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It seems we can’t go anywhere or do anything without hearing about the rise of Web3. From cryptocurrencies to NFTs to all kinds of other interesting concepts, it’s clear that the conversations around these happenings aren’t going away any time soon. 💡
To this end, we reached out to members of the NextGen Collective comunidad for their insights on these topics, and they were so kind as to share some much-appreciated basics. Please note: NextGen Collective is not endorsing one way or the other. This is all purely informational. At the very least, you’ll have more information to keep yourself in the loop and look good at parties. (Remember those?)
Here are some basics on NFTs from Latinx to Watch Jesús Martínez, a prominent player in the NFT space:
What is an NFT? How would you explain an NFT to your abuela?
An NFT is a “non-fungible token,” meaning it’s one-of-a-kind and can’t be replaced. It comes with a unique ID.
I would compare an NFT to a person. All humans on the planet have a different perspective on life, as well as different values, but it’s that unique identity every human has that makes them valuable and special to the world.
Why are NFTs such a big deal right now?
Every certain number of years, our way of life changes drastically. During the early years of modern humans, we started as hunters and gatherers exchanging natural resources or tools as a form of currency. As our world continued to evolve, we went through different transactional phases (e.g., bartering). We’ve used a variety of things as currency, including shells, metals, silver, gold, leather, fiat currency, and now digital currency.
The pandemic has accelerated the digitization of not only our economy but other societal systems (some of which were outdated and in need of updating). Crypto brings us terms such as “Web3,” “smart contracts,” and “NFTs.” One must educate themselves about crypto as our world continues to adopt it: education is a must in order to make the transition smoothly and not get left behind.
What resources do you recommend to learn more about NFTs?
I would recommend reading OpenSea’s Help Center resources: OpenSea does a great job of explaining. A16Z has a great podcast on NFTs and the impact they will have on society. Time Pieces by TIME is one of the best communities out there on Web3 (Web3 is all about community, transparency, and ownership). You can join their discord and ask questions related to crypto, and the moderators or community members will happily answer. The president of TIME, Keith Grossman, who is one of my best friends, has done a great job of making it accessible for everyone. Web3 Familia (@Web3Familia) is a great educational resource for Latinos looking to learn, explore, and join Web3 initiatives.
Disclaimer: Make sure to check your resources, and don’t click on suspicious links. Ask your friends in the space too.
What should people keep in mind before they get involved in an NFT?
Again, make sure to check your resources, and don’t click on suspicious links. Don’t invest money quickly, take your time investing, and educate yourself. Get familiar with terms such as “hot-wallet,” “cold-wallet,” and “smart contracts.” Get involved with the community. Ask a lot of questions.
People in Web3 are very open to helping one another. Have a great time and make great friendships in the space. Life is about genuine friendships, and that’s what Web3 is all about.
Jesús Martínez is a top Latino artist in the NFT space and has been featured locally, nationally, and internationally. In 2021, he sold an NFT for $38,000.