NFTS EXPLAINED TO A 4-YEAR-OLD.
10 ways of Explaining NFTs, in the Simplest ways possible, by VICTOR ABIOLA.
A Sweet THREAD.
The Buzz about NFTs has become really disturbing. My friends have had to ask me, what is this NFT thing, people have been saying all around.
I hope this Article helps, in getting a good head start in your NFT Journey. Drop your questions, thoughts and comments.
Remember to RT & share to someone that might need this.
A MARKETPLACE is basically like the “Art Gallery” where you go to exhibit, bid and buy your NFTs. The most popular NFT MARKETPLACE at the point of this writing is called OPENSEA. The website is .
1. NFT is an abbreviation for NON-FUNGIBLE TOKENS. “Non- Fungible” is simply an English word, synonym for something that is Unique and also means that there can only be one version of it. 1$ Note is Fungible,
meaning there are tons of 1$ notes printed and if I exchange 1$ note with another 1$ note, I will still get the same thing and the same value. However, If I have the Mona Lisa Painting, that is Non-Fungible! There is only one of the Original Painting. If I decide to exchange it,
Now, how do I explain without mentioning Terms like Metaverse, Web3 and the rest of these Jargons. In this article, I will Explain NFTs in the simplest way, even a 4-year-old will understand or at least, I will try.
Here are 10 Things to simply understand NFTs like a 4-year-old.
it can simply mean a unique tangible representation or a ticket of a particular digital piece of art. Now, NFTs can be in form of an ART, MUSIC, VIDEO or any form of art or piece created.
7. How do you make money via NFTS? I know this is the part that might you get more interested. See you, you like money too much. Well, who doesn’t? Like earlier stated, there are different players in the NFT space. You can either be a Creator or Collector/Buyer.
However, there are several Marketplaces on the Internet, there is RARIBLE, SOLANART, BINANCE NFT MARKETPLACE and others. On these Marketplaces, as a Creator, you can go and exhibit or sell your NFT and as a buyer or collector, buy an NFT.
I cannot get the same Original Mona Lisa Painting again. Any other version will be fake or a duplicate. “Token” on the other hand, can be referred to a thing, serving as a tangible representation or a voucher or a ticket for something. Thus, if you put the two together,
Nothing to see here, just God answering my prayers 6 months later. My Mum always prayed for us that we will buy our own Car & build our own houses. I’m glad she was also there to witness one of these Milestone prayers. Also a reminder that Hardwork pays & Prayer works.❤️
2. For easy understanding, when you think of NFTs, I want you to think to think of Artwork Collections in a Physical Art Gallery. For example, Nike Art Gallery in Nigeria or Louvre Museum in France.
Each Marketplace stipulate the exact digital money or Cryptocurrency they will accept for you to exhibit or purchase an Art from them. For Example, OPENSEA collects strictly ETHEREUM, While SOLANART collects Solana and BINANCE NFTMARKETPLACE collects Bnb, Busd and Usdt.
3. There are different players when it comes to the NFT space. You can either be a “Creator” or a “Collector”. Creators, as the name implies are those that create the Arts (The NFTs) While “Buyers” or “Collectors” are those that buy from them.
4. Now, that you understand that NFTs are basically what we do in the Art Galleries in the physical world, but it is done here in the digital world. Now, where do we go to buy and sell these Arts on the Digital space? That place is called MARKETPLACE.
Now, when you understand what they do in Art Gallery, it becomes easier- Creating Arts, Holding Exhibitions. Bidding, sale and collections of these Arts and everything else they do in a physical Art Gallery.
Some Creators who are Musicians or Artistes gives the collectors of their NFTs free access to their Live physical events and shows.
@falzthebahdguy
&
@headsbybnxn
@BNXN
are doing something related with their NFTs.
Some have argued that there is a difference between a Buyer and a Collector. They say Buyers are those that just buy and resell almost immediately the price or the value of the NFT has increased and they make their Profits,
The Blockchain will show all the information concerning the NFT which will include the Creator, the current owner, the history of how the NFT came to existence and the different prices it has been sold for.
5. Of course, when you go to a physical Art Gallery to purchase an Artwork, you hold your money. Now, in the digital Art Gallery of NFTs which is The Marketplace, you hold your digital money too which are Cryptocurrencies. Different Marketplaces accept different Digital Money.
Another good thing? It is available for everyone to see. Thus, when someone claims to own an NFT, you can easily check on the Blockchain Technology Network to confirm the authenticity.
If you are a Creator, you can create a Collection of different NFTs. Each of these NFTs in this collection will be going for a price you set it at and when a buyer sees and buys it, you make your money.
it is stored on the Blockchain Technology Network, which will serve as a ledger or a record keeping book to show the originality and the authenticity of the NFT.
As a buyer or Collector, It is always advisable to know the particular NFT you want to buy already before entering the Marketplace, so you that you do not get confused by the myriads of NFTs you see on these Marketplaces.
As a Collector or a buyer, when you purchase an NFT, you become the owner and you also decide the price you want to resell it and another juicy part is that, there is a feature that comes in selling NFT,
6. I get many questions like since all these Arts Are Digital, can’t someone easily just download them or even take a screenshot or a screen record of them. That is where the Blockchain Technology comes in.
@hackSultan
I have a friend that stays in Poland, I told him I’ll come over to visit soon & he randomly just asks if it was next week. I first burst laugh. Months Oga, Months!!😭😅
8. It should be noted however, that NFTs are not only for you to make money and buy and sell. It also has great benefits, subject to different NFTs and what they offer.
I took these Awesome Pictures of
@iam_YCee
yesterday at the FALZ UI COMEBACK CONCERT sponsored by
@FirstBankngr
The Energy was crazy. Help RT & Tag
@iam_YCee
to see them please.🙏
10. The truth is, whether we like it not, NFTs are here to stay. However, not all NFTs will do well, as a matter of fact, many will not last. Having the right amount of knowledge on how to operate in the space will help you go a long way.
9. I will be mentioning and explain some popular terms used in NFTs Transactions.
FLOOR PRICE. This simply means the lowest amount you can purchase an NFT in a particular Collection of NFTs.
So after it is launched on their website, some of the people who are privy to that website can buy it there and that is called “minting”- basically buying it before becomes very public.
RUG PULL. This is basically when someone creates a fake or duplicate of a real NFT, claims to be the owner and decide to sell it. The buyer that buys it, is said to have been rug-pulled. He has been scamed and bought a Fake NFT.
Little Excerpts from Today, at Ibadan during the
#EndBadGovernaceInNigeria
Peaceful Protest. We came to lend our voice against the Bad Governance in the Country. People are suffering & hungry, with so much hardship.
Big Kudos to the Nigeria Police Force in Ibadan.. They guided
WL {WhiteList}. This is more like a ticket or access that Creators give buyers to go mint on their website before it becomes public on Marketplaces.They get more advantage because the price will most likely be cheaper on their website, before it goes on public on the Marketplace.
Since many people seem to be interested in NFTs,it is however important to get a basic of understanding of Crypto if you to start your NFT Journey.I’ll be dropping an Article or a Thread explaining Crypto in the simplest way to understand. Turn on my notifications not to miss it.
Last month, I officially got accepted as a Rep & Affliate for Binance in Africa. If you don’t have a Binance account & you wish to get one. Send me a Dm. I’ll also teach you step by step on how to get started in your Crypto Journey 😊
cc:
@binance
@BinanceAfrica
@cz_binance
25 SMART MONEY DECISIONS THAT HELPED ME INCREASE MY NET WORTH.
I decided to share you 25 short tips that has helped me personally grow my Financials at least with 200% increase in 3 Months. Some of these Tips were also learnt after I watched Smart Money Woman by
@smartmoneyarese
@_Oluwatomisin9
As a Creator, You can decide to list it on your Website and give WL to certain people to mint it or you can go on any of these Popular Marketplaces and list it there.
For Ibadan Protesters.
1. Meetup ground for August 1 Protest
is Rosewale Filling Station & Mr Biggs Roundabout, Iwo-Road.
Movement towards Agodi Secetariat. Time is 7am.
2. It is A PEACEFUL PROTEST & any iota or form of Violence will be apprehended by the Police.
3. Oyo
The Joy that comes with reciting the GREAT IFE Anthem. Commissioner for Youths & Sports, Oyo State, Seun Fakorede
@TheSeunFakorede
at his Alma Mater to receive award of Youth excellence by the Ooni Of Ife.
Pictures shot by myself. Kindly help Retweet & mention
@TheSeunFakorede
.
Happy to have Finally completed my National Youth Service.Back at the Camp, I headed the Skill Acquisition and Entrepreneurship Development. (SAED) Team& was a member of OBS & after camp,I was part of the Research Team that helped in a project in my LEGAL AID CDS.Unto the next!🚀
I took these Awesome Pictures of
@falzthebahdguy
at The FALZ UI COMEBACK Concert yesterday organized by
@FirstBankngr
.
If you were at the Concert, you'll know the Energy was crazy!! Help RT & Tag
@falzthebahdguy
&
@FirstBankngr
to see these images please.🙏
As a Tech Enthusiast, I’m grateful that we’re about to build our first Tech product for my AgroTech Company.
It will be User friendly, Customer centric & will support Blockchain.
The goal is to explore the full of possibilities of Agriculture through Tech. Watch out. 💚
LL.B (Hons) Obafemi Awolowo University. ✅
AciarbUK (in view)
BL (in view)
LL.M, Intellectual Property & Tech. (in view)
Msc, International Agribusiness Management. (in view)
MSc, Agricultural Technology and Innovation. (in view)
Plenty money (in view)
So help me GOD.
@DonnelAlison
@O_basslet
It’s not that. When you’ve complained too much. You get tired at some point especially when it seems you’re complaining to deaf ears.
6th day of Lockdown & Social Distancing
I Stepped outside my compound, I saw these Children playing in the neighborhood;They've been asked to Stay indoors since morning, when they had the opportunity to step out in the evening, you could tell they missed playing with each other.
I’ll be sharing some $PORTAL to some Binance users here.
If you don’t have a Binance account, download the App from Google Playstore or AppStore and signup.
Just RT & Drop a comment if you want.
I’ll be picking at random.
#PORTAL
#Binance
#Airdrops
@DhDoge
@Blueof9
@crypto_birb
You sold ALL your BNB to buy DOGE? Lol. Everyone knows
#BNB
has a greater potential in longterm than DOGE. You probably shouldn’t have sold all
@UnkleAyo
Experienced something similar in Lisbon. 11pm, Colombos Mall- This was an obvious Transgender. He/she had broad faces muscular arms and legs with surgical breasts & makeup on. Beckoned on me with one rubbish smile & saying Hello to me with one baritone voice like that. I gave a
@EditiEffiong
I lowkey knew this was going to be a problem. You cannot consist a Judicial setting of enquiries without having a good background of the Law. This old people will cheat us one more time. Young, sound Lawyers that wouldn't be compromised should be on that board!!!
Thank you for the insightful analysis.
However, I’m confused about the percentage, the Act says 0.005, but 0.5 is making the news. I don’t think 0.005% is the same as 0.5%.
- here’s also, some of my concerns.
@BinanceAfrica
No need for panic. Everything still works perfectly well. How many of us actually trade NGN/USDT before this message? Other coins, products & services are working perfectly! Stay Bullish on Binance! 💛
@Mrpossidez
GOAT for a reason. I have different shades of him as my wallpaper for 3 years straight now.
We may not see any player like him ever again. I’ll definitely meet him this year or in 2025. That’s one thing I’m sure about.
He’s everything good personified! ✨
@UnkleAyo
I can relate. God really bless the Indians- I remember taking a course in Photography &
Learning how to use Photoshop. It was an Indian (Piximperfect) that did the Magic for me on YouTube.
Yesterday, at
#CCCIBADAN
organized by
@women_in_defi
, I was honored to be part of the Panelists where I discussed about Balancing Work,Life &School while building a successful career in Crypto, also how we can incorporate Crypto &Blockchain Education into our Educational system.
For showing up everyday even on the not so good days, For Working Multiple Jobs just to make Ends Meet, For serving in Leadership Positions to serve God & the betterment of Humanity, Thank you for all these Graces, Jesus ✨
It’s my Birthday, Remember me in your Prayers. 🎈
For Ibadan Protesters.
Day 3.
1. Meetup point, beside Rosewale Filling station, Iwo road. 8am.
2. People are now coming out in numbers and it’s peaceful as always,
@OyoPoliceNG
have been very supportive, so come join us.
3. If I already promised you the customized shirt,
Little Excerpts from Today, at Ibadan during the
#EndBadGovernaceInNigeria
Peaceful Protest. We came to lend our voice against the Bad Governance in the Country. People are suffering & hungry, with so much hardship.
Big Kudos to the Nigeria Police Force in Ibadan.. They guided
@Donnasplaceng
@EditiEffiong
This is not a matter of intimidation. You can't give what you don't have. If they don't know what to ask, how to ask, when to ask and the reason you're asking, it's a problem. There's need for a background legal knowledge or at least be groomed well by Lawyers.
So let’s go! 5k to 10 people.
Here’s the task to win. Simple.
NB: Must be Following
@Farmhub_agro
& you must Like & RT this post.
1. Tell me one thing you LOVE about Farmhub Agro Services (
@Farmhub_agro
) - maybe what you’ve heard about the brand or what you’ve
A while ago, at the Cash Landing event organized by SOLANA’s SupaTeamNG
@SuperteamNG
in Ibadan. I explained the benefits and Finance aspect of Cryptocurrency to a great audience of young people. We’re still early! 💚
cc:
@solana
@SuperteamNG
@ESamueltrades
Based on this Thread, many now understand one or two things about NFTs, but many seems to have problem with how to turn their image into an NFT & launch it on a Marketplace.
Here’s a link to a video on YouYouTube explaining step by step to do that.
#Nfts
NFTS EXPLAINED TO A 4-YEAR-OLD.
10 ways of Explaining NFTs, in the Simplest ways possible, by VICTOR ABIOLA.
A Sweet THREAD.
The Buzz about NFTs has become really disturbing. My friends have had to ask me, what is this NFT thing, people have been saying all around.
For the Graces, Resources, Tenacity & Consistency I’ve received in the last year, Thank you Jesus.
Now to a Renewed strength & to more Greater Things in the New Year. 🙏 🧡
07-10! 🎂
I think Trading Crypto is one of the easiest way to make money in this life.
You just need good information & Patience. That’s all.
No compulsory tech skills or high-end brain power.
Just Buy and HODL.
#WAGMI
@Mrpossidez
That insult part during a fight or an argument is one sign that should never be ignored! The moment they start using derogatory names for you or start sounding unnecessarily condescending, please run or stay far from such person, No matter the relationship you have with the
If you have no idea of how Crypto works & you want to learn. Send me a Dm.
I’ll explain it you in layman’s terms in the best way you will understand, for FREE.
I’m taking the first 20 people for this month. I guess I’ll be doing this once every month.
AltLayer [ALT] on Binance Launchpool; 5 Important things you need to know about it and other future Launcpool Projects.
-by VICTOR ABIOLA.
A great thread. 🧵
I have 3x WL Tickets for
@polychainmon
Just Like, RT & tag just 1 friend
Comment why I should give you the WL in the comment section.
You must be following
@victor_abiolaa
&
@polychainmon
I’ll be doing more WL giveaway in the coming days. Remember to turn on Notifications.
@Ketso28
You’re obviously speaking for yourself, there’s no guy in my circle that we don’t grow together, hold ourselves accountable, give emotional support, show up for each other even at times it’s isn’t convenient, share gifts & yes, even confront each other and call ourselves on our
Thank you for the insightful analysis.
However, I’m confused about the percentage, the Act says 0.005, but 0.5 is making the news. I don’t think 0.005% is the same as 0.5%.
- here’s also, some of my concerns.
On Monday, May 6 2024, the Central Bank of Nigeria (CBN) issued a circular to banks concerning the collection and remittance of cybersecurity levy.
The key takeaway is that a 0.5% levy will be deducted on electronic transactions:
In case you missed it, here is the summary.