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What is an NFT? How to Create, Buy & Market Digital Assets | Looking Glass Labs $NFTX
An NFT (non-fungible token) is most easily defined as a digital creation (art, photos, music, etc.) that can be bought or sold on the blockchain. The blockchain is essentially a digital record of an asset's value, when the asset was sold, the history of its ownership, and how many exist.
Many people enjoy collecting NFTs. Not too dissimilar from an old-fashioned sports card collector - buying and trading cards (assets) when you were a kid.
"An NFT is a non-fungible token, and what that really means is a provable digital asset. So, think of the Mona Lisa painting. It's an asset on a wall that you can go and look at, but there are also a million copies of it. The difference with an NFT is it's digital proveable to be the real original and you can own that one." - Looking Glass Labs CEO Dorian Banks
But, the difference between digital art and physical art is that there are utilities built-in with the asset. For example, an artist can now receive royalty fees every time their digital piece is sold, buyers of an NFT can receive perks like exclusive access to events, etc.
"There's now a transition or an addition for an NFT to also have a utility. So, it might allow you access to a VIP portion of a concert or it might allow you to go dine in a restaurant on a special night" - Looking Glass Labs CEO Dorian Banks
If you want to dive deeper into what is an NFT, how to create, buy and market these digital assets, and learn possible threats to the trend, this interview with the CEO of Looking Glass Labs is for you.
Looking Glass Labs (NEO:NFTX) is a digital agency specializing in NFTs, utility NFT architecture, immersive extended reality metaverse design, and virtual asset royalty streams. Simply, the business of profiting from creating NFT's with utility value in the gaming/metaverse/real worlds.
The proof of Looking Glass Labs' expertise in this emerging space is its most recent NFT creation. The company's recent Genzero NFT drop sold 10,000 units in 37 minutes worth approximately $6.2 Million. Not to mention the 10% royalty stream the company acquires once a Genzero NFT is resold on a secondary market.
Looking Glass Labs started trading on the NEO Exchange under the symbol "NFTX" on February 3, 2022.
00:00 - Looking Glass Labs $NFTX CEO Dorian Banks
00:42 - Business Overview
01:01 - NFT overview
01:49 - NFT utilities
02:10 - How to create an NFT?
02:58 - NFT frenzy, mass adoption & cash grabs
04:06 - What makes a specific NFT valuable?
04:44 - NFT ongoing values
05:17 - Genzero NFT making ~$6.2M in 37mins
06:04 - Importance of NFT marketing
06:57 - NFT comparisons in the physical world
07:42 - How to buy an NFT?
08:57 - Threat of regulations
10:36 - NFT “bad actors”
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