What in the world is an NFT? A Digital Collectible?? How Does This Work?
The ever so changing world of technology is at it again! I have been immersing myself into the digital world lately and I am just starting to wrap my head around things. At first, just like everyone else I guess, I thought if you have a "collectible item" you can see it, touch it, look at the condition and keep it under wraps, because "someday it'll be worth a lot of money".
So, this is my first article regarding this...more to follow
Well technically speaking, I still do collect "physical items" such as, comic books, coins, limited edition items, pins etc. but, while diverging into Crypto Currency, I have found a whole new world of collectibles!
First and foremost, whatever your thoughts are, probably rational, are not accepted here in this world. So, I just couldn't get the lingering question out of my head when I saw my first NFT (Non-Fungible Token, more on this later) collectible. Just what do I do with it and what makes it worth money?
So let's begin explaining it like this. Let's say you won a Tom Brady rookie card and it is authenticated by Beckett. You own the card and the COA for that particular card, and others may own these as well, but NOT YOURS. Well, in the world of NFT's, it is the same thing! You and others own a particular EDITION of the card in the real world and it is the same in the digital world, except EVERY collectible in the digital world is NUMBERED.
So, of course the less editions of the item, and the lower edition number determines the value of the "digital item". Are you with me so far? Just like to physical item, yours is UNIQUE in the digital world as well. Now, NFT or Non Fungible Token is a Crypto token created for EACH INDIVIDUAL ITEM, so the OWNER and only the owner can own that particular item, meaning if you own edition #2 of the Tom Brady Signed Season Pass, (worth around 60-80K) you can be the ONLY PERSON to hold that item with that edition at one time.
You hold possession of the item either in your digital wallet OR on the platform that you purchased it from, many have portfolio holdings for their customers. The item is safely stored until YOU want to sell it or transfer it to someone else. This is yours, you paid for it with YOUR MONEY, you own it, you will care for it, just like the physical card, it is your ASSET.
So why am I writing this article?
Because just like anything else, it is in its beginning stages, and this is the time to make some smart moves and LEARN about something new! If your old enough to remember, when things like eBay and Amazon started, we thought it was silly to buy something and have it delivered to your house. We can just go to the store, get crappy service, search every bowel of the store to find the crap we are looking for and wait in long checkout lines...sounds about right huh?
Now, we rely on HOME DELIVERY and CONVENIENCE, that was where it all started. Now the evolution of technology and BLOCKCHAIN now allows peer to peer transactions without middlemen and the creation of digital art and collectibles. The block chain is a sophisticated method of completing anonymous transactions without the need for identity. This creates easy creation of new and exciting products, games and a whole new currency!
In the next 5-10 years there will be drastic changes on the ways we do business, hold our assets and most of all, how we can all earn money without touching, shipping or even looking at items! We have seen things change before, just 25 years ago, not everyone had a home computer, no smart phones or even Amazon! We have all adapted to different things, we keep adapting and keep growing, that's the amazing thing!
Tom Brady is Not only a Great Football Player...
So, Tom has been busy off the field of winning Super Bowls. His name and of course connections with other great athletes like Rob Gronkowski, Derek Jeter, Wayne Gretztky to name a few has created a new experience for collectors.
Tom is the Co-Founder of Autograph and you can purchase items on DraftKings simple and easy with your debit or credit card. This is a NFT collectible website where average folks like you and I can purchase famous name athletes NFT's and other items on what is called a "drop". This is basically the introduction of a mystery pack that contains a collectible in which you won't know what you get until you buy it and open it. They all cost the same at the drop, but later when they are all bought up, anyone who owns them can choose to open the item or choose to keep it or not open it and keep it.
This is a totally different world as I said earlier, but it will be the wave of the SOON future. Just so you know, EVERY TIME one of the thousands of NFT's exchange hands, the owner (ie, Brady, Gretzky, Jeter) earns a 10% royalty off EACH transaction, this means no matter what it sells and resells for, they make that regardless...kind of beats the physical cards, you think???
Do you see the potential not only for the athletes, but for the average person? You can dive into this, put a toe in, do whatever you want. Just LOOK AT IT! It has potential to earn you hundreds, maybe thousands and possibly even more!
There are more NFT websites that have art, Comic characters from Disney, Marvel and DC...They already saw the potential...You need to also!
It's sounds crazy, just wrap your head around it and start learning!