Newsletter Excerpt — NF: The Richest Rapper in the world
Abeg, no vex, na joke. What we’re actually talking about are NFTs and the sudden buzz around them.
If you didn’t know, NFTs are Non-Fungible Tokens, and here’s why they’re such a thing. This year alone the NFT market has grown by 1785% and we’ve seen massive sales in the NFT marketplace.
For example, Jack Dorsey sold his first tweet for $2.9 million. Beeple also sold their ‘The First 5,000 Days’ artwork for a staggering $69,346,250.
NFTs help buyers own digital assets that can appreciate later in life. Think of it like this: someone buys the first art from a digital artist that will later blow in life. That’s $$ bills!
So, how does this NFT thing really work?
Any digital item or product like memes, digital art, tweets, memes, online gaming tokens can all be sold and bought on the blockchain as NFTs, with something known as ‘Gas’.
‘Gas’ is the cryptocurrency you want to use to sell your NFT.
How do I sell NFTs?
We’ll give you a short description of how it works.
1. Have the digital art you want to sell.
2. Choose the blockchain you want to use to sell your NFT. There are many like Tron, Binance Smart Chain, Polkadot, etc. The biggest and most popular is Ethereum.
3. Get gas from the blockchain platform you want to use. If you chose Ethereum, you’ll have to buy ETH. You can buy cryptocurrencies on any crypto exchange platform like BuyCoins, Luno, Bundle, etc.
4. If you chose Ethereum, you’ll have to set up an Ethereum wallet that supports the ETH token standard like Coinbase, Trust Wallet, Meta Mask. This costs between $50 -$100. You can also do this on any other blockchain you choose.
5. Choose the NFT marketplace you want to sell your NFT on, and connect it to your wallet. Rarible, Blind Boxes, OpenSea
6. Create or upload the digital item on the NFT platform you want to sell on.
7. Put up your digital product for sale.
In the last couple of days, there has been a silent crash of the NFT marketplace with prices in certain marketplaces hitting an all time low.
This has made a lot of people speculate about the future of NFTs.
However, there are different ways to look at this.
Some people will view it like the stock market and buy the dip with the hopes that the market will still pick up again.
Afterall, NFTs have been existing since 2012, but it had its highest gains this year.
Some will view it as an investment red flag and pull out of the game.
Aside from this, there are certain copyright or intellectual property concerns people have about NFTs.
Questions like: Is it possible for someone to lift my work from the internet and sell it as theirs? As a buyer, could I possibly be buying a product from an illegal reseller? What if there’s an issue of ‘What I ordered vs What I got?”
Well, these tricky situations have actually occurred. In fact, whatever digital product a seller buys, will still be available in the public domain. For example, if you’re selling a tweet, it will still be on Twitter. If your art is on your Instagram page, it will still be accessible to everyone.
There are however still some protective measures in place before better laws and policies are brought up to regulate the industry.
What happens is that most of these NFT marketplaces use an IPFS(Inter Planetary File System). The IPFS stores files about NFTs on their platform with the help of a Content Identifier(CID).
It works like this: If someone else makes a copy of your NFT from the platform, another CID is created. Now, if the same digital content is added to two different IPFS nodes, with the exact same settings, it will go back to the original CID(the original product).
Another small perk is that if you upload your work first, every record of sale or resale is available on the blockchain and you trace the thief that wants Sapa to catch you.
There’s also a concern about the transfer of NFTs if the buyer or seller dies. A digital assets manager like Abel can help with this.
You can read more about how to mint your NFT here
Anyway, to the goodies we promised you…
Join Sendchamp on Telegram and get 5000 SMS, Voice & Whatsapp messaging credits to engage your audience.
One Health is looking for a software developer.
Co-Creation Hub has opened a 3-month graduate internship program
The ExTech Global Challenge is open to Africans.
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