Buying NFTs - Deepstash
Buying NFTs

Buying NFTs

NFTs are designed to give you something that can’t be copied: ownership (though a creator can still retain copyright).

Much like how physical art collecting is seen as a value-holding investment, now so are NFTs. However, instead of receiving an oil painting on canvas 🖼️ to hang on your wall, you get a JPG/MP3/GIF/etc file 🤷🏾‍♀️.

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Are NFTs bad for the environment?

NFTs are at least partially responsible for the millions of tons of carbon dioxide emissions generated by the cryptocurrencies used to buy & sell them.

Cryptocurrencies are built on a system called proof of work to oversee transactions.

The system forces "miners" to solve complex puzzles for a reward.

The process is incredibly energy inefficient on purpose, making the "miners" use up inordinate amounts of electricity (that they have to pay, for making it less profitable for them to mess up).

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What‘s the point?

Selling NFTs could be like selling a van Gogh painting, except instead of getting to appreciate a physical copy of something, you get a trading card.

People will still be able to access & distribute the asset that you bought but you own it (without any copyrights though).

So basically, you get bragging rights.

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What is an NFT?

NFT stands for Non-fungible token.

  • cannot be exchanged/replicated/replaced because they are unique.
  • allows you to buy & sell ownership of unique digital assets.

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Wtf?!

The founder of Twitter sold his tweet as an NFT for under $3 million.

Someone paid almost $390,000 for a 50-second video by Grimes while another person paid $6.6 million for a video by Beeple.

Nyan Cat meme from 2011 sold for about US$590,000 in an online auction last Friday, February 19.

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Fungibility (no it has nothing to do with fungi 🍄)

Fungible→ something replaceable/exchangeable.

  • Currencies & goods are fungible because they are interchangeable with items of the same value.
  • Ex: exchanging one 5$ bill with five 1$ bills because both have the same value.

Non-fungible→ something unique & irreplaceable.

  • Items of sentimental/historical/unique value.

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Selling NFTS

The creator just gets a shit ton of money and still gets to enjoy copyrights of their work so..... Win-win situation 😉.

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How do NFTs work?

They use the same blockchain technology that most cryptocurrencies use.

Most NFTs are part of the Ethereum (a cryptocurrency) blockchain but other blockchains can implement their own versions of NFTs.

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What the heck is an NFT?

Non-fungible token.

That doesn’t make it any clearer.

“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A NFT is like:

You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.

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Non-fungible token (NFT)
  • In economics, a fungible asset is like money - it is something with units that can be interchanged. With money, a $10 can be exchanged for two $5, and it still has the same value.
  • If something is non-fungible, it has unique properties and cannot be interchanged with something else, such as a house, the Mona Lisa painting, etc.
  • NFTs are distinct assets in the digital world. They can be bought and sold like any other property, but they have no tangible form.
  • The digital tokens are like certificates of ownership for virtual or physical assets.

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WHAT IS CRYPTO ART?

Crypto art is a digital art form. It is treated like physical artwork collections, and owners may have verified ownership of a piece of crypto art. The art world has long had established systems for collection paintings or sculptures.

But until now, although it was produced, there was no clear way for people to collect digital artwork. Crypto art and NFTs allow you to do just that.

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