Presentation NFT’s

Intro

Well hello everyone, today I am going to be talking about NFTs, I think NFT is quite a new term for
many of us, but can be more meaningfull in our future. That is why I decided to talk about NFTs.

What are NFT’s?

NFT stands for Non fungible token this is a type of digital token where every token is different and
holds its unique characteristics stored on the blockchain. Due to the nature of NFT’s, many NFT’s
have varying rarity and are considered valuable. Anything from games to paintings and even memes
can be an NFT.

What is the blockchain?

The blockchain system consists of thousands of computers that are connected to each other and
perform all those transactions themselves without a central server. There is no bank or notary
involved, it is a public and permanent register of digital properties. Anyone can view the transactions
and once it's in you can't change it. Think of it as a digital registration booklet on which every NFT has
its own digital code

Popular NFT Projects/ Sales

Well to start of we have a very famous one, called Cryptopunks. Those are pictures from 24 x 24
pixels from a simple figure and are being sold for millions of dollars. Besides Cryptopunks you also
have the Bored Ape Yacht Club. They all have a base of a simple ape with a lot of varying accessories.

- Cryptopunks
- Bored Ape Yacht Club

Talking about famous NFT sales I need to mention  Everydays: the first 5000 days – which is sold
for 70 mil dollars and  Cryptopunk#3100/#7804 – which are both sold for 7.5 mil dollars

Why are NFTs being sold for so much money?

Why are NFTs sold for those ridiculous high amount of prices, well it is the value we ourselfse are
willing to pay for it. Take “de Nachtwacht” as an example, which is around 500 million worth i
thought. This isn’t worth 500 million because of the paint and the frame, but because of the history.
This is exactly the same with NFTs, you buy a piece of internet history. Besides many traders often
see those NFTs as an investment, and some sort of flex. Nowadays many influencers use their NFT as
their profilepicture.

What Token Standard Does NFTs use?

When talking about buying and selling NFTs we also need to have a currency. This currency,
cryptocoin is called ethereum also known as an ether.
Can you create NFT’s yourself?

Technically, anyone can create NFT’s, however, that does not mean that all NFT’s will get a high value
during the sale. Many marketplaces allow any user to create their own NFTs, but the users need to
have a reputation within the community to earn a good value for their work. A higher social media
presence and a fan base are the highest factors in determining an NFT value.

Where can you buy or sell NFTs?

There are many NFT marketplaces where users can go to buy and sell NFTs, the most popular one is
Open Sea. Besides you also have SuperRare Rarible and many others.

The effect of NFTs on the environment

The blockchain technology where the nfts are stored is a large collection of computers. Who are all
over the world making calculations to process all crypto transactions and therefore NFTs. This often
consumes a lot of energy on coal, oil and gas and therefore has a major negative impact on the
climate. And due to all the interest in NFTs, this energy consumption is only increasing.