WHAT IS A NON-FUNGIBLE TOKEN (NFT)?

Non Fungible Tokens are digital “collectibles” and or “contracts” that are created, sold and transferred on the Ethereum blockchain. The ownership trail of an NFT is recorded and engraved on the Ethereum blockchain - it can’t be altered or changed and is an indelible record of ownership. The word non fungible essentially means that something is unique and cant be altered or changed. - a one of a kind thing. The future use case for NFT’s are endless - NFT’s are now being used by musicians, artists, collectors and other creators to produce unique content and to sell that content. Host companies such as OpenSea, Nifty Gateway, Rarible and Mintable etc are being used by participants globally to create, mint and sell their products. This has been a great tool for artists and creators to produce and sell their digital art and collectibles.

For the creator or the artist interested in minting an NFT, the endeavor can be very lucrative. In February 2021, Beeples sold his NFT for $67mm - thats right - $67MM!!! Also, when someone sells an NFT, they can also dictate that a residual payment be paid to them every time that piece gets re-sold - and they get this payment forever. The residual payment can be as high as 30% of the selling price.

WHERE CAN I MINT AN NFT?

Time to get creative! NFT tokens can be made by anyone - but you have to hold some Ethereum in your wallet in order to pay for the gas fees that go into creating them. Gas Fees are what the miners get paid to help create these new digitized tokens for you on the blockchain. Once you create your NFT, it can be sold and resold an infinite amount of times - The best part - every time your NFT gets resold - you get a portion of the sale. This is why this is so great for artists and content originators. Below are links to content origination apps and sites where you can create your own NFT !!!

Some of the coolest articles related to NFT’s below:

Jack Dorsey sells his first tweet ever as an NFT for over $2.9 million - 3/22/21

https://www.cnbc.com/2021/03/22/jack-dorsey-sells-his-first-tweet-ever-as-an-nft-for-over-2point9-million.html

Beeples sold an NFT for $69 million - 3/11/21

https://www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million

Kings of Leon Will Be the First Band to Release an Album as an NFT - 3/3/21

https://www.rollingstone.com/pro/news/kings-of-leon-when-you-see-yourself-album-nft-crypto-1135192/

NFTs Are Shaking Up the Art World—But They Could Change So Much More - 3/22/21

https://time.com/5947720/nft-art/