The “NOT” fungible token (NFT)

If you have ever uploaded on any of your social media accounts as someone who is digital space alive, you sure would have been getting lots of questions regarding NFTs. I can’t be fed up neither should you; after all, it is no more news that crowd jump on trends, the figures in the trending news about NFTs are tempting indeed.

You heard about Jack Dorsey selling his first tweet ever as an NFT for over $2.9 million.

You heard about Sultan Gustaf Al Ghozali, an Indonesian student who took a photo of himself every day for five years. He sold his selfies as NFTs as a joke, and his collection has reached a trading volume of more than $1 million.

Another news about NFTs that topped the trends list on Twitter recently was an individual who took the image of a native drummer and converted that into an NFT, selling it for over $2000. This caused more than a trend; actually, it kept my DM buzzing.

Screenshot of drummer NFT purchase announcement and trends.

This news brought about the pretentious interest OpenSea, and other NFT marketplace is facing currently, I won’t call it “abuse” like I have heard a lot of people say, but it is causing an unnecessary rush into the NFT space.

How many losses have you heard of from collectors?

Is all that glitters gold to you?

The truth is, there are losses in the NFT market also.

A drive through the actual meaning of NFT.

Non-fungible token is the actual meaning of the abbreviation NFT. The idea of NFT as a marketplace where people can randomly upload an image hoping to make $000s from it inspired the title of this article.

We have heard about Bitcoin as a digital currency built to become the next phase of legal tender. We start spending cryptos (Bitcoin and others) in place of hard currencies; NFTs are a digital way of auctioning arts. You would agree that it took years of existence, historical documentation, and many other factors before Salvator Mundi could be worth its value today. The idea behind art collectors collecting artworks with great potential is the same way NFT collectors collect NFTS that has potential.

NFTs can be images, videos, Gif, music, document, etc. To own an NFT, you have to purchase it on a platform like OpenSea, Rarible, Axie Infinity etc. or get it as an airdrop(gift). The sales of it are the transfer of ownership, while its design is becoming an NFT creator. To become a creator, you need building knowledge, creative knowledge, and marketing knowledge. You can also bring money to the table while you hire a team to do the job.

NFT is not a meme platform.

NFT is not a get rich quick scheme.

NFT is not crypto.

NFT is not a scam.

Add your “NOT” in the comment section below.

Insight about the world of NFT, from how to own, how to build your own, how to take weird photos and sell and why you shouldn’t do that, lol, to how to make money from the NFT space, I will be releasing all of this in next article.