Non-Fungible Tokens (NFTs)

Description:

NFTs started with an emphasis on artists and musicians but this world is rapidly expanding. During this module, we will discuss the 3 things you should know about NFTs leading into the future.

NFTs Video Transcript

Okay. Non fungible token. Mean anything to you? Spelled out like that, it might not. But maybe the acronym NFT rings a bell. NFTs, NFTs. We seem to be hearing about them constantly. We can't get away from them. Maybe a friend has said, hey, you should sell that picture of your dog as an NFT. And you said, are you joking?

Today, we will be talking about the three most important things you should know about NFTs. Okay. NFTs are non fungible tokens. They are changing the world of art, photography, music, and more. Non fungible means that something is unique and cannot be replaced with something else. Token refers to a digital token, which is a type of currency online only.

We cannot touch it. NFTs are typically little images or videos that have a unique identifier that exists solely on your computer or phone. Again, we can't touch it. Let me give you an example. Imagine your child's piece of art living online forever, or owning the original version of Michael Jackson's Thriller, the digital versions, of course.

The world of NFTs opens up many new opportunities, and not just for artists. Today, artists, athletes, and businesses are selling NFTs. These are unknown local artists who can now share their art with the world and get a payment every time someone resells their NFT. People are even donating NFTs to non profits to help raise money for charitable events.

I could go on and on, but you get the idea. So, how do you create an NFT? Today we will talk about it from a very high level. So let's take my niece's piece of art. To begin the process, I would digitize this piece of art on my phone and turn it into a digital JPEG or PNG file. It's very simple, it sounds complicated, but what it really means is saving an item a certain way, just the way we save photos today.

Next we have this item minted. Minting an NFT is the process of taking this file and putting it on a digital register, a designated place online. After your item has been minted, bam, you own an NFT. Okay, so now what? Your NFT needs to be placed on a blockchain. Which is a network of computers to manage things.

There are multiple NFT marketplaces you can use to buy and sell NFTs. Once an NFT is minted, it can be sold for a certain price. It can then be resold and resold. And each time the price goes up. Think of trading cards. Every time they were traded, they became more desirable. So why would you want an NFT?

Well, after talking to some friends, here's what I found in short, they are cool and it's fun to create your own NFT. Remember, these are unique, irreplaceable and verifiable digital things. An NFT essentially allows its buyer to say that they own an original copy of a digital file. The bottom line is you can sell it.

You can tell your friends, you can post about it. You can even donate it to someone else. There are many ways you can use your new NFT. Another good thing about NFTs is that they create a community for us. For example, World of Women or Boss Beauties highlight NFTs from women artists with an emphasis on inclusion and diversity.

Or, My BFF is a community of women to learn about everything happening with NFTs. Creating, buying, and selling NFTs brings together a community for us. It's pretty great. You can interact with people who understand your interests. You can see the NFT world is just beginning. Learn about it. Explore the opportunities. Be a part of it.

Now is a time to explore the world of NFTs. Most importantly, find a reputable NFT marketplace online where you can create, mint, hold, and sell your NFT. Good hunting and good luck with your NFTs.