28 Nov NFTs: non-fungible tokens (Part 2)
MANAGING PHYSICAL COLLECTIBLES
*Collections, most people collect one thing or another. Personally, I collect coins, stamps, watches, baseball memorabilia (Dodger Bobbleheads) and other stuff.
I would seriously consider converting the physical items, taking up safety deposit boxes and vault space, with digital cryptographic (non-fungible) assets.
As noted in my post last week on NFTs (Primer), they are non-fungible TOKENS, which reside digitally on electronic block ledgers, Blockchains.
The Chain allows cryptographic “hash” or coding to maintain provenance and ownership with precise specificity (transaction dates, times, status, etc.)
NFT ownership can be morphed beyond mere digital tokens. Since blockchains are programmable, it’s possible to infuse or embed features such as event access, tickets, discounts, merchandise, as well as access to brand communities and platforms and so much more.
For example, The Bored Ape Yacht Club (BAYC) NFT series, which are no-doubt appreciating in value as you’re reading this, have created a strong affinity in the NFT space including online chat rooms, social networking, live in-person events and more.
Stay tuned and I will shift into Sport-mode and explain NFT-Fandoms, Crypto-Wallets, Mutability, On-Chain and Off-Chain Transactions, InterPlanetary File Systems (IPFS) and more!
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