NFT Crypto Decipher and Free Million Dollar Bounty

18 min readMay 6, 2021

It’s a Scam if anyone has ever told you to buy an NFT asset, You should be aware and informed of some of the basic information before jumping into dumping your hard-earned funds into any NFT crap.

Before disclosing free access to the bounties that have made me over $240,000 in only 27 days I need to let you understand that In every industry there are always groups of people with different sentimental believes for; or proof against; and this doesn’t exclude the NFT Industry.

Until 2016 that I started earning from the Crypto industry I have always had this sentimental belief that it’s a scam, and for some certain reasons my evidence seems right to myself and those who follow me,

Not too long after, I met Fritz from Austria who is more versed, profitable, and rich from the crypto industry with over $5million dollars ROI as of the year 2016.

We had series of counter dialog before I got convinced and this changes my negative sentiments, from which I was able to find ways to stay out of scams as they are inevitable not just in the industry but in life entirely.

Below you would learn every bit of basic information you need to know about the Non-Fungible Token; NFT.

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Non-Fungible Token

All you need to know about Non-Fungible Token.

Contents.

What is NFT.

2. Uses of NFT

i. The Digital concept of an NFTs

ii. NFT and its Collectibles ideology

iii. Impact of NFT in the Game Industry

iv. Impact of NFT in the Music Industry

v. Impact of NFT in the Film Industry

vi. Impact of NFT in the Sport Industry

vii. Impact of NFT in the Fashion Industry

viii. Impact of NFT in the Pornography Industry

ix. Impact of NFT in the Real Estate Industry

3. NFT Market value

4. NFT Standards in the blockchain Network

i. NFT first standards

ii. NFT second standards

iii. NFT third standards

5. History of NFT

i. History, Bitcoin and blockchain Based Token Platforms between 2012 and 2017

ii. Shift towards Ethereum 2017 and 2021

iii. NFT Buying Frenzy 2021-Present

6. NFT Adoption and its Culture

i. How NFT got Public adoption

7. NFT Criticism

i. Its Storage off-chain

ii. NFT Environmental concerns

1. What is NFT.

Non-Fungible Token

NFT is an acronym for Non-fungible token

NFTs are a sector from the mother crypto industry and just as any other digital coins or tokens it units of data is stored on a digital log/ledger,

One which makes an NFT or NFTs different here is the uniqueness of data stored on the digital log describes as the blockchain Network, which attributes a unique certificate that is contracted to them and one alone.

You might be familiar with some cryptographic tokens that provide a secure communication amidst any form of maliciousness from third-parties, this functionality can be related to the way Non-Fungible Tokens or NFT functions far from cryptocurrencies or altcoins such as Bitcoin,ethereum, litcoins e.t.c. that are interchangeable to one another, otherwise fungible which is opposite to rareness, one of its kind, unique and Non-Fungible.

Every single NFT Tokens are propagated or created when logs are stringed up with respective cryptographic hash, collections of characters that validates a set of digital data to be unique, on-to the previous logs/records, hence, then creates a chain of identifiable data blocks.

This cryptographic transaction process secures the authentication of each digital data/file by providing a unique digital signature that is used to track an NFT or NFTs ownerships.

Also, owing an NFT does not mean you have inherent grant copyright to whatever digital asset such NFT token is representing.

Despite that you can sell an NFT Token you have created to represent your work, anyone who buys it from you will not necessarily receive copyright privileges when the ownership of your NFT is changed and so “you” as the original owner is still allowed to create more NFTs of that same representation/work of yours.

In essence, you can say an NFT is solely a proof of ownership that can be distinguished from copyrights.

2. Uses of NFT

NFT or Non Fungible Tokens of artwork are similar to an autographed item such that Its uniqueness, identity, and ownership are verifiable on the blockchain network.

i. The Digital concept of an NFT

Digital art was an early use-case for Non-Fungible Tokens ( NFTs), it was a quicken adoption of NFTs for such uses because of the abilities of blockchain technology to secure and protect the unique signature’s of an NFT or NFTs Ownership’s

So far in 2021 there are more than 20 use-cases for which an NFT can be created for, without excluding it first adopted use case; Digital art, which has brought it to public.

Example is the Digital art “Everydays — The First 5000 Days”, owned by an artist named Mike Winkelmann, This art is also known as Beeple, and was sold for a whooping $69.3 million in 2021.

And this Makes it the third highest auction price achieved by any artist, after David Hockney and Jeff Koons.

Yet Another Beeple named “Crossroad”, which consist of a 10 seconds video clip that shows animated pedestrians walking past a figure of President Donald Trump, got sold for $6.6 million on one Nifty Gateway trading platform .

CryptoPunk a digital art, an avatar to be more precise, created by Figma CEO Dylan Field which he sold it for $7.5 million, as well as a second avatar entitled “Ape, Fedora” for $1.5 million in February 2021.

“Mars House” a home’s 3D rendered model created by Krista Kim an artist who sold it as piece of a digital real estate NFT for over US$500,000 on a NFT marketplace.

In 2021, rapper Ja Rule sold his digital portrait which he created of the Fyre Media for $122,000 via his NFT venture named “Flipkick”, a marketplace for digital art.

In December 2020, Blake Kathryn created a NFT artwork that depicts the seasons inside a series of vertical-rising rooms, and this was sold for $22,938.

Trevor Andrew an artist that created The artwork “Gucci Ghost”, as an NFT in form of a shivering GIF-ghost, which he sold for US$3,600 on the NFT marketplace in February 2021.

ii. NFT and it Collectibles ideology

The Ideology behind NFTs is to represent collectibles such as card collections but in a digital set up.

This is aimed at making easy transfer of one Digital art on the blockchain ledger to another party, typical example is the Lebron James dunk NFT card on the NBA Top Shot platform which was sold in form collectibles To an investor for $208,000

iii. Impact of NFT in the Game Industry

NFTs has made a great impact in the game industry that it’s been used to representing in-game assets, such as digital space of land, which are controlled by the Players rather than the game developer.

With NFTs implementation in the industry it gives players an access to trade assets in the third-party marketplaces without permission or grants from the developer.

NFT in it digital abilities as made so much individuals rich and same time retains their creativity, one of which an Axie Infinity made a sale on one of a digital land titles for $1.5 million in one single transaction, In February 2021,

iv. Impact of NFT in the Music Industry

NFT got a rapid impact in the music industry allowing Musicians to tokenize their work on the blockchain using non-fungible tokens.

The Rock band Kings of Leon on the 3rd of March made a statement before their release of “When You See Yourself ’’ a plan to release their first ever album as an NFT

This NFT generated $2 million in sales, approximately a quarter of which they donated to charity.

Just before the end of that same March, another American Lil Pump a rapper made a partnership with the NFT platform Sweet to launch a special Non Fungible Token collections.

v. Impact of NFT in the Film Industry

Just as any other industry; The film industry is no exempted although it has been slower to follow the boom of the crypto sector; NFTs, The major setbacks from this industry to progress through the revolution is the technical challenges of storing digital movies which are usually very large in size onto blockchain technology, that is designed for smaller file sizes.

Although there have been Several other speculated and experimental releases from studios, filmmakers, and other agencies, without excluding Legendary Entertainment as they announce a release of an exclusive Godzilla vs. Kong with NFT collection to be released on the same day the movie hit theaters.

Adam Benzine’s Oscar On the 13th of March, 2021 recommended a documentary titled “Claude Lanzmann and Spectres of the Shoah” which became the first motion picture documentary and receives Academy Award nominations to be minted and auctioned as an NFT digital asset, through the Raible marketplace.

In April 2021, Smith announces that he would release his forthcoming horror movie “Killroy Was Here” as an NFT; and talented agencies such as the UTA and Endeavor announcing NFT related ventures.

vi. Impact of NFT in the Sport Industry

Sports entirely has started to take advantages of the Non Fungible Token boom since it’s already widely adoptions in various ways.

Some of which examples is; the collaborations of Dapper Labs, a blockchain technology based company with the NBA to create “N.B.A Top Shot”, that can be utilized for displays of related highlight clips for sales and more like a marketplace for digital clips.

Spencer Dinwiddie an NBA player tokenized his contract to represent an NFT likewise Oleksandra Oliynykova a professional tennis player offered prospective buyers of her NFT Token a lifetime rights to part of her right arm.

vii. Impact of NFT in the Fashion Industry.

Nike as everyone know it to be one of the biggest fashion industry adopted the new crypto technology as it secures digital assets in form of NFTs so they decided to start attach cryptographically digital assets represented as CryptoKicks” for their physical products such as pair of sneakers, shoes e.t.c

this industry since 2019 they ventured into the NFT revolution has faced a lot of development, security and trust from investors till date.

viii. Impact of NFT in the Pornography Industry

Porn stars has also joined the trends of tokenizing represented works; the pornographic work, allowing for the sale of unique content for their customers, But major concerns and setbacks as been hostiles of pornographic contents or materials from the NFT marketplaces, which is really a drawback to the industry and it creators except if they find trickishes way around this limitation for themselves.

ix. Impact of NFT in the Real Estate Industry

Typical example of a Non-Fungible Token Asset in the real estate sector;- “6–8 Queen Annes Gardens, Bush Hill Park, Enfield EN1 2JN”

The above house address can be classified as a Non-Fungible Tokens asset for its type and structure on a unique described space, This can be traced for it’s right of ownership on copies of title documents to discern legal proprietorship on the blockchain system rather than the old fashioned hard copies of documents that can be forged.

3. NFT Market value

Scarcity Implies

A non-fungible object signifies uniqueness, rare, scarcity, originals.

In my opinion, This is an asset that commands Real Value. As The Law of Scarcity simply states: If what we desire “appears” to be in limited supply, the perception of its value increases significantly.

The £25 billion crypto sector has grown so rapidly and 5 times more than it was a year ago surpassing the world’s film and music industries combined.

As unique as it is so it can be purchased or sold however ownership signatures can be transferred on rare conditions alone.

Fungibility is the only exceptional factor(s) that differentiate an NFT from a regular altcoin; all other specifications of the smart contracts on the blockchain network are the same.

So basically, it only brings new innovation to the cryptosystem. In a more simplified way NFT can be described as a crypto collectible.

Only that this collectible has a meta badge that helps to ensure its uniqueness which makes it different from other fungible assets such as bitcoin, ethereum, litcoin e.t.c.

Fungible assets- Exchangeable with other tokens (s), coin(s), or altcoins

Non-Fungible assets- Not Exchangeable with another token(s), coin(s), or altcoins. Otherwise called rear Tokens which accumulates more value with its singularity, thus; limited supply.

The major advantage of Non-Fungible Token is the smart contract integrations built on the blockchain network which allows pioneers, principals, or owners to have their intangible claims over their products, properties, or assets.

In Fact there are more edges here.

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to Learn everything about Nft and How to make Profit without Losing into craps The NFT market has seen rapid growth recently with its value tripling to $250 million in 2020.

In the first three months of 2021 alone, more than $200 million were spent on NFTs.

The economic momentum NFTs have in the cryptomarket has exploded because of a trend towards digital collectibles.

NFTs are also accelerating a larger trend of digital economic innovation as the public is increasingly favoring a crypto-economy.

4. NFT Standards in the Blockchain Network

Specific token standards have been created to support various blockchain use-cases. These include the Ethereum ERC-721 standard of CryptoKitties, and the more recent ERC-1155 standard.

The FLOW and Bitcoin Cash blockchains support NFTs

i. NFT first standards

ERC-721 was the first standard for representing non-fungible digital assets on the Ethereum blockchain.

ERC-721 is an inheritable Solidity smart contract standard, meaning that developers can easily create new ERC-721-compliant contracts by importing it from the Open Zeppelin library.

ERC-721 provides core methods that allow tracking the owner of a unique identifier, as well as a permission-ed way for the owner to transfer the asset to others.

The ERC-1155 standard offers “semi-fungibility”, as well as providing a superset of ERC-721 functionality (meaning that an ERC-721 asset could be built using ERC-1155). Unlike ERC-721 where a unique ID represents a single asset, the unique ID of an ERC-1155 token represent a class of assets, and there is an additional quantity field to represent the amount of the class that a particular wallet has.

The assets under the same class are interchangeable, and the user can transfer any amount of assets to others.

ii. NFT second standards

The FLOW blockchain which uses proof of stake consensus model supports NFTs, for example NBA Top Shot is run on the FLOW blockchain. Cryptokitties plans to switch from Ethereum to FLOW in the future.

iii. NFT third standards

Tezos is a blockchain network that operates on proof of stake and supports the sale of NFT art.

5. History of NFT

i. History, Bitcoin and blockchain Based Token Platforms between 2012 and 2017

The earliest known example of Crypto based tokens was Color Coins, which was created in 2012 and ran on the Bitcoin blockchain.

Colored Coins were bits of bitcoins similar to modern NFT’s and where intended for use as certificates of ownership.

Though this was later abandoned as the Bitcoin blockchain was not set up to support the project.

Despite this the crypto community realized the potential value of digital assets on a blockchain.

Though they also knew that bitcoin in it’s then current form was not able to do so. In 2014 Counterparty, a bitcoin based token platform, was launched, Counterparty allowed digital asset creation, was a decentralized exchange and even issued a cryptocurrency token. Markets on the platform such as the “Rare Pepe” collection and a parternship by the platform with Force of Will, both in 2016 led to the platform creating a working cryto-token market for digital assets.

Anil Dash claims that “Quantum” by Dash and Kevin McCoy, created in 2014, was the first true NFT — though the term was not yet in use. the NFT depicted a video of a set of spinning dollar symbols set inside a picture frame. The NFT is now valued at US$7 million.

ii. Shift towards Ethereum 2017 and 2021

In 2017, the Ethereum blockchain started to gain prominence over bitcoin based token platforms, due to Ethereum having a system for token creation and storage built right into it’s blockchain thus elminating the need for third-party platforms like Counterparty, and was the company to coin the term non-fungible token.

Also in 2017, the American studio Larva Labs released CryptoPunks, a project to trade unique cartoon characters, on the Ethereum blockchain.

In late 2017, another project called CryptoKitties where players adopt and trade virtual cats was released and quickly went viral, raising a $12.5 million investment and some kitties were selling for over $100,000.

In 2018, Decentraland, a blockchain-based virtual world, raised $26 million in an initial coin offering, and had a $20 million internal economy as of September 2018.

In 2019, Nike patented a system called CryptoKicks that would use NFTs to verify the authenticity of physical sneakers and give a virtual version of the shoe to the customer.

In early 2020, the developer of CryptoKitties, Dapper Labs, released the beta version of NBA TopShot, a project to sell tokenized collectibles of NBA highlights.

The project was built on top of Flow, a newer and more efficient blockchain compared to Ethereum.

Later that year, the project was released to the public and reported over $230 million in gross sales as of February 28, 2021.

iii. NFT Buying Frenzy 2021-Present

In 2021 interest in NFT continued to spike, and a number of high-profile sales were made just in the first few months.

In February 2021, the musician Grimes sold around $6 million worth of tokens representing digital art on Nifty Gateway.

Later that month, an NFT representing the meme animation Nyan Cat was sold in an Internet marketplace for just under $600,000.

On March 11, 2021, American digital artist Beeple’s work Everydays: The First 5000 Days became the first NFT artwork to be listed at prominent auction house Christie’s and sold for $69.3 million.

In March 2021, Jack Dorsey, founder of Twitter and Square, sold an NFT representing his first tweet for over $2.5 million.

The speculative market for NFTs has led more investors to trade at greater volumes and rates. The buying frenzy of NFTs was called an economic bubble by experts, who also compared it to the Dot-com bubble.

By mid-April 2021, the buying frenzy had substantially subsided, causing prices to fall significantly, buyers who had gotten in early were reported to have “done supremely well” by Bloomberg Businessweek.

6. NFT Adoption and its Culture

i. How NFT got Public adoption

In 2017, NFTs circulated by CryptoKitties, a project developed by Dapper Labs to sell ownership of unique cat avatars, jumped so much in popularity that a surge in demand took up significant transaction space on the Ethereum blockchain and slowed the entire Ethereum network in December of that year.

NFTs have become increasingly popular in the early months of 2021 because of recent high-profile sales.

Some notable NFT sales in 2021 like NBA Top Shot’s video clip of LeBron James selling for $208,000 on February 22, 3LAU’s album bringing in $11.6 million in sales as of February 28, and digital artist Beeple’s piece selling for $69.3 million on March 11, have made NFTs an especially current topic in popular culture.

In March 2021 alone, NFT sales exceeded $220 million making up nearly half of all-time NFT sales ever at the time.

This renewed interest in NFTs, particularly those in art, music, and sports, have made way into mainstream consciousness, especially amongst the younger generation.

In a March 27, 2021 Saturday Night Live episode, cast members even poked fun at this growing niche with a comedy skit on NFTs.

Many investors are willing to pay high rates to secure and promote NFTs and continue to do so because they anticipate NFTs to be the biggest and most profitable collectibles in the future.

Venture capitalist David Pakman has claimed that the growing value of NFTs is redefining the major entertainment industry as of early 2021.

Investors like Mark Cuban have already begun to propose new ways of implementing NFT technology to monetize sports tickets and merchandise sales.

7. NFT Criticism

i. Its Storage off-chain

NFTs involving digital art generally do not store the file on the blockchain due to its size. The token functions in a way more similar to a certificate of ownership, with a web address pointing to the piece of art in question, making the art still subject to link rot. A number of approaches have been devised to remedy this situation, such as using a decentralized storage system like IPFS to store the file so that the buyer can host the file themselves

ii. NFT Environmental concerns

NFT purchases and sales are enmeshed in a controversy regarding the high energy use, and consequent greenhouse gas emissions, associated with blockchain transactions.

A key aspect of this is the proof-of-work protocol required to regulate and verify blockchain transactions on public networks, which consumes a large amount of electricity.

Estimating the carbon footprint of a given NFT transaction involves a variety of assumptions about the manner in which the transaction is set up on the blockchain, the behavior of blockchain miners, and the amount of renewable energy being used on these networks. An analogy that’s been described for this is the footprint associated with an additional passenger on a given airline flight.

Some more recent NFT technologies use alternative validation protocols, such as proof of stake, that have much less energy usage for a given validation cycle. Other approaches to reducing electricity include the use of off-chain transactions as part of minting an NFT.

A number of NFT art sites are also looking to address these concerns, and some are moving to using technologies and protocols with lower associated footprints.

Others now allow the option of buying carbon offsets when making NFT purchases, although the environmental benefits of this have been questioned.

In some instances, NFT artists have decided against selling some of their own work to limit carbon emission contributions.