I'm soaking it all up. Learning about utility, and staking, and proof of work, and all that stuff that sounds alien to me. I'm a seasoned technologist, and some stuff in the crypto space still elude my understanding.
One of these mysterious enigmas of this new world for me at least, are NFTs. NFT means non-fungible token. And one of these "tokens" is supposed to be represented by a digital file of some sort. It could be a jpeg, a gif, an mp3, and others (if I understand correctly).
Anyway, I go on to explain some more about what I understand about NFTs below but I came across this clip with a guy explaining to Quentin Tarantino how an NFT could fund a movie project.
You can see Tarantino's head go into ? overdrive as he responds... You know he's going to do something with NFTs in the near future!. But watch for yourself, this helped me understand a lot as well. The full video is below as well.
Tarantino Has His Mind Blown with NFT realization
Some more of my thoughts
But when you look at the pricing that is surrounding these NFTs in some cases seems unbelievable. Some NFTs sell for a couple of hundred dollars just to be resold a few months later for over one million dollars or some other equally astronomical number that seems unreal.
Why would someone pay a half-million dollars to own a digital file? Well, the answer is mixed right now.
Some of it seems motivated by part from the desire to be part of the cutting-edge pop culture, to be cool. Another motivating factor I found is that some people just want to be part of the "revolution," to be part of a huge shift.
Something that was hard for me to get my head around is that these NFTs are digital collectibles like baseball cards can be collectibles, stamps, coins, etc. I have so much to explore on that aspect of it, but for now, there's one more reason NFT's are interesting for me. The big part I'm most interested in is the utility that may come with a given token.
It's hard to explain, but think of an NFT as having potential for all kinds of things, like fan-relationship components, or as a fund-raiser for your next project.
If you're a stage performer, like a singer or a rock band, you could create a number of NFTs to sell in limited supply and include "stuff" that the holder of that NFT is entitled to, such as backstage passes, or lifetime first chance to buy a new releases, or VIP club access, free t-shirt each month. You can get creative. You could create 1,000 of these and sell them in batches or in auctions.
Here's the full video