NFTs are non fungible tokens, basically fingerprinted digital objects right now, there are three NFT movements: 1. trading cards - like @nbatopshot 2. art like @fewocious 3. brand/community experiences like @BoredApeYC each has their own use for NFTs /2

for trading cards, NFT cards won’t get old, lost or damaged for art, NFTs are tradable in a market for experiences, NFTs draw a community usually through a discord channel for owners/fans to talk about the project sometimes all three /3

you need a ethereum wallet to buy or mint NFTs metamask is the most popular, w/a plug-in for your browser there are 2 ways to buy NFTs: - mint them, when released by the project - buy on the market exactly like trading cards where you buy a pack or go to a store/eBay /4

minting is like buying sneakers at a drop: they might be worth a lot or they might not be hip buying on the market you pay more but know what you get, @opensea is where you can buy/sell/trade NFTs like any market, it is all in what you want to pay /5

there are tons of hidden fees! 🌡 any transaction on the ETH chain requires “gas” to make the transaction happen, which is a cost of between $50-200 USD this is in addition to the NFT price buy an NFT? pay gas ⛽️ mint? pay ⛽️ sell your first NFT? pay⛽️ it’s annoying /6

why the speculation now? 💸 so much crypto has increased in value but little to spend it on NFTs are rare, unique, & tradeable like art, speculation is high and there is no fundamental value plus HODLers try to keep “floor prices” (minimums for a specific collection) high /7

should you buy one? only if you like the card, art, or community any asset going up this fast will fall in price, will invite lower quality projects, will invite grifters but it’s super interesting tech & has the hope some artists may make real 💰 buyer beware /8

@paul_griffiths great thread!!

@bonam thanks - i am NFT neutral, BTW

@paul_griffiths Top

@SirMrDrGod the top will be the sotheby/christie's auctions of cryptopunks, bored apes, etc. that sh!t is madness

@paul_griffiths Did you just make a serious thread?

@BJDelGrande i know i know

@paul_griffiths @vora_nat - Trust Paul to give the best advice. (Just a word caution - If you follow him, don't unfollow) 😅

@heycopygirl @vora_nat MUAHAHAHAHAHAH

@paul_griffiths i was waiting for the lol. where's the lol.

@ClbChrstnsn when i'm correct calling the top of the market i will lol

@paul_griffiths Further reading, @MollyCain

@ADotConnector @MollyCain yeah @MollyCain whoever you are, read this @ADotConnector i'd like you to read War & Peace and give me a 10 outline on the symbolic value of equine in the novel thank you both

@paul_griffiths And Cardano is picking up steam in the NFT space 😉 Eventually I don't think it will be just about Ethereum.

@DavidNagy can't be for sure the fees are too high and money always follows the path of least resistance