Updated: Dec 1, 2021
Some easy examples of what NFTs can be are:
-A unique digital artwork.
-A unique sneaker in a limited-run fashion line.
-An in-game item. yes games, as in video games put in VR or meta-verse
-An essay. or a screenplay for a TV show (if anyone is interested)
-A digital collectible. Major league sports are all involved.
-A domain name. Those .io addresses you may have started seeing
-A ticket that gives you access to an event or a coupon. Music stars, and festivals have been doing this basically like a vip pass that cannot be duplicated or lost.
Probably the most famous NFT that was created and really started the NFT craze currently sweeping the art world, and the "meta verse" is the image you see here by the artist known as Beeple. Why did that pixelated collage of 5000 images sell for 69 million dollars? Well to speak plainly, I don't really know! I do know, that is what happened. He came up with this idea to make an art image every day for 5000 days. He took all of those images and put them together as you see here. What made it important more than anything else, is that it was minted as an NFT, meaning that the person that holds this particular file, that was attached to the Ethereum blockchain and therefore cannot be altered or changed and has its 100% proof that it is the real article making it a very unique, or one of a kind only and ever, seems to have given it the value someone decided it had, namely 69 million dollars. It can be resold or held as an investment just as art always has been but instead of having the physical piece of art. You have a file in a digital wallet. No need to store it or display it. I suppose you could print it but...why? You can buy this poster of it at WH Smith for 40$ if you want. Yet there will only be one "Everydays, the first 5000 images" NFT.
I guess you could say that the value derives from its uniqueness. The one-off-ness of an NFT that is verifiable and unalterable is what gives them their value. Some quick things to note about them is that you can only purchase NFTs with the specific crypto currency or "token" on which the minting of the NFT occurred. So giving the price of the individual NFTs in $ amounts or Euro's or Pounds really is only the amount that you could trade the crypto currency into if you wanted. If the price of the crypto currency goes up in comparison to "fait" or government backed legal tender, then so does the value of your NFT. So for example, ETH or Ether is the crypto for Beeple's NFT. At the time of the 69 million dollar sale on March 11th of 2021, 1 ETH was worth 1568.00$ 1 ETH is now worth 4616.56$. So on the accounts of the owner of that Beeple NFT the 44,005.10 ETH purchase price is now 203,152,194.00$. Not a bad return so far if they could sell it for that same amount of ETH! All that to say there are lots of reasons that people are investing in NFTs these days. Lot's of reasons why traditional auction houses like Sotheby's and Christies are performing entire auctions exclusively in NFTs. Lot's of reasons why Visa and Bank of America are purchasing art in NFTs. Lots of reasons why Time magazine and and other publications are making and selling NFTs of their old magazine covers.
Now, how will the NFT wetrybetter will create from the 1 million images of planet positive deeds done by us all work? Where will it be sold and why would it be purchased? First things first, we need to get the 1 million images! Now, let's just assume that we reach that goal, (we will, regardless of how long it takes, hopefully with the power of the TRYBE we can get there quickly). The next step is to put all the images into a collage canvase made from the individual images posted on weTRYBEtter. When that task is complete we will mint our NFT via the Cardano block chain. (There will be a seperate post with more detail on what that is and what that means later. Now just know that it is the most energy responsible blockchain option and we care about that, a lot!) It will be put on auction through a marketplace that uses ADA, the Cardano currency, for its blockchain. Once it is minted it will be the unique piece of our TRYBE collaborative art, all made from planet positive actions done be each of us individuals. The hope is to create a bidding war between companies, and individuals that are looking for good PR and are focused on climate action initatives. 10 million will be our floor price, or bottom price to start the auction.
So are we all clear on what, why, and how concerning NFTs? If you have any further questions please just leave them in a comment for me and I will be happy to do my best to answer.