Are NFTs Legit?

So, are NFTs legit? I remember being in the launch rooms for NFTs— they call them drops— about 14 months ago, and they went wild. And people were literally buying JPEGs and auctioning. They would get 2 or 3 whales in a room. There'd be a room of 500 or 1,000 people watching an NFT drop as if they were all interested in it, but in reality there were 2 or 3 whales auctioning and bidding against each other. And these NFTs, these image— images would go for hundreds of thousands or millions of dollars. And I remember watching thinking, wow, I used to be an artist, I couldn't even sell a 2-meter canvas for $500, let alone a little JPEG for hundreds of thousands. And I was like, hmm. I was definitely fascinated because I love these new early adopter innovative technologies. I love the evolution, innovation, and revolution of business entrepreneurship. And I love the merge of entrepreneurship and art because I used to be an artist. Many people don't know that. But I must admit that, hmm, I don't know how long this can sustain before all the whales are gone or people don't want to pay hundreds of thousands of pounds or dollars for a JPEG. So the question is then, are NFTs now legitimate? Well, I think as with most niches or industries, they can be legitimate and they can be a scam based on how they are, um, the individuals and the regulation within the market. So have people, um, pumped and dumped NFTs, whooped up a massive frenzy, got a load of people interested, sold a load, and then exited and taken their profit? Pumped and dumped? Yes, this can happen. And how do you negate that? How do you overcome being pumped and dumped? Or, um, you know, if you're going to launch your NFTs or buy an NFT at the peak and then it drops, well, try and choose NFTs with utility and value. So if the NFT has ticket access, VIP access, it has attributes and bonuses and benefits, then even if the NFT itself drops, if the attributes and the bonuses and the benefits and the perks are to you equal to or more valuable than the NFT itself, then you haven't lost out. That's number one. Do be careful when people make out that there's a lot of, you know, bigwig investors and collectors who are in on the NFTs, because sometimes that can be a bit manipulated behind the scenes. You know, that they could just give a few NFTs to a few people with a brand name and then use that brand name as positioning. I don't know if you ever saw the Fyre documentary, but you know, really that was using Instagram influencers as social proof. Um, you know, for example, if Arnold Schwarzenegger bought one of my NFTs, that would give my NFT launch very, you know, large credibility. Now what some people are doing is just sort of chucking them to the side and then using a brand name, you know, to try and create that social proof. So make sure that if they're using people as social proof, that that person actually does own and has bought the NFT and isn't just a sort of a face of it or being, being given them. And in, in my opinion, you can't really say that NFTs are a scam. A lot of people are, a lot of people saying NFTs are a scam, but if you, if you say NFTs are a scam you have to say that art is a scam. Because what's the difference between buying a JPEG for an ETH or 10 ETH or 100 ETH than a canvas? The same. You know, you buy— Damien Hirst chucks a load of paint on a canvas, or Tracey Emin gets a bed and unmakes it and leaves it there, and people pay millions for that, and that's art. So why is a JPEG or an image, a caricature, any different. So I must admit, at first, when the imagery was selling for tens or hundreds of thousands, just a JPEG or a PNG, I was a bit skeptical. I was like, really? But then I thought, wait a minute, what makes the Mona Lisa priceless when the cost of the paint and the canvas is probably less than $100? It's the story, the collectibility, the scarcity, the significance. You know, if I own the Mona Lisa, right, Um, I'm gonna tell you, my wife, my business partner will be like, don't tell anyone, we'll get robbed. But I'm not that kind of person. So if I own the Mona Lisa, I'm telling you, I own the Mona Lisa. And it is a little bit of significance, isn't it? So if NFTs are collectible and there's— you get significance and community and VIP access and credibility, like for example the Bored Ape Club, then there's value in that. And now some people say, oh yeah, well, it's kind of manipulatable. But actually, there's value in that. Why would someone pay £5,000 for a pair of limited edition Nike sneakers? You know, why would they pay millions of pounds for baseball cards or Pokémon cards? Why would they pay hundreds of thousands of pounds for a Ferrari Testarossa or a Lamborghini Aventador or a Patek Philippe Nautilus, or millions of pounds for a Patek Philippe Nautilus with the Tiffany dial? Why? Because there's a story behind it, and you can carry on and tell that story, and you get significance and uniqueness from that story. So I actually think, um, if smart people put that story, that significance, that uniqueness into their NFTs, that can give them real value. Now, some people could say, but yeah, but value is just a perception. Well, yeah, all value is just a perception. A £20 Casio, um, can— you can buy it and it could break, and you can feel like that's not very good value. Someone could buy a £100,000 Patek Philippe, it does the same thing, it tells the time, but people think that that is priceless, and they're going to pass that on to their children. So to a certain degree, value is perception. Now with NFTs, you have the smart contract behind it. So in the smart contract, you can place the value within the contract of the NFT. And this is what I'm going to be doing on, on my NFT launch. Now I used to be an artist, and I've been an— I've been an artist creative for 35 years, and most people don't know that about me. So I will be telling that story when I launch my NFT collection coming in a few weeks. Um, but what I'll also be doing in the contract is putting utility and value. Now, an NFT is essentially a smart contract minted on the blockchain, which is essentially a decentralized ledger. It's really just a place to host a digital asset that— but, you know, the, the— I guess the value proposition for the blockchain as a ledger is it's supposed to be decentralized, i.e. Voting system, maybe not decentralized because people can manipulate the voting system who are counting the votes, etc., whereas no one can manipulate the voting system on a decentralized ledger like the blockchain. So essentially, your NFT is a digital asset minted on the blockchain. Minted essentially means uploaded, um, and it's supposed to be secure and unbreakable and unmanipulatable, etc. And what it is is a smart contract, and you can place anything you like in that smart contract. So I could say to you, buy one of my 43 candy character NFTs. They're actually Jelly Babies, but copyright. But essentially, you know, um, my 43 NFTs, the characters are Jelly Babies with their own attributes, tools, and weapons. And but if I just say, hey, buy a piece of art that's a candy character Jelly Baby with its own tool or weapon and buy it for 100 grand or whatever else, You know, if you believe in my story as an artist, like if Damien Hirst did that, you'd buy it. You'd think £100,000 is cheap for an NFT bought from Damien Hirst, whereas if it's a no-one artist that no one knows, you might think £100 is expensive. This is the story, the credibility, who's behind it, etc. And this is what you've got to figure out if you're going to buy NFTs or if you're going to launch NFTs. Now, with my NFTs I'm going to talk about my story as an artist. I think my creations, my 43 NFTs, are really unique. Um, but I'm also going to be adding utility and value on an initial and ongoing basis as part of the smart contract. Now, because an NFT is a contract, essentially the image, the JPEG, the PNG, the piece of music, you know, whatever it is, the GIF, that's just what you see. But behind it lies a smart contract. You know, what you see when you buy real estate is the real estate, but what you don't see behind it are the title deeds and the ownership of the land and the property and the rebuild value. And those title deeds are held at Land Registry. So quite a few of you asking me, what does my NFT look like? Can I check out your NFTs? So they're not live yet, but if you go to robmoore.com/nft, rob robmoore.com/nft, you can actually, at the bottom of that page, get a sneak peek at what they look like. And then if you pop your details in at robmoore.com/nft, you'll see all 43 before anyone else. You'll actually be able to vote on which ones you like the look of the most, because I will be allowing some of them to be created with a crowdsourced voting system of the community. And you'll be able to see my launch unfold, and you'll be able to learn about NFTs because it'll essentially be like me teaching as I launch. And if you want, you'll be able to get access to one of my NFTs. I'm only launching 43. There'll only be one of 43. Um, so robmoore.com/nft. So in my view, NFTs are a scam if people run them as a scam, and NFTs are legit if people run them Legit. MLM is a scam for those that run it as a pyramid, but it's legit for those that have a really meaningful and valuable product and service. Social media is a scam if you use it to try and defraud people, but it's legitimate if you build a personal brand and you give good value. So no one can say that NFTs are a scam, and no one can say that NFTs are legit. It all depends on how you build, build your value proposition and how you understand value. Now I think there's 3 reasons why you should be interested in NFTs. Reason number 1 is I think you should learn about new tech. You should have been interested in the internet 20 years ago. You know, if you'd have been more interested in the internet 20 years ago, you'd be a billionaire by now. And at first the internet was, oh, I can just send you a message, an electronic mail. Oh, okay, great. And little did we know that now, 20 years later, you can pretty much do anything on the internet. You can even have virtual reality and artificial intelligence. Now, which is, you know, really the online version of face-to-face. So really, the email was the, the door opener, the, the universe opener. And now, now we're into metaverse, etc. And NFTs, I believe, are the same. The smart contracts, the digital ledger, the, um, the blockchains, the utility of NFTs as tickets, VIP access, um, community ongoing unlockable features within the smart contract. I believe this is all a huge part of the future of Web 3.0. I mean, I don't know if you've ever owned a car, but you know you have the logbook that you can lose and you miss a couple of services, uh, and people can doctor those service books. Imagine a logbook being an NFT minted on the blockchain. Those issues go, um, watches. So, um, with a watch, you have the watch and you have the paperwork. And, um, I store the watch and the paperwork separately because if I lose the— what— the paperwork, um, the watch goes down in value. So I store the paperwork separately to the watch. But if I lose that paperwork, my watch is worth a lot less because the paperwork is the authenticity, it's the certificate of authenticity. Well, imagine the NFT being the certificate of authenticity of the watch. I never lose the paperwork, and it's unmanipulatable and doctorable and unforgeable. So NFTs have a really big utility in, um, potential future value and usefulness. Um, and so because we're only really a couple of, um, years into the NFT space, it's very new and disruptive. And what that means is, on the one hand, there's going to be people who get in this, create value and usefulness before anyone else, and bang, they're going to make a lot of money. And of course you're going to get the schemers, the scammers, and the snake oilers until this reg— this industry gets more regulated. I would say from your point of view, you either want to learn about the industry, which is point 1. Number 2, you want to watch me launch and educate on NFTs so that, um, you know, you can get a full understanding of how they work. Or number 3 reason is you may end up wanting to invest in one of my NFTs. That will of course be your choice. So if you go to robmoore.com nft, robmoore.com/nft. Just pop your details in there. By the way, I won't send you any other stuff unrelated. I won't spam you, I won't pitch to you. That, that, um, list there is only for and only about my NFT launch. If you are subscribed to any of my other emails, you still need to go to this one because it's a completely separate list. I'll be doing some education, some information, some inspiration on NFTs. I will be showing them to you before anyone else. I'll be revealing the prices and the offers and the attributes and the value and the perks and the bonuses later, because I know many of you have been asking me about the prices, etc. There'll only be 43 of them. I will unveil my launch and, and how I built the attributes and the smart contracts within the launch as it happens. And at the bottom of the page robmoore.com/nft. You can see there some of the images. There's a little sneaky peeky tease. Now I've been doing a few little polls and votes on my stories, um, and so now what I'm going to do is the sort of 23 remaining NFTs— we've not decided on the final image yet— I'm going to be asking you to vote and do polls. So you essentially become part of the creation process, and then when the time is right, I'll be letting you know what the attributes, the utility, and the value are of the NFTs. So, um, in a previous piece of content— I'm doing a little series on this, by the way, so make sure you're following me. Make sure you follow me on Facebook and Instagram. Make sure you subscribe to my podcast Disruptors, because I'm now doing a series on this. So probably most days I'm going to do content on this. In the previous episode, I did about the 5 simple steps of NFTs: the tech behind it, the asset of it, the art and the imagery of it, the attributes and the utility. So, um, you can find that on my podcast Disruptors or the video on my Facebook page, Rob Moore Progressive. So make sure you catch up, and I'll be layering and adding bits of content as we go. And then finally, you'll only be able to gain access, information, education, utility benefits, and the ability to purchase one of my NFTs in the robmoore.com/nft NFT, um, notification list. I've only got 43 NFTs when I launched them, and I have about 800,000 people that are on my email databases and about 1.1 million people across all social media. That doesn't include my podcast, so you're talking over 2 million people that ultimately, um, follow me. So make sure you go to robmoore.com/NFT because when I launch them, it'll be on a first-come, first-served basis. Thanks for tuning in. Please hit the share button. Please do share this content if you think it could be useful for other people. I think the NFT space is really exciting, but it is also a bit Wild Westy. And when you have the Wild West, you know, you have freedom, but you also have train robberies. And I'd love you to create freedom and utility and value and make safe investments and even launch your own. And I wouldn't like you to get robbed. So make sure you do share my content if you find it useful, and I'll see you at Rob Moore. And at the bottom of that page you got a sneak peek on what my NFTs are going to look like. Thanks for tuning in, and remember this: if you don't risk anything, you risk everything.