You may have heard of NFTs on the news or from conversations around the watercooler. I have heard of them but wanted a deeper look into what they were and how an investor could leverage them to accelerate wealth.
“The Nft Revolution” by Crypto Dukedom gives the reader a deep dive into the digital world of NFTs and how we are just in the beginning stages of their world takeover. Let’s dive into a small definition of NFTs before we get into my takeaways.
NFT stands for Non-Fungible Tokens. For simplicity’s sake, Non-Fungible means unique. As in the only one in existence. NFTs creation is tied to individual blockchains on the Ethereum platform. Please read “Bitcoin vs. Ethereum” for more background on the blockchain.
Using the Ethereum network and blockchain, creators can build digital assets that are unique to the world. The blockchain holds the creator’s name, new buyers, and other data. Think of NFTs as digital Picasso artwork. Everyone can see Picasso’s paintings online, but only one person can own the original.
NFTs have lead to the creation of digital marketplaces that sell artwork, games, items, and other digital goods. Even digital real estate is becoming a hot trend. Needless to say, the more we learn about this trend, the more we can position ourselves to leverage it to our advantage as investors. With that, let’s get into my takeaways.
1) NFTs are a continuation of the blockchain, which first started with Bitcoin. Blockchain is important because it is secure, and the network continuously verifies its integrity by utilizing “proof of work.” These concepts are essential when you start talking about million-dollar pieces of digital artwork.
2) We are just getting started in the NFT space. Many people think that the hype is over; however, there is much more to come. People are creating whole digital worlds that contain real estate for people to buy and own. We haven’t even scratched the surface of what’s to come.
3) Anyone can create NFTs. The book lays out the step-by-step procedures to open the correct accounts, wallets, and auction houses. However, the book highly recommends that you have some kind of audience to sell your NFTs to. Just as in real life, those with an audience get the most attention.
4) Look for video games to be one of the most extensive frontiers in the NFT space. Games are already known to house unique items, and this will accelerate that trend. What if you were the only person in the world to own a particular gun in a first-person shooter? That would be pretty awesome, right?
5) Find ways to get into the NFT space now. I believe we still have 2-3 years before NFTs go mainstream. Use the next few years to familiarize yourself with the process and auction houses. Even if you don’t sell anything, you will find tons of people new to the process. You can make money by just “tokenizing” other people’s work. You can also ask for royalties for each sale—passive income for everyone.
As I read through this book, I understood how early we are in the NFT space. Now is the time to jump in and learn the process. Take the time to understand what is unique about the high-value NFTs. Yes, celebrities may have sold them, but there may be more to learn.
When I think of NFTs, I think of the movie “The Matrix.” A world inside a world. Both planets are tangible, and to be truly whole, you will have to understand both. We are quickly moving in this direction with Cryptocurrencies, blockchains, and NFTs. There is no place to hide. You cannot close your eyes or cover your ears to hide from it. You will need to learn this new digital world if you want to become a successful investor. Good Luck!
Read My Books for Free: Free Kindle Books Schedule also on Kindle Unlimited Join me on the best app for Crypto- Voyager
Follow us on our Facebook Page (here)
Join our Facebook group (here)
20 Books that Will Make You Rich (here) part 2 (here)
Follow our goal to Retire on CryptoCurrencies (here)
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Leave a Reply