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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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NFTs Are a Scam (NFTs are the Future) summary
The Early Years: 2020-2023
15 mins
Brief summary
In his book "NFTs Are a Scam / NFTs are the Future," Bobby Hundreds explores the rise of non-fungible tokens, their impact on the art world, and his own experiences with investing in them.
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NFTs Are a Scam (NFTs are the Future)
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Key idea 1 of 4
WTF are NFTs?
Before we dive in, here’s a quick rundown of everything you need to know if you’re new to the weird, wild world of NFTs.
To start, what the heck is a non-fungible token anyway?
Put simply, it’s a certificate confirming that you’re the sole owner of a digital asset. That digital asset can be one of many different things – a piece of original art, a collectible trading card, an investment that behaves like a stock, or a membership card that lets you accrue loyalty points or gives you access to an exclusive club, to name just a few.
Often, an NFT will perform more than one of these functions. For instance, have you heard of those Bored Ape NFTs that every second celebrity seems to be purchasing these days? They’re unique works of digital art that also grant their owners access to an exclusive digital space called the Yacht Club.
So … a receipt? Is that really all an NFT is? Well, yes. The easiest way to think about it is like a proof of purchase, which is securely stored on the blockchain. OK. And what’s that again?
Blockchain is a data storage system, where data is stored in so-called blocks – kind of like the cells in an Excel spreadsheet. These blocks are encrypted and linked together in a huge database that’s totally decentralized and spread across multiple networks. This means it can’t be tampered with – someone trying to change any data in one location would immediately be detected by all the other networks that store that same data. Because all the transactions are encrypted, they remain anonymous. But the blockchain itself is transparent, so individual transactions can be easily traced.
And all of this has to do with something called the metaverse, right?
The metaverse – not to be confused with Facebook’s Meta venture – is a version of the internet augmented by virtual reality tools. People can access and interact in virtual worlds, including selling and purchasing goods like NFTs. A lot of experts think the metaverse, which is still in its nascency, will become the next big revolution in digital technology.
So. Can I buy an NFT?
Sure! But not with cold, hard cash. You’ll need a form of cryptocurrency, like Bitcoin or Ethereum. NFTs are typically released through their creator’s web platforms, and they tend to sell out quickly. There’s also a booming secondary sales market on auction sites like OpenSea.
And are NFTs a secure investment?
Nope! In the few short years NFTs have been around, the market for these assets has proven volatile, a number of high-profile creators have already withdrawn from the scene, and a number of scams around the buying and selling of NFTs have been reported.
But this doesn’t mean investing in the digital assets you love or value won’t pay off big-time in the end. It’s still early days for NFTs – the risks are high, and so are the rewards.
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What is NFTs Are a Scam (NFTs are the Future) about?
NFTs Are a Scam / NFTs Are the Future (2023) is a bold, provocative take on what is either another scam-ridden, superficial digital trend or the future of art and entertainment – depending on who you ask. It considers NFTs from every angle to help you make up your own mind.
NFTs Are a Scam (NFTs are the Future) Review
NFTs Are a Scam / NFTs Are the Future (2022) provides a thought-provoking exploration of the controversial world of NFTs, shedding light on their potential as well as their pitfalls. Here's why this book is worth reading:
- With insightful analysis and real-world examples, it helps readers navigate the complex landscape of NFTs and understand their implications.
- By offering a balanced view of NFTs, the book presents both the drawbacks and the opportunities, allowing readers to form their own informed opinions.
- The author's subject matter expertise and engaging storytelling make this book an engaging read, ensuring that it is far from boring.
Who should read NFTs Are a Scam (NFTs are the Future)?
- Techheads sitting on a tower of NFTs
- Digital enthusiasts craving NFT gossip and insights
- Anyone wondering what an NFT is – and why they should care
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NFTs Are a Scam (NFTs are the Future) FAQs
What is the main message of NFTs Are a Scam / NFTs are the Future?
The main message of NFTs Are a Scam / NFTs are the Future is a thought-provoking exploration of NFTs, highlighting their potential and risks.
How long does it take to read NFTs Are a Scam / NFTs are the Future?
The reading time for NFTs Are a Scam / NFTs are the Future varies depending on the reader's speed. But the Blinkist summary can be read in a matter of minutes.
Is NFTs Are a Scam / NFTs are the Future a good book? Is it worth reading?
A must-read for those interested in NFTs, NFTs Are a Scam / NFTs are the Future offers insightful perspectives and critical analysis on the topic.
Who is the author of NFTs Are a Scam / NFTs are the Future?
The author of NFTs Are a Scam / NFTs are the Future is Bobby Hundreds.
What to read after NFTs Are a Scam (NFTs are the Future)?
If you're wondering what to read next after NFTs Are a Scam (NFTs are the Future), here are some recommendations we suggest:
- The Metaverse Handbook by QuHarrison Terry & Scott “DJ Skee” Keeney
- Subtract by Leidy Klotz
- Snow Crash by Neal Stephenson
- The 12-Week MBA by Nathan Kracklauer & Bjorn Billhardt
- The NFT Handbook by Matt Fortnow and QuHarrison Terry
- The Art of Worldly Wisdom by Baltasar Gracián y Morales
- The 15 Commitments of Conscious Leadership by Jim Dethmer
- Flux by April Rinne
- 13 Things Mentally Strong People Don't Do by Amy Morin
- Elon Musk by Walter Isaacson
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