What is an NFT! The Non-Fungible Token!

If your children are talking about it, there is a good chance you need to be talking about NFTs. Start asking questions – what is an NFT?

A LeBron James NFT just sold for $270,000, but that is just one story, his NFTs are in big demand. Last year a Miami-based art collector resold a 10 second video artwork for $6.6 million. Famous musician and artist, Grimes, sold more than $6 million of artwork in just one day. Digital artist Beeple sold $3.5 million worth of art through Nifty Gateway last year.

Many of us are still confused about what they really are and how to participate. Remember, there was a time when people said the same about the internet, driverless cars, television, mobile telephones. The world changes fast and it is important for us to understand these changes.

What is an NFT or non-fungible token?

The simplest way to understand what a non-fungible token (NFTs) is, is to consider it as record that shows who owns a unique piece of digital content. It is a digital asset, in the same way that our car or a piece of land has a title and ownership certificate. Imagine old school sports cards being traded in a virtual world. In fact almost any piece of digital content can be minted into an NFT. Digital artwork, sports cards, photographs, podcasts, published articles, tweets and memes all can be turned into an NFT. Even the video games your children are playing can include items that can be purchased or traded as an asset with value. Special keys, weapons and other objects can be tokenised.

So is it real? Are people buying just an idea? NFTs cannot be duplicated or divided and due to the special nature of the blockchain technology used to create and store them they have very unique identification security and uses.

It certainly is a new paradigm!

👉 My Personal Story

I decided I could not possibly miss out! 🙏

Day One – The release of a special NBA Topshot pack was planned for last Saturday 9.00am Pacific Standard time, USA. Being located in Asia that meant a 1.00am launch time for me. I stayed up many hours beyond my bed time. Launch time came – system crashed. Off to bed at 3.30am. An announcement was made for a 24hr postponement.

Next day – 1:00am came. I sat at my computer with fingers paused and ready to pull the trigger.

Click!

I am number 45,640 in the queue but only 10,600 packs were released. I waited up an hour or more just to confirm what I already knew.

No chance…… you missed out my friend!

Reports have been made that this $99 pack was being resold for more than $3000 just 24hrs later.

Do I really care that much about NBA basketball?

No 🙂 I have no interest to be honest. But the excitement of being a first and telling stories about how cool it would be to own an early NBA NFT outweighed that.

A few days later I submitted an order for a $9 pack.

What are they? 3 short video moments captured, minted and stored on the blockchain.

At least now I can feel hip, knowing that I am part of the early NFT crew!

Let’s hope LeBron James or similar makes me rich!

Global Services in Education (GSE) is always looking for new technologies that can help accelerate learning. In fact we are education advisors to a number of investors, investment funds and start up groups looking for opportunities.

CEO and Education Expert Greg Parry

Internationally renowned for his expertise in education leadership, Greg Parry’s vast experience includes leadership of projects for edu-cation institutions throughout Australia, the Middle East, the United States, India, Indonesia, Malaysia and China. Recognised for his numerous contributions in the education arena, Greg has received the Ministers Award for Excellence in School Leadership based on improvements in school performance and a range of successful principal training and leadership development programs, as well as the School of Excellence Award for Industry/School Partnerships and the School of Excellence Award for Technology Innovation. His company GSE (Global Services in Education) has been recognised as having the Best Global Brand in International Education in 2015 and 2016.

Considered one of the premier experts in his profession, Greg has trained teachers and principals throughout the world in areas such as critical thinking, language development and leadership. His expertise in school start up projects, leadership and curriculum development, has made him a sought after authority in these disciplines.

www.gsineducation.com

Global Services in Education set up and operate schools in all parts of the world. Governed by a philosophy of global citizenship, every member of the GSE team shares a passion to help shape international education and student achievement through inspiration and collaboration.
Our goal is to meet the highest objectives of every school, teacher, student and parent, with an unwavering dedication to quality education, shared ideals and intercultural perspectives.