SOME FUN WITH NFTs
Both my son and grandson collect sports trading cards. I began a group text with them the other day. Here is how it went…
me: Do either of you have any of these in your collection? (I attached a link to NFTs of Rob Gronkowski on OpenSea)
son: Do you have a potato chip shaped like President Lincoln’s top hat?
grandson: What are those? (Gronkowski NFTs)
son: It’s a fake card.
grandson: I’ll pass. I’ll stick to real cards.
son: I just took a picture of the bottom of my shoe…let’s put it up for sale.
By this time I was laughing so hard I could hardly type out my texts. I thought they needed some additional explanation. So, I sent the links to two of my NFTs, each of which has a physical “gift” associated with it…
me: Each buyer of the 100 editions of my Wall Of Sound NFT will receive a free vinyl record, etc.
grandson: What is a record? Are those the big CDs?
me: If you think NFTs make no sense, take a look at this. People are actually buying and selling “virtual” real estate. (I attached a link to Tiliaverse.)
son: I can sell you a few pounds of wishful thinking.
WHAT ARE NFTS?
According to Investopedia…
“Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.”
- NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated.
- NFTs can represent real-world items like artwork and real estate.
- “Tokenizing” these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud.
- NFTs can also function to represent individuals’ identities, property rights, and more.
It took awhile for me to grasp the concept behind their creation. I have been reading about them and listening to YouTube videos for the past year. I thought it might be a way for me to monetize of couple of my own collectibles without actually selling them.
Usually, though, I would get bogged down in the details. That is because the process involved cryptocurrencies, a digital wallet, and a surplus of hypothetical contingencies. I was also somewhat concerned by what I considered to be a world which is appropriately characterized and defined as abstract…
Kelsey Williams is the author of two books: INFLATION, WHAT IT IS, WHAT IT ISN’T, AND WHO’S RESPONSIBLE FOR IT and ALL HAIL THE FED!