NFT’s Explained Like You’re Five
Everyone is talking about NFT’s in 2021, but what the f*ck are NFT’s, really? What does NFT really mean? How exactly do NFT’s work? Why are NFT’s important for adult content creators? Are NFT’s really the future for adult content creators? Are NFT’s really the future of the crypto economy? Why should we care? We’ll explain it to you like you’re 5. Read on for Pinkstar’s official hot take.
What does NFT stand for?
NFT is an acronym for non-fungible token.
What does “non-fungible” mean?
Non-fungible is basically a fancy term that means “unique,” “one-of-a-kind,” or “non-interchangeable.” The word “fungible” is an economic term that describes an asset with units that can be easily interchanged.
What is an example of something that is fungible?
Cryptocurrency. One Bitcoin is always equal to one Bitcoin. It doesn’t matter what Bitcoin you’re using, it still holds the same value.
What is an example of something that is non-fungible?
Think of that really great selfie you took last week. It is totally unique, one-of-a-kind, and your original content. Same goes for that really great video you took last month. That video is so uniquely yours, that no one else could truly duplicate it, even if they really, really tried. It cannot be replaced or interchanged with anything.
Okay, so then what is a non-fungible token?
A non-fungible token is a one-of-a-kind, non-interchangeable digital asset. In other words, it is a completely unique piece of digital content (like an original photo, video, or piece of audio) that has such unique properties, that it is equivalent to no other piece of content. Think of an NFT like a collectible, but just a digital version. There is only one version of the Mona Lisa, and there is only one original version of that amazing selfie of you. You’re one-of-a-kind, baby. 😎
Now, to dive into the more complex side of this that we have grasped the basics — non-fungible tokens are quite literally pieces of data that are stored on a public digital ledger, called a blockchain. This digital proof certifies the NFT is unique. Pinkstar’s NFT’s are for example stored on the Ethereum blockchain, but in general, you can find NFT’s on other blockchains as well. To create an NFT, you have to “mint” it, or basically, turn your digital asset into a token on the blockchain. This token records the creator of the token, as well as the ownership of it. The true one-of-a-kind nature of this NFT is traceable from public information — and everything is publicly verifiable.
So how does this all tie into crypto, then?
So like we mentioned, NFT’s (typically) live on the Ethereum blockchain. You are probably familiar with hearing about blockchain alongside hearing about cryptocurrency. For the sake of this conversation, let’s talk about the Ethereum blockchain.
On the Ethereum blockchain, there are usually two main types of tokens that can be found, ERC-721 tokens, and ERC-20 tokens. ERC-20 tokens are totally interchangeable, of equal 1:1 value. ERC-721 tokens are our NFT’s, and are totally unique and non-interchangeable. Just like you hear everyone talking about investing in cryptocurrency tokens like Dogecoin, NFT’s are essential assets as well, and can be bought and traded.
So how much money can someone make with NFT’s?
Well, millions. The record for the most expensive NFT ever sold is held by Beeple, whose art piece “EVERYDAYS: THE FIRST 5000 DAYS” (a collage of 5,000 of Beeple’s earlier artworks, showing his progression and growth as an artist) sold for $69.3 million. The second most expensive NFT ever sold was “CryptoPunk #7804” for $7.5 Million. Cryptopunks were originally developed by Matt Hall and John Watkinson from Larva Labs, an American game studio, but this particular sale was made by Figma CEO, Dylan Field. The first tweet was even sold for over $2.9 million by Jack Dorsey, Twitter CEO. It is said that 2021 is the year of NFT’s, and the NFT market has already seen 1785% growth in the last few months alone, with no sign of slowing down. In our opinion, NFT’s are the future, and they are here to stay. With the introduction of NFT’s to the market, digital content is now scarce, which is a fundamental innovation. Don’t you wish that you got in on Bitcoin in its early days? These are the early days of NFT’s now, and now is the time to get in, especially as a creator.
Why are NFT’s perfect for adult content creators, and why should you care?
It’s almost as if NFT’s were tailor-made for sex workers. Sex workers can mint their content as an NFT on Pinkstar and can verifiably own their content and likeness. Adult content creators can also fully maximize their earning potential in a way that had not been possible before: for the first time, you can make an investable unique asset out of your content that will forever be verifiably created by you. You will not only create revenue from the first time you sell it, but every time it is resold again after that. To sort out intellectual property agreements in the non-crypto world, one would have to work with an arsenal of lawyers and navigate through endless contracts. With non-fungible tokens, all that you need to verify that an asset is 100% owned by you is the blockchain.
There is no better way to make money than selling adult content as NFT’s. Think about what it would look like money-wise to see an adult content creator’s top 5 fans battling it out for rare, exclusive, original pieces of content that only they can ever own or see. That would be a pretty epic, bank-account-draining showdown. The same content that adult creators are creating and sharing on adult sites or even OnlyFans for mere hundreds or thousands have the potential to go for millions on Pinkstar.