NFTs: More Than Digital Art

Overview

Dr.’s Jonathon and Quinn Button begin their guest speaking experience by sharing how their life journey began together when deciding what they wanted to do with their rest of their lives. They were both originally from California, but both graduated with their doctorate from Oklahoma State University. They decided they wanted to move to Nicaragua to help others and began doing so by creating a business of selling bracelets and donating all of the money to children for school supplies. This was because they both agreed that education was a vital thing in everyone’s life. There were specific numbers on each of the bracelets which let the buyer know exactly which child they helped. They overall donated thousands of school supplies all around Nicaragua and then moved to Guatemala in 2013 to do the same thing. In 2015, they moved to Morocco to also reach out to other organizations there, like orphanages, and raise money to donate school supplies for children. They moved to Florida to reside there after volunteering and raising money/school supplies in these different places. Dr.’s Quinn and Jonathon Button were introduced to NFTs around Covid time when they saw a piece of art be sold for 69 million dollars.

Definition of NFT

The definition that they use for a non-fungible token is “a unique digital identifier that cannot be copied, substituted, or subdivided”. It is also said to be “a chunk of digital data recorded on a blockchain that certifies authenticity and proves ownership (for a specific digital asset and the specified rights relating to it)-Who it was created by and who it currently belongs to”. Fungible means you can exchange something because the two items are the same. On the other hand, nonfungible means that two things are not the same, so they cannot be exchanged. A token is an identifier, which shows everyone on the blockchain whether or not someone owns a certain thing. The example Dr. Button uses to explain an NFT is that you can drive a stolen car, but you don’t really own it without the title.

Music

Furthermore, digital art is an example of an NFT. Without nonfungible tokens, digital art would not be able to move. The couple then begins explaining how NFTs are more than digital art. There was a specific artist that created a song and used someone’s NFT that was a moving piece of art that showed a face changing in different parts of the song. The owner of this NFT therefore got royalties, the price raised, and also the IP to the song. The owner of the NFT started a business called _Royal, _which allows similar artists to gain a portion of the royalty. Many music artists gain popularity through this app, which can be shared by these customers.

Fashion

Coach worked on a holiday drop for their bags and began trying to gain popularity by creating NFTs and dropping one each day for the eight days leading up to Christmas Eve. There were only ten of each of the NFTs and they are now redeemable. Anyone of these owners is now able to claim a free custom-made Coach handbag, which is great for the marketing of their company. Brands are looking for interactions for their brand and customers and many of them are giving away NFTs that are worth thousands of dollars! Nike is also another one of the largely popular brands participating in NFTs for their brand. There are also ways people looking to purchase designer bags or other designer items can track every detail about the item to ensure its authenticity, care, etc.

Metaverse

The definition is quoted as “a metaverse is a network of 3D virtual worlds focused on social connection”. The metaverse is a way you can virtually hang out with your friends, go to concerts, etc. at your own home. You can also buy virtual land through decentraland to ensure only certain people can attend certain events or be in a certain area. In certain countries or areas where money is difficult to come by and earn, people can make money for themselves and their families by doing this and simply playing games.

Sports

Sports also have a hand in NFTs which helps their sales and business, as well as their customers. For example, a lot of the times, there may be ways to scan your ticket to a certain game for the NFL, NBA, MLB, etc. that may allow you to end up with better seats for a playoff game. The organization may say, if you go to three of the games and scan the QR code, you can get a private box for the playoff game. This is influencing people to spend more money for tickets, but then also rewarding their customers to get something great as well!

My Opinion

I think NFTs are very interesting and could be very rewarding if you invest right and pay attention to the opportunities that are out there. People are making thousands and thousands of dollars from not really doing much and only spending a bit of money, if any, on the NFTs. I was not familiar with NFTs before this informative video, but I will definitely be doing my own research and possibly looking to invest in some. This is an easy, simple way to make lots of money if you make the right decision at the right time. This is also a great way for people who are either unable to work or in a place where earning money is difficult to make money and provide for themselves and their family. I think everyone should know about NFTs and be informed about them.

'Image Source'

Nftstarter. “Understanding Nfts.” Medium, Medium, 2 May 2021, nftstarter.medium.com/understanding-nfts-b68c88fd4367.