Introduction

Listen up folks,

In this edition, I will be discussing with you the role of NFTs in web3, how it has the potential of making your dreams a reality, the current state of NFTs, and how they are transforming the landscape of the digital world for good.

If you stumbled upon this newsletter by chance, you should count yourself lucky to unlock this opportunity and take your chance with NFTs.

Current State of Non-Fungible Tokens (NFTs)

What on earth are NFTs?

Let's take your artwork hanging on your pretty wall right now as an example. You probably bought it from a street vendor or supermarket downtown.

You likely choose from a thousand mass-produced copies with the same size, weight, features, and messaging. Your piece of art is common and replaceable.

No matter how emotionally attached you are to this piece, you can't protect its value.

One boozer out there is probably pissing on one of them right now.

NFTs are unique digital assets that are stored on a blockchain. They can represent anything from art and music to virtual real estate and gaming items.

NFTs allow for digital ownership and can provide proof of ownership, making them valuable assets in the digital world.

The rise of NFTs has led to the emergence of new marketplaces, where creators can sell their digital assets to collectors and enthusiasts. Examples of this marketplace are Opensea, Rarible, Binance, and Nifty Gateway with a combined market capitalization of over 34 billion dollars. Geez!

Who would have thought that the son of a bourgeois university instructor from China and a clerk at a McDonald's restaurant would rise to become the founder and CEO of the largest crypto exchange in the world with a market value of over 18 billion dollars?

Chagpeng Zhao popularly known as CZ is currently the 136th richest man on the planet with an estimated net worth of 13.1 billion dollars. WTF!

The CZ story is an inspiration to us all. To be very clear; the success of this magnitude is unattainable by luck.

It requires hard work and focus. The good news is; success leaves clues!

Potential for Growth

The potential for growth in the NFT space is significant. As more people become interested in digital ownership and blockchain technology, NFTs are likely to become more mainstream.

NFTs can be used to create new revenue streams for creators and provide new investment opportunities for investors. Additionally, NFTs can help to establish digital scarcity, making them valuable assets in the digital world.

NFTs in Art and Gaming

NFTs are increasingly being used in the art world, with some artists selling their digital art for millions of dollars. NFTs can provide proof of ownership and authenticity, making them valuable for collectors and investors. In the gaming industry, NFTs are used to represent virtual items and assets. Players can own and trade these items, creating new revenue streams for the game.

Looking back when I was little, as a kid with no-nonsense parents, games were aliens in the house.

You dare not say a word about playing video games not even when you come out top of your class with straight A(s)

The idea of bagging billions of dollars games would never make sense to my dad. So it is for millions of people out there.

NFTs and Decentralized

There is a growing intersection between NFTs and DeFi, with many DeFi projects incorporating NFTs into their platforms.

Defi is a decentralized financial application built on blockchain technology that allows for financial transactions without the need for intermediaries such as banks or financial institutions. DeFi applications help users to lend, borrow, trade, and invest in cryptocurrencies.

For example, NFTs can be used as collateral for borrowing in DeFi lending protocols, and NFT marketplaces can be integrated into DeFi trading platforms.

The collaboration of NFTs and DeFi has a sweet and clear path to make a 19 years kid a trillion. This is a true game-changer in the digital economy.

It is left to creators and companies to innovate and create the next big thing in the world of finance.

However, it also raises questions about the sustainability and environmental impact of these technologies, as well as regulatory concerns around their use in potentially risky financial transactions.

NFTs and Virtual Real Estate.

And what is virtual real estate?

These are simply lands or properties created and owned virtually on the Internet alone.

NFTs can be used to represent ownership of the virtual real estate, allowing gamers and enthusiasts to buy and sell virtual land or property as they would in the real world.

Moreover, NFTs allow for the creation of unique and valuable virtual real estate. Just like physical real estate, virtual real estate can have different attributes and characteristics that make it more desirable and valuable. For instance, virtual real estate in a popular gaming environment or the virtual world may be more valuable due to its location or popularity.

Seeing how far we’ve gone with NFTs and web3, it is safe to say that; the sky is the limit.

What are you waiting for?

Best regards,

Onyekas.