By now you may have heard of the term nonfungible tokens, or NFTs and how they fit into the marketplace. Have you read the articles on Bloomberg about the Bored Ape tokens? They are definitely worth the read. Many celebrities have indulged in the NFT world including Madonna who purchased a "Bored Ape" and Snoop Dogg who is making news with his collections. Also notable drops coming from Spike Lee with his NFT project The Visible Project. A video with Spike Lee and Gary Vee titled "Unleashing Your Creativity and Happiness With Spike Lee" where the two creative geniuses speak on a number of things, and NFTs being one towards the end. Spike Lee speaks about not being a late starter and that we should share knowledge, as Gary has. Much to the point of what this article is also about. We need to educate others.
NFTs have become the new bling. I would say capital one’s campaign “what’s in your wallet”, although it had nothing to do with cryptocurrencies or NFTs, was pretty close. So I ask you the same question, if this is part of the new wealth system, then what’s in your digital wallet?
NFTs are digital assets that are traded on blockchains such as the Ethereum Blockchain or the Polygon Blockchain. This system works in a decentralized way. You may have heard of the term DeFi, decentralized finance which is a way to do business without third-party involvement. It is based on secure digital ledgers similar to those being used by cryptocurrencies today. Platforms such as Opensea or FTX are marketplaces for such transactions. The beauty of this is that every digital asset has a public transactional display that can validate the authenticity of the purchase.
In my readings, I learned that less than one percent of the population understands any of this. So ask yourself, am I going to be one of those individuals who will remain in the dark in this new world of finance? I know firsthand how confusing and intimidating this can be. If you do have an interest, take your time and learn; join Clubhouse, Connection Club, or Twitter groups and listen to what people have to say. Ask questions. People are more than willing to help. This doesn’t mean that you need to go throw money on some investment or make rash decisions to keep up with trends. Wouldn’t it be better to be informed so that the decisions you make down the road are well thought of?
I am intrigued by what I am learning as I see the value behind it. I continue to spend numerous hours studying, listening, and making connections with others that have been buying, trading, selling, and designing NFTs. Many don't have the time to indulge in this new financial world and so I decided to develop a workshop to teach others what I am learning. My workshop, "NFT Basis & Setup Workshop- Free NFT Included" is offered through Eventbrite. In this class, I will help you to set up your wallets and understand the basics of buying, selling, and trading NFTs in the marketplace. Included will be a free AirDrop of an NFT.
My workshop provides the following:
- Learn what an NFT is.
- Understand how NFTs are used and how they can be applied to your interests.
- Understand the Blockchain on a basic level.
- Install OpenSea - MetaMask and Coinbase Apps and configure them.
- Learn how to send Eth from one App to another.
- Explore a Metaverse and learn some of the functions.
- Learn about the Cold storage devices for security.
- Receive your first NFT.
As a filmmaker and creator, I see the value of NFTs in my line of work. When I buy NFTs, I am not only interested in collecting Art; I look for a digital asset that has utility included with the Art. Any industries that are dependently raising finances to complete projects, and are in need of providing investors a better way to mitigate risk and increase value; this new area of study may be the answer.
Currently, I have in development television and OTT series that are utilizing cryptocurrencies NFTs as a utility. These provide value to those who invest in a unique way. One such example is a series called "7 Doors". The series is inspired by the book Seven Doors In written by a teacher, author, and producer Beth Rondeau-Deacon. Beth chronicles her journey teaching in a maximum-security prison and shows how one teacher can make a difference in even the worst of places. Although this series is still in the developmental stage, several episodes of the series are written and an NFT initiative is being developed by a sketch artist. The idea is to provide a backstory that will not be featured in the series or by any other means. Think of the unique value of owning that art narrative associated with the series down the road. Also realize that those owning such an NFT, have a tradable digital asset available to them before the series is even released. This is just one of many.
For the feature length documentary film, "What's in a Name, A Versace Story", I've also created an NFT. This documentary was shown once at the Sundance Film Festival at the AAWIC venue and is now with an International sales representative and soon will be available for the world to view. I chose to take a scene out of the original film and create the NFT. The artwork for the NFT is a photo of Alfredo Versace and the utility is this one scene that was originally in the film; listen to Alfredo speak of his experience being kidnapped in China and how he escaped. Only those who hold the NFT that's in limited circulation will have access to this scene. This is another way individuals can provide value to investors. New entities, including FilmToken.IO, are launching new initiatives to bring funding to filmmakers.
If you're interested in learning more about NFTs subscribe to this newsletter for updates. Click here to take the class. I am also offering a weekly question and answer class on Thursday evenings. This will be a follow-up to my workshop and will include what I learn each week. I will discuss an NFT that I have researched and can personally see value in. Everyone doesn't have the time to invest in learning what's new each week. Every time I step into a group, I learn something new, and instead of you spending the hours I spend, join my class "NFT- Q & A Follow Up Workshop" and I will keep you up to date.
Watch for my next blog as I dig into the world of the metaverse. Learn opportunities in investing in an advertisement through the metaverse. Hope to see you in one of my workshops.