In the last post I tried to give a basic introduction to cryptocurrencies and Erc-721 tokens on Ethereum. It wasn’t really supposed to be technical, just a basic understanding of what things are and how they work.
Imo people are getting caught up with the thought of “buying a .gif” instead of actually realizing what they are participating in by buying that said gif.
Of course experimenting with your money is not advised if the current situation you are in doesn’t permit. Playing around with cryptocurrencies when they have recently reached all time highs is extremely risky.
I don’t really want to give investment advice or persuade you into one coin or another because most of the coins that I look at are purely degenerative gambles lmao
But all that pushed aside
I absolutely think it is important that people look into decentralized ecosystems that are being created right now.
Ethereum is one of those decentralized ecosystems and is where most common Nfts are minted as Erc-721 tokens. Once you are on Ethereum network with your “wallet” you are allowed access into a whole new layer of Decentralized Apps on the web.
I don’t know if Ethereum will last forever but it’s not going anywhere and the model of using your “wallet” to access apps will be forever added to how we use and experience applications on the Internet, so might as well get used to it lmao
With that being said I will continue with the Q and A format we did yesterday:
Should I make an NFT?
Imo yes but its a personal choice and risk to participate in a freshly created layer of the internet. Getting familiar with how everything works now will basically get you acquainted with how your “wallets” will interact with websites in the future. By minting an nft you are exposing yourself through art to a decentralized financial system in which you can gain more information to better guide your finances in the centralized world we live in irl.
Lmao that was kinda deep and maybe I am too hopeful.
Why should I buy an NFT?
It’s basically the same reason you should make one but also understand not everyone is a creative and people just want to buy something cool. So by you personally making that commitment to the step of buying a NFT on the ETH’s network you are participating in a decentralized platform that exposes you to a whole other layer of the internet where you can figure out things you can do with your cryptocurrencies.
What does the future of NFTs look like?
It can honestly be as creative as developers and active members of communities want their nfts to function as. Imagine a platform where businesses request commissions from artists and an artist can print nfts of their art work to receive their royalties. Lmao that’s not real and I just made that up.
But honestly you are that early. No one knows what it’s going to be like and that is the exciting part in participating in a developing ecosystem. Currently they’re nfts that are card games, ones that unlock attributes in video games, others that are fashion items in metaverses, and I personally know of some absurdly expensive socks lmao
What do I do with an NFT?
It depends on the specific NFT but they’re gallery sites where you can show off your NFT. There are also marketplaces like opensea and mintable where you can sell and trade your NFTs. Some NFT minters have a game that is their function and others provide access to assets when you buy them. It really depends on what you are purchasing.
Bids are being made! Ty for friends supporting
Working on collaborations with other more experience crypto devs
We will release the preview of the shirt design on twitter
More explanation of 411oak.nft ecosystem and coin coming soon aswell