New BEES.Social Video Explains NFT Rarity
Oct 7, 2021
October 07, 2021 - /PressAdvantage/ - BEES.Social has released a new video for the BeesSocialTV series where Dustin Ray, a non-fungible token (NFT) collector, provides an explanation of NFT rarity. Dustin first provides an initial explanation of rarity by using dollar bills as examples and that rarity is affected by the minting process. Dustin points out that because of the nature of minting, an NFT rarity is like a “crypto lottery” where the odds of getting a very rare NFT is extremely small. For that reason, he prefers buying NFTs through a process called sniping.
In his initial explanation of rarity, Dustin uses dollar bills as examples. What provides the rarity for a particular dollar bill, for example a $20 bill, is what is printed on it. Everything else is worth the same because all dollar bills are printed on the same kind of paper and the same kind of ink is used. In the same manner, what is contained in an NFT provides its rarity. However, it is very difficult to predict the rarity of a certain NFT as they are released because in the “minting process” people don’t know yet if they have bought is a very rare NFT with a very high value.
That is why Dustin prefers to wait until the “reveal,” which is usually done after the NFTs have sold out after they were minted. What he does is to snipe right after the reveal. Because the number of people interested in NFTs has been increasing significantly, it is really difficult to get involved in the minting process. According to Dustin, that would be like throwing money away because it is very much like a lottery. By using his sniping strategy, although he was not yet able to get any top 10 NFTs, he was able to get top 100s or top 200s that have incredible value.
It is essential to note that an NFT is a digital asset that offers a digital proof of ownership of a particular item, such as a digital art. NFTs are recorded on a blockchain, to make sure that the asset is one-of-a-kind because blockchain technology makes it very difficult to modify or counterfeit NFTs. It is important to understand that fungible items, in contrast to non-fungible items, are easy to exchange with other fungible items because their value is not linked to their uniqueness. On the other hand, each NFT has unique properties that determine its value, much like a work of art.
Meanwhile, WeGoBattle is a community that has been causing excitement in the NFT community by giving away $500 Ethereum to NFT artists every day. They are also holding new kinds of NFT giveaways daily. An NFT is a unique type of digital asset that represents the ownership of real-world items, such as video, art, music, clips, and more. To ensure that it is not copied or duplicated by others, it uses the same blockchain technology that is used for cryptocurrencies although an NFT is not a currency. However, an NFT, depending on its rarity provides value for a particular NFT. Thus, certain NFTs have been sold for millions of dollars but NFT as an investment is highly speculative. It is more like a lottery as Dustin Ray pointed out.
It is important to note that NFT communities have started to give back as part of their projects. For instance, the NFT community known as the Drunken Pandas has recenyly donated $50,000 to the World Widelife Association for the purpose of panda adoption.
Established in January 2021, BEES Social was developed as a way to revolutionize the manner in which companies make their ideas known to the public. BEES.Social is a neutral platform that is a decentralized autonomous organization (DAO) where anyone can join in and learn about new projects directly from the founders themselves. BEES.Social is primarily focused on educating regular people on how they can benefit from the crypto revolution. The founder want point out that they are not an investment group and neither are they day-traders. Instead, they are a community of people who value the importance of effective communication, respect, sharing of vital information, and transparency.
Those who are interested in learning more about NFTs can check out the BEES.Social videos on YouTube.
###
For more information about BEES.Social, contact the company here:
BEES.Social
Tim Judge
203-987-3404
[email protected]
ReleaseID: 60046734
Hong Kong Open: Louis Oosthuizen admits it’s ‘time to move on’ from LIV Golf
Louis Oosthuizen has joined the LIV Golf exodus, saying it was “time to move on” after four years on the breakaway tour. Twice a LIV tournament runner-up, and captain of the Southern Guards GC team, Oosthuizen is poised to return from a two-month injury lay-off in this week’s Link Hong Kong Open from Thursday. The bottom fell out of LIV this year when its Saudi Arabian backers turned off the money taps. Players have until Sunday to declare whether they would commit to a new iteration, after the...
SCMP Best Bets: Love Together can spread the joy at Happy Valley
Jay Rooney LOVE TOGETHER - R6 (8) Cracking run on return and can take advantage of a good draw and light weight Owen Goulding EMBRACES - R9 (9) Drawn well, on a dangerous mark and will get the pace needed to mow them down Paul Lally PEGAS - R8 (8) Drawn to get the best run in the race from barrier one and can sail through late on Phillip Woo LOVE TOGETHER - R6 (8) Caught the eye first up and can deliver up in grade off a light weight Trackwork Spy LOVE TOGETHER - R6 (8) Hit the line well...
Chinese table tennis star Sun Yingsha warns fans against organising birthday events
Chinese table tennis star Sun Yingsha has warned fans against organising any birthday celebrations ahead of her turning 26 years old, calling on supporters to redirect their attention to the court. In recent years, supporters of prominent Chinese athletes have increasingly mirrored the entertainment industry’s so-called “fan circles” by organising lavish tributes, including commercial LED billboard campaigns in city centres, charity drives, offline promotional displays and drone light...
Asian Para Games: Hong Kong fencers win silver, gain valuable preparation for LA Paralympics
Hong Kong’s fencers have set their sights on the Los Angeles Paralympics after winning silver in the women’s foil team event at the Asian Para Games on Tuesday. Lam Ka-man, Yu Chui-yee, Tong Nga-ting and Chung Yuen-ping lost 30-12 to China in the final at the Nagoya City Inae Sports Centre, having come from behind to beat Thailand 30-23 in the semi-final. Despite the presence of veteran Yu, who also took women’s foil category A bronze on Monday, Hong Kong were always chasing gold and trailed...
‘Very happy’ Caspar Fownes turns to Love Together at the Valley to continue strong start
Caspar Fownes is “very happy” with the start of his season and is looking to keep the winners rolling in with the likes of Love Together, Perfect General and Forza Toro at Happy Valley on Wednesday night. The champion trainer secured his fifth title last campaign and has slotted home nine winners so far this season, sitting fifth in the championship standings which are headed by Pierre Ng Pang-chi on 12 winners. Known as the ‘King of the Valley’, Fownes is taking his start at face value and is...
Hong Kong Premier League coach urges local football chiefs to help grow game in city
Inigo Calderon has called on local football chiefs to join him in “trying to do my part” to grow the game in Hong Kong. The Spaniard’s easy-on-the-eye Kitchee team delivered “probably the most complete” performance of his 15-month reign to embarrass Lee Man 5-1 on Monday, leaving him to conclude that it was a good time to say his piece because “we won and I’m not making excuses”. Unhappy with kick-off times and routinely poor playing surfaces, head coach Calderon said a 6.30pm start had aided...
Fifa president hopes to woo Asian football federations ahead of re-election bid
Gianni Infantino’s campaign for re-election as Fifa president is set to move this week to Japan and a meeting scheduled for Wednesday with the Asian Football Confederation. This comes after Infantino apologised last week in Zurich, Switzerland, to Fifa’s 37-member ruling council – which he chairs – for “mistakes” he made in assembling a now-scrapped US$4.2 billion sell-off plan for the World Cup. The council is the main decision-making body at Fifa with a global spread of officials. The planned...
Charity football tournament offers hope, ‘reduces stress’ for marginalised in Hong Kong
A charity football tournament in Hong Kong on Monday allowed some players a temporary release from the “quagmire, anxiety and stress” of their daily lives. The event at Kings Park was staged to raise funds and awareness for Branches of Hope (BoH), the non-governmental organisation that serves refugees, asylum seekers and human trafficking survivors in Hong Kong. Featuring 16 teams and around 250 players, the seven-a-side Home and Away Charity Football Tournament was expected to raise more than...
Charity football tournament offers hope, ‘reduces stress’ for marginalised in Hong Kong
A charity football tournament in Hong Kong on Monday allowed some players a temporary release from the “quagmire, anxiety and stress” of their daily lives. The event at Kings Park was staged to raise funds and awareness for Branches of Hope (BoH), the non-governmental organisation that serves refugees, asylum seekers and human trafficking survivors in Hong Kong. Featuring 16 teams and around 250 players, the seven-a-side Home and Away Charity Football Tournament was expected to raise more than...
Chinese basketball player Barry Wang tipped as NBA prospect after US university match
Rising Chinese basketball star Barry Wang Junjie was tipped to be an NBA prospect after he flourished in only his second game with his new team, the Massachusetts Minutemen, on Sunday. Wang erupted for 31 points on eight-of-12 shooting, including knocking down a pair of three-pointers and converting 12 of his 13 free throws, to go with six rebounds as the University of Massachusetts beat Brown University 88-86 in a tight exhibition game. The Massachusetts Minutemen represent the university in...
Chinese basketball player Barry Wang tipped as NBA prospect after US university match
Rising Chinese basketball star Barry Wang Junjie was tipped to be an NBA prospect after he flourished in only his second game with his new team, the Massachusetts Minutemen, on Sunday. Wang erupted for 31 points on eight-of-12 shooting, including knocking down a pair of three-pointers and converting 12 of his 13 free throws, to go with six rebounds as the University of Massachusetts beat Brown University 88-86 in a tight exhibition game. The Massachusetts Minutemen represent the university in...
Philadelphia 76ers fans dare to dream of NBA title with LeBron James in star-studded team
Long-suffering Philadelphia 76ers fans haven’t celebrated an NBA title in 43 years, but with newly arrived LeBron James headlining a star-studded team, they are daring to dream. “We never had a team like this,” enthuses Kairee Harvey, a 32-year-old police officer and diehard LeBron supporter. “I still can’t believe it,” the resident of neighbouring New Jersey said of the arrival of James in July. “I feel like I’m in a dream a little bit.” Suddenly, Harvey said, “I think that this will be our...
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.