A Non-Fungible Token or NFT is any file you can upload on the Internet, usually an image file. The said file is auctioned using a blockchain. One NFT unit is considered one digital token, and its worth will depend on the current value it holds.
If that’s too boring for you, then stick around because you’re in for a treat.
NFTs are taking over the stock market like expensive NBA Trading cards or Magic the Gathering cards were taking the world by storm in the 90s.
Now that you get the comparison, here’s the story so far regarding NFTs.
The first account of the document from history was a secret document wrapped in clay. That was a document in Sumerian. That record featured a cuneiform text of debt from a person named X to Y. Their names do not matter, but you get the idea. That system of carefully-archived accounting has evolved after several millennia into cryptocurrency, specifically an NFT.
Early accounts of NFTs in 2015 drew eyes from the public because of their high value, like Wu-Tang Clan’s Once upon a Shaolin record that Martin Shkreli bought before all the controversy. More of that later.
An NFT’s marketing formula would be something like this:
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But, how do we make sure that an NFT is not a scam? Well, just like any other Cryptocurrencies, it all matters to you. But, unfortunately, most marketing schemes, even online ones, follow the Ponzi scheme’s similar business structure.
The Ponzi scheme is a Nefarious marketing model created by Charles Ponzi in the 1920s. Ponzi is a swindler and a con artist who promised a 100% investment return in 9 months.
The Ponzi scheme is a feasible business model, but only if the cycle continues. The profit bubble bursts once the process ends, and nobody continues it.
Everything is a high-risk, high reward situation. If your risk appetite is on the conservative side, you would need to adjust heavily to this new financial trend.
If you are vigilant enough, you can sense how one NFT or Cryptocurrency seems suspicious. But, on the other hand, if you’re investing in either, you need to have a keen eye on your NFT wallet app to succeed.
Examples of NFTs
Axie Infinity
During the Covid 19 pandemic height, Sky Mavis, a Vietnamese game company, developed an NFT game that Filipino game streamers have popularized. Axie Infinity is an NFT game where you buy your characters, and the online game increased its stock worth 6.6 million Philippine Pesos or $131,345.
Veve
Veve is the official NFT Distributor of Marvel and DC comics. Among the most prominent graphic novel publishing houses, the platform distributes independently-made NFTs from individual artists. Not only that, but it also caters to other pop culture NFTs like Ultraman, Ghostbusters, Adventure Time, and Powerpuff Girls. The best way to get NFTs from Veve is to register for the best NFT wallet you can find.
Crypto Punks
Crypto Punks hails as one of the top-selling NFTs of all time. In 2017, Larvalabs conducted a social experiment questioning the value of an image. The glamorous looks and outfits from the UK Punk rock scene where classic rock bands like The Sex Pistols, The Buzzcocks, and Joy Division flourished inspired these NFTs. However, Crypto Punks were stylized 8-bit images that questioned the value of a small file. In all seriousness, it ran its course successfully, and Larvalabs launched millions worth of charity drives despite the high profit they have.
The First Tweet
The First Tweet was sold at $2.9 Million and was the most searched NFT of 2021. Twitter is a Social Media platform that began in 2006, and the social media platform’s First Tweet NFT was auctioned in charity this year by Twitter Founder Jack Dorsey.
Wu-Tang Clan’s – Once Upon a Time in Shaolin
Martin Shkreli was a controversial figure in American pop culture. Although he was a controversial figure because of his felony case, he was the co-founder of the record label Collect Records alongside Geoff Rickly, the singer of the Rock band Thursday. The latter produced and engineered My Chemical Romance’s debut record.
Once Upon a Time in Shaolin’s first copy is carefully sealed on a small hotel in Marrakech, Morocco. The two copies of the record are Wu-Tang Clan’s attempt to recreate and replicate the exclusivity and mystery of art, just like in the Renaissance. In that regard and the controversy it created, this indeed became a work of art on its own.
Once Upon a Time in Shaolin has only two copies. The first one is in It was sold by the Department of Justice via PleasrDAO with the controversial price of $4 Million.
Fleetwood Mac’s viral Tik Tok Video
Yes. That 73 million view Tik Tok hit is an NFT. Nathan “Dogface” Apodaca became an overnight sensation in late 2020 because of his viral video of him skating while playing Dreams by Fleetwood Mac. Now his viral meme is sold at $500,000. Fleetwood Mac members Mick Fleetwood and Stevie Nicks lashed against Apodaca and his usage of their song.
Dogface was constantly featured on TMZ, People Magazine, and even legitimate news sites like BBC and CNN. In addition, the Tik Tok overnight sensation has raked tons of endorsements. Dogface endorses companies like Ocean Spray Ice Tea, which gave Dogface a Truck, Snoop Dogg’s Indoggo Gin, Tik Tok itself, and Sharkwheel skateboards despite supporting Lux Longboards, a local longboard brand from Idaho.
Despite retaining their song “Dreams” into the top spot of Billboard’s top 100, the band regained their relevance from getting millions of Spotify plays thanks to Dogface. Mick Fleetwood and Stevie Nicks, the current acting and surviving members of Fleetwood Mac, requested their song removed in Doggface’s NFT.
Therefore, the NFT is sold without the song and only features the originally recorded 23-second Tik Tok video clip with the audio unedited.
Lastly, Mihoyo and other Gacha providers are lately hinting at the consideration of NFT games. As if Gacha games were not a profitable enough money-laundering industry in itself.
Above all these outlandish statements and the millions of the millions of dollars spent by these investors, you can still right-click anything off the internet and press “save”. You can store anyything in your hard drive for free.
