Twitter's NFT Verification Update - Why It's HUGE For NFTs and Web 3 - Crypto Breakdown January 21, 2022

Episode Summary:

Today I talk about Twitter's New NFT verification update - what this means for the future of NFTs.

Is It Too Late To Buy NFTs?

With Twitter's verification, I explain why NFT investments are just starting and how you should go about investing in NFTs.

Questions? Ask at [email protected] and we will answer!

Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

Hey everybody happy Friday. My name is Joe Dewitt, and this is the crypto breakdown today. I'm going to discuss if it's too late to purchase your first NFT. Now yesterday, Twitter released the beta for their profile picture and FTA verification. As of now, this is only available for Twitter blue users, although it should be available to all Twitter users and the following.

Now what this does is attach the ether scan link, which is the blockchain essentially search. And it allows users to check the authenticity of each NFT. Now, this is super cool that this has been added so soon and the development of web three, and this is really important because it changes the culture behind.

Screenshotting and right click and save NFTs. There is a huge following of people in the space that believed that NFTs are essentially valueless and that they could just be stolen with a simple right click and save or a screenshot. And this is obviously not the case as they're all backed by tokens on the blockchain.

 With this new Twitter update, people are now able to check the blockchain and see which collection their pieces are a part of. And this will help determine if it is a real piece or not now with these new additions of NFTE profile pictures and all the recent talk of NFTs. I'm sure people are wondering, is it too late to purchase their first NFT?

And what I would say to that is absolutely not. There are many collections out there now you may not be able to afford the top blue-chip NFT projects, which are. Pushing 30, 40, 50 Ethereum. As these are very exclusive projects, I'm talking a board ape yacht club and crypto punks, maybe doodles.

Although besides these projects, there are many alternatives that are great for new investors. One thing to consider too is how new the NFT industry is. These have only been around for a couple of years and only really been popular for the last year. Now, imagine a few years down the road. All these projects that are made now or not even created yet what the potential they could have.

And it's also very important to consider that NFTs will have more utility down the road. It won't always be as simple as a JPEG file being attached to a actual token on the block. It could be used for any point of sale payments, any sort of inventory, most things in the real world that need a ledger could be built on a blockchain, making it more secure and transparent for other people out there.

Now for the immediate time being the NFT market is pretty saturated here on. We are seeing a flood of new. Every single day, whether it's a theory, I'm Solano or the avalanche network. So it is very hard to determine which NFT project is the best. And what I would recommend is honestly purchasing a project that you will find the most value in personally, it is very tricky to look at a project and go for a straight.

What I would recommend is find something that has good volume and something that you truly appreciate, and that you really like, because later down the road, you are hoping that someone is going to like it as much as you do. And at the end of the day, you would rather have a piece of art that you truly enjoy than just a piece of art you bought to sell.

And that's all the time we have for today. Guys. Thank you so much for today. You could follow it, subscribe to our podcast, which will all be in the description below. Have a great weekend