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Something new
This is something very different then my normal HOW TO MAKE cake videos on YouTube! As you know I love the art of making cakes, but I also love painting and drawing.
The Quick Answer
An NFT is digital artwork.
What would you do with an NFT?
Collect it, Trade it, Buy it, Sell it.
Digital artwork is the newest form of artwork people like to collect. Yes, people collect NFTs for the same reasons they collect any type of physical item. Collections are typically made up of times that connect to someone's personal life. It gives them the thrill of the hunt to find what you need, and of course gives the prestige of owning something either rare, one-of-a-kind, or having the largest collection.
People are proud of their collections and like to show them off. Collecting NFTs is no different than collecting paintings, trading cards, comic books, classic cars, fine art, or jewelry.
Hold on... It's different because digital items can easily be copied.
Yes, digital items have the same problem as physical items. Everything can be copied, but only the original has value. For example, there are many copies of Leonardo DaVinci's painting of the Mona Lisa but all the copies all worthless. Only the original has value.
What does NFT stand for?
NFT stands for Non-Fungible Token. Great?!? what the heck is fungible? Fungible is something that can be replaced with an identical item. For example, items that can be purchased in a store. Items that are one-of-a-kind like the Mona Lisa or any authentic original physical artwork, painting, or sculpture are Non-Fungible.
The "Token" in Non-Fungible Token means there is a unique and non-changeable data stored within the digital art file code, to prove it's the authentic original, therefore making it one-of-a-kind. Any copy, screen shot, or duplicate will not contain this internal hidden unique code.
Just like physical artwork, there could only be one owner at a time. That owner can add the NFT to their personal collection to show it off or try to sell it at a higher price than they paid for it.
Wait a second! People pay real money for them?
Yup. Just like physical artwork, people pay real money for their collections and their collections could be worth millions of dollars. This sounds crazy, but this what the digital generation has given us.
NFT are way more than just collections, they are a huge investment opportunity. NFTs are an excellent way to get involved in the cryptocurrency market. A lot of people are making a lot of money. The price of cryptocurrency is constantly changing like the stock market.
NFTs are bought and sold with both physical money and cryptocurrency. Everyone has heard of Bitcoin, but there are many other types of cryptocurrencies that could be used. Solana (SOL) is a cryptocurrency that is strong in the NFT world because the blockchain has low transaction fees and speedy transfers. And Blockchain is? Pretty much a just a backup system. It's a series of computers connected worldwide to maintain transaction history to protect your cryptocurrency.
How do you even get cryptocurrency?
This is how I got started.
First you need a trusted Exchange Platform to convert physical money into cryptocurrency. This works like an online bank account to transfer funds.
Second you need a place to view, buy, store your collection, and sell your NFTs. FTX.us is a perfect 2-in-1 system. Here you can buy Bitcoin, Solana, Ethereum, and may other mainstream cryptocurrencies. In addition, the same site gives you everything you need to start buying and selling NFTs.
Which NFT should I buy?
I created the Happy Birthday Cake NFT Collection because I like cakes and I everyone's birthday is a special to them. I thought people might like to add a birthday NFT to their collection. My son also got on board with the NFTs so he created his own NFT collection in a totally different style. You can view his NFT collection at The CaLabs
