What the F**k is an NFT?!

Welcome to the Monday Scroll — the resource where I introduce topics, ideas, and resources I came across from the past week.

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It first started as a general curiosity that’s now resulted in a slight obsession with the up-and-coming NFT movement. I decided to dedicate this week’s Scroll to all things non-fungible.

If anyone has any resources or tips they have for a noob like myself — leave a comment or respond to this email.

Something to Read: Welcome to NFT-101

An acronym that meant virtually nothing pre-COVID has became the new buzzword as of late.

“Non-fungible token” is what it stands for — but what’s the reason for all the hype?

the daily $ volume of OpenSea (think of the Amazon for NFTs) over a 3 month period

The hype is stems from the idea of decentralization, aka a big f*ck you to centralized authority and a celebration of prosperity without the typical commerce hoops we’re used to jumping through.

This trend has paved the way for creators and artists of all sorts to monetize their digital artwork without any type of bureaucratic limitations. All transactions occur through the blockchain which is fueled by cryptocurrencies that in turn, are owned by the people.

So any Joe Shmo’ can create new wealth via digital collectibles they create, and foster value via tokenized assets through the Web3 ecosystem.

The value is rooted in a token’s stamp of approval — think of how folks see the original Mona Lisa more valuable than a print out from Google Images.

But NFTs go deeper than weird looking digital pictures of apes smoking cigarettes and pixeled faces, this market has trickled into gaming, music, and even real estate.

Heck, you can even fundraise for Afghan refugees like my good mate Jack has done.

Like the beginning of any emerging market, product, or idea… there will be naysayers.

But most negative opinions come from fear of change and a lack of understanding.

So the quicker modern society can understand the flaws of today can be solved with a decentralized internet powered by new technology…

The better lives our children will have.

And for your curiosity, here’s a list of articles & resources that can get you up to speed:

Something to Watch:

NFT’s Explained | Johnny Harris

Out of the dozen or so videos I scanned through… Johnny does an outstanding job of dumbing things down.

A Song to Listen to:

Amtrac - Madness to Mayhem

Listen to this track and many others on La Fórmula, a playlist by Modern Analects

A Quote to Think About:

“I think tokenization eventually means everyone becomes an investor once all the regulatory issues are worked out - from your computer itself to a kid in India messing around with $10.”

Balaji Srinivasan

If you enjoyed anything above — make sure to share with others and spread the wealth of information.

Until next week,

Burak from Modern Analects