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My NFT Story: From Eww to Ahh
I'm a Content Creator. Ā Mar 14, 2023
My NFT Story: From Eww to Ahh

Arenā€™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 motherā€™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 ā€“ at least the extension of the industry in my neighborhood. They called it NFT. At first, I called it ā€œneftā€ until I found out the correct pronunciation is ā€œen eff tee.ā€ Upon further inquiry, I found out that NFTs are actually non-fungible tokens which according to Rakesh Sharmaā€™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, youā€™ll have exactly the same thing. Itā€™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,


ā€œTraditional 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 ā€˜tokenizedā€™ to create a digital certificate of ownership that can be bought and sold.ā€


THINGS TO NOTE


ā€¢ NFTs are uniquely identifiable digitally; no two NFTs are the same.


ā€¢ NFTs work with everything designed using Ethereum.


ā€¢ Authors can retain ownership of their creations and directly claim resale proceeds.


ā€¢ 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:


ā€œThe 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 networkā€.


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.


Hereā€™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, donā€™t make this as your only source of income.


Thank you very much for your time Devjeet, it was truly a pleasure.


Devjeet: Iā€™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:


ā€œWhat regrets do you have from the nft space?ā€


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, ā€œBelieving fake founders but it has also taught me a lotā€


@0xMaestro replied, ā€œGetting drained while mintingā€


Harrison Bordeaux commented, ā€œNot joining as soonā€


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! Thatā€™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.

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4. Use a Strong Password: A strong password should be complex and contain a mix of uppercase and lowercase letters, numbers, and symbols. Avoid using easy-to-guess passwords like your name or birthdate. Change your password regularly and do not use it on any other online accounts.
 
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7. Be Cautious of Phishing Scams: Phishing scams are common in the cryptocurrency space. Fraudsters often send fake emails and messages asking for your private keys or other sensitive information. Always verify the authenticity of any email or message before responding.
 
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How is Brc-20 token created?


The brc-20 fungible tokens are created by attaching a Javascript Object Notation (JSON) to satoshi through bitcoin ordinals. This JSON code bit defines every features of the brc-20 tokens such as minting and distribution and the bitcoin network decodes this information once deployed. 


Bitcoin Ordinals: is the systematic numbering and transferring of every satoshi on the Bitcoin network according to its order of issuance. Satoshi is the smallest unit of currency on the bitcoin network, 1 Bitcoin is equals to 100,000,000 satoshis. Other usecases of the brc-20 is the Ordinal NFTs.


Ordinal NFTs are non-fungible tokens and they are created by attaching a digital asset file, e.g. images to satoshi. The brc-20 tokens are minted and spent like any other normal tokens. A bitcoin ordinal wallet is required to mint brc-20 tokens with a limit for each mint. 


Platform needed to interact with Brc-20 network


There are several platforms where one can mint, buy/sell and transfer brc-20 tokens such as on brc-20.io, ordinalswallet.com and unisat.io, though the minting option is yet to be available on the later. Donā€™t forget that you need to create a wallet with any of them and fund with Bitcoin for gas fees


Opportunities in Brc-20 token networks


Just like in any other blockchain networks, opportunities abound, such as peer-to-peer trading on the networkā€™s exchange as one can decide to be a merchant.


Secondly, arbitrage trading opportunity where one can mint or buy from the brc-20 network exchange at a cheaper rate and then sell in the centralized exchange with some profits. 


And lastly, is the that brc-20 tokens can as well be used for decentralized finance (DeFi) on the bitcoin blockchian, since brc-20 tokens are flexible and so can be integrated into decentralized exchanges, lending protocols and yield farming systems. 


In conclusion, the brc-20 tokens are experimental token standards that uses ordinal inscriptions to enable the minting and transfer of fungible tokens on the Bitcoin blockchain and it has had an eruptic effects on the bitcoin networks within its few months of inceptions, it has had a market capital of $472,554,369 million with about 24,677 tokens already deployed. Opportunities in this network are the P2P and arbitrage trading and the DeFi protocols on the network among others. The brc-20 token network though experimental but seems it has come to stay.

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Retroactive airdrops have become one of the most popular ways for crypto enthusiasts to earn free money in the space especially in decentralized finance (DeFi)


Retro-active airdrops usually occurs when a new and existing blockchain releases their new native token to their early adopters as a way to reward them for actively using their protocol and for believing in them and enhancing their early stage growth. The worth of these airdrops are usually mouth-watering, usually running in thousands of dollars per participant. This airdrops usually involve a testnet- the use of free tokens ā€˜goerli faucetā€™ or their free native token to test their protocols and the mainnet- the use of ethereum worth few dollars to conduct a live testing of their protocol.


Airdrop is basically giving of cryptocurrency to userā€™s wallet for free. Itā€™s a marketing tool for crypto start-ups to amass user base for its project, thereby enhancing their crypto project adoption. In this article, we shall be explore the secrets to earning free money via retro-active airdrop, some past renown retro-active airdrops and some potential retroactive airdrops in the near future.


5 Secrets to earning free money in retroactive airdrop


1. Identify token-less protocols: Identify these token-less protocols and interacts with their ecosystems so as to position yourself for their potential retroactive airdrops and ensure to follow them on their social media handles for possible news. These token-less protocols are sometimes new narratives in the ecosystem


2. Learn the technicalities involved: In running testnet or mainnet airdrops, you need to be knowledgeable about how to swap, bridge, provide liquidity, mint NFTs and trade on exchanges running on the protocol 


3. Be patient and consistent in testing out the protocols: while interacting with the chains on the protocol, it can sometimes be time consuming and also series of repeated transactions are required of you to amass number of transactions on their explorer as your duration and number of transactions are yardsticks for eligibility.


4. Join an active community: This is where you can learn the rudiments of the airdrops, get prompt information on trending potential projects in this regards and for accountability to follow through. Looking for such community ā€“Tech Nexus Academy is one among others.


5. Keep an eye on the potential airdrop project: This you can do by actively following their social media handles so as to know when you can participate and claim your airdrop, as failure to claim within the stipulated time leads to loss of the airdropped tokens.


Some notable retro-active airdrops in the past


1. The Uniswap airdrop: In September, 2020, this Ethereum-based decentralized exchange airdropped the sum of 150 million governance tokens named UNI to its early user, where each participant could claim 400 UNI worth $1,000 as at the time.


2. DYDX: A decentralized exchange airdropped 7.5% of its token supply to its active users in 2021. Some users got as much as 9,529 token per person, some surpassing $100,000 per person as at the time of launch @ $10.28 per tokens.  


3. Arbitrium: This layer 2 blockchain recently on 23rd march, 2023, rewarded its active early users with 1.162 billion ARB tokens, with a maximum of 10,200 ARB per wallet depending on the userā€™s number, volume and value of transactions at the time. 

A wallet received as much as 1.4 million of ARB tokens from multiple addresses worth about $2,000,000 as at then. 


4. SUI: A layer one blockchain, the most recent, on May 3rd, 2023 just rewarded its early users with about $2000 worth of their native tokens per person. Sui earmarked 594 million of its token to active users while it was listed at $2 price. 


Some potential retroactive airdrops in the future are ZkSync, Layerzero, Starknet, Linea ConsenSYS, Sei, Scroll, KLayer3, zkEVM, Venom and Base among others.


In conclusion retroactive airdropped are free money given as tokens to active users of a token-less protocol, which usually run in thousand (s) of dollars. The secrets to getting such airdrops could be identifying token-less protocols and interacting with their ecosystem, learning the technicalities involved, being patient and diligent in testing their protocols, joining active crypto community and by keeping an eye on the projectā€™s social media handles. Major retroactive airdrops in the past were Uniswap, Dydx and Arbitrium which airdropped thousands of dollars-worth of their tokens to their eligible early users. There are also many potential retroactive airdrops in the future for one to take advantage of.

May 4, 2023
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