- Merik Pelletier
NFT you don't buy you invest
What more can I say about the transformative power of #blockchain?
For months I’ve been exploring the #NFT realm. It’s not only a community but also a space, the metaverse. The metaverse has already transformed from a pipe dream to a reality. Even though it is still in its infancy phase, it must be noted that there are repercussions past the monetary and technological aspects.
The virtual world has been around for a while now. Like everything else in our evolutionary history, the beginning is somehow chaotic. I remember well the birth of the wide world web like the NFT was reserved for a few initiates assuming the roles of architects and regulators.
At first, it was a struggle among many to gain control, and everyone was promising things that they couldn’t deliver with the technology they had as a result started, a digital gold rush as millions started pouring into project developments.
You can blow smoke for so long until people see through it to discover nothing is on the other side.
I was one of those developers trying to get from the system something it was not ready to deliver. Then the news media were not interested in the limitations but in the possibilities. If your work looks the part, they were talking about you! With the publicity, it didn’t take long for me to receive a generous offer from an investment company. They didn’t care about the state of development of my product; all it mattered was that I had news coverage and a sexy idea. I might have turned to the dark side if it had not been that most of the payment was to be in shares.
I knew that sooner or later, people would realize that this dot com boom was mostly based on pipedreams and that the market would crash. It did only a few days later, and overnight thousand dreams vanished. However, some companies with substance and real backing survived until the system could sustain their concepts. Eventually, many of the ideas promoted by those who were crash victims found their way into the marketplace and became successful.
Timing is everything!
NFT and cryptocurrency shares a lot of similarities with the dot com boom.
The concept of non-fungible tokens (NFTs), if not the future of transactions, will be part of it. The problem at this point is the lack of clarity and purpose. While you basically need to be technologically savvy to maneuver, there are no real rules on the value and property of an NFT as well. This is what makes it unique when compared to other assets.
I get that when you purchase an NFT, it gets its value by its registration on the blockchain, not because of its form or attribute, but because of a series of codes determining its origins and ownership. But what can you actually do with this NFT? Do you own the rights to it so that nobody can use it commercially without an agreement? Can it be used in court? Can you expand on it and create a brand? Yet, incredible amounts of money were spent on NFT for things that don’t really exist.
There is a lot of debate in the legal community about the subject of NFT, and eventually, a system will be in place. The metaverse will make an intangible virtual reality, and just as with real estate, the winners will be those who invest in items with value backing them.
As it stands, anyone with technical knowledge and platforms such as OpenSea can publish NFTs and sell them. The marketplace is flooded with many different kinds of items, from masterpieces, and silly wiggles to infantile drawings, not to mention computer-generated collages. Most of the values are based on followership, which can be predicted by the fact that this generation grew up with social networks. If your followers find value in your social media posts, it doesn't mean that what you're selling or buying is commercially viable. Followings can be fickle, and they won't last.
Based on Readers Digest UK
With 28.6% bots, Paris Hilton is the Instagrammer with the fakest followers, research shows Nike has 46.35 million alleged fake followers. Lionel Messi and Cristiano Ronaldo have an alleged total of 134.14 million fake Instagram followers Ariana Grande has 66.17 million alleged fake followers, Joe Biden has the most trustworthy profile, whilst Donald Trump has 18%, fake followers
Maintaining a following is a lot of work, and not everyone has the time or money to hire help. Art is not about “followings” but talent and vision. As I build my brand and expand into a new market, I aim to develop quality products with longevity and growth potential for my buyers and me. What makes a brand unique is its style, signature, and ability to reinvent itself while keeping its clientele eager for the next product and cherishing the previous. When you buy a Rolex, you are not just buying a watch—you are buying into the history of fine watches.
Cryptocurrency is like cash, but non-fungible tokens (NFTs) are more like bonds—you can keep them in your safe, sell them if you need money, or trade them like common company shares. That’s all good and dandy, but what about publishing and selling your own work as NFTs? Except for a few details, like the amount of "minting" allowed and the royalty percentage for trading, the rest is up to you. For example, on "Opensea" you can upload images or videos up to a certain size but then add a link that only gets unlocked by the buyer. But this link that you provide comes with no guarantee of its permanence. You may also include physical objects, such as high-resolution prints or original paintings, to be shipped to the buyer. Who is paying for shipping and customs fees? All of the details are left up to you. You will also have to consider the rights and ownership agreements, as buying an NFT doesn't automatically transfer the copyright from seller to buyer. In fact, this seller may not even have any rights to transfer! Just a few days ago, I was under the impression that adding non-fungible tokens (NFTs) to my product selection was just a matter of offering another means to purchase. But now that I'm getting ready to launch my new selection, I'm starting to wonder what terms should be included in the sale. For example, what would be the point of purchasing a 3D character if you don't have the right to commercial exploitation? I understand the collector factor for images, cards, accessories, and virtual fashion items. They can come with a specific signature, number, or small difference in texture, but the characters are different. In the future, developers may invest in virtual characters and storylines that can be produced in games or features. You can already buy virtual real estate. NFTs will be divided into categories: some meant as quick money and others for long-term development investment. I am aiming for the long-term option and will continue to use social media to test concepts and merchandise and improve my products.
Visit me on sckript.com, sckriptprods.com, sckriptcomics.com, and all of the social media accounts, and you can even start following me... You always need genuinely interested people:)