In a beautiful location on the canals of Amsterdam, Equals yesterday welcomed over 100 members of the Harper’s Bazaar Business Club, who attended a master class on NFTs given by expert Tamara Obradov. Because what are the popular NFTs actually and how do you use them in practice? Here you will find answers to all your questions.
What are NFTs and how do you use them?
Although not everyone is aware of the ups and downs of non-fungible tokens, Obradov defends it: NFTs are the future and can be a step towards financial independence. As managing partner of Tablomonto Ventures, Obradov knows it all in s and Departures to invest, and was one of the first in the Netherlands when it came to NFT. She now wants to share that knowledge with others: For her, the talk was only a success if the Business Club members knew the difference between Web3, blockchain and NFT at the end. Three concepts, all equally essential to immerse yourself in the world of NFTs. What do they mean? We already shared that part of Obradov’s masterclass.
To learn what you can do with NFTs, a little internet history lesson is important, according to Obradov. In 1995 the Internet was born, then Web1. This version was only readable: companies sent information that users could read. In 2005, you could also write on the Internet (think Hyves, think blog posts). This was the advent of Web2. Very recently, sometime in 2021, a new version of the Internet emerged: Web3, where everything revolves around property in a hurry. Obradov explains this property through Facebook: as Mark Zuckerberg owns this company, he controls and keeps everything. Even if he posts something on the internet part of him, he will get the value of it. This is possible in Web2, but not in Web3 anymore. A decentralized system is applied here, in which everyone who contributes owns a part. Although Web3 is still little used, Obradov dares to say with certainty that in a few years we will not know any better: Web3 is many times more secure than Web2, because you have control over your own data.
Now that you know what Web3 is, the term Blockchain is somewhat easier to explain. Blockchain is, so to speak, the hood under which the Internet falls. You can then develop software on this blockchain, smart contracts that perform automatic actions. This can be dividing the money between different taxpayers, but it can also be a very complicated operation.
Then the NFTs: non-fungible tokens. The name says it all, who owns an NFT, owns something that is not redeemable. These tokens are always linked to a smart contract as we explained earlier, and therefore a token has the ability to perform actions. Although NFTs still unfairly hold the image of expensive images on the internet, there could be much more behind this. Obradov: ‘The term utility is of paramount importance when it comes to NFT. That makes an NFT more than just a jpeg file and gives it special value. The act of distributing money can be a utility but there are also NFTs that have tickets, a community or a gift card behind them.’ If you buy that NFT, then you are not only buying that image or piece of art on the internet, but also the utility Who’s behind. Interesting example? Coachella put a lifetime ticket into an NFT, which eventually traded for more than $300,000.
learn, learn, learn
Now that you know these three concepts, you have a basic idea of NFTs. Obradov’s advice to embark on the investment adventure? ‘Learn, learn, learn. And he keeps trying: it’s not just hype, but 99% of NFT projects fail. The probability that you will be immediately successful in buying a collectable it’s small, but you also learn from failure.’
Much more about NFTs and the world behind them now collectibles to know? If you become a member of the Harper’s Bazaar Business Club today, you can watch this full master class (including a panel discussion between Liesbeth Staats, Anna Liss and Simone Brummelhuis) for free and attend the next leadership talk. See all the benefits of a Business Club membership here.
Thanks to Location Equals Amsterdam, partners Veuve Clicquot, Marie Stella Maris, Zakaria Rugs, Fest, Detjer, studio22_22 and Mon Pioen, styling by creative studio Inoui, production by Tatiana Farag and Veerle Schute.
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