WHAT ARE NFTS?
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In this video we will talk about NFTS! What are NFTs? How can you make money from NFTs? Are they good investments? What is NBA Topshot? How can you make money from this? What are niftys? What is the best way to make money from NFTS?
A non-fungible token (NFT) is a special type of cryptographic token which represents something unique. NFTs are called non-fungible because they are not mutually interchangeable, since they contain unique information, although it is possible to mint any number of NFTs representing the same object. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens, that are fungible in nature.
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People have spent more than $230 million buying and trading digital collectibles of NBA highlights
A LeBron James highlight sold for $200,000. A Zion Williamson edition went for a little less than that. The National Basketball Association has officially aligned itself for the future of the trading card marketplace, and currently, this game is sold out.
The NBA partnered with Canadian-based Dapper Labs, makers of the CryptoKitties game, to make its version of a collectible digital asset. NBA Top Shot is a crypto-collectible consumers can purchase as a non-fungible token (NFT). Each collectible is tied to a blockchain — a digital ledger similar to the blockchains used for digital currencies like bitcoin. This effectively gives each NFT a unique and non-hackable certificate of authenticity. So even if somebody makes a perfect copy of the highlight video, it will instantly be recognizable as a fake.
Current “packs” to get in the game go for as low as $9.00 — and they’re constantly sold out.
Caty Tedman, head of marketing and team partnerships at Dapper Labs, says that Top Shots has generated more than $230 million in sales so far, although most of this has come from traders exchanging the collectibles after their initial sale. Dapper earns revenue via fees captured from peer-to-peer transactions and unleashing new packs of NFTs.
“I think it’s fascinating,” said Tom Richardson, a digital media professor at Columbia University’s sports management program.
“It’s a nice evolution and good to see that people are still doing collectibles, even during this time,” added Lars Rensing, CEO of blockchain service provider Protokol. “It’s a new step to the future.”
The game has also become a new source of revenue for the NBA. And again, its sold out.
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