Simon Squibb is our host for this session and dives into NFTs, his own experience and how he changed his perspective. He is also joined by Regina Nogueira and Philip Mostert.
If you are reading this, you have access to:
† Opinions on NFTs
† How Simon Re-educated Himself
† Tips from personal experience
No financial advice, but sharing experiences!
To start the session, Simon explains our mission and the motivation behind our company.
“Our mission is to help 10 million people start and grow their own businesses. We believe anyone can be an entrepreneur and we are on a mission to give you those tools to start a business and grow a business for free.”
Simon’s experience with NFTs
Simon tells of how nine months ago he got stuck in an algorithm, constantly telling him that NFTs were negative, or hearing about people using them to avoid tax or others being “conned” by the ecosystem. However, Simon was raised by a trusted ‘NFT Whale’.
Simon learned how the NFT system works and what the opportunities are for entrepreneurs out there. He says it is for him “an opportunity to go straight to the consumer, build a community and empower each other”.
He has reflected on his learning experience and compared it to when the internet was created.
“It’s a bit like the internet when it started. There are things that are bad about the internet and there are things that are good about the internet. But to say the internet is bad and to never do anything on the internet is just ignorance, so I went from ignorance to knowledge.” he explains.
Make your own opinion
Simon emphasizes that it’s just his views and opinions and encourages others to “do your homework” and “learn about these topics from many different angles”. “Knowledge is power” and “sharing that knowledge is a goal in my opinion”
Our first panelist is Regina Nogueira.
She is the community lead for Mint Base, an NFT toolkit platform.
From her section you will learn:
– What is an NFT and what are they used for?
– How to market an NFT
– What you need to know before you start according to Regina
What is an NFT in simpler terms?
Regina confesses that she is new to space, which is great for people reading or watching who are also new to space.
She defines an NFT as: “A digital asset. Unlike a Bitcoin or an Ethereum token which are fungible (so one Bitcoin is worth exactly the same as another Bitcoin), an NFT is neither mutable nor fungible”.
She explains it further and gives us some examples.
“It is mainly used for visual arts. NFTs can really be anything! Places are using this technology to actually create everyday applications that could be anything from ticketing to real physical real estate or burritos or glasses of wine!”
NFTs can be much more than just these collectibles. If they are related to movies or unlock special privileges or memberships, at the rate we see NFTs being used, everything will be sold as an NFT.
“If you’re thinking about starting your own NFT business, it doesn’t have to be this collectible model — it can be used for anything,” she concludes.
How to market an NFT firm?
Regina gives her top tip on setting up and marketing an NFT company.
She says that “building community is the most important thing in the NFT space.”
“Having people who believe in your project and reward that community – that’s really the main focus, I’d say”.
Like many of our other webinars on starting a business, the community theme continues to shine through, showing that connecting with people is key.
“There are hundreds of possibilities for what we can do with NFTs,” she adds, “I think the potential is huge for creators and anyone looking to start a business.”
What she wished she knew sooner
Regina thinks about what she would like her younger self to know about NFTs.
“Just the basics!” she admits. “The best place to look for information I found was on Twitter and I wasn’t a Twitter user at all, but that’s where I’m looking for all my information and I’m really trying to understand what’s going on.”
She tells us how to get really distracted and sucked in with all the new projects that pop up. She advises doing your research and really getting to know what you’re doing despite everything else going on around you.
“I was a crypto enthusiast but very new before joining Mint Base and I think it’s so easy to get lost in all the tokens being launched and seeing all these NFT projects. So really research the project, research what the team is doing and what the token is actually doing,” she says.
Philip Mostert is our second panelist.
From his section you will learn:
– His take on NFTs
– An example of an NFT
– What to Look for When Buying or Creating an NFT
– What not to worry about when starting an NFT company
Philip’s definition of an NFT
Philip credits Regina for explaining NFTs wonderfully, but he wanted to take it one step further with his own definition.
“An NFT, a non-fungible token or smart contract, will basically be everything that governs the next iteration of the Internet. Everything that will be in the metaverse will be an NFT of some form. I think we’re going to see real use of these entities.”
Philip uses the example of Simon trying to buy a matrix NFT to explain his definition in context:
“I think your example of the matrix is ideal because that NFT that you will possess for the rest of your life, if you choose to have it, gives you access to so much more! It gives you access to metaverse games, matrix games that may launch merchandise, you can be invited to exclusive events or seminars. You get the inside track, so you’re going to join one of the most exclusive matrix communities.”
What should you pay attention to?
“When evaluating an NFT project, it is fundamental to look at the community behind the project and the benefits of participating in these communities,” advises Philip.
It’s important, especially online, to know if you’re heading for something positive or uncertain. Philip gives us points to question if you are not sure.
“Look at the teams behind it, the brains, the experiences,” he adds. “Do they have credibility? Do they already have experience with carrying out large-scale projects?”
He points out how to spot accounts that aren’t trustworthy: look at bot activity.
“It’s relatively easy to see bot activity in community conversations. There are a lot of fake accounts and copied and pasted comments.” explains Philip. “You have to be careful with these bots because one of the most important indicators of a project’s value or potential is its community sites.”
He reiterates that when choosing a project, you should do your own research. “We are not providing legal or financial advice on this call, but we do have the experience to understand what those particular metrics are,” he says.
Don’t worry about the little things
There are many ways to buy into the NFT system, and Philip tells us he wished he knew before he got into the NFT space.
“When you enter the NFT space, don’t worry too much about what your NFT is built on, because everything will end up with multiple chains anyway.”
He further explains this with the idea of the progression of the metaverse.
“I believe the metaverse will be an interoperable highway of all these different ecosystems and projects, all connected through multiple chains, so I wouldn’t necessarily worry about which block or chain you want to develop your project on, because it’s connected will be with others, so it’s just a matter of getting started!”