WFT is an NFT?

Didn’t see Amazon coming?
If you were in a Walmart board meeting in 1995 and said Amazon is going to try to eat our lunch you would have been laughed at. Most people thought Amazon was an online book store but it was a logistics company. NFTs is a decentralized global utility disguised as art.

NFTs are non-fungible tokens. This means NFTs are unique and those random digits verify it. The NFT also has a “smart contract” attached to it that tells you what the NFT does. That means an NFT can be anything, a piece of art, a service, or a product. This all sits on a blockchain which is a digital ledger that lives on a network of computers, not just one location. This also means it’s harder to hack because the network of computers verifies the ledger if you change one you’d have to change them all.

Infinity signs are on the come up
Facebook changed its name to Meta with an M that looks like an infinity sign. You’ll see this a lot in web 3.0 because the technology allows things you put on the blockchain to live forever. You can buy a domain name at Unstoppable Domains and pay a one-time fee, no renewals. It’s not a matter of if people migrate to web 3.0 it’s when.

NFTs on wax

This is the next market that will be consumed by this technology. If you’re a musician you can make a huge profit from selling albums if you sell an album at a store, you sell it to Bob for $20. A few years later you’re a bigger artist and Mr. Bob Dobalina sells the album on eBay for $200. How much do you get? You don’t even get a cold fart, Bob just made $180.

If you sold the album as an NFT when Bob sells for $200, depending on how you write the smart contract, you’d get $20 – $60 (10-30% royalty) from that sale. Multiply that times the albums you sell, your royalty comes to your wallet every time your NFT sells, forever.

Health and wealth,

Later.

Reference Links
Web 3.0
Verge NFT Explained
15 Music Platforms on the Blockchain

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