New BEES.Social Video Explains NFT Rarity
October 07, 2021 at 22:58
BEES.Social has released a new video for the BeesSocialTV series where Dustin Ray, a non-fungible token (NFT) collector, provides an explanation of NFT rarity. Dustin first provides an initial explanation of rarity by using dollar bills as examples and that rarity is affected by the minting process. Dustin points out that because of the nature of minting, an NFT rarity is like a “crypto lottery” where the odds of getting a very rare NFT is extremely small. For that reason, he prefers buying NFTs through a process called sniping.
In his initial explanation of rarity, Dustin uses dollar bills as examples. What provides the rarity for a particular dollar bill, for example a $20 bill, is what is printed on it. Everything else is worth the same because all dollar bills are printed on the same kind of paper and the same kind of ink is used. In the same manner, what is contained in an NFT provides its rarity. However, it is very difficult to predict the rarity of a certain NFT as they are released because in the “minting process” people don’t know yet if they have bought is a very rare NFT with a very high value.
That is why Dustin prefers to wait until the “reveal,” which is usually done after the NFTs have sold out after they were minted. What he does is to snipe right after the reveal. Because the number of people interested in NFTs has been increasing significantly, it is really difficult to get involved in the minting process. According to Dustin, that would be like throwing money away because it is very much like a lottery. By using his sniping strategy, although he was not yet able to get any top 10 NFTs, he was able to get top 100s or top 200s that have incredible value.
It is essential to note that an NFT is a digital asset that offers a digital proof of ownership of a particular item, such as a digital art. NFTs are recorded on a blockchain, to make sure that the asset is one-of-a-kind because blockchain technology makes it very difficult to modify or counterfeit NFTs. It is important to understand that fungible items, in contrast to non-fungible items, are easy to exchange with other fungible items because their value is not linked to their uniqueness. On the other hand, each NFT has unique properties that determine its value, much like a work of art.
Meanwhile, WeGoBattle is a community that has been causing excitement in the NFT community by giving away $500 Ethereum to NFT artists every day. They are also holding new kinds of NFT giveaways daily. An NFT is a unique type of digital asset that represents the ownership of real-world items, such as video, art, music, clips, and more. To ensure that it is not copied or duplicated by others, it uses the same blockchain technology that is used for cryptocurrencies although an NFT is not a currency. However, an NFT, depending on its rarity provides value for a particular NFT. Thus, certain NFTs have been sold for millions of dollars but NFT as an investment is highly speculative. It is more like a lottery as Dustin Ray pointed out.
It is important to note that NFT communities have started to give back as part of their projects. For instance, the NFT community known as the Drunken Pandas has recenyly donated $50,000 to the World Widelife Association for the purpose of panda adoption.
Established in January 2021, BEES Social was developed as a way to revolutionize the manner in which companies make their ideas known to the public. BEES.Social is a neutral platform that is a decentralized autonomous organization (DAO) where anyone can join in and learn about new projects directly from the founders themselves. BEES.Social is primarily focused on educating regular people on how they can benefit from the crypto revolution. The founder want point out that they are not an investment group and neither are they day-traders. Instead, they are a community of people who value the importance of effective communication, respect, sharing of vital information, and transparency.
Those who are interested in learning more about NFTs can check out the BEES.Social videos on YouTube.
For more information about BEES.Social, contact the company here: