I think NFTs are becoming more successful in creeping into our lives, becoming more popular, more people are knowing about it and more people want to get some. But there are some myths associated with NFTs which has propagated a lot of misunderstandings about NFTs.
90% of the people who have asked me about NFTs and sparked interest in NFTs actually got interested because they heard they can get really rich through NFTs. So they have magically seen NFTs as a get rich quick scheme. While making a lot of cool cash through NFTs can be a reality for some people, making lots of get rich quick money is not fully a reality for everyone. Not all NFT projects or collection will boom, if you are lucky to have invested on an NFT project that booms to make you rich, then it’s cool. Those people making a lot of money on NFTs put in a lot of works and research into knowing what NFTs to buy, when to buy and when to sell.
This has made lots of people ignorant and nonchalant into blindly investing in NFTs. Few weeks ago I wrote about a friend who wanted me to join him into his NFT so called “Business”. According to him all we have to do is mint these NFTs and we will make a lot of money. I told him I wasn’t interested because, it’s obvious he doesn’t know Jack about NFTs. The only thing he knows is that people are making money from NFTs. Last week I called him and asked him how his NFT “Business” is going and he told me I was right. Apparently he hasn’t sold any NFTs since he listed them.
Creating an NFT and minting them for sale require a lot of social influencing. Lots of things can make your NFTs sell really fast as an NFT artist. Having a great social media platform where you can promote your NFTs help a lot, especially having a great social media influence where you have a lot of followers that value your work. Having this is not just enough, your art also has to be good, your NFTs can sell out really fast if your art is good, your NFTs will sell out even more if your art is good and your social media influence is solid.
But the ironic part of having a good art is that, we have seen visually not appealing arts sell out for a lot of money.
When I talk about “your art” I meant the originality of your content and what you are selling. But if you are a collector, you are either buying the NFT because you love what you see and you feel that it’s worth it’s value and you want to appreciate the artist or you are buying from a collection, where the devs will do the marketing for you. Collectors who buy NFTs from collections mostly buy because they want to flip it or join the trend.
Speaking about “Arts”, all NFTs are not digital arts. Although the general term for art is not subjected to anything that has to do with painting, art can be painting, music, videos, photographs. NFTs can represent anything media, it can be digital arts, can be pictures, can be videos, can be music. So not all NFTs have to be a painting.
NFTs have had a trading volume of over $41 Billion, which I can’t stop but ask, do you still think that NFT is a Fad that will fade away soon? Nah, I really don’t think so, In fact more use cases are being created for NFTs, remember, not all NFTs can be created to yield millions of dollars. NFTs help to store ownership, so this way, people can store their data, ownership and details on the blockchain for proof. This way your details are stored in the blockchain forever and can not be edited. Rumor has it that the healthcare industry will be using that technology to store lots of patience details. Rumor also has it that our international passport can also come as an NFT, this way it will be easier to spot out fake passports from originals especially illegal immigrants.
We are currently seeing organizations like Coachella, implementing NFTs for ticket passes into their events and other artist using NFTs as tickets. We also have other industries like the fashion industries implementing NFTs, you get NFT wearable along with your physical clothes. Do you still think NFT is Fad?