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Talking points:
So we are in the age of tokenization. Most people in crypto are well aware that we’ve begun to tokenize currency but there’s scope to tokenize almost everything.
You said to me there is fungible and non-fungible tokenization. Can you explain that part first please?
Can you give some examples of fungible and non-fungible tokenization?
NBA Top Shots and Hashmasks
So NFT is the term to describe non-fungible tokens. I’ve noticed there are some defined categories that the NFT space is broken into, with some overlap. Can you describe some of those categories for us?
Digital artworks
Digital collectables (cards, NBA TopShots etc)
Playable NFTs / in-game items
Asset Titles
How and why do NFTs acquire value considering they are so easy and cheap to create? Where does the value come from?
Digital art is what the initiate craze seems focused on
It’s kind of opposite to why we like digital media (i.e. it’s almost free to create additional copies of it), yet an NFT is supposed to be unique
So an NFT of a song is what? Like a copy signed by the artist? Making it a more valuable copy than the rest of them?
What are all the ways someone can invest in the NFT space?
Speculate on the NFTs themselves (like digital artworks)
Invest in NFT minting platform? (Rarible)
Invest in creating NFTs and selling them (And earn fees when ownership changes)
Other
Can you give a couple of examples of NFTs that have sold for crazy money?
CyberPunk recently went ro $12m at Sotheby's
Photo that inspired the Dogecoin project sold as an NFT for $4m
Was that sold by the original photographer?
Or did someone just download the image from Google, turn it into an NFT and sell it for $4m?
Are people buying these with the anticipation of a higher future value? Or is it worth that much for them to own it for the bragging rights?
What about the tokenization of investable assets?
Real estate
Any asset that has a title document that can be transferred simply becomes an NFT instead of a piece of paper
What are the benefits?
It would speed up the process of transferring asset ownership
In the UK you go online and fill out a form to transfer vehicle ownership to a new person
NFTs simply move that ownership database onto the blockchain, removing that middleman
A smart contract could act as an autonomous escrow.
I send the title token to the contract
It holds it until you send the money to the same smart contract
Then the smart contract sends the title token to you and the money to me
What else will get tokenized as NFTs?
Making asset titles NFTs also opens up the possibility of fractional ownership
I’ve also seen platforms that allow you to lend out your NFT
I can understand this for in-game items
But why would anyone want to borrow a piece of digital art?
▶️ 3Speak