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WTF are NFT’s ? , a 5-day conference on Decentraland

WTF are NFTs ???

WTF are NFTs

A 5 Day Conference taking an in-depth look at NFTs with some of the leading voices in the industry.

Day 1 : Collectibles – Day 2 : Art – Day 3 : Music – Day 4 : Gaming – Day 5 : The Metaverse

NFTs have been splashed across headlines and social media of late. This week Elon Musk turned down $1 million after initially offering to sell his tweet as an NFT. Last week Christie’s sold an NFT art piece by digital artist Beeple for $69 million. Earlier another piece by the artist sold for $6.6 million. Kings of Leon released their latest album as an NFT. The internet meme of the animated Nyan Cat which was uploaded on YouTube in 2011 recently sold as an NFT for nearly $600,000.

So what are NFTs exactly?

NFTs or “non-fungible tokens” are unique digital assets that are distinguishable from other digital collectibles. They allow for the tokenization of collectibles like art and even real estate. Ownership of NFTs is supported on a blockchain such as Ethereum, meaning that its record of ownership is publicly accessible. They differ from other cryptocurrencies in that they cannot be duplicated or traded at equivalency as they function in the same category as rare collector’s items like mint-condition baseball cards.  

Day 1: Monday 5th April – Collectibles

Logan – Digitibles , Steve Wand – OG collector , Dan – Non , Leelin – Ubiquitous ,Patricio – POAP

Day 2: Tuesday 6th April – Art

Nick Frontera – Jose Delbo , Pablo – Museum of Crypto Art , John Crain – Superrare , David Moore – Known Origin , Yuna – OG Trash Artist , Coldie

Day 3: Wednesday 7th April – Music

RAC , 3LAU , Harrison First , Alison Wonderland , Kenna , Kristoman – Big Ligas

Day 4: Thursday 8th April – Gaming

Miles – Decentral Games , Robbie – chain guardians , Jason – Game Credits , Will – Metazone

Day 5: Friday 9th April – The Metaverse

Rizzle NFT42 , Esteban Eordano – Decentraland , Ben Nolan – Crypto Voxels , Janine Yorio – Republic Real Estate , Michael Gord GDA Capital

So why are NFTs so popular?

NFTs have actually been around for a while. In 2017, the “digital beanie babies” CryptoKitties were so in demand that the game clogged up Ethereum’s digital currency network. According to Non-Fungible, CryptoKitties has racked up sales of $40 million to date. The resurgence of NFTs can be traced back to the start of the pandemic which provided ample opportunity for the virtual assets to climb into mainstream recognition in tandem with other cryptocurrencies like bitcoin. In 2020, the total number of NFT transactions grew to $250 million. 

Much of their appeal comes from the rights of ownership they extend to creators and buyers alike. NFT ownership agreements are supported on a blockchain that acts as a public ledger that allows anyone with a decent internet connection the opportunity to verify ownership and authenticity of a digital item. For digital artists and creators, it is a medium of restoring power back into the hands of artists by cutting across middlemen and granting them a percentage of profits every time the NFT is sold. For buyers, NFTs grant exclusive bragging rights that come with owning an original work of art as opposed to a factory print.  

How do you buy and sell NFTs?

You can buy and sell NFTs on marketplaces such as Nifty Gateway, Open Sea, Mintable, SuperRare, and Decentraland. Some marketplaces offer niche digital collectibles, like NBA Top Shot which sells NBA highlight reels as NFTs. In order to create and sell NFTs, artists need access to a digital wallet and a purchase of Ethereum before they can sell on marketplaces.

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