BEES.Social releases a brand new video in the BeesSocialTV series in which Dustin Ray, a non-fungible token (NFT) collector, offers the explanation of the rarity of NFTs. Dustin begins with an explanation of rarity, using the dollar bill as an example and explains that rarity is influenced by the process of minting. Dustin states that due to the nature of minting and the nature of minting, the process of minting an NFT rarity can be compared to an “crypto lottery” where the chance of winning a rare NFT is extremely low. Thats why Dustin prefers to purchase NFTs using a process known as “sniping”.
In his first description of rarity Dustin makes use of dollar bills to illustrate. The thing that makes one particular dollar bill, like for instance, a $20 bill is the paper used to print the bill. The rest of the details are the same as every dollar bill is printed on the exact same kind of paper and the exact type of ink utilized. The same way the content of an NFT is what makes it unique. It is difficult to determine the rarity of an NFT when they are made available because during “the “minting process” people dont know if what theyve purchased an extremely rare NFT that has a high value.
This is the reason Dustin prefers to hold off until when there is a “reveal,” which is typically done after the NFTs are sold out following the time they were issued. Dustins strategy is to attack right after the announcement. Since the amount of people who are interested in NFTs is growing rapidly It is a challenge to participate in the process of minting. According to Dustin it would be as if you were throwing money away since its very similar to the lottery. With his sniping technique even though he wasnt yet able to obtain the top 10 NFTs, Dustin was able to collect the top 100s or 200s that are extremely valuable.
It is important to remember the fact that an NFT is an asset in digital form that provides the digital evidence of ownership for an item like a work of art. NFTs are stored on a blockchain to ensure that the item is unique due to the fact that Blockchain technology can make it difficult to alter or create counterfeit NFTs. It is essential to realize that fungible objects as opposed to items that are not fungible, are easy to trade with other fungible objects since their value isnt tied to their individuality. However every NFT has distinct characteristics that determine its worth similar to an artwork.
In the meantime, WeGoBattle is an NFT community that has created excitement within the NFT community by offering 500 Ethereum for NFT artists each day. They also have different types of NFT giveaways every day. The NFT is a distinctive kind of digital asset that demonstrates the ownership of tangible items like music, video, art clips, etc. To ensure that its not duplicated or copied by other people, it utilizes the same technology of blockchain that is utilized for cryptocurrency however it is not a currency.
NFT is not an actual currency. However it is an NFT depending on its rarity, can provide the value of a specific NFT. Therefore, certain NFTs were sold at a price of millions, but NFT to invest in option is highly uncertain. Its more like the lottery that Dustin Ray pointed out.
Several NFT communities have begun to donate money as part of their initiatives. For example the NFT community dubbed” the Drunken Pandas have given $50,000 to World Widelife Association for the reason of panda adoption.
In January 2021, BEES Social was created to transform the method by which businesses present their ideas to the general public. BEES.Social is a non-profit platform that functions as an autonomous, decentralized entity (DAO) which allows anyone to take part and learn about new initiatives directly from the founders. BEES.Social is mostly focused on teaching the general public about the ways they can benefit from the digital revolution. The founders want to emphasize that theyre not an investment firm nor are they day traders. Instead, theyre members of a group of people who recognize the importance of efficient communication, respect sharing of crucial information and openness.
Anyone curious about learning more about NFTs should go through these BEES.Social video on YouTube.