Latitude Review — What is an NFT and Why Should You Care?
What is an NFT and Why Should You Care?
NFT stands for Non Fungible Token. The word fungible means mutually interchangeable. So if something is Non Fungible, then it is unique, it cannot be replaced. This is important in the world of artwork for example, there is only one version of an item and this lends itself very conveniently to the power of the Blockchain.
Why should I care? Well, a recent NFT piece of artwork by the artist Beeple sold on the NFT market for $6.6 million. This should be enough incentive to interest anyone in the world of NFTs. You may never sell your creation for that much, but think of what it might mean if you were to sell your own pieces of art for hundreds or thousands of dollars!
What is an NFT collection? This is a group of similar pieces of artwork that go on sale as individual parts of a larger group. Making the NFTs part of a group gives them greater cachet, and increases the overall value. As an example, CryptoPunks is a collection of 10,000 pieces, and it’s the most successful group of NFTs in existence at this time of writing. Actually there is software available that can take a piece of art with interchangeable parts such as a face with different hair, different hats, etc. The software combines the pieces to give a large variety of combinations automatically, and voila! you have quite a large collection to offer to the buying public.
Where do i go to buy and sell NFTs? One of the best available NFT exchanges in existence is opensea. Here, you can create, buy and sell NFT pieces. You can profit by trading, or by creating (minting) your own NFT creations.
This is All So New and Frankly Feels Unsafe to Me…
Your concerns are not unfounded. The new world of the BlockChain and NFTs can be very confusing, bewildering and even frightening, even considering the potential rewards. You’re going to need a guide to help you across the potencially treacherous landscape. Now, NFTs have only been around for a short time, so how does a 12 year old guide sound to you?
Hold on, Did You Say 12 Years Old??
Yeah. I did. I want to introduce you to William. He’s been involved with NFTs for an understandably short while, but is already a recognized expert in the field at his tender age. He can show you how to create, market and sell or trade NFTs for profit, and he will help you avoid all of the pitfalls. You can also learn about NFT collections and minting NFTs. You’ll be able to operate proficiently and safely in this ecosystem and profit from it.
Find out more at My Latitude Page.
