NFTs: What They are, My Faves & How They Empower Me
It’s no secret that I’m obsessed with NFTs. They’re all over my social pages and I literally cannot stop talking about them, whether it’s with my husband, my team, or my hairstylist during glam (shout out to Dom). If you’re new to the concept of NFTs (like a lot of the world) it can be a very overwhelming space. From MetaMasks to crypto and the blockchain, there’s A LOT to take in and so much hype.
From a personal perspective, I haven’t been this excited or invested in a topic since the birth of social media. I honestly believe NFTs are the future and that they could majorly democratize wealth in a similar way in which social media became a platform for freedom of speech. That said, there’s also a lot of over-hype and also fear-mongering out there, so it’s really important that you do your research.
So, I felt it was important for me to explain and help you guys learn about NFTs, since it’s a topic I’m so passionate about. Today, I’m going to give you the full DL on the basics of NFTs, plus some of my faves and how they’ve empowered me and can hopefully do the same for you. However, before we get started I’m not suggesting that you should invest in NFTs nor will I tell you which NFTs you should invest in – I am not a financial expert! The space is very new, so watching and learning about it is a great first move, because the reality is, while you can make a lot of money, you can also lose a lot, so always do as much research as possible before spending any of your coins.
The NFT Basics
Okay, so let’s start by explaining what NFTs actually are. NFT stands for non-fungible token… but obviously, this doesn’t explain exactly what it is or what it can do for you. To put it as simply as possible, an NFT is a digital item that you own; it can be anything from art to digital objects or immersive experiences. They cannot be replicated or taken from you once you’ve purchased them. You own them. They’re pretty much digital collectibles of anything that can verifiably be yours and is verified on the blockchain (I’ll explain that a little later!).
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For those of you thinking, well why would I need to buy a digital form of art when I could just screenshot the image? Well, you can, but that’s about all you can legally do with it. It’s kinda like comparing an original piece of artwork like the Mona Lisa and a print of the painting: If you only own the print then it has no value, and it’s the same with your screenshot.
Another important thing to remember is that when you own an NFT, you also own the right to use it any way you want. For example, I can use the NFTs I’ve bought as my profile picture on Instagram – if someone else used it, technically I could ask them to take it down. I can even use my NFTs on packaging, my social media, on the walls of my house, because I own it.
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NFT Glossary
Okay, so now you know the basics, here’s a quick glossary of some of the key terms that you need to know when dealing with NFTs.
NFT: Non-fungible token. A one-of-a-kind digital asset that you own.
Cryptocurrency: Cryptocurrency is a digital payment system that doesn’t rely on banks (instead, the blockchain). It’s a kind of virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
MetaMask: MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain.
The Blockchain: The blockchain is essentially a public ledger that records every transaction and movement of currency within the crypto world.
The Metaverse: The metaverse broadly refers to a shared, immersive digital environment.
Ethereum: Ethereum is a decentralized blockchain – the largest – that hosts digital money, global payments, and applications.
How Do You Buy NFTs?
To buy or sell NFTs, you need to use cryptocurrency. Cryptocurrency is a digital currency that’s secured by cryptography. It’s been around for over a decade and has become popular because it’s not attached to banks and therefore, the power is moved away from large corporations and given to the people. It offers a secure way of stashing your money and also distances your money from inflation.
1. Convert your $$$ to cryptocurrency. Most marketplaces use Ethereum, which is the largest blockchain.
2. Set up a wallet compatible with Etherium; MetaMask, Binance and Coinbase are the biggest.
3. Choose the marketplace you want to buy your NFTs from. Some of the top NFT marketplaces are OpenSea, Rarible, SuperRare, and Nifty Gateway. Register an account with one and connect your wallet (NEVER give out your passwords or codes to anyone – ever!). Browse the marketplace and if you find an NFT to your liking, make a bid/purchase.
How to Choose NFTs
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If you’re considering buying NFTs, you really need to do your research. Make sure you’re buying from a reputable source and always check the links.
But for me, it’s really important that I love what I’m buying. Ultimately, if no one wants to buy my NFT, then there’s no added value, so you want to spend money on something you will proudly own. I love buying into dope shi*t that I fundamentally and authentically believe in, like World Of Women. The World of Women community celebrates representation, inclusivity, and equal opportunities for all, something I’m also super passionate about. So choosing to support artists from the World of Women community felt super authentic and natural to me.
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The important thing is that you find something you like. For example, my husband Chris, is really into Doodles. You’ll also see tons of celebs buying and investing in different NFTs and notice that many brands are beginning to do NFT collabs.
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In general, I’d simply advise first familiarizing yourself with the space and learning as much as possible, and then moving from there. As the whole NFT world is so new, there’s literally so much to learn and so much exciting stuff happening.
Once you’ve built a strong foundation of knowledge, check out some of the platforms selling NFTs like OpenSea, Rarible, SuperRare, and Mintable. OpenSea is the biggest NFT marketplace and has a deeper connection to Etherium than any other platform.
NFTs Can Be Risky
Check out my video to see why you need to be cautious.
Why I’m Obsessed With NFTS and How They Empower Me
If you’re still wondering why I’m so into NFTs, the reason is actually deeply rooted in another issue that’s super important to me: empowering women through finance. I honestly see soo many incredible, strong women who are doing so much, but when it comes to the topic of finance, it’s an area in that many women are less active in and feel less informed about. To me, financial stability and freedom are a form of true empowerment, and I would love to advocate for and help women become more confident in this area. I view NFTs as a real opportunity for women to enter a space and use it as a tool to fuel their financial independence.
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Final note: I’m not a financial expert nor am I an advisor, I just want to share my research and thoughts on this topic as I think it’s something that really could be huge in the future. Ultimately, the more clued up on NFTs, cryptocurrency and the Metaverse you are, the more empowered you are to take part in it, should you wish to at some point. As Gary Vee says, “you should play with a bag that you can afford to go to zero!” Which means don’t invest your life savings!
Did you enjoy learning about NFTs? Let us know in the comments below.
Disclaimer: *My loves, my opinions should not be constructed as financial advice. I encourage you to do your own research before investing.
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