#NFT is still a relatively “new” concept but here are my thoughts. disclaimer, i might be wrong, but everyone’s entitled to their own opinions. first of all, i like to think of it as it serves as “money”. the term minting comes from minting metals into coins, so yeah. therefore, when one mints an #NFT, essentially, it’s creating a currency. This currency shall, in turn, serve its purpose to be able to do “stuff”. it’s not just an ordinary jpeg and here goes why. so, most people expect their purchase of their #NFT to have some sort of utility. well, this utility comes in the form of many different uses. for e.g., @garyvee #NFT collection serves as a ticket to some of his events. the utility of his #NFT is a ticket. and some might say, what about #CryptoPunks , well, think of that as old bill collectors. some people have the hobby of collecting old bills. there’s not much utility of an old bill, some might not even be accepted anymore but why are people still buying it? cause it shows or displays something about them. they are showing people the “hey, collecting old bills is my hobby” and they are satisfied with their purchase. now, what about the mass majority of people that are out here making money off #NFT . this is simple, i like to think of them as traders. you see, when they buy something, they want to get a profit out of it. so, let’s say CryptoPunk #1 is going for 10Eth. let this be CryptoPunk#1/10ETH. in the market, they are seeing if the value of the CryptoPunk can increase, hence, them profiting. and the same goes for currency trading. they buy a buy order, expecting it to go up and then sell. it’s the same game. and what about buying #NFT that is purely just art. well, this is interesting. buying a piece of #NFT art is basically you buying a piece of art. a few things here. you are letting people know you like this art, you purchased it, now it’s yours. you are also showing your support. for the artist. and well, trolls online can say that they can screenshot this thing and it’s basically the same thing. well, not exactly. let’s say you go to the mall and buy this book. you have the receipt and everything. on your way out, your book got stolen. to the thief, yes, he “owns” the book now. but who really owns it. the receipt is there to show that you actually own it. so the receipt = the transaction hash that’s stored inside the blockchain. essentially, the thief is known by everyone to be the thief. the analogy here might be a little off as you don’t own the book already but, just know that if you were to take legal actions, the book will be returned to you. “it’s hypothetical, don’t flame me hahaha”. the uses of #NFT are probably limitless, you just got to be creative. so, to anyone that’s making #NFT , think of it as it’s you’re coming up with your own currency and what your currency has to offer. i would like to reiterate that these are just my opinions. but let’s discuss. and before i end off, i wanna talk about generative art. something that i left out just now. to me, generative art is can be considered as currency per se. for e.g., let’s take #CryptoPunks . i’m pretty sure everyone has their own preference but sometimes a vast majority might. like the same thing. this creates demand. so let’s say, a bill has a number 1234, pretty rare right, 1 in 10000 has that number in the exact sequence of the numbering system. so, there’s a chance that people might pay more just to possess that bill. the same thing with the #CryptoPunks , a specific design might draw the attention of many, thus increasing its demand over the others. now, more people are willing to pay more, just to have that. so yeah, these are my two cents.
well, i’m still learning and will keep learning but for myself, i’ve created 2 collections of #NFT this far. my #NFT displays my passion and interest. it has also made me create a game on it. would also like to use this space to talk more about my collection. #shameless so, if you go to my profile and see, it’s basically generative #NFT . well, to me it’s not so much about the wow you made 10,000 #NFT . no. i’m fascinated about how a code can randomize and create a unique version of each #NFT . with the different rarity in place, it’s amazing how a specific #NFT can come up. much like anyone preferring a specific number over the other, that’s what i was trying to achieve. and with the different colors and all that, when one goes over to buy it, they are selecting something that they prefer over the other.
oh lastly, shameless plug, do check out my collection below while you’re at it.
Contrary to most cars, cars from our collection are completely Gas Free (If you know what i mean) @opensea
https://opensea.io/collection/crypto-garage-1
https://opensea.io/collection/crypto-showroom-1
Grab yours now!!!
