If you've seen the movie - "Sneakerella" by Disney Studios, then you already know what non-fungible tokens are (at least in their basic sense) - they are one-of-ones. And all around us, we're surrounded by these NFTs in the forms of relationships, images, patterns, and even numbers. For instance, when you go pick up your kids at school, you don't go there to pick up your neighbor's kids, do you? In that sense, your kid depicts what nfts are - one of one's. Even if you had a set of twins they couldn't be the same - Taiwo would never be Kehinde and vice versa. Neither would Messi be Neymar Jr. Even though both were South Americans who played for the same club, Paris-Saint Germain (PSG).


As stated by EkoLance, Non-fungible tokens (NFTs) are cryptographic assets that are one-of-a-kind and have varying degrees of rarity, making them available in limited editions. Based on origin and utility respectively, non-fungible tokens are digital creations of the web3/blockchain ecosystems. Which are ever-increasing in serving as channels for unique assets. Represented in the forms of digital arts, video clips, memes, GIFs, music, or poetry as well as any other artistic or intellectual properties. In this article, I am taking you through 4-Dimensions in the evolution of non-fungible tokens namely; The Hype, The Adoption, The Implication and  The Regrets. I'll split this under four subheadings for easy comprehension and then with a conclusive point-of-view: IS NFT TECH OR ART?

The Hype

Here's what hypes look like:

News Flash!

"Beeple sells an NFT for $69  million".

"Jack Dorsey's first ever tweet sells for $2.9m".

"CryptoPunks NFT collection crosses $1 bn in total sales".

"Obscure altcoin mana spikes 400% as Facebook's metaverse pivot spurs bet on virtual property token".



And it's not long before a fear-of-missing-out (FOMO) syndrome which affects most newbies in the web 3 space clings to your mind. Then the thought comes to mind: "buy 'em NFTs while the market's popping hot!!!" Right? The exact response of naivety. And this is where the walls of Troy come crashing down on you.

In the primary sense of the word, hype is, "promotional publicity of an extravagant kind" (Merriam-Webster Dictionary). In one word, hype is "noise" about something. And that's just what it is. There's no such thing as a good hype or bad one but there's "shilling", which we'll talk about later. This is why the acrostic DYOR - do your own research - exists in the blockchain space, to save investors from unnecessary heartbreaks. Notwithstanding, what organically promotes the hype around non-fungible tokens? Is it fundamental, technical or sentimental?

In a recent study carried out by Christian Pinto-Gutiérrez et alia on "The NFT Hype: What Draws Attention to Non-Fungible Tokens?", one interesting fact caught the eye of this subject. That is, it was discovered that "Google search activity for the topic “non-fungible token” and “NFT” is positively associated with major cryptocurrency returns" (Christian, 2022). In other words, the rise in returns on Bitcoin investments also known as a "bull run" led to increased interest in non-fungible tokens. Also, this trend seemed to flow in concurrent parallels with the heat surrounding who the next president of the United States would be at the same time in 2021. This observation was also made by the co-authored efforts of Tiana Laurence and Seoyoung Kim in NFTs for Dummies here:

"Google search trends within the US show that Googlers are now as curious about Bitcoin as they are about the country’s new president, and interest in NFTs has naturally surged with the Bitcoin tide."

And the same was true for specific NFT collections, such as “Cryptopunk” and “Decentraland”. However, the hype continues and it sure gave birth to something more concrete - nft adoptions.

The Adoption

It is primary info that NFTs were part of, but the least expected applications built on the Ethereum network outstripped its creators. Vitalik Buterin one of the founders asserts:
“NFTs are probably the one thing that I did not predict, by the way. If you look at the list of applications that were in the Ethereum Whitepaper, and you look at the applications that are popular today, the big thing that’s in the second list and not the first is NFTs.”

Although, "NFTs can credit their existence to CryptoKitties (www. cryptokitties.com), a novel game that was launched in the fall of 2017, by Dapper Labs" (Tiana & Seoyoung, 2021), NFTs first emerged in the space as digital artworks in the form of avatar collections such as CryptoPunks and later advancements began to explore other sectors where NFTs can be used such as


 • In real estate (Decentraland) or a proof of ownership of physical land.
 • In the fashion industry: Dolce and Gabbana - Alta Moda Collezione Genesi NFTs on UNXF
 • In the music industry: King of Leone Band
 • In education: EkoLance certificate of completion… (EkoLance 24 Days of Blockchain Advent Calendar, Day 11: "Non-fungible tokens).  
  • In book publishing: Readl which is built on the Polygon network provides writers the opportunity to publish their books as NFTs and create new revenue streams while protecting their creative rights.
As governments and major financial institutions began to accept Bitcoin and Ether, especially after El Salvador Repaid its $800 Million Bond despite adopting Bitcoin, non-fungible tokens will see more areas of adoption.
 

Just a little about Cryptokitties…

Here's the plot of the Cryptokitties NFT that sets me aback. CryptoKitties are unique cat NFTs that can breed i.e produce other NFTs, however of different kinds - as one of one's. As stated by the investor and professor, Tiana Laurence and Kim Seoyoung:

"CryptoKitties not only introduced the world to NFTs but also introduced NFTs that could make their own NFTs".

It even gets more exciting that the cryptography behind this set of NFTs was genetically engineered in a laboratory known as, Dapper Labs. In a sense, what CryptoKitties as NFTs did to the web 3 ecosystem was to simplify the understanding of the technical processes of the same technology which backs cryptocurrencies - the blockchain. For instance, crypto kittens breeding explains the mining process evident in the PoW consensus mechanism of Bitcoin and other proof of work networks.

Finally, playing the Cryptokitties game doesn't require coding knowledge just like its metaversian counterpart, The Sandbox Game Maker. Yet, there are many more consequences to the adoption of NFTs.

The Implication

The birth of NFTs is rapidly changing how we've conceived the world of digital arts, medicine, certifications, and real estate. A new economy is being forged at its dawn for creators known as the emerging creator economy .
Work Distribution: As an afterthought, EkoLance is currently working with the HUMAN PROTOCOL to "revolutionise the work distribution ecosystem and exchange of knowledge, funds, work and contributions on chain" (bearing in mind EkoLance issues NFT certificates to those who have completed its course) and trained 1000+ individuals.

Think: Imagine holding a pool where a set of 100 NFT Certificates trainees in the Set={Content Creators}, were picked using the HUMAN PROTOCOL. Or in the area of education where access is granted to some specialised courses by holding some specific NFTs? Also, imagine what work would be like when creators can upload their portfolios on dynamic NFTs.

In concluding this segment, however, imagine using a social media post that is tokenised as collateral Defi. Or think of gifting a loved one voice notes status feature on WhatsApp tokenised as non-fungible tokens. It's mind-blowing. The boundaries are endless and so has the notoriety of NFT scam artists seen opportunities in the vulnerability of this digital creation known as NFTs.


The Regrets

Remember, Shilling - a word I mentioned earlier? Earlier:

"There's no such thing as a good hype or bad one but there's "shilling", which we'll talk about later."

Well, here's me keeping my word. From newbies to OG's everyone has had a fair share of sad notes in the blockchain space. For starters, it's shilling. So what's shilling or what does it mean when an NFT has been shilled?


Shilling is the process of someone heavily advertising a token or cryptocurrency (which has no special utility) with the aim of selling it at a higher price. It is the first part of pump and dump schemes - a type of scam in which the fraudster buys a coin or token and then artificially inflates its price using false and misleading positive statements to sell it thereafter at a higher price. Usually, the perpetrators of this mischief have either helped in developing the project or have something to gain, so they bait their victims with the falsehood of high returns on investment. One of the strong voices against this is nftnate.


Epilogue: Is NFT Tech or Art?
Many times there's confusion as to what NFTs are and what they were designed to represent. Remember me saying NFTs are one-of-one's? Well, I wasn't wrong but there's a more techy aspect to this you need to know.

"An NFT is a cryptographically secure digital record that verifies your ownership of or access to, say, a piece of digital art".
Laurence and Kim

Let's use an instance I mentioned earlier. When you go pick up your kids at school, you don't go there to pick up your neighbour's kids. What if on some day a random guy walks up to you and says, "I came to pick my kid up, thanks for all you've done for him all these years" - would you let that pass? Definitely not. With all the dramas which will ensue, of course, there's only one place it can be proven that Jerry is your kid - in the labs. A  blood sample from you and the strange guy as well as Jerry's is taken to the lab and the test is for a match in a certain string of codes known as DNA. Do you pass? The lab issues a medical report stating, "Jerry is your kid", Voila! Jerry is still your kid. What am I trying to say?



Just like that medical report issued by the lab, the NFT is not really Jerry in this case but, the medical record issued by the lab stating Jerry is yours because of a match in DNA. That record is what verifies he is yours. However, such records can be manipulated which is what brings NFTs in handy because nonfungible tokens are not just digital records but cryptographically secure, in other words, stored on the blockchain - Ethereum in this case. More importantly, there can be no other NFTs stating Jerry belongs to someone else. That's why we call it - one of one's.

For partnership and collaboration DM me on any of my social handles 👇

LinkedIn: Ezekiel Inyang

Twitter: Ezekiel Inyang

Applying for a web3 role is highly competitive. This is because the tech boom era has left the web3 industry over-saturated with newbie talents vying for openings that are not enough to go around. To stay above this curve and stand out among the crowd, talents are expected to not only arm themselves with the required skills for the advertised roles but to also have proof of work. This means that you need to provide evidence that you have not just been idle but that you have been actively navigating your way in the crypto industry.

A great advantage of the tech boom is the ever-increasing number of emerging startups and prominent veteran companies. These startups and companies offer unique opportunities for newbies to kick-start their careers and scale. One Of such opportunities is an Ambassador program.

What is an ambassador program?

To a company, an ambassador program is a digital and offline marketing strategy that uses ambassadors to convey the company’s message, content, and values to promote the brand’s product or service.

As a web3 company influencer, your job is to use your personality and other digital tools at your easiest disposal to create awareness about the brand, drive sales, create social buzz, and help foster the business community. Be warned! Get prepared to have lots of beautifully branded swags swimming in your apartment once you begin.

Why you should consider an ambassador program

A lot of crypto newbies see an ambassador program as another task they need to scale to land their first gigs. This is not so, actively participating in just one ambassador program can be your catalyst to your first million $ gig.

• Million Dollar Networking

Networking is one of the bedrock of a successful 21st-century career. The role opens you to networking opportunities that also promote your personality and career. This increases your wealth of connections which opens you up to greater opportunities.

• Skill and Professional Development

Ambassadors programs as proof of work are an avenue to improve your professional skills and expertise. This experience increases your capabilities and prepares you for higher roles.

Unlike volunteering roles, web3 companies make provisions for a reward system to compensate ambassadors for devoting their time to help build the brand’s ecosystem. Here are the top career-changing ambassador programs you apply for in 2023;

 

Crypto.com Ambassador

Crypto.com needs lively and passionate web3 enthusiasts and newbies who can help look after their communities as they grow. The application process does not require much, just be able to prove that you can help them localize their brand and contents.

NFTfi

NFTfi is a progressive startup carrying along its train of ambassadors as they grow. To accelerate NFT adoption and expand the ecosystem, educator, moderator, and Evangelist are a few of the roles available in the NFTfi ecosystem.

Polygen Ambassador

Lucky you if gaming is your cool spot. Polygon is a web3 launchpad project where ambassadors earn tokens as rewards for tasks completed while gaining knowledge and developing expertise in the crypto launchpad space.

Cardano Global Ambassadors

Cardano’s ambassador program was launched solely to propagate and create awareness about Cardano. Cardano is by far one of the foremost developer ambassador programs tailored not just after the growth of Cardano but also after that of their ambassador's career growth and development. With their 3 phase reward program, ambassadors are rewarded handsomely in both financial and non-financial measures.

Solana Ambassadors

Recently, Solana opened up applications for ambassadors for their newly launched ecosystem project, Ask Solana U. An AI-powered chat-like engine-making building on Solana for university students. From their developers' ecosystem to their marketing departments, Solana has an ambassador program tailored for each of the roles.

Binance Ambassadors

With Binance, there are two different forms of the ambassador program. To grow more users, the Binance affiliate program rewards ambassadors who share and receive responses on their referral links.

The major one is the student ambassadors program rewarding students who help create a growing binance community on their campus thereby increasing adoption and popularizing the binance exchange in local communities.

Chainlinks Ambassadors

Own a competitive CV revealing that you have worked in one of the most notable global blockchain ecosystems. As a community advocate, you are entitled to support hosting meetups, meet and establish relationships with industry leaders and also educate your local community about smart contracts using the chain link.

Near Ambassadors

This program is open exclusively for students of universities from around the world to learn and earn. The program connects its ambassadors to technical and non-technical roles in the blockchain space and also rewards them through bounties and grants.

ByBit Ambassadors

The Bybit ambassadors community is a world-class community of professional traders, crypto enthusiasts, and event experts. Earn up to $2000 monthly rewards by helping to onboard new traders and crypto enthusiasts on the Bybit exchange.

Landing an ambassador role with a crypto company is one of the easiest things in the industry. 75% of startups at launch make open their applications for ambassadors. With veteran companies, it is a continuous recruitment process that has no season.

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.

The Hype - Introduction

It's apparent that non fungible tokens seemed to get much attention between the first and second quarters of 2021 to the fall of that same year, especially after Snoop Dog and Eminem took their fans to the virtual stages of the metaverse. In addition, Bored Ape NFTs seemed to raise some attention too as "The NFTs were originally sold for 0.08 ether each, around $190 at the time of their April 2021 launch and were sold out in 12 hours", according to Wikipedia. However, who made first appearance in the use of NFTs, what problems do NFTs solve that gives it competitive advantage over fungible tokens and what's the main purpose of non fungible tokens in the Web 3 Space and how is it set to change how things are being done in the world of finance, medicine, education, and arts etc as these have been proposed main use cases of the Blockchain Tech. Beyond the hype we'll look into such details in coming bulletins on NFTs.