Fungible means that something can be traded for itself. For example, you can trade one BTC for another BTC, you can trade a dollar for another dollar, and you can trade a one-ounce gold coin for another one-ounce gold coin.
Non-fungible means that you
cannot trade something for itself. For example, Leonardo DaVinci’s Mona Lisa
painting is non-fungible—you can’t trade it for another Mona Lisa.
NFTs or non-fungible tokens are
blockchain-minted artworks with unique encryption codes which allow for verified
authenticity and ownership. An NFT can represent anything from a digital art
piece to a song or cartoon, sports card, or a whole album. Even fashion
designers are getting in on the NFT craze.
More than 509,000 NFT artworks
were sold in March 2021 alone, totaling more than $85 million in sales so it's
kind of a big deal. If you want, you could draw a stickman on a sticky note,
take a picture of it and upload the jpeg as an NFT.
Elon Musk’s girlfriend, Grimes,
a Canadian musician, singer, songwriter, and record producer learned about NFTs
recently. As a result, she promoted one on Twitter and then made $6 million
selling it in about 20 minutes.
Here’s a list of 15 NFT
developers who have sold over $5 million in NFTs (from
https://gothammag.com/top-selling-nft-artists):
Beeple (Mike Winkelmann)
Trevor Jones
18-year-old FEWOCIOUS
PAK who is anonymous but has
produced digital work for two decades
Mad Dog Jones (Michah Dowbak)
SlimeSunday (Mike Parisella)
Hackatao
XCopy
3Lau (Justin Blau) - DJ, and
fintech aficionado. All of his music is now being released as NFTs
Grimes - singer, composer, and record producer
(and Elon Musk’s girlfriend)
WhIsbe - a street artist who has made gummy
bears into NFTs
SSX3Lau - (this title is for two people, a DJ,
and an art director)
Jose Delbo - at least a famous artist for such
things as Wonder Woman and Little Lulu
RTFKT Studios - a collective of artists that
create digital skins that can be worn by digital characters in the
metauniverse
Bosslogic - (Kode Adoba) – a graphic designer
from Australia
To make an NFT, you simply have
to create something unique and upload it to a site such as Rarable, OpenSea, or
Mintable. As I said, you could draw a stick man on a sticky note, take a photo
of it and then upload the photo to one of these sites and you have your first
NFT. But good luck selling it.
To me, NFTs sound crazy. I’d
rather own a tulip bulb or a beanie baby, however, for those of you looking for
infinite wealth, study the field a little bit and perhaps you can start selling
NFTs for $5,000 each.
Author: Dr. Van K. Tharp
Profits from games of knowledge: https://www.predictmag.com/