NFTs: The new Blockchain Application may Eclipse Crypto (Guest: Josh Wade)
According to an article this week in Fortune Magazine, cryptocurrencies are collapsing, and they just posted achart showing how much an investment of $1,000 made six months ago would be worth today
If you bought virtually any major cryptocurrency last fall, you would have lost about half your investment. So, should people still buy Bitcoin and other cryptocurrencies?
But there is a new blockchain application that may soon eclipse Crypto. They’re called Non-Fungible Tokens, otherwise known as NFTs.
What exactly are NFTs? Joining us to help answer this question and tell us about the upcoming NFT VeeConconference, featuring Snoop Dogg and Charlie D’Anelio, is Josh Wade, a pioneer in the NFT space and founder of an NFT called Aero Pups. Welcome, Josh Wade.
Q&A:
- Josh, can you give us some examples of which cryptocurrencies are doing well and which are fairingpoorly?
Answer: chart
- What exactly is an NFT?
Answer: NFT stands for Non-fungible token; it’s a token that verifies your ownership of a digital asset, such as digital artwork. The difference between a non-fungible token, and a fungible token, like the US Dollar and Bitcoin, is that each NFT is unique and doesn’t have a direct exchange rate. For example, one project, BAYC, the most expensive collection to date, is a club you could have joined for about $300 a year ago. Now, those same tokens are worth around $400,000 at the cheapest. For this specific NFT project, there is a picture of a cartoon ape you would own that represents your token and verifies that you are part of the club.
- Are NFTs a scam?
Answer: Fundamentally, no. NFTs are a technology, and much like with phishing emails and spam calls, there are always people who may use technology to attempt to scam you. There are possibly some NFT projects that will build a following and not deliver on any of their promises to make money, frequently with total anonymity. However, if you do your research and learn how to keep your digital wallet safe, you can stay ahead of the scammers. As with any technology, there will be people that make it worse for the rest of us, but like any other technology, we’ll adapt and make it better and safer over time.
- How do you choose what NFTs to buy?
Answer: Good question. A rule of thumb is if you like an NFT, other people may also. It would be best to research the NFT founders and their project roadmap as much research as possible. If both sound like something you want to be a part of, you may want to go for it. If your gut says something is off, don’t buy it. People get into trouble when their only goal is to make money; you should like or love what you collect and their projects.
- Can anybody make money in NFTs?
Answer: Of course, but that’s not to say it’s without risk. Someone else will have to value an NFT you own more than its current value and want to purchase it for you to profit. The project team is responsible for driving value to the holders, or there is a risk of the value dropping, perhaps even to $0. One way of putting it is to buy the rumor and sell the news. You’re buying into the founders’ vision and hoping it comes to fruition with the world, seeing what you saw before it came to life.
- What is the Metaverse, how does it relate to NFTs, and why does it matter?
Answer: The Metaverse is just a term for a digital world like a video game. Many companies are working on Metaverses like Meta, NFTWorld, and Decentraland. So it’s not just one big Metaverse but companies making them in their way. Concerning NFTs, Metaverses use them almost exclusively for plots of land and assets in the Metaverse. However, not all NFTs are part of a Metaverse. Most are collectible projects, like Disney’s golden moments, or business launches such as Vee Friends from Gary Vee. The largest Metaverse to date, Otherside by Yuga Labs, is being released soon. Imagine a video game like Minecraft where you build your world. It’s similar to that but imagine actually owning the land and the resources on your land. In a game like Minecraft, you could rule the world, log off, and have nothing. When 15-year-olds figure out how to make $50 a day on their own time in the Metaverse, they’ll have built something valuable for people who want to pay for it, perhaps, in three years. The Metaverse matters right now so much because it’s still early, and the world has no idea what’s coming. That’s opportunity.
- Tell us about the upcoming VeeCon conference featuring Snoop Dogg and Charlie D’Amelio.
Answer: The conference is scheduled from May 19 until May 22. VeeCon 2022 is a multi-day superconference where only VeeCon NFT ticket holders will experience an extraordinary lineup of content, including iconic keynote speeches; innovative and educational talks, panels, and Q&A sessions; and many collaborative experiences. - Where can people get in touch with you?
Answer: AeroPups.com, where our social media is listed and linked. We’re also happy to chat with anyone on our discord server and Twitter.
About Josh Wade
Josh Wade is a co-founder of AeroPups, a Non-Fungible Token (NFT) project. An avid private pilot with a passion for aviation, Josh has been around aircraft since age 12, soloed on his 16th birthday, and received his pilot’s license at age 18. Josh fits the definition of an entrepreneur, having run a successful pressure washing business as a teenager and working his way through the ranks at various tech companies in his early 20s. In the NFT space, Josh is a holder of VeeFriend, a popular NFT launched by Gary Vee, Yuga Labs Otherside, and various other projects. With the drive to go further, Josh is working on launching a non-profit to helpyoung adults learn how to fly, just as he did.
