I’m a newcomer to this world and would love to know more about how NFTs work. Chip-in anyone out there, who does know, how the value of an NFT determined? Is there real-money transaction or this is more along the bitcoin economy?
Lastly, a hypothetical situation. If I was thinking about a crowdfunding campaign, as part of it could I have images created and then sell them as NFTs to help with the financing of a project?
That’s me done. Educate away!
https://www.cryptonewsz.com/wagmi-games-partners-with-opensea-ahead-of-d...
NFTs are another interesting animal as they ONLY exist as digital media as I understand it.
And, may cause you more trouble than they're worth.
Case in point: A certain "individual" last year sold digital trading cards that featured illustrations of him in rather "fantastical" situations.
He priced said cards at $99.00 (USD) each, which his fans then bought a boatload of.
The thing is, it was very soon after the release of these cards that it was reported by several news outlets that the minute the cards were purchased, they immediately lost 100% of their value. And the poor sods who'd purchased these cards in good faith were worth with, well...NOTHING.
You don't have to use NFTs if you want to give people a special piece of art they can print and display.
You can offer things like a high-resolution digital print that backers at a particular level can then get access to via a Dropbox link with the understanding that the link is a one-time use that they can't share with others.
They can then print the art out in whatever size they'd like.