want to brag or show off that they own or possess things. However, unlike a Lambo or Rolls Royce or owning the Mona Lisa, people want to show off, own or possess these things in the digital world that we live in now.
As with anything, when celebrities get involved, it adds more attention and value to them.

NBA Superstar Septh Curry purchased Bored Ape Yacht Club NFT for 55 ETH which equates to $180,000 USD. Logan Paul gained a lot of attention when he sold over 5 Million dollars’ worth of NFT’s related to Pokemon.
Hold on now, it gets worse.
Back in August he tweet that he spent 60K and 95K on a digital rock NFT, yes a digital rock. Where did I go wrong in life???

When a Youtuber like Loga Paul that has over 23 million subs on YouTube, buys or sells a digital rock for 60 or 95k. It creates a buzz and his fans become involved.

So fad or future is the biggest question, I say it’s the future and here is why.

Similar to Trading cards made years ago, now major sports like the NBA is selling NFT’s

You get the chance to own a particular play or moment in sports history.
Take this slam dunk by Lebron James for example, we can watch it on YouTube or Instagram, but someone can actually own that moment.
If you own that moment and I own another moment of Lebron James it becomes non fungible because it’s not the same.

Now let’s talk about value, you own a particular moment and now you want to sell it. You can set a price of lets say 1 Ethereum, now if I want to purchase that moment, I pay you one Ethereum for it.

It’s the same of any good or item, if no one pays the asking price for it, you can reduce the price or just keep it.

The NBA isn’t the only one getting involved. The NFL and the NFLPA has recently agreed to create exclusive digital video highlight NFTs (non-fungible tokens) for NFL fans.

In an article by CNBC, the NFT market had over 10 billion dollars in transaction volume, just in the 3rd quarter of 2021.
The truth is, this isn’t going away anytime soon. Yes the hype over a cartoon or rock image may fade away, but sports moments and actual artwork will not.

Since I started getting into NFT’s, the main site I use is OpenSea.
Opensea is very user friendly and allows you to explore or create and upload your own image. You can search by image, music or even sports.

There are a few other sites like Niftygateway and Superrare.com that do the same thing, Opensea happened to be the first one I started using so I’ve stuck with them.
Keep in mind, if your start trading on sites such as OpenSea, you have to create a wallet and utilize the crypto Ethereum to buy or sell.
Thanks for watching and I’ll see you on the next one. Later.
Disclaimer,
This video is for entertainment purposes and all information is only my sole thoughts and opinions. Please seek professional advice before investing into the stock market.

#nft, #nfts, #opensea

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