The Smart Passive Income Online Business and Blogging Podcast SPI 555: NFTs, Crypto, and its Potential Business Application with Justin and Gene from Braindrops
Mar 2, 2022
Dive into the intriguing world of NFTs and cryptocurrencies! Discover how NFTs revolutionize the art scene by empowering artists to monetize their digital creations. Explore the basics of blockchain technology and its impact on ownership and community building. Learn about the minting process on Ethereum and the significance of royalties in this digital era. The conversation also touches on the responsibilities of creators and the influence of AI on art, highlighting the vast potential these technologies hold for both artists and collectors.
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Episode notes
Digital Asset Rarity
- Digital scarcity is achievable through blockchain technology, which verifies ownership.
- NFTs act as tokens to represent ownership of these unique digital assets.
NFT Value and Community
- NFTs like Bored Ape Yacht Club have thrived by building strong communities and brands.
- This scarcity and cultural relevance drive demand and value, similar to Supreme or rare Pokemon cards.
NFTs, Community, and Ownership
- The value of NFTs is linked to the sense of ownership and belonging within a community.
- Similar to limited-edition physical art, owning an NFT can grant special access and privileges.