RADAR108
NFTs: The what, how, why and where?
Posted on 9/6/22, 12:00:00 AM.000

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Name="Plain Table 3"/> <w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/> <w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/> <w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 1"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 1"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 1"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 2"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 2"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 2"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 3"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 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Locked="false" Priority="46" Name="Grid Table 1 Light Accent 5"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 5"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 5"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 6"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 6"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 6"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 1"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 1"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 1"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 2"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 2"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 2"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 3"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 3"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 3"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 4"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 4"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 4"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 5"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 5"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 5"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 6"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 6"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 6"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Mention"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Smart Hyperlink"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hashtag"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Unresolved Mention"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Smart Link"/> </w:LatentStyles> </xml><![endif]--><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:Gautami; mso-bidi-theme-font:minor-bidi;} </style> <![endif]--> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">WHAT:</span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">An NFT or Non-Fungible Token is a unique, non-interchangeable unit of data stored on a blockchain. The blockchain acts as a digital ledger that keeps track of the ownership and transactions of the NFT. They are bought and sold online, mostly with&nbsp;</span></span><a href="https://www.forbes.com/advisor/in/investing/what-is-cryptocurrency-and-how-does-it-work" target="_blank"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif; color:windowtext;text-decoration:none;text-underline:none">cryptocurrency</span></span></a><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">, and are generally encoded with the same underlying software as many cryptos. Each NFT has a digital signature that makes it impossible for them to be exchanged for or equal to one another hence, non-fungible.</span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">&nbsp;</span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">NFTs can be any real-world items such as images, art, music, video, GIF, virtual avatars or video game skins and even tweets.<span style="mso-spacerun:yes">&nbsp; </span></span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">&nbsp;</span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">HOW:</span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">NFTs were first introduced in 2014 but later came to light in March 2021, when a group of NFTs by Beeple, an American digital artist, sold for a staggering $69 million. This paved the way to a new and exciting digital market that was valued at $41 billion in 2021.<span style="mso-spacerun:yes">&nbsp; </span></span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">&nbsp;</span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">WHY:</span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">Most of these digital files are available online and can be easily downloaded for free, then why are people willing to spend millions of dollars in NFTs?</span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">This is because with NFTs one doesn’t just own the original item but also has complete ownership of the file. </span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">The rise of NFTs give an opportunity for creators to sell their art in a digital world and connect with their audience directly thus removing intermediaries, simplifying transactions and creating new markets and forms of investment.</span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">&nbsp;</span></span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">WHERE:</span></span></p> <p class="trt0xe" style="margin-top:0in;margin-right:0in;margin-bottom:3.0pt; margin-left:0in;background:white"><span style="font-family:&quot;Arial&quot;,sans-serif; color:#202124">A few digital marketplaces for NFTs are:</span></p> <p class="paragraph" style="margin:0in;vertical-align:baseline"><span class="eop"><span style="font-family:&quot;Calibri&quot;,sans-serif">&nbsp;</span></span></p> <p class="trt0xe" style="margin-top:0in;margin-right:0in;margin-bottom:3.0pt; margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo1;tab-stops:list .5in; background:white"><span style="font-family:&quot;Arial&quot;,sans-serif; mso-fareast-font-family:Arial;color:#202124"><span style="mso-list:Ignore">1.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp; </span></span></span><span style="font-family:&quot;Arial&quot;,sans-serif;color:#202124">OpenSea</span></p> <p class="trt0xe" style="margin-top:0in;margin-right:0in;margin-bottom:3.0pt; margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo1;tab-stops:list .5in; background:white"><span style="font-family:&quot;Arial&quot;,sans-serif; mso-fareast-font-family:Arial;color:#202124"><span style="mso-list:Ignore">2.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp; </span></span></span><span style="font-family:&quot;Arial&quot;,sans-serif;color:#202124">Grimes’ choice</span></p> <p class="trt0xe" style="margin-top:0in;margin-right:0in;margin-bottom:3.0pt; margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo1;tab-stops:list .5in; background:white"><span style="font-family:&quot;Arial&quot;,sans-serif; mso-fareast-font-family:Arial;color:#202124"><span style="mso-list:Ignore">3.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp; </span></span></span><span style="font-family:&quot;Arial&quot;,sans-serif;color:#202124">Nifty Gateway</span></p> <p class="trt0xe" style="margin-top:0in;margin-right:0in;margin-bottom:3.0pt; margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo1;tab-stops:list .5in; background:white"><span style="font-family:&quot;Arial&quot;,sans-serif; mso-fareast-font-family:Arial;color:#202124"><span style="mso-list:Ignore">4.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp; </span></span></span><span style="font-family:&quot;Arial&quot;,sans-serif;color:#202124">NBA Top Shot</span></p> <p class="trt0xe" style="margin-top:0in;margin-right:0in;margin-bottom:3.0pt; margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo1;tab-stops:list .5in; background:white"><span style="font-family:&quot;Arial&quot;,sans-serif; mso-fareast-font-family:Arial;color:#202124"><span style="mso-list:Ignore">5.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp; </span></span></span><span style="font-family:&quot;Arial&quot;,sans-serif;color:#202124">Axie Infinity</span></p>