What’s the deal with NFT and Blockchains?

There’s nothing like the din of blockchain news to make you think, “Um … what’s going on here?” That’s the feeling people get when they read that Grimes received millions of dollars from NFT or the story that Nyan Cat was sold for a fortune. But, just when we thought we knew what was going on, the Twitter founder tweeted an original tweet on an auction like NFT, and you can bet they cleaned up a lot of cash.

You might be wondering: What exactly is an NFT in the first place?

And secondly too.

The latest scoop on the amazing inedible NFT. You can’t eat it, but for some people, this blockchain blockbuster is certainly a golden egg.

Okay, let’s start with the basic facts:

What exactly is an NFT?

NFT stands for a non-fungible token.

Who is Beeple?

Michael Joseph Winkelmann (born 1981), popularly known in the form of Beeple, also known as Beeple Crap, is an American digital artist, graphic designer, and animator. The artist is known for his use of various mediums to create humorous and spooky works that provide political and social commentary and use characters from popular culture as references. The British clearinghouse Christie’s has referred to him as “A pioneering digital artist at the forefront of NFTs.”

How do NFTs work?

At a higher level, most NFTs make up the Ethereum blockchain. Ethereum can be described as crypto, like dogecoin and bitcoin. However, the blockchain includes NFTs that contain additional information, which creates a different working model than, for example, an ETH coin. It is important to note that other blockchains can create their own version of NFT. (Some have already done so).

What’s worth getting in NFT?

NFTs can encompass anything that’s digital (like music, sketches you download, or your brain turned into AI). However, most of the rumors refer to the use of this technology to commercialize digital works of art. Any digital marketing item, including artwork, can create a Passive income that will last for years.

Dogecoin does not count as NFT. However, the GIF showing a Dogecoin or the GIF NyanCat in OpenSea, can be considered an NFT.

Can tweets become NFT?

If you can. The demand for non-fungible Twitter tokens is growing. And if you want to know how it’s done, our best advice is: good luck with that.

Do you really think this will end up being like an art collection?

Some people wish they could, such as those who paid more than $ 390,000 to buy the 50-second clip from Grimes, as well as those who paid $ 6.6 million to buy the Beeple video. But in reality, one of Beeple’s items was auctioned at Christie’s, the famous British clearinghouse.

However, this is the part where it gets a little awkward. You can copy and paste a digital file as often as you like, even including the artwork that comes with an NFT.

But non-fungible tokens are made to provide you with something that cannot be copied and give you ownership of the artwork (although the artist may retain copyright and reproduction rights, such as physical art). As for art collectors who collect physical works, the general rule is that anyone can buy Monet’s print. However, only one person will own the original.

However, it is not a blow to Beeple, because the video is not actually a Monet. Right?

How do you feel about that $ 3,600 Gucci Ghost? Probably envious. The painting that Beeple had auctioned at Christie’s eventually sold for $ 69 million, which is more than $ 15 million than the price of Monet’s painting. Nymphs obtained when it was auctioned in 2014.

Anyone who has hooked on Monet’s work can enjoy it as a physical object. Digital art as copies is considered identical to the original.

However the flexibility having the original Beeple might be nice.

Penguin communities?

Okay, people have been building communities for years around things they have, but now it’s happening with NFTs. Pudgy Penguins is a very well known community. There are other communities formed around other animal cards. It is possible to argue that it is one of the first NFT projects. CryptoPunks has an online community for it, and there are other animal-themed projects like the ones at the Bored Ape Yacht Club that have a great membership.

The end result is, not the end result.

You should eat sawdust for breakfast. That makes as much sense as trying to understand NFTs if you are not a crypto Albert Einstein. And even if it is, the supersonic speed at which NFTs are transforming will leave you in the dust. But hopefully you’ve made a few million before that happens.

Image Credit: Pixabay; Pexels; Thanks!

Brad Anderson

Brad Anderson

ReadWrite Editor-in-Chief

Brad is the editor who oversees the contributed content on ReadWrite.com. He previously worked as an editor at PayPal and Crunchbase. You can reach him at brad at readwrite.com.


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