Everything you need to know about NFT’s.

Rahul Sood, CEO of Irreverent Labs (creators of MechaFightClub), explains everything you need to know about NFT’s.

Rahul is a blockchain gaming creator, Bitcoin & NFT collector and an investor in Maingear, Quaze, Vrvana, & ZED. Prior to this, Rahul was CEO of Unikrn (acq’d by Entain), created Microsoft Ventures and founded VoodooPC.

What is an NFT? 

An NFT is a non-fungible digital piece of cryptocurrency that is attached to either a piece of art, or an in-game asset.

What makes an NFT valuable?

Not all NFTs are valuable or go up in value – when it’s a combination of something unique by an artist, or something that gets featured by Christie’s or Sotheby’s, this can make it more valuable.

Can NFTS be used as an investment? 

Anything that is limited and collectable can be an investment – for example, like a Rolex or a Picasso. But I just want to be cautious because it’s not easy trying to explain this to regulators as most of them don’t understand the space yet.

What is the relationship or connection between NFTs and cryptocurrency? 

An NFT is essentially a cryptocurrency that is associated with a digital certificate that says that you own that particular image. The person with the NFT is the only one who can sell it, because they own it.

How can you validate the authenticity of the NFT?

You validate it by having a MetaMask wallet on your phone where you can show that you own that NFT – there’s a record on the blockchain that says your wallet owns the particular piece of art.

Do you think that the hype around NFC is sustainable? 

Certainly not at the rate we are seeing – there’s a whole new audience who are investing who are interested in art, music, culture, and gaming. A lot of the knockoffs that are happening are going to disappear, but a lot of NFTs are going to stick around.

Are NFTs the future of art and collectables?

The blockchain allows us to give the ownership to the user and gives them the proof of ownership –without a doubt this is a future that is here to stay.

This episode of What’s on the Block? is hosted by Maxine Ewing.