February 16, 2022

If you’ve stumbled across this article because you’ve chosen to do your homework on this NFT business, then welcome! You’re doing the right thing by doing your research.

If you’re reading this because you are already invested in the NFT space, then hey! Enjoy.

Before we kick off. If there’s one thing I’ve learnt thus far from entering this billion-dollar transactional community, is that these faceless collectors and sellers are generally helpful and passionate when there’s a question that needs answering.

I say ‘faceless collectors’ because unlike our Facebook, Instagram & LinkedIn social profiles, participants like to showcase one of their NFTs they have proudly purchased in replacement of their true identity. At the same time, creating a Username that is generally anything but their birth name. This is much more common in the gaming world. 

Setting up a digital wallet may seem daunting if you’re not totally computer literate. However, the majority are out to (virtually) hand-hold through any tricky task you may face while entering the world of digital assets.

Any pondering thoughts on jpegs of Ape’s or pixelated Punks displaying a price tag similar to a studio apartment in London, then hopefully those thoughts should become well ironed and crease free after reading this.

Just so you’re aware, I’m a Film, TV, Personal Stylist and Designer who has brought, sold and currently holds NFTs. This article is neither financial nor business advice. I’m a creative with an old soul but a thought for the future.

Okay, Q&A time!

Are NFTs a fad?

Like all new interests that become popular, this peak of frenzy cannot endure high levels of interest forever. However, a hype needs to happen in order for new ‘interestee’s’ (not a real word) to enter the market.

We saw this with audio-based social app, Clubhouse. It had its hype and now continues to run successfully but very much steadily. And even more with social app, Vero. In 2018 the app exploded from 150,000 daily users to 3 million but the hype soon dropped before you even got the chance to selfie a profile picture.

Right now, NFTs are enjoying a prolonged hype phase thanks to the media, celebrity culture, investment and scepticism. But this hysteria won’t last forever. There is a frequent number of new projects launching a collection of NFTs who quite honestly won’t be around for long. That’s due to many projects hoping to make a quick buck (or million). Even if a new company is honest in their existence, they are likely to lose because that’s the harsh reality of business. Let’s just say they’ll become digital dust.

But this isn’t too dissimilar from what we’re seeing across other industries. All you have to do is scroll an Instagram feed to be flooded with ‘Because you liked X’ recommendations or sponsored ads from a fashion brand created off the back of a pandemic.

Every man, woman and cat are starting a fashion label from their garden shed.

That doesn’t mean we should shun these start-ups. We have reached an exciting stage in technology that has allowed us to do unimaginable things in which our parents couldn’t even dream because this thing wasn’t even a thing!

The opportunity to do what you love, to create what you vision and to make money from your skills and efforts is here. As long as you are here for the right reasons of trying to succeed then the least you can do is try and cheer others to do the same.

Why would I create an NFT?

A Non-Fungible Token is much like a digital receipt which exists on a public ledger that records transactions, known as the blockchain. The process of turning a digital item into an NFT (creating its receipt) is called ‘Minting’.

This digital receipt cannot be duplicated in anyway. Ever. Meaning no forgery can take place.

Anyone with a computer and small amount of Cryptocurrency can create an NFT.

(We won’t go into the steps of setting this up)

In the physical world, tangible items such as documents, art and fashion can be duplicated, which in turn can be difficult to authenticate. For example, there are a colossal amount of counterfeit Banksy canvas’ and Louis Vuitton handbags being produced and sold as if genuine.

Image Source

The blockchain verifies ownership and eliminates the fake.

One of the main reasons to create and sell an NFT is for digital art purposes. Lots of people are becoming art collectors, with most in the space becoming sellers. Which is great for those already interested in all thing’s art, in addition to pulling in new players.

But! This is where the longevity of success sits.

You, yes you, can create and sell an NFT which isn’t just about art. Your NFT (which can’t be forged remember) can represent a utility for any individual or business. For example, one-on-one consultation’s, lifetime supply of tickets, physical gifts, exclusive membership-only events, meet and greets, meal coupons and whatever else you can creativity master up.

Your use of NFTs builds an eternal community filled with value and trust. Not only are people purchasing something digital from you (art, music, avatars, videos, photography) they are receiving added bonus utilities. When the buyer no longer wants the NFT they purchased, just like in the real world with eBay and Facebook Marketplace, it can be sold on. This sale, and every re-sale after, allows the NFTs creator (you) to take a fair royalty fee.

A system that gives creators the deserving opportunity to receive a small commission for what they produced.

This validated transaction on the blockchain simplifies and strengthens some lengthy transactions we currently partake in – and it won’t be long until physical items such as vehicles and property are transactional in this way.

Why would I buy an NFT?

Buying a digital asset isn’t new. Parents have been giving their children pocket money to buy digital items on computer games for some years now. Such as, skins (outfits) and artilleries are paid in V-Bucks on the popular game, Fortnite.

Although the difference with NFTs is that you have complete ownership of the digital items you’ve paid for.

As a consumer of NFTs there are several reasons as to why you would personally decide to participate in the digital world. As we mentioned before, companies and individuals will have utilities that when an NFT is held, you’ll reap rewards from your favourite chocolate brand, your favourite entrepreneur or your favourite car manufacture. You become an official part of something you admire so much.

A route into NFTs would be because you believe in a project and want to support it. Just like fashion brands, you’re attracted to the product, their branding connects with you, or perhaps, their website is smoothly designed to your preference.

Another example is supporting a sports team. We relate to a club for a multitude of reasons. Maybe, it’s their team colours, their badge design, their mascot character, someone you like supports them, they have a strong team behind the scenes, you like it when they win, they’re underdogs so you support their growth.

All projects in and entering the digital space have an ethos and a roadmap for the future. Like the brands and teams you so greatly admire, it’s down to you to sieve out the ones that speak to you most.

The most obvious reason for buying NFTs would mean you enjoy the aesthetic pleasures in life. You enjoy the intrinsic design of trainers, the serene interior of a minimalist home, the vibrancy of a pop music video. NFTs is another string to pluck. You’ll enjoy finding new projects that share your values and finding that one digital piece that only you connect with. 

When Instagram first launched onto our phones in 2010, a blue tick was probably something a dog was likely to pick up. But that digital tick meant, and still does, you are certified. You are who you say you are. With that check-mark comes benefits and opens doors such as brand deals, exclusive discounts and life changing opportunities. No-one is born into a blue tick, it’s rightly earned by the creator.

That is the power of a digital asset.

Let’s now layer with the fact that all social media users like to share photos from Christmas morning, share hilarious dance videos and share the gig they are watching.

This digital sharing is telling someone you know, someone you barely know and someone who lives in a small town you’ve never even heard of before, everything about who you are as a person. Tim from tiny Tandridge in the UK now has the privilege of getting to know you.

And just like these images, videos and music choices, we as a culture choose to share them.

Therefore, sharing your digital art collection won’t seem so outlandish after all.

Showcasing an owned piece of artwork from a particular artist may just open doors and satisfy the people that follow you.

…If you were waiting for me to say you can make millions buying NFTs and that’s why you should buy them - I’m not going to. That has been the case for many. But that’s not a primitive reason to buy an NFT. Hopefully, this article will help make that decision as to whether you want to invest in buying NFTs for financial gain or not. The choice is yours to research and make.

Are NFTs safe?

When the World Wide Web first launched on to computers society was sceptic on many levels.

‘Why would I need to search a question? I have the local library.’
‘Why would I need to search for a company? I have a telephone directory.’
‘Why would I buy online? There are stores.’

This continued into Web 2.0 with the emergence of social web.

‘Why would I share my holiday photos? They’re private.’
‘Why would I talk to a friend online? I can call them.’
‘Why would I tell people where I am? That’s weird.’

Now we are in Web 3.0. Which is in fact decentralised, meaning rather than Amazon, Google, Facebook or Apple controlling our experiences, instead individuals themselves own and govern sections of the internet.

Quite simply, we evolve as we always have done. Enjoy the ride if you’re here for it. And no worries if you’re not.

One piece of realness before you go…

When corded telephones entered homes across the country, scam callers were not so far away. The rise of technology brings with it further chances of being scammed. Just like all online details and passwords, I advise to never click, open or share anything that looks or feels suspicious. That way, yourself and the community are safe.

I hope this article gave a little perspective into NFTs.

By Nick Howard-Lanes, ManAboutStyle




On all ManAboutStyle Styling Services.

Simply Subscribe below...


On all ManAboutStyle Styling Services.

Simply Subscribe below...