Welcome to the second episode of Dose of Degen. Today, we are talking about NFTs. And for anyone of you out there that have ever experienced dealing with an NFT, the process of getting it, um, finding out about them, there's a term called FOMO. Fear of missing out the hype is real, but today we're going to talk a little bit about what is an NFT?

And just kind of an overview NFTs go very, very, very deep in the crypto world because they have so many use cases that are going to come out in the future. And right now it's just kind of this NFT bubble. So let's break it down a little bit about what they are. Kind of some examples, how to get one, uh, all that kind of stuff.

So, first thing we'll talk about is. For anyone who loves the terminology - NFT stands for non fungible token. And other than that, just really being fun to say it means that each one is unique. So you're not going to have one NFT that's the same as another. If you think about cryptocurrency, like I think most of us have heard of Bitcoin.

If you get one Bitcoin, that's the same as another Bitcoin. It's going to be equal value. It's the same. If you get a dollar, you go get another dollar. It's going to have the same value. I mean, one, one dollar may be ripped and the other one, not, but they're both usually exchangeable for a dollar. Um, so that is an NFT in a nutshell, as far as the terminology goes, but what's the example of one?

So maybe you'll think of like digital art. So pictures, videos, GIFs, that kind of stuff. And, when you create an NFT, you're going to put this on the blockchain. And I'm trying to really think through these words, because if you don't understand the blockchain, it's hard to understand how this works, but just think of like a picture and you would assign this digital, uh, it's called a signature, like a very unique number, mix of numbers, all this different stuff that's attached to this and empty, which means you are the original owner. It's your NFT. You get to keep it. No one else has one it's anything like it. It's a hundred percent unique to you. And this might be like a virtual avatar, maybe like in a game video game skins, that kind of stuff.

You can have an NFT that is yours only. Maybe you have a character and that NFT has certain qualities and a characteristics. You may be even like a personality trait or something that's, that's unique to that.

They're going to be so many more use cases that happen in the future, but right now that's kind of where things are, where things are leading to, and you might be asking like, well, how else can you use it?

People call an NFT, um, they'll say like, what is the utility of it? Uh, so that could be like giveaways, um, maybe you get like exclusive access to a group of, of people. Uh, maybe like there's a website and you have to own one of these NFTs to get into the website. That's an example. You could have an NFT create a form of passive income.

So maybe an NFT gives you access to so many tokens of a cryptocurrency. And usually they're tradable. You can have non transferable NFTs, which has kind of its own, um, value creation. there's just so many different use cases. I see NFTs in the future being used for maybe like concert tickets.

Um, and you can download this digital ticket. They already scanned them in a lot of places. Like we went to the children's museum in Indianapolis and they have these barcodes that they scan. And that's your ticket. Well, an NFT could be that your unique ticket that no one else can use and it would just get scanned digitally, and that's, that's how it would work.

So that's how I kind of see it. And many other utilities. Um, yeah. So the next part would be, how do you get an NFT? Um, maybe you've heard of a place called OpenSea, maybe you haven't Open