“What the Heck am I Reading?”
If you’re here, chances are you already know what this is about, but if that’s not the case, let me explain (don’t worry, I’ll try not to make your first time awkward).
You’ve probably heard of Bitcoin, the digital currency on the blockchain. It’s immutable, trust-less, deflationary, and its value is more volatile than a share of Beyond Meat on IPO day. Let’s focus on the underlying technology of Bitcoin for a second, the blockchain.
It turns out, the blockchain is useful for far more than digital currencies and scamming grandma. You see, all bitcoins are created equal. A bitcoin is a bitcoin is a bitcoin; this property is called fungibility and is also shared by things like gold (an ounce of gold is an ounce of gold), and dollar bills, etc. That being said, someone thought to themselves one day, “what if not all bitcoins were created equal? What if we made them NON-fungible, and what if we used these different bitcoins and the bitcoin blockchain to track different assets (tokens)?” That day, the Non-Fungible Token (NFT) was born (please see Andrew Steinwold’s comprehensive history of NFTs for the entire story of how we got to where we are today, here).
Since 2017, NFTs have evolved rapidly, and now represent a thriving and rapidly growing ecosystem of art, in-game assets, and collectibles, among other things. Cryptokitties were the first NFTs to go “viral,” with some selling for over $100,000 USD, though several other NFTs existed before Cryptokitties, and many, many more have been created A.C. (that would be “After Cryptokitties,” a term I just made up and will never use again).
NFTs exist on several different blockchain platforms, including Ethereum (the most popular), EOS, and TRON. In just the past couple of years, the number of NFTs has absolutely exploded, and so has the associated economy, representing tens of thousands of dollars in transactions each day (yes, only tens of thousands, you got here early, friend!).
“Okay, But What the Heck Am I Reading?”
It’s absolutely crazy how quickly the NFT ecosystem has been developing. New projects are announced almost daily, big sales happen, partnerships with large corporations are announced, and the list of exciting events goes on and on. At the risk of sounding hyperbolic, NFTs in 2019 are Bitcoin in 2012.
Since the early days of Bitcoin (you’re talking to someone who bought in at $2.65), the question has been asked, “what’s Bitcoin’s killer app?” Truth be told, the question has never been answered; there WAS no killer app. Turns out that, arguably, Bitcoin’s killer app is as a “store of value,” that’s it, and good luck NOT finding someone willing to debate that point!
Okay, maybe we’re asking the wrong question. How about we ask, “what’s the blockchain’s killer app?” Is it Bitcoin? Maybe, but I’m here to tell you that it very well could be that NFTs are the killer app.
“OKAY 👏 BUT 👏 WHAT 👏 THE 👏 HECK 👏 AM 👏 I 👏 READING? 👏”
Oh, sorry, I got a little carried away.
This is a newsletter that will bring you the latest updates on NFT sales data and projects. It’s a fast-moving space with a plethora of information mostly found in the dark depths of Discord and the slightly less dark depths of Twitter (depending on your display settings).
I got to thinking, wouldn’t it be great if someone else consolidated all this information into a handy-dandy newsletter that I could read every few days? It sure would save me a ton of time that I currently “waste on my phone/computer” (thanks, Mom). Well, since no one else was doing it, here it is. Sometimes you just gotta do it yourself!
So if you want the latest and greatest news from the NFT world, please subscribe, and I will have it served hot and fresh, right to your inbox, or directly on substack, whichever you prefer!
Talk Soon,
The Nifty Report
XOXO