Forwarded from Ola Yakubu
Part 5: Why would anyone buy an NFT? 🧐
This is the most common question! Here are the main reasons:
1. To Support Artists: It's a new way for digital creators to sell their work directly to fans and get paid, often including royalties on future sales.
2. Collectibility & Status: Just like collecting stamps, rare sneakers 👟, or baseball cards, people enjoy owning rare digital items. It's a new form of collecting and showing their interests.
3. Community & Access: Many NFT projects act like a membership card. Owning a specific NFT might give you access to a private Discord group, real-world events, or future perks.
4. Investment/Speculation: People buy NFTs hoping their value will go up over time, so they can sell them later for a profit. This is very risky, as prices can also go down to zero.
This is the most common question! Here are the main reasons:
1. To Support Artists: It's a new way for digital creators to sell their work directly to fans and get paid, often including royalties on future sales.
2. Collectibility & Status: Just like collecting stamps, rare sneakers 👟, or baseball cards, people enjoy owning rare digital items. It's a new form of collecting and showing their interests.
3. Community & Access: Many NFT projects act like a membership card. Owning a specific NFT might give you access to a private Discord group, real-world events, or future perks.
4. Investment/Speculation: People buy NFTs hoping their value will go up over time, so they can sell them later for a profit. This is very risky, as prices can also go down to zero.
Forwarded from Ola Yakubu
Part 6: The Elephant in the Room: Criticisms & Risks 🐘⚠️
It's important to be balanced. NFTs have big downsides:
· Environmental Concerns: Some blockchains (like Ethereum used to) require a lot of energy to process transactions, which has environmental impacts. (Many are moving to much greener methods now).
· It's a Bubble/Risky: The NFT market is very new and unstable. It's easy to buy something that becomes worthless. Many people have lost money.
· Scams are Common: There are many fakes, copycats, and "rug pulls" (where creators take the money and run). You have to be very careful.
· "Right-Click Save" Mentality: People joke that you don't truly "own" the image because anyone can save a copy. While true, the value is in the provenance, not the image file itself.
It's important to be balanced. NFTs have big downsides:
· Environmental Concerns: Some blockchains (like Ethereum used to) require a lot of energy to process transactions, which has environmental impacts. (Many are moving to much greener methods now).
· It's a Bubble/Risky: The NFT market is very new and unstable. It's easy to buy something that becomes worthless. Many people have lost money.
· Scams are Common: There are many fakes, copycats, and "rug pulls" (where creators take the money and run). You have to be very careful.
· "Right-Click Save" Mentality: People joke that you don't truly "own" the image because anyone can save a copy. While true, the value is in the provenance, not the image file itself.
Forwarded from Ola Yakubu
Summary 🎓
· NFT = Non-Fungible Token.
· It's a unique digital certificate of ownership for a digital item, stored on a blockchain.
· Think of it as a digital autograph or the Mona Lisa's deed of ownership.
· It makes digital items scarce and collectible.
· It's a high-risk, new technology with both exciting possibilities and significant dangers.
That's it for the lesson! Thanks for your time🙏🏽
· NFT = Non-Fungible Token.
· It's a unique digital certificate of ownership for a digital item, stored on a blockchain.
· Think of it as a digital autograph or the Mona Lisa's deed of ownership.
· It makes digital items scarce and collectible.
· It's a high-risk, new technology with both exciting possibilities and significant dangers.
That's it for the lesson! Thanks for your time🙏🏽
Forwarded from Ola Yakubu
📍NFT Knowledge Check: 10 Questions
Instructions: For each question, choose the best answer(s). Be careful—some questions have more than one right answer!
Instructions: For each question, choose the best answer(s). Be careful—some questions have more than one right answer!
Question 1
What does the acronym"NFT" stand for?
What does the acronym"NFT" stand for?
Anonymous Poll
0%
A) Non-Financial Transaction
100%
B) Non-Fungible Token
0%
C) New Found Technology
0%
D) Note For Trading
Question 2
Which of the following items is considered"Fungible"?
Which of the following items is considered"Fungible"?
Anonymous Poll
0%
A)A one-of-a-kind baseball card
100%
B) A dollar bill
0%
C) A ticket to a specific concert with a specific seat number
0%
D) The original Mona Lisa painting
Question 3
Using the"digital autograph" analogy from the lesson, what does the autograph represent in the world of NFTs?
Using the"digital autograph" analogy from the lesson, what does the autograph represent in the world of NFTs?
Anonymous Poll
0%
A) The image file itself
0%
B) The cryptocurrency used to buy it
100%
C) The digital certificate of authenticity
0%
D) The artist's social media handle
Question 4
Where is the ownership record for an NFT stored?
Where is the ownership record for an NFT stored?
Anonymous Poll
0%
A) On the owner's personal computer hard drive
0%
B) On a private server owned by the artist
100%
C) On a blockchain (a public digital ledger)
0%
D) On an Instagram post
Question 5
If you"right-click save" an image of an NFT from the internet, what do you actually own?
If you"right-click save" an image of an NFT from the internet, what do you actually own?
Anonymous Poll
0%
A) Legal ownership of the NFT
100%
B) A copy of the image file, but not the authenticated token
0%
C) The copyright to reproduce the image for profit
0%
D) Nothing, the file is corrupted
Question 6
Which of the following are potential reasons someone might buy an NFT?(Select all that apply)
Which of the following are potential reasons someone might buy an NFT?(Select all that apply)
Anonymous Poll
100%
A) To support a digital artist directly
100%
B)To gain access to a private community or exclusive event
100%
C) As a speculative investment hoping the price goes up
100%
D)To own a unique digital collectible for personal enjoyment
Question 7
According to the lesson,what is a major risk associated with the NFT market? (Select all that apply)
According to the lesson,what is a major risk associated with the NFT market? (Select all that apply)
Anonymous Poll
0%
A) The market is very stable and prices never change
50%
B )Scams and "rug pulls" are common
0%
C) You are guaranteed to double your money
50%
D) It is a new and volatile market where you can lose your entire investment
Forwarded from Ola Yakubu
▪️First row, there are 2 positions —
Payments go to the upline
▪️Second row, there are 4 positions —
▪️Third row, there are 8 positions —
▪️Fourth row, there are 16 positions —
Total = 20 + 20 + 20 + 140 + 20 = 220 IGT
Of this total, it already includes:
➡️ Received by the user = 40 IGT➡️ Auto-upgrade = 160 IGT➡️ Auto-Reinvest = 20 IGT
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