NFT 101 with NFT Basics New opportunities with a new market that comes with many income channels for investors. Because this is still very new, many people want to know, but may not understand. Today, we will find the answer with NFT 101.
On Thursday, February 10, 2022, he had an NFT seminar organized by SC Asset and CEA. The purpose of the event was to allow experts in NFT, including investors, collectors, creators, and famous brands, to share their knowledge, tips, and experiences related to NFTs without holding back.
This seminar is part of Bangkok Design Week 2022, a Bangkok design festival under the theme “Co With Creation, Think, Create, Survive” from February 5-13, 2022. This seminar is like opening a course on NFT, a new and hot market that creates opportunities for both buyers and sellers to make a lot of money.
Believe it or not… Some paintings that we ourselves laugh at can earn us $10-20 million!!!
When we see this issue, we probably want to know what exactly is NFT? Admin will take us all to study with 3 famous teachers who are NFT experts, which are:
- Mr. Eddie Phradon Chaiworasilp, investor and founder of NFT and Crypto Art Thailand group
- Ms. Praew Limpongpan, Chief Marketing Officer, Zipmex Thailand
- Mr. Tik Shiro, a famous artist, sells NFT work “Love Never Changes”
This NFT 101 class is hosted by Mr. Nui from the Baitai page, who will be our teaching assistant to help us understand NFTs better.
“We may be able to exchange a 100-baht note in our hands for two 50-baht notes, but for NFTs, a 100-baht note cannot be exchanged for any other type of note.”
In the first lesson, we need to understand first. NFT is short for Non Fungible Token, which means a coin that is encrypted, cannot be replaced, divided, duplicated, created in the original code, delivered, and separated. This is different from Fungible Token, which means a coin that can be replaced, exchanged, and divided, such as ten baht coins, 500 baht banknotes, etc.
To put it simply, an NFT is a coin that is unique, fixed, and non-fungible. It can be created in one piece or in multiple copies at the time of creation, but cannot be divided into multiple parts because each piece has a number that is like the DNA of that piece.
“If BITCOIN is digital gold, STABLECOINS is currency, DEFI is financial and banking system, and NFT is goods and services in the crypto economy/ecosystem.”
NFTs are “one-of-a-kind” digital goods and services that can be bought and sold like other goods and services in the real world, except that they do not have a physical form. When an NFT is sold, it is recorded who owns it, and the information is stored on the blockchain, making it impossible to counterfeit because it is verified by thousands of computers around the world.
“Nowadays, brands need to know about NFTs,” Eddie told us that NFTs are a great opportunity for brands because brands have value, logos, identity, and products and services that are unique to that brand, especially in every industry. For example, YouTube is now thinking of turning the video clips we watch into NFTs to create a new way to make money. In 1 hour, people upload clips to YouTube for a total of 48 hours. Think of the value they can get from NFTs. The same goes for TikTok. They are also interested in making money from viral clips, dance moves, or sounds from NFTs.
We may not know that many brands that we see in the mall today have stepped into the NFT world. For example, NIKE has announced a recruitment for NFT employees to manage digital assets in the metaverse world, BURBERRY has collaborated with the famous game BLANKOS to create in-game characters. Imagine that you can put any product from the BURBERRY brand on your in-game character. There are also other brands that have stepped into the NFT market, such as Facebook, Twitter, Gucci, Samsung, Visa, NBA Topshot, Louis Vuitton, or even the movie studios that we often hear about, such as GDH.
“NFT has become an industry where the graph is rising against the current of the ever-declining economy.”
Many industries are starting to see the importance of the NFT market due to its rapid growth rate and its surge in popularity despite the global economic downturn caused by the impact of COVID-19. In 2019, the NFT market grew by 17%, leading experts to predict that the market size will grow by around 50% in 2020, or around $300 million. But what actually happened was that the sports NFT trading card market was worth $1,107,349,355 in 2020. In addition, a shocking fact that was recently updated on January 30th is that the monthly trading volume of NFTs hit a peak of $6 billion in January 2022.
The current NFT market
Let’s take a look at the NFT markets that can trade at such high prices. Which groups of NFT market producers are there?
- 1/1 Limited edition : Once you buy it, you are the only owner and no one else will ever own the same work. You can find these works on various NFT platforms such as Foundation.app, SuperRare, etc.
- Collections : These will be hand-drawn works that are digital art, such as the collection from 3LAND WORLD, which is the work of Thai people. In this collection, there are more than 241 works, or GANGSTER ALL STAR, which is released as a collection with a total of 64 works in that collection. Everyone can find these works from the Opensea platform.
- Generative Art : This type of work is not just hand-drawn, but also involves the use of computers to help create it. For example, the Thai Ape Kids Club (AKC) project has over 10,000 different monkey images, none of which are the same.
- Performance Art : This is a type of photography that involves the body, such as taking pictures of people dancing ballet, putting on makeup, or moving their bodies.
- NFT Photo : This is a work from photography, such as The Green Symphony project that went to hunt for photos of the Northern Lights, or Beautiful cities of the World that went to take photos of the lights of cities around the world, etc.
- Experiment and Conceptual Crypto Art : It’s a very special work, like the work that’s currently very popular, like the work called The Merge by Pak, which is a circle that costs over 3 million baht. It uses technology to create the image. The image is like a small circle piece. The more we buy, the bigger the circle will be. Most people will buy it and show it off. Whoever has a big circle means that person has high purchasing power.
- NFT MUSIC : Both famous artists and individuals with musical talent can convert their voices into NFTs and sell them. For example, YELLOWHEART’s Kings of Leon is a limited edition album, and every buyer will receive not only the NFT file, but also the vinyl, digital album, and access to high-quality audio files. Another example is an artist like BLAU, whose voice was auctioned and sold for over 3.6 million US dollars.
In addition to the diverse works in the NFT market, we also find many spaces from various platforms that are always open to receive the works of both Thai and international creators, such as Opensea, LOOKSRARE, Foundation.app, RARIBLE, Paras, JNFT and CRYPTO, etc.
“Opensea Chatuchak of NFT”
One of the platforms that Eddie chose to recommend for trading NFT works is Opensea. All 3 experts unanimously agreed that it is like the Chatuchak market of NFTs. There are handwriting, drawings, photos, song lyrics, games, and many other forms of works. There is even a place to trade real cars for in-game cars because he can sell the car in the game and get a new real car. For example, Mr. Tik Shiro sold the original version of the song “Love Doesn’t Change” to a Singaporean artist.
In fact, in our country, Thailand, there are many people who are trying to develop their own NFT market platform, even though the Securities and Exchange Commission (SEC) has not yet certified the NFT market. Zipmex, Praew’s company, also revealed that it is going to launch an NFT platform as well.
How should a beginner get started?
Eddie recommends that for new artists who have never been famous or released any work before, we need to know how to advertise or market our work well. Since our market is in various media, the channels we need to use to advertise ourselves are those channels: Social Media. Set up a bio on your social media account, add a hashtag for your NFT work. The important thing is to advertise in the right places. The market group of people who are interested in NFT work is mostly on Twitter, where we can add hashtags so that people who are interested can click on the hashtag and find our work.
“Story telling, a marketing skill that helps you succeed”
Many Thais already have the ability to create works. What needs to be taught is marketing. Many lack self-confidence, causing them to set a low value on their works. Works in NFTs that sell for high prices do not always mean beautiful or excellent works, but they are good at marketing. Storytelling skills or storytelling are one of the secrets that help win hearts, persuade and convince them to buy our works. Most buyers do not always buy because they are beautiful, but buy because they feel that those works have an impact on them.
“If you make your work interesting enough, you hardly have to do anything.”
The marketing cheat code that will make you have almost no advertising is to do your best work. Because if your work is good enough and interesting enough, people will come to you even if you do nothing. But remember, for art, the creator should be happy and feel free to create. Don’t make it a commercial work that makes you suffer from creating it.
Cross-functional collaboration opportunities
As the admin said, NFT work is a very diverse work. Especially art, it is a freedom of creation. Therefore, it is not strange to have cross-disciplinary collaborations. For example, graphics and music are a collaboration between GUMPOONG, a female artist who takes still photos and adjusts the colors to make them more interesting, and BOX, a music and coding expert. They have created new works that change with the time of day. For example, if we open the picture in the morning, it will be a picture of the sky when the sun is rising, and a picture of the sky full of stars at night.
“Art is a creation without boundaries.”
Selling NFTs mixed with selling physical items: Will selling works in the form of NFT files send tangible works to buyers? It depends on the demand and the purchase agreement between the owner of the work and the buyer of the work. For example, if the NFT file of a painting sells for a high price, we may send the real painting to our customer as a thank you. Or the buyer may make an agreement to buy a real painting that can be hung at home if the owner of the work agrees, etc.
Besides art, what else can we sell in NFTs?
In NFT, there is a very diverse market. Therefore, in addition to artwork, paintings, photographs or music, works that can be sold also include writing, literature, and handicrafts. For example, Mr. Boy Tha Phra Chan, who is famous in the amulet industry, made a book template for sale on the JNFT platform and someone auctioned it for almost 300,000 baht.
NFTBOOKS (NFTBS)
For the book industry, there are projects related to NFT that promote books, magazines, articles, EBOOKS, and other types of writing. The goal is to increase the popularity of reading books, solve the problem of paper waste, copyright problems of writings, share the profits between authors and translators, and resell books, etc.
Is there a chance that the Thai entertainment industry will enter NFT like foreign countries?
Eddie revealed that there will definitely be some because right now there is a collaboration between 2 companies, GDH 559 Co., Ltd. and Broadcast Thai Television Co., Ltd., launching the Destiny Token project or Buppe Sannivas Part 2 in the form of NFT. In addition, GMM GRAMMY and Bitkub are pushing for the largest Music NFT in the country, etc.
Warning!
So far, we have talked about the good things, benefits, and beautiful opportunities of entering the NFT market. Of course, since it is such an open market and can make money like that, it is natural for there to be scammers mixed in. If we do not study well, we may lose millions or billions without realizing it.
“Where there is money, there are thieves,” Eddie told us that we have to see if what he is selling is real, who founded it, where did it come from, is it possible? Praew also added that the law currently cannot handle anything in the NFT market. There are no financial institutions to support it. For example, accessing Opensea requires a wallet that uses other currencies to access, which is not in the law of any country, so it cannot be prosecuted. Therefore, before we buy or make any financial transactions, we should check and read the details carefully. Another common mistake is entering a fake website, such as Opensea being OpenSea or METAMASK being MetaMask, etc.
Conclusion
In the NFT world, there are many interesting marketing and job opportunities waiting for us. We can prepare ourselves by choosing from our skills, interests, or needs. Those who have regular jobs can use this NFT market to generate additional income by using their hobbies or skills to create works.
NFT is a vast and diverse market. What we are good at may be something that many people are looking for. It is obvious that the NFT market is growing in size. It is not just a market for people to sell things, but it is also a place where we can make our dreams come true. Many artists use it as a platform to showcase their work and gain popularity that the real world cannot give them.
“The best way to gain knowledge is to try and learn it yourself.”
The work will come only when you take action. If you just daydream and don’t take action now, you are just a dreamer. You can’t be an artist.
There are many more details about this story. You can watch the full story here: https://fb.watch/b4y_zy4VdO/
