Collectibles
Non Fungible Tokens
Every collectible is a non-fungible token (NFT) secured in the Ethereum blockchain. Each is a limited edition that can be traded in the marketplace. You can view some in this gallery and items in the collection published by Megadodo can be purchased here: Zarniwoop collection
There's an incredibly cheap NFT for this community that's been around for nearly as long as Marvin.
A Fading Dream of Digital Ownership?
A Non Fungible Token
Owning one proves you own a unique or limited edition digital asset that can be traded. Collect assets that have personal meaning and appeal to you or pick a category you guess may increase in market value over time. Here below are a few categories to consider:
1. Celebrity – e.g. created by or depicting somebody famous.
2. Memorabilia – e.g. depicting a memorable event, news story or recording moment.
3. Branding – e.g. a domain name (from ENS or Unstoppable Domains, or Decentraweb) that a company or institution is likely to wish to buy.
4. History – e.g. something minted on blockchain before NFTs became well known in 2021 or has an interesting back story.
5. Metaverse gaming item – e.g. land or equipment that endows you with an advantage in a game likely to enjoy sustained adoption.
6. Social – e.g. identifying the owner as a follower, member of a community or fanbase.
7. Original and potentially viral – e.g. a meme or item of fashion famous/iconic in social media.
8. Credential – e.g. grants the owner authority, priority or discount in the use of a particular facility such as DeFi indexing or liquidity pool.
Consider on what NFT marketplace(s) you'll offer your NFT for sale and whether or not the blockchain network it resides on is likely to limit its tradeability.
Non-fungible tokens surged in January 2021, receiving mainstream attention in March 2021, when crypto entrepreneur Sina Estavi purchased Twitter co-founder Jack Dorsey’s first tweet as an NFT for $2.9 million. Currently, the best offer for this NFT is just over $2,000 or 0.8 Ether (ETH) at current prices, according to OpenSea.
NFTs provided the technical possibility of proving ownership over digital content. This was revolutionary, as it could transform several sectors and create a marketplace for gaming assets and digital collectibles. NFTs purported to solve a problem for digital artists who could have their artwork easily duplicated or stolen. The token would offer proof of ownership, and the artwork would be included in its minting. The emergence of a new digital market produced one of the craziest hype cycles in the history of crypto, where buyers bought into a craze to be the first holders of certain NFTs.
Millions of dollars went into NFT collections and computer-generated profile picture (PFP) collections, with only slight differences. The madness peaked, but nowadays, NFTs are being sold for heavy losses. The reasons for the downfall of NFTs could be related to the use of NFTs for wash trading, the lack of copyright protections provided, and the numerous scams that tarnished their public image, eventually scaring off investors.
Despite the mainstream public associating NFTs with monkey profile pictures, they still offer many potential real-world use cases. In real estate, they could track historical ownership, while in academics, they can enable immutable certificate verification. Anti-forgery systems for the ticketing sector and new approaches to digital identity and reputation management could be developed through NFT variations like soulbond tokens proposed by Ethereum co-founder Vitalik Buterin.
These applications will only be implemented if NFTs achieve legal backing or widespread acceptance from markets and consumers.
