LETS TALK CRYPTO: Are NFTs Worth The Hype or Overrated? Important Things To Consider Before Minting, Creating or Buying An NFT

Hello guys, trust y’all are good. Lets talk crypto and nft today.

An artiste from Wisconsin known as Beeple made international news this year when a piece of his digital artwork sold for $69.3 million at Christie’s, a record-breaking amount paid in a new category of assets called nonfungible tokens (NFTs). Immediately afterward, you could almost hear millions of people around the world simultaneously Googling, “What is an NFT?”

Also, couple of days ago, Adisa Olashile, an NYSC member, touched many people’s hearts when he shared the story of how he captured portraits of an elderly drummer named Baba Onilu and gave him half of the money he made after selling them as NFT.

Adisa saw the man with his musical instrument at the local government secretariat where the youth corps meets for their weekly CDS (Community Development Services). One day, he decided to make the man’s day by taking a picture of him.

Immediately afterward, you could almost hear millions of Nigerians simultaneously Googling, “What is an NFT?”

Some are even snapping and uploading random photos of themselves and objects on Opensea, for free just to make their own millions with.

Wow interesting…..But Are NFTs Worth The Hype or Overrated?

On my “LETS TALK CRYPTO” 9th April edition, with the caption “Creating NFTs For Free On OpenSea Is A Waste Of Time”; I wrote:

Someone once told me how he created over 5000 nfts on opensea and hoping to sell and become rich someday. I laughed within but said nothing to avoid cutting his joy and expectations short.

First off, what is NFT? NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another.

Types of NFT data units may be associated with digital files such as photos, videos, and audio.

NFTs Marketplace: Opensea is one of the, if not the most popular NFT marketplace in the world right now.

The new OpenSea collection manager allows creators to make NFTs without any upfront gas cost. They allows you to create your own NFTs completely for free, without paying any gas.

MY ADVICE: Stop wasting your time creating shits dear friend. There is no free nfts anywhere except it was airdropped to you by a solid project.

NFTs are meant to be minted with money and not created for free and become rich with it. The minimum cost for minting an NFT is approximately $80 (could be more or less).

Even with money, Minting Your NFT Doesn’t Guarantee You Will Sell Your NFT. In fact, you can actually lose money if you aren’t careful. Creating a non-fungible token that someone wants to buy takes a plan, patience, and consistency. If you aren’t providing value for others then you may never sell your NFT.

Also, on the 11th of April I wrote:

Your NFT teacher have not sold nft worth $5K before. As a matter of fact, no Nigerian ever sold nft worth $10K. Have you sold or know anyone? 50K naira on the table, drop the nft transaction hash(you/they)sold lets track and verify.

There is nothing wrong with educating people about NFT, it is part of the mission, but don’t exaggerate it. Stop making it look like get rich quick scheme.

You want to introduce CRYPTO to a newbie, and the first thing you are starting with is how to mint or create nft for free on Opensea or how to trade FUTURES. C’mon man that’s crazy.

Stop feeding these new guys with information they cant handle at the moment, and end up viewing crypto as scam or ponzi las las. Why the hurry? Start from pre-nursery, primary, secondary and then tertiary. And learning continues…

The post didn’t go down well with some fake hungry NFTs teachers. Hahaha

You still want to know the Important Things To Consider Before Minting, Creating or Buying An NFT?

I already said it all, na u wey no pay attention.

QUESTION:

Are NFTs Worth The Hype or Overrated?

Lets hear from you

Drop your comment below

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