Gabby's NFT 101

Gabby's NFT 101 Unless you've been living under a rock for the past year, you must've known or heard something about NFTs.

Now I'm no professor, but if you wanna better that knowledge a little bit, Gabby welcomes you

29/08/2022

NFTs are unique cryptographic tokens that exist on a blockchain, and cannot be replicated. NFTs can be used to represent real-world items like artwork, real-estate, songs etc.

"Tokenizing" or minting these real-world tangible assets on the blockchain allows them to be bought, sold, and traded efficiently whilst reducing your chances of getting a fake.😬

NFTs *(Non-Fungible Tokens)* are a way to prove digital ownership, as such they can translate to proving any ownership, since Non-fungible means something unique, or an item that cannot be duplicated. On the other end, fungible tokens can be duplicated, an instance is you could trade 1 Bitcoin for another Bitcoin, (you got your 1 Bitcoin back) but for something non-fungible like giving out your customized jewelry, you wouldn’t be getting the same customized jewelry if you traded it, you could either give it out in exchange for another piece of jewelry, but you wouldn’t be getting your own customized piece back.

I actually ran out of space for this on the last post😅Note: The buyers were a strong community and they started gaining ...
22/08/2022

I actually ran out of space for this on the last post😅
Note: The buyers were a strong community and they started gaining relevance, as did the entire crypto NFT space during covid. Not a lot of projects will do this well and so knowing what feats are within the reach of these upcoming projects that promise you the world would really help you save a buck!

As at the peak for BAYC when the market and Eth prices were favorable, the highest known sale for a Bored Ape NFT was $2.75mil ( transaction fees alone on this exchange would set up in a decent house with a decent car, while the rest would make you worth more than Teni, Joeboy, Fireboy DML and the Bugs Crooner himself, Kizz Daniel, put together!

Now UTILITY as would be defined if you do a Google search is 'the state of being useful, profitable, or beneficial'.That...
22/08/2022

Now UTILITY as would be defined if you do a Google search is 'the state of being useful, profitable, or beneficial'.
That's a brief and concise definition of the word. However, if you scroll further down, you'll see how utility is used as an adjective to mean 'functional rather than attractive'. That's a particular definition that caught my eye because it so clearly explains the misconception we have in the NFT space early on.
Yeah I know you made a modern day Monalisa and all but what tangible purpose would having the OWNERSHIP of that give me, as against just getting the same pic online?
There's a certain Utility you have to provide (and you have to be able to actually provide it) before there's a real and tangible reason to part with my hard earned money to obtain ownership of what you're offering.

Most of us were attracted to the NFT space because of those Bored Ape Yacht Club BAYC NFTs.
But there's way more to it than the jpegs.

'The BAYC collection offers exclusive access to the Yacht Club, a members-only merchandise store, and an exclusive Discord server. BAYC holders have access to additional NFTs, such as a free Bored Ape Kennel Club. Yuga Labs provided BAYC golfers with a free mutant serum, which generated a Mutant Ape Yacht Club (MAYC) NFT for Bored Ape owners. More recently, MAYC and BAYC owners were airdropped the ApeCoin cryptocurrency. In a sense, holding a BAYC is like an ongoing subscription to new NFTs and assets'.

I can't give a number of how many apecoin were airdropped cos I'm not a bored ape holder😅
But the all time high of that coin was about $27 (well over 18k as at the time of this article) and this is crypto were talking about (meaning they most definitely weren't airdropped just one)

What also contributed to their success was the fact that they became a status symbol of sort.
They are one of the most expensive to get and the wealthy wanted a piece of em (Hence, Marshal Mathers and Kevin Hart😅)

This is just to show you what purpose

19/08/2022

N.B
This topic here is subject to my own interpretation. No one knows everything, hence this is just my personal understanding of NFTs and the NFT space.
Like most of us, when I first heard about NFTs, I heard about this guy taking some pic and selling it for hundreds of thousands of nairas so I thought; Why don't I just get some unique so and so, sell it and roll in millions?

The problem with that, you see, is that its not about the art, at least not just about it.
Sure, there may be some art inclined collectors that might pay a big buck for an artistic all aesthetic collection but such isn't obtainable nowadays.
What most buyers of NFTs are after now is what we call UTILITY.

Stay with me here. Now imagine you did get that nice unique pic that you want to sell for a bazillion dollars and I come across it and really like it and really want it.
Now think about this. What stops me from simply taking a screenshot or something since I won't have to spend my lifetime earnings just to get some pic.
What would necessitate someone to spend on it.
What importance is attached to it that would make someone willing to part with his/her money to get ownership of it.
That's the concept of UTILITIES.

18/08/2022

I'd have loved to give you guys a run down on NFTs and it's basic history, from way back in 2012 with Meni Rosenfield, among others, but first off, I'll have to give a fresher course to correct some incorrect beliefs you may have held about NFTs as a whole.

18/08/2022

Good day gents.
Ok I'm not too interesting a guy so this'll be short🖤
I'm Maxwell, 5ft 11'🤙 dog lover and med school student.
I started my crypto journey a while back while I was in high school and dabbled in NFTs a bit back then but then I dived in fully when I graduated.
Since then I've worked on quite a number of servers (the first few were hectic as I was new to the space but over a year of practice and involvement in the space has turned me into quite a bit of an expert.
Certainly there's always more to know out there and I do my best to evolve everyday to be better than I was before.
I'm yet to decide what I'm gonna specialize in IRL after med school but I definitely want to make noticeable change once I'm unleashed into the world🙂

This server was made to educate y'all on what I know about the NFT Space, so if this knowledge will be relevant to you later as I'm sure it will, strap up.
We're in for a ride✨

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