Blockchain
NFT for Dummies by Crocs League founder Doctor Troller
There has been an explosion in the sales of NFTs in the past year. One digital artist called Beeple sold his NFT artwork called Opus for $69 million at Christies. Another artist called Pak created a collection of NFT Cubes which sold out at Sothebys for $17m, and last week UK based artist Doctor Troller’s first drop of Crocs League NFTs netted over $500,000 in a couple of hours.
But what exactly is an NFT?
OK, let’s start with the basics. NFT stands for non-fungible token.
OK, I’m sure you get the token bit, but non-fungible?
Non-fungible means it’s unique, one of a kind, and cannot be replaced with something else.
You’ve heard of Bitcoin, right?
Well Bitcoin is fungible. One Bitcoin is exactly the same as another, you could trade any Bitcoin for another, they won’t be any different. An NFT however, is a one-of-a-kind trading card. If you swap or sell it for another NFT you will have something completely different.
So how exactly do NFTs work?
Most NFTs are part of the Ethereum (ETH) blockchain. Most purchases and trades of NFTs are done in ETH. Ethereum is a cryptocurrency, like Bitcoin, but the ETH blockchain also supports these NFTs, and stores extra information which is why most NFT transactions are done in Etherium.
So what is worth buying in NFTs?
NFTs can be pretty much anything collectable that can be digitised. It could be music, videos, the world’s first Tweet (it sold for $2.9m), but a lot of the current NFT excitement is around digital art.
The reason for this excitement is that NFTs are designed to give you something that can’t be copied: ownership of the artwork. To explain this in terms of physical art collecting, anyone can buy a Van Gogh print, but only one person can own the original. And with blockchain technology, you can easily see that the artwork is the genuine version and not a fake.
OK, how does that work?
All transactions of the artwork are recorded and stored on the blockchain, this gives the NFT artwork, what art dealers call “provenance”, you can see exactly who has owned the artwork right the way back to the original minting by the artist.
Right, I’m interested, but which NFTs are worth collecting?
Well, that’s the $69m question, literally. So rarity of NFTs is important. If an artist releases an edition of a million NFTs they’re not exactly rare, and so therefore this should be reflected in the price.
Have a look on community sites to see what prices these NFTs are going for, do your research. Discord is a good site to check on prices and sales for NFTs. Look and see what prices those NFTs have sold for today, not last week. This is a fast moving market, fortunes can be made quickly…and lost quickly. You’ve got to know the right time to get in, and get out.
What about security, I’ve heard about people being robbed online?
It’s really important to have strong security. Have a good secure wallet, something like Metamask, but also it’s good to double down with a physical wallet as well, so that if your computer is hacked you’re not going to lose everything when you’re asleep.
Please do ask us any questions that you think we should cover and we’ll get back to you with some answers soon.
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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