S13: NFT

What is next with NFT?

LET'S GET STARTED

the situation around Naira, is not a reason to stop or halt your day to day activities. investment strategy and many more.

what can be running through your mind right now is 1. what is the point of NFTs, 2. what can i do with NFT, 3. what can be made into NFT.

NFT is non-fungible token associated with digital or physical products used to prove authenticity & ownership

When you hear NFT, two things should come to your mind

1. Authenticity

2. Ownership

the point of an NFT depends on how you perceive it, and the NFT market is growing.

Let me tell you a short story.

There was a time I purchase some items from the kiosk man around my street, he needs to give me N100 change, but they don't have it, what they do instead was to write N100 change on a piece of paper, sign it and write the date of the transaction on it.

he gave it to me and then said I should bring it whenever I want to collect my N100 change. what the man did was tokenize my change. he gave me a token worth N100 only redeemable in their kiosk. if I take it anywhere else, they won't accept it in place of N100.

Now, imagine the piece of paper is worth more than N100. say N10M. it automatically becomes an asset, I have to keep and safeguard it because the piece of paper is subject to getting lost, stolen, torn or even forged. what he can do is to mint the piece of paper to NFT,

when you mint NFT, for example, the piece of paper, what I will do is snap the piece of paper, connect my wallet to a blockchain network & upload the picture to the blockchain network. then the blockchain network charges me a fee for the process of uploading the picture to the Network.

that way, the picture becomes authentic & stored forever, and I can use my wallet to view and transfer it to another person.

So after about 4 months, I took the piece of paper back to the kiosk, I didn't meet the man, I met a lady instead, I told her I wanted to collect my N100 change, and she said where is your paper? I gave it to her, and she asked if I wanted to use it to buy something else or if I wanted the N100, I said I wanted the N100, and she gave it to me.

what happened was that the piece of paper could only be redeemed back to N100 in that kiosk. if I take it to any other place, they won't accept it. they will simply call me a fraud.

at the kiosk, it doesn't matter who you are, it doesn't matter who gave it to you, it doesn't matter if you are the real owner of the piece of paper, if you present it, they will give you back your N100.

Now, assume the owner of the kiosk owns other kiosks, he can implement a policy that if you take the piece of paper to any of my kiosks, they will give you your change.

imagine again that the owner of the kiosk wants to host an event. if the policy extends to the event. I can use the piece of paper to enter the event.

Now, what are the take home from my story?

1. that an NFT is a token,

2. NFT can be anything, a picture, artwork, or painting, it can also be collectibles, music, and audio.

3. that anything can be tokenized and made into an NFT.

4. that the value of NFT depends on how useful the NFT is.

5. that an NFT can be used as payment for something, used to exchange for another item or used as access to events.

6. that an NFT can also be treated as an ASSET.

what did I not cover in my story?

1. NFT has a marketplace where you can list your NFTs & sell them.

2. an NFT can depreciate in value

What can you do with NFT?

1. you can use it to prove the originality and ownership of an item anytime

2. you can use it to store an item or document forever.

3. you can invest in it.

4. you can earn passive income from it.

Questions

1. What is your experience with NFT

2. what do you need as a person to get started with NFT

3. What do you need as a business to get started with NFT

4. What are the potentials of NFTs

5. How much do you need to get started with NFTs

6. if i want to get started with NFTs, what is a best way to start

What is next for NFT

NFT contributes to the web3 space immersely, which is the web of ownership, the most relatable usecase is pfp, meaning picture for proof. you can mint a picture as NFT, and connect your NFT as your profile picture on social platform. platform like twitter, instagram, facebook have started using it. the economy of NFT is just getting started

1. NFT will facilitate metaverse

2. NFT market is estimated to hit $800bn by 2024 from the $20bn present market capitalization. that is a potential 40x ROI if you start investing now.

How can you get started with NFT?

1. start creating NFT and selling them on the marketplace.

2. invest in the companies that are into NFT, companies that are creating real value, invest in them for a potential gain. but do your due diligence.

3. pick a career in the industry.