If you've not take the time to dive deeper into the seemingly endless maze of rabbit holes that exist within the crypto ecosystem, you may not be aware of NFT's. More likely, you've heard the term but aren't certain of it's meaning, or possibly simply don't see much of a use case to make NFT's a worthy investment. Luckily, I thoroughly explore these rabbit holes, so that you won't have to if it isn't worth the energy or time. If you're wondering to yourself 'but Bruce, WTF is an NFT' fear not, have yourself a seat and get ready to be educated. 

  In very simple terms, an NFT (or nonfungible token) is a provably unique digital asset hosted on blockchain and held in an individuals cryptocurrency wallet; if simply calling an NFT a cryptocollectible doesn't satisfy your thirst for knowledge, here is a more detailed explanation:

  One paper dollar, one bitcoin, or one ether (as examples) are, for all intents and purposes, exactly the same as every other paper dollar, bitcoin or ether. No matter where it was obtained, who has owned it previously, when it was created etc., 1 bitcoin is 1 bitcoin is 1 bitcoin, with no distiguishing difference between any two bitcoins, or any individual bitcoin when comapred with the rest of the 'coins' in circulation. No matter what, one bitcoin is equal to every other bitcoin. This is what is known as a fungible token. Each one is identical to every other, with no distinguishing features to set it apart. A Non-Fungible token is a crypto token that IS distinguishable. and provably different from any other token, allowing for it to be individually tracked, and have a value that may be far less or greater than a similar token of its kind. As potentially the easiest example, due to its wide reach and near-global awareness, every cryptokitty ever created is unique and no two cryptokitties are exactly the same. While one of these kitties may be sold for an insignificant price, another could hold far greater value. They are both cryptokitties, and are of the same asset class, but their individual traits make them fundamentally different from one another. Another way to view NFTs is as such: A football caught by a spectator at the SuperBowl may look similar, or even nearly identical to a football purchased at your local sports center, but the two are not the same and hold a very different monetary value. In the world of NFT's, on a simple basis, one token is not the same as the other and are treated as different collectible items. 

   This brings us to the point of this article; NFTs are being utilized, collected, and created every day, and across a rapidly growing number of use cases. Dozens of videogames have implemented NFT's into their loot-tables and gameplay, allowing players to not only truly own their in-game items, but sell them to other players on a peer-to-peer basis, as well as (in some instances) carry them across the Metaverse into a completely different game, and continue to use or level-up their items. The potential this has for the $13b/yr gaming industry is unfathomable, and will be covered further in a future article; it simply makes for a very interesting example. 

  But this post is about how NFT's are empowering creators and allowing them to monetize their talent in new and unprecedented ways. For myself, and for hundreds of others, this potential shines brightest on the ability to create  verifiably authentic and provably scarce or provably unique digital art. While traditional art will certainly not be cast aside, as collectors will likely always seek to add physical artwork to their collections, and put them on display, it does create an entirely new ecosystem for the creation and collection of fine (or not-so-fine) artwork. Think of it like this. I (a digital artist) could create a piece over hours or days, and publish it to social media in the hopes that it is appreciated and enjoyed. DUe to the vast expanse of the internet, and to people sharing, retweeting, or otherwise republishing my artwork, it would be impossible to prove that the image uploaded to my social media page was original and authentic. Enter blockchain and smart contracts, which, through the use of a number of different platforms (a list will be included) I can create a cryptographically protected token from the artwork I worked so hard on. In doing so, not only is it then possible to prove the art is authentic in a matter of seconds, I can then also sell that artwork to a collector who will own the piece, held in their cryptocurrency wallet. To demonstrate, here is an example of the "birth" of one of my personal favorite artworks that I have tokenized, in this instance on the Ethereum network via my OpenSea marketplace. As you can see, the token is deployed via the ERC-721 smart contract protocol, and is given its own unique token address, essentially the artworks digital identity. The artwork itself is currently available for sale here.





   While the above image is a representation of the original artwork, it is nothing more than that, and can not be proven as unique or authentic artwork, as it is a simple reproduction, not the ownable, verifiable NFT asset, of which there is only one true and ownable copy in existence. 

   It's likely that I could continue writing for hours regarding the potential of NFT's, their impact on the traditional art economy, and their innumerable other use cases, but for now, I'll simply offer some thoughts to ponder. In the world of traditional art ie: paint on canvas, etc. it takes a large amount of effort, and a larger amount of recognition for an artist to have their work displayed at a gallery and seen by potential collectors. Through the digitalization of art, and the ability to prove its authenticity, an aspiring artist needs only to tokenize their work through a number of available platforms, and can then share and sell it online, as I have done here. While the use-cases for NFT's are likely to be explored and discovered more and more rapidly, for a number of potential methods of investment or collection of digital assets, what truly inspires me, and hopefully others reading this, is the possibility for creators of all kinds to secure the authenticity of their work on blockchain networks, and to monetize their time and talent with minimal effort by creating a scarce digital collectible representing or containing their work. I'll certainly be writing more about this rapidly evolving ecosystem in the near future, and if you'd like to learn more without needing to search endlessly across the web for the best information, or for the wide range of NFT focused platforms, games, etc. I'll add links to some very useful, and very interesting projects that are thriving or are currently being developed. 

Yours in Decentralization, 
    BruceTheGoose | The Goose Nest Founder
linktr.ee/brucethegoose | thegoosenest.site


Grow Your Base - Learn about, and earn rewards from a number of NFT games, publications, and platforms. 

OpenSea - The largest NFT marketplace on the web.

D'Cent (via Amazon) - Card Sized NFT capable hardware wallet.

The Goose Nest -  My work-in-progress NFT creation/collection/curation platform with a wide range of added features.

NF-Tea Time  - My NFT focused podcast

Never hesitate to reach out to me directly via email or social media, links for which can be found here, if you have any questions, feedback, or suggestions regarding what I write or the other things I'm working on! Thanks for your time, have a great day and stay safe. 

P.S. If you'd like to support my writing, my art, the development of The Goose Nest, or my continued ability to explore the crypto ecosystem to bring you news, updates, information, and exciting events, donations are greatly appreciated!
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