The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

So WTF are NFTs all about? Buying JPGs? Why can't you just right-click save? Is this a giant ponzi? Far from it...

Learn how to build wealth and win financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

Arithen

New Contributor
Read Fastlane!
Read Unscripted!
Dec 13, 2021
14
17
Canada
Would it be possible to issue 1000 NFTs and say that each nft equals .1% of the company. So an nft is equivalent to a stock share? Then they get sold and sold and go up and down based on the company’s performance.
Yes, there are now fractionalized NFT's and gamification that provide such concepts.

Many NFT's are now releasing their own tokenomic systems as well. Essentially, owning and staking/holding one of their NFT's may garner varying degrees of their token, which comes alongside some sort of utility internally or externally to their project. In the case of a DAO (Decentralized Autonomous Organization), this can equate to voting rights on what the project invests in and the direction in which the project goes.

In other cases, this could mean that tokens are distributed throughout the stakers/holders and can sometimes be sold.

It's a bit subjective, depending on the project
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Arithen

New Contributor
Read Fastlane!
Read Unscripted!
Dec 13, 2021
14
17
Canada
The trouble I'm currently having, is how do I find the NFTs that actually have some kind of use or purpose?
Most NFT projects will provide a Whitepaper/roadmap, which is essentially their business plan. I take note of how reliable the team is, how obtainable their goals are (and the timeline in which they hope to achieve them), and what attributes it has that apply to CENTS. That is for long-term holds only.

When it comes to flipping for profit, that's a whole other animal. In that case, you'd want to gauge what kind of people are in their community, how that community was grown (organically or synthetically), what notable NFT Influencers are talking about it, among other variables. Most NFT collections seem like okay-to-good flipping opportunities, and I've done well for what I've invested so far due to it.
 

Antifragile

Platinum Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Mar 15, 2018
1,341
3,371
Metaworld
Can someone explain to me the CloneX or other PFPs?

@Arithen ?

How liquid are the CloneX? OpenSea lists them for min of 5-6 ETH. Say I got one, and the price went down to 3ETH in the future (or even lower), is it easy to transact? What is the use-case value for CloneX?

I am trying to understand that space better, but it's not easy to truly grasp it. Outside of having an cool and expensive PFP...
 

Arithen

New Contributor
Read Fastlane!
Read Unscripted!
Dec 13, 2021
14
17
Canada
Can someone explain to me the CloneX or other PFPs?

@Arithen ?

How liquid are the CloneX? OpenSea lists them for min of 5-6 ETH. Say I got one, and the price went down to 3ETH in the future (or even lower), is it easy to transact? What is the use-case value for CloneX?

I am trying to understand that space better, but it's not easy to truly grasp it. Outside of having an cool and expensive PFP...
It is far more varied than simply having a PFP, which is why it's a bit difficult to explain.

Many projects that offer PFP's as their NFT don't offer anything else other than that. They typically have varying degrees of rarities in a system that determines what traits of the NFT are more or less frequent. Think of these similar to a deck of cards. The total value of the cards in your deck depends on which cards you get, and the rarer you get the more valuable it is. In NFT's the 'deck' consists of traits, instead of different cards. Each of those traits has different values assigned to them upon them being generated. The more traits you have that are rarer, the more value it can have, but someone may just like what it looks like, too.

When it gets interesting is when the project provides some kind of utility. The NFT could be a ticket to an exclusive club or party, or, it could be something more complex. Many NFT collections are now 'gamified'. A simplistic version would be, if you hold an NFT from that collection, you generate a token that acts as a currency within that collection. Some of the NFT's in the collection may provide a boost, powerup, or something else of the sort that benefits the main NFT in some way. Usually, the benefit is to increase the generation of tokens. Furthermore, some NFT's have a 2d or 3d model that can be used in an actual game that the team is developing. These games are becoming 'play to earn' games, where playing the game can actually make you money.

In fact, there's an NFT collection called Axie Infinity that has a simple game that is very popular. Many players are earning upwards of $100-400 per month. This may not seem like a lot, but some citizens from countries with lower standards of living have already made this their main source of income. They would typically make under $100 per month otherwise. Additionally, some projects allow people to rent their characters. So, if you purchase one, you can rent them out to other people to play. They play for free, and you split their earnings.

Then you have metaverse applications, which is going to be massive. Think Facebook, but virtual reality, with its own economic systems. In a VR world, there could be (and already exists) digital land that you can own, develop on, and sell, just like the real world.

There is so much more than that too.

For instance, I'm starting a project which aims to decentralize the animation industry's business model by providing a DAO platform that funds Animation Studios directly, cutting out the producer, restructuring their pay scale, and injecting new services within the animation industry through unique metaverse applications. NFT's provide us with a way to fund our vision, grow a community that wants to participate in the development of this industry, a way to showcase and advertise upcoming series, and as a way to create our own currency which is required to participate in exclusive events in the Metaverse and in person.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Peacefulwarrior

New Contributor
FASTLANE INSIDER
Speedway Pass
Jun 25, 2020
16
12
New Zealand
Most NFT projects will provide a Whitepaper/roadmap, which is essentially their business plan. I take note of how reliable the team is, how obtainable their goals are (and the timeline in which they hope to achieve them), and what attributes it has that apply to CENTS. That is for long-term holds only.

When it comes to flipping for profit, that's a whole other animal. In that case, you'd want to gauge what kind of people are in their community, how that community was grown (organically or synthetically), what notable NFT Influencers are talking about it, among other variables. Most NFT collections seem like okay-to-good flipping opportunities, and I've done well for what I've invested so far due to it.
Would you be able to teach me more about flipping? I follow people like ChampCrypto, Thebrettway, dopeoxide, PopeyeNfts but it would be dope to talk 1 on 1 with someone who is profiting
 

Arithen

New Contributor
Read Fastlane!
Read Unscripted!
Dec 13, 2021
14
17
Canada
Would you be able to teach me more about flipping? I follow people like ChampCrypto, Thebrettway, dopeoxide, PopeyeNfts but it would be dope to talk 1 on 1 with someone who is profiting
Those guys are good guys to follow. To be honest, their videos will do you a lot of good, and applying what you know from MJ's books will surpass that. At this point in time, I don't have very much time to spend helping others, just yet. However, I am more than willing to answer as many questions as time permits here in the forum!
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Arithen

New Contributor
Read Fastlane!
Read Unscripted!
Dec 13, 2021
14
17
Canada
@MTF Question, can I limited the NFT to pre-screened buyers upon initial release? 100 business owners who are engaged in their Fastlane is far better than 100 people who just agree with the books, but have NO business and NO experience. As you see here at the forum, plenty of people want to live a Fastlane, but few will actually execute it.
Yes. If you knew me, and I gave you my wallet address, you could add my wallet address to a list of other wallet addresses who will be allowed to mint that specific NFT. However, I don't believe there is a way for you to ensure I don't sell it to someone else unless it's somehow written in the smart contract.

This is essentially how WhiteLists work in the NFT space.

Projects will offer Whitelisting for presale events to select individuals (influencers, partnerships, giveaways, to people who 'earned it' through their activity, etc). These presale events are typically 24 hour long periods for people to mint the NFT. This is important in blockchains like Etherium, where each transaction could cost a lot of money, and where a sudden volume of transactions can make the cost of the transaction much higher than normal. Whitelisting people negates this.
 
Last edited:

Antifragile

Platinum Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Mar 15, 2018
1,341
3,371
Metaworld
I bought NFTs, I minted them, I got white listed for a project. And I still do not understand how these are valued. It's like a wild west out there.

Technology proposition of it all, that part I get. But let's take a CloneX as an example (or BAYC for even more expensive NFT), at a floor around 6TH - that's a lot of real money for a jpeg. What's the value? What does a CloneX do other than a cool jpeg?

I remember @AceVentures was involved in that project and made great returns. Thanks for posting btw! Would you mind trying to explain it again? I just don't get it. Even with Nike involvement, I am at a loss. Why is it floor priced at over 6ETH?
 

MTF

Never give up
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Speedway Pass
May 1, 2011
5,120
24,366
I bought NFTs, I minted them, I got white listed for a project. And I still do not understand how these are valued. It's like a wild west out there.

Technology proposition of it all, that part I get. But let's take a CloneX as an example (or BAYC for even more expensive NFT), at a floor around 6TH - that's a lot of real money for a jpeg. What's the value? What does a CloneX do other than a cool jpeg?

I remember @AceVentures was involved in that project and made great returns. Thanks for posting btw! Would you mind trying to explain it again? I just don't get it. Even with Nike involvement, I am at a loss. Why is it floor priced at over 6ETH?

You're trying to understand it rationally but it doesn't work this way. This is purely emotional.
 

Antifragile

Platinum Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Mar 15, 2018
1,341
3,371
Metaworld
Haha, I'll add this to my top 10 best responses. One word. Everything I needed to know. Appreciate it Ace. :rofl:

I suspected it that much, but then kept digging thinking I may be wrong. Grateful for the opportunity to be able to ask here and get a reply.

Thanks again.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top