Zafir Ishak
3-28-22
https://www.nytimes.com/interactive/2022/03/18/technology/nft-guide.html
Have you ever just taken a look at how far we have come and developed as a society? There have been so many changes and ways of life that slowly changed. For example, there are so many different ways to make money now unlike before because now there is so much social media where people use it as a job or people who invest in the stock market as a job. Now there are NFT where people draw digital art of something that can be something like an animal. The most common image being drawn is a unique looking monkey with unique features.
NFT stands for nonfungible token and the term fungible means exchanging something of the same kind such as a dollar bill or coins. Things that are non fungible can be things such as a car or a house someone exclusively owns because of their unique characteristics. “If it helps, you can think of NFTs as like the certificate of authenticity you might get if you bought an expensive sculpture. This basically means you have a claim of ownership, where you are considered the original owner and copy. There are people who can copy the file, but they do not have a certificate saying that it is authentic to them. It is the same as a robber breaking into someone’s house and stealing it, but you have a certificate claiming that you are the original owner.
A note to take with you is that it is not that simple to get started and just start selling or buying NFTs that easily. To get started, you will need to buy crypto in order to start being able to even make money from your NFT. The most common crypto currency used to get started is Ethereum but there are other forms that can be used. There are also many apps that allow you to set up a wallet or account to buy or sell your crypto. Then you will set up the wallet information to have the money come in if you were to sell an NFT. Something else to also note is that since you need to by something like Ethereum, Ethereum has gone up a lot more than before which was from around 1 thousand to around 5 thousand dollars, so it can be a little tricky to get started if you are new and trying to save so many can look at it as like some sort of gamble but you have a choice so you should also be cautious and aware of your decisions and what your doing because it can be dangerous to do if you are careless and can cause many issues on your financial situations that you may have to deal with. There are many fake people out there who will try to sell you fake NFTs. Many people will try to get you to buy something fake so it is very important to pay close attention to the details. There are many platforms that can be used to make and sell NFTs.
The steps to actually making an NFT is uploading a file of the NFT you are looking for or trying to sell which is a digital file and it cannot be hand drawn. Now there are different ways in actually selling your NFT. You have an option to set a set price where there is only one offer and if it is sold, you get the instant amount of money. You also have the option to have an auction and you can set this auction to a certain time where they can be sold or bidded on for a time to another time chosen by you. The last option is giving a certain buyer access to the NFT through a secret link, and this is usually done based on how confident you are with your NFT because you are giving them a full copy of the NFT with a nice resolution to see the details thoroughly. You can also add a description to your NFT and this will allow you to provide a little description on what the buyer might like out of it and can help sell your NFT faster. Something you may want to know is when your NFT is bought, there is a fee and a commission fee you have to pay out of the wallet you set up. These are small things that are important but not many people talk about it and they don’t show you how many things go into selling or buying NFTs. It is honestly a risk you can take with uncertain outcomes but there may also be benefits if you are confident and aware of what you are doing, or have a plan or make it a situation where it will not have a huge effect on someone. Another thing to note is that any sort of digital file can be counted as an NFT.
There have also been many situations where creators or artist or other social media influencers have scammed people to buying their products like crypto, etc, so it is important to watch out for that because it can be misleading and a huge risk you might be taking and some of them have been caught and called out on. There is so much false information being spread on the internet that you do not know what is true or not and there can be so much information that is misleading that can actually have a huge effect on a huge amount of people and actually potentially ruin their lives because of listening to false information being spread around. There was a time where I invested money into the stock market because I saw some guy on twitter talk about it how it was going to increase a lot and it turned out he was wrong which caused me and a lot of other people to lose money if they listened so I was apart of that problem that was going on with social media influencers going around or people on the internet spreading misleading and false information. If there was someone out there who was so confident and put a lot of money in because they believed him, it would ruin that person’s situation insanely much.
NFT is a new thing that has not come out too long ago so we may see many things to change and new ways things will be done so it is only a matter of time where we will be seeing something new that will happen over time. There are obviously things that will still happen and won’t change which is sad but if you are smart about it and doing things based on your own research and thoughts and you are very confident in it, then it could be very useful and impactful. There are many risks and factors that go into NFT but if you are up for the challenge, then it is up to you. Everything is dependent on how you handle the situation and what you want to deal with and it is important that you need to just be cautious about what you actually want to do when selling or buying an NFT and listening to information that is going around.
Dear Zafir Ishak,
First of all, I really liked the topic you chose. I’ve heard a lot about NFTs on TikTok, didn’t really know what they were. This article does a good job covering that. I think the purpose of your article is to get people to know about NFTs, like what are they, how do they work, what are the risks, and things needed to know and consider before starting doing them. I think the audience is people who’re interested in knowing new things occurring around the world, people who’re actually planning to work on NFTs, and people who’re not knowledgeable enough about their risks. I like the comparison you made here, “It is the same as a robber breaking into someone’s house and stealing it, but you have a certificate claiming that you are the original owner.” I found this to be a good way to explain the idea, especially for people who haven’t heard of this topic until they read your article. I also liked how you ended your article, “Everything is dependent on how you handle the situation and what you want to deal with and it is important that you need to just be cautious about what you actually want to do when selling or buying an NFT and listening to information that is going around.” The emphasis on your purpose refreshes the minds of your readers, it’s a good way of reminding them of your purpose at the end. I would recommend adding a title to your article because when I first wanted to read it, I was wondering what it will be about. I would also recommend adding more personal experiences, for example, people who’ve fallen for the risks. In the end, I would like to say that your article was very appealing to read.
Rouba Ali Al Saeedi
Dear Zafir Ishak,
I like how you teach the reader what an NFT is and how to get started in buying it. I also love how you warned the readers there are scammers wanting to take your money but how to find out if that NFT project is a scam was ok and needs some work because it is true that the only way to find out if the NFT is a scam then you would have to find out yourself by researching or follow someone that reports these scams. For example, a YouTuber by the name of Cpffeezilla goes around exposing crypto and NFT scams. so you might be able to add people that expose crypto scams. I also liked how you say there are problems with NFT now because it is new and will develop into something even better. Have a great day Zafir
Allan Yunayev
Allan,
Great response. I think finding specific voices on this subject is important. Thank you for providing this information for Zafir.