Understanding NFTs

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You’ve heard about NFTs, yeah? It’s hard to find anyone who hasn’t. Art and artists, as we know them, have changed. Personal finances, investment, and collectibles now have an all-new meaning. Still, there are so many of us only just scratching the surface of this new technological sensation that’s taking over the world. We invited digital marketing expert, Dakshin Adyanthaya, to talk about all things NFTs. Here’s a summary of our chat.

Guest: Dakshin Adyanthaya
Topic: Understanding NFTs
Format: Eight questions directed at the guest. Everyone’s welcome to share.

Q1. What’s all the fuss about NFTs?

An abbreviation for Non-fungible Tokens, NFTs are virtual tokens that indicate ownership of a piece of art, including digital art, music, photo, and other unique collectibles.

The NFT trend is booming because, for the first time in history, it’s given artists and creatives an easy way to monetize their skills. Now big brands have also jumped on the bandwagon and started to invest in NFTs.

Q2: Who can trade with NFTs?

NFTs have democratized the creative industry. Anyone who’s got a digital wallet or a cryptocurrency can trade, with Ethereum being the most common for NFTs. As our guest pointed out, you can discover and trade NFTs on platforms like OpenSea, Nifty Gateway, LooksRare, and Rarible.

Curious? Do some thorough background research before you start spending money. Like any new technology, NFT is also strewn with scammers. Be cautious.

Q3: How does NFT trading work?

First up, set up a digital wallet. There are a few options to choose from as our guest mentioned in the earlier answer. Then add some Ethereum to your wallet and you’re ready to start trading.

Log into a platform of your choice (OpenSea, Nifty Gateway, LooksRare, or Rarible) and browse for creatives you’d like to invest in. Once you know what you want, you can purchase it, pay a transaction fee, and a gas fee (the price you pay for the energy consumed by your transaction). Once you have ownership of the token, you can resell it, either by asking people to bid for it or by setting a fixed price.

As Dakshin mentioned, OpenSea is one of the most popular platforms for NFTs and it offers additional statistics so you can see exactly how the NFT you’re keen on has been performing.

Q4: How can collectors and creators find each other on Twitter?

On Spaces, of course! Like every topic, NFTs also has a loyal following on Twitter, and you’ll see various spaces and threads popping up. Join in to discover new artists. You can also directly look for creators on trading platforms.

Dakshin also told us about some of the popular hashtags that you can look through to find new creators. Keep an eye on tags like #NFT, #NFTCommunities, #NFTS, #NFTArtist, #NFTCreators, and #NFTCollectors.

Another great way to find new creators and NFT communities on Twitter are to use Twitter’s advanced search, as Madalyn suggested. It’s an excellent way to dig out old and hyper-specific tweets and accounts.

In addition to that, you can also follow the NFT topic. That way, whenever anyone tweets about it, you’ll see it on your feed.

Q5: How is the NFT wave strengthening online communities?

It’s bringing back organic conversations. In today’s marketing world, we often rely on paid advertising to get our messages across and grow communities. The social media platforms we use also prefer the ad-first model.

NFT communities, however, experience exponential growth organically. Many creators bring their communities together on Discord. With almost no advertising expense, the word spreads the old-fashioned way, and people share their experiences on social media, offering highly reliable endorsements.

Q6: How can businesses leverage NFTs to establish their brand?

Most big brands create their own NFT projects, selling them as keepsakes for fans. You can also collaborate with other brands to co-create projects or cross-promote each others’ works. Either way, if you feed your community with engaging material, they’ll engage back.

Madalyn shared a good example of a brand leveraging the NFT trend. Many of us are familiar with Gary Vaynerchuck, the business giant and investor. He started a community called VeeFriends, bringing together various creators and his existing community members.

Q7: What are some cool NFT communities on Twitter?

Combining the last two questions, our guest shouted out to some inspiring handles and communities, such as CypherCHK, World of women, Women and Weapons, Women Rise, alien frens, VeeFriends, Little Lemon Friends, and Lazy Lions. They’re all great places to start. The more you engage with them, the more communities you’ll discover. They’re also excellent resources to learn more about NFTs.

Dakshin also suggested keeping an eye on podcasts, YouTube channels, and Discord communities where you can learn so much about what’s going on in the NFT world. NFT Verse, Nifty World, and Nifty Alpha are all good resources.

Q8: Where can you learn more about NFTs?

Madalyn also shared an introductory video Gary Vee did about NFTs. It’s an excellent way to dip your toes into this giant wave.

Well, that’s all from me, folks. Thanks for reading through, and for more insights from our chat with Dakshin, have a look at this Twitter Moment that Joana put together for us. If you think this summary is pretty good, you’ll love the real-time chat. Join us every Thursday at 1pm ET on #TwitterSmarter. Afterward, we also hang out on Twitter Spaces at 5pm ET to continue our chat. Catch you there!

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About me, Narmadhaa:

I write all the things—marketing stuff for the bills; haiku and short stories for the soul. A social media enthusiast, I hang out with the #TwitterSmarter chat crew, and am always happy to take on writing gigs.

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