NFT - Creative Community About Non Fungible Token

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Is anyone here interested in knowing an NFT community?

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So what are NFTs?

Imagine this. You have
2 pcs of 100 peso bills,

I hav:
4 pcs of 50-peso-bills

Now you wont complain kung akong ilisan imong duha ka 100 sa akong 4 ka 50, without permission. Its still the same value = 200 pesos. So meaning, interchangeable ra ang money, as long as same og value. In finance, this is called "fungible".

So unsa man jd ang NFT? Well, its the opposite:

So imagine, naa ka iPhone worth 25,000. Then naa ko Samsung TV worth 25,000.
Since same man cla value, is it safe to say I can just swap my Samsung TV to your iphone?

In finance, we call this "Non Fungible". Okay so I still havent answered your question, "so what is NFT"?
NON FUNGIBLE TOKEN.


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So, why is this in the Business Thread?

Well, back in 2005, somebody made Blockchain ryt? Then in 2006, the same guy made Bitcoin ryt? Then, in 2013, somebody made improvements on the Bitcoin by introducing "smart contracts" and called it Ethereum.
Now, in 2017, somebody used the Smart Contract technology in Eth and created, NFT.


Kadyot lang. Daghan terms, maka yabag, I know. So unsa man ang gamit sa NFT? Nganong naa mana sa balita sa Forbes, CNN, hasta si Lindsay Lohan og Logan Paul nag gamit og NFT?


Last analogy para mas dali sabton:

There's a painting called Mona Lisa. Its really famous. Now, you can sell it, buy it, and even use it to grow your money. The only problem is, daghan counterfeits. And there were even times someone tried to steal it.

SO, if you want to sell it, you need to hire a separate forensics lab to prove that :
a) it is real, unquestionably authentic
b) You are the owner, the right person to receive the payment from the buyer
c) and also, aside from forensics, you will also need to know how much is the current value by displaying this in a marketplace/mall or an auction (where people define the price by subsequent offers; highest bidder para mas sayon sabton)

This was the old system of art galleries. NFT is the new system of art galleries.

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NFT is a digital signature for anything art. A digital signature that proves two things:
a) it is real, unquestionably authentic
b) You are the owner, the right person to receive the payment from the buyer

Plus,
c) NFT also has its own marketplace already (OpenSea, Rarible, NiftyGateway, etc) so its built-in sa system. Basically, all u need to do is to buy, or sell.

NFT is built on top of Blockchain.
Blockchain = public ledger, NFT = artworks written on this ledger, its ownership history, price history with timestamps.

Price history is useful for those who love to brag about "exclusivity" and "being able to afford".


No need for forensics. No need for expensive lavish art exhibitions. No more art shows in the mall ky Covid anniversary na raba.


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QUESTIONS
How much is the highest paid NFT?

$69,000,000
https://www.businessofbusiness.com/a...%20art%20world.



Artworks ra? How about music?

Yes, can be anything. Song. Album. Special Unreleased single. Anything that was made by you.


How about photographers?

Yes, pde photos. As long as you are the owner. Video, Books, anything that is art, and involves a significant work that follows the criteria.


CRITERIA? What criteria?

1. Original
2. Unique
3. No one can duplicate exactly

Few suggestions based from what I've seen on their platforms:
1. Historic photo of a 1994 volcanic eruption that no one has seen (original, unique, cannot be duplicated ky if naa man lang muadto sa spot karon panahona, unsa pamay ipicture nga wala naman ang eruption)

2. Personal Video of Stephen Curry's practice session that was never aired. (original, unique, and definitely no one can time travel to the date to take that exact video) There are hundreds of people Ive seen who upload these in NFT marketplaces.

3. Your artwork of pure masterpiece of abstract paint (original, unique, no explanation needed)

4. A song that hasnt been released by Coldplay that they gave to you specifically (you may need their approval)

5. A digital version of your painting, with the actual painting to prove your ownership of the painting (trust me, there are scammers who got banned when it was found out that they took photos of someone-elses painting and uploaded on NFT without their permission)

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THE "BUYERS" QUESTION

Q. What is the point of buying when I can just download the photo from the site anytime?

A. Well, just like taking a photo of the Mona Lisa, can you SELL THAT PHOTO? Nope.
With NFT exclusively run on the ethereum blockchain, everyone can see it, but only one can truly own it.
By "own", meaning being able to buy, or sell, hold, trade, invest.

Not to mention nga naa pud mga marunong na businessmen (and a few corporations) who use NFT as an avenue for hiding extra money.

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THE "ARTISTS" QUESTION

a) Im a musician, how do i get paid if i sell my song as NFT?
You get paid in ETH (ethereum coin) so you need to download a wallet app for free to start receiving income

b) Im a painter and I'm very old. Wala koi mga ing ana nga technolog. Unsaon nako pag kwarta?
Get in touch with someone. Actually, nag plan mi build og community for negros, cebu, bohol, and leyte regions for those who wish to join.

c) Is there A PAYMENT TO UPLOAD?
Uploading wala. Pero publishing naa.

UPLOADING:
Basically, putting up your artwork without selling it on the marketplace. Useless if you want income. Useful if you just want to protect your art from being copied by someone else.

PUBLISHING:
Everyone calls this "minting". So dont get confused kung maka basa mog term na "minting". Remember that.

MINTING:
OpenSea and Rarible will deduct $48~55 from you, so kelangan naa balance imo ETH wallet. It's like a transaction fee for the ETHEREUM network. They call this GAS FEES.

An incentive you give them to keep the system running. This amount changes over time, as more and more people join the network.

In short, the later you enter, the more pricey its gon' be.

This used to be $40 sa una. https://mintable.medium.com/gas-fees...e-8d54b85a471c

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I'm pretty sure, that with this post, daghan makakita sa usefulness sa NFT. Hopefully, this raises awareness to certain people who have lost hope in their art/music/craft. Let's start supporting local artists, beyond hashtags.