Aren’t you just tired of the blockchain space? Every time you wake up in the morning, your sleepy eyes catch sight of an oddly popularized phenomenon. In early 2022, I awoke to the smell of my mother’s homemade melon soup sizzling in a pot. It was not the only thing boiling under heat, as the blockchain world was agog over something new – at least the extension of the industry in my neighborhood. They called it NFT. At first, I called it “neft” until I found out the correct pronunciation is “en eff tee.” Upon further inquiry, I found out that NFTs are actually non-fungible tokens which according to Rakesh Sharma’s Investopedia article are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
In other words, NFTs are digital assets that can neither be replaced nor interchanged. This is because each NFT has unique properties, so if you were to trade an NFT it would become a completely different asset once you have traded it whereas if you trade a fungible asset like bitcoin, you’ll have exactly the same thing. It’s like trading a Rolex Submariner and getting an Omega Seamaster without the obvious downgrade. BBC.com gave an exciting illustration on how artwork can be tokenized by using NFTs and I quote,
“Traditional works of art such as paintings are valuable precisely because they are one of a kind. But digital files can be easily and endlessly duplicated. With NFTs, artwork can be ‘tokenized’ to create a digital certificate of ownership that can be bought and sold.”
THINGS TO NOTE
• NFTs are uniquely identifiable digitally; no two NFTs are the same.
• NFTs work with everything designed using Ethereum.
• Authors can retain ownership of their creations and directly claim resale proceeds.
• Content creators have access to a worldwide market and are able to sell their products anywhere.
NFTs are a more sophisticated variant of the original cryptocurrency concept. Ownership is the first notable benefit of NFTs. Rejalut's research on the TOP 30 NFT Use Cases for Enterprises states that:
“The key benefit of non-fungible tokens is the ability to prove ownership. NFTs can make it easier to designate property to a certain fund because they operate on a blockchain network”.
NFTs can also create open ownership structures, which do away with the requirement for a third party to verify ownership and are also immutable once recorded because they are stored on a blockchain.
NFTs also have other advantages, such as their decentralized nature, security, fungibility, and ease of transferability.
NFTs have several applications for both individuals and businesses across all industries, thus it's critical that more people use them.
I spoke with Devjeet Choudhury, an NFT consultant and Web 3 project manager. He is the founder of Stellar8 Labs, a futuristic creative development agency that collaborates with leading brands and cutting-edge companies and projects to boost their online visibility.
Here’s What He Had to Say
1. How did you start your journey with NFTs?
Devjeet: I started off my journey first of all by working on an NFT project as a 3D designer. I researched and increased my skill sets on designing and marketing to now working as an advisor and consultant for projects.
Wow! That is exceptional!
Devjeet: smiles
2. Why should more and more people adopt NFTs in your opinion?
Devjeet: NFTs are a better alternative to many things. In the last 2 decades, everyone shifted to digital media and goods. NFTs are here to enhance the experience with digital assets. NFTs will even help businesses to improve their product experience as well as customer agreement.
3. What will the implications of a total NFT adoption be on the cryptocurrency and blockchain industry?
Devjeet: As more people become interested in buying, selling, and trading NFTs, the demand for blockchain technology will likely increase. This could lead to more investment in blockchain projects and the development of new blockchain platforms.
4. What is your biggest regret since adopting NFTs?
Devjeet: I lost some money in rug pull projects. In fact, I got to know everyone has lost some money in such NFT projects.
5. So in order for us to avoid such projects, what are your favorite NFT platforms?
Devjeet: Foundation and MagicEden are my favorites.
6. What piece of advice would you give to a newbie in the world of NFTs?
Devjeet: As a collector, do your own research. As a builder, don’t make this as your only source of income.
Thank you very much for your time Devjeet, it was truly a pleasure.
Devjeet: I’m glad I could help. Good luck!
Following my conversation with Mr. Devjeet, I went on a stroll through Twitter and stumbled upon a fascinating tweet posted by a user @wealthhhhhh. It read:
“What regrets do you have from the nft space?”
This attracted my attention because I personally enjoy conducting my research by including public discourse. After all, because it considers several viewpoints, it appears to be the most accurate source of information.
As I scrolled through the comments, I felt more confident in Mr. Devjeet's knowledge. The reason is because after emphasizing the need for NFT collectors to conduct their own research before investing, the same possible issues that Mr. Devjeet mentioned during our conversation unexpectedly appeared on my screen.
@ThompsonZolo replied, “Believing fake founders but it has also taught me a lot”
@0xMaestro replied, “Getting drained while minting”
Harrison Bordeaux commented, “Not joining as soon”
As you can see, the majority of responses came from those who stated they had no regrets about entering the NFT space and wished they had done so sooner. It should go without saying that one can learn about the NFT space and enjoy themselves. You might like to watch a comedy video I saw on Youtube by Stevie Emerson titled When You Get Scammed by an NFT Crypto Project - YouTube . You can't read all the boring stuff and miss this, I assure you. You will like it.
So there you have it! That’s my NFT story so far. Writing this article is still a part of my journey through this amazing concept and I sincerely hope it is worth my while. Have you ever bought an NFT? How was your experience? What is your NFT story?
I write lots of other articles on cryptocurrency and blockchain technology right here on Wazoplus. You can also find me on Twitter or LinkedIn.
