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NFT is amongst the hottest topics as of now. For artists, musicians, and other digital creatives NFTs have become their go-to medium for selling their work. People are making millions by selling NFTs.A Logan Paul YouTube video NFT sold for over $6 million. Ethereum-based game Cryptokitties is selling digital kittens worth millions – even traditional players like Christie’s. One of the oldest auction houses, sold an NFT by Banksy for around $69 million.
What Is An NFT?
In the digital realm, a .jpeg file of your artwork can be duplicated endlessly. This is why establishing rightful ownershipin the digital realm is difficult. NFT solves this issue by recording ownership of an
asset on an immutable ledger called the blockchain.
Non-fungible token or NFT is a blockchain token that establishes legal ownership of physical and digital assets. NFTs can represent every asset. Be it an audio file, a .jpeg image, video file, in-game purchases, or even real-estate property, everything can be minted as an NFT. Thanks to NFT, artists, musicians, and other digital creatives no longerneed to worry about losses due to thefts or middlemen commissions.
Essentially, NFTs are lines of code on a blockchain network that when queried point out the internet address where the asset is stored. This way no matter how many copies of artwork are there on the internet, the NFT will always point to the original address for which it was minted.
You might wonder where’s the point of spending thousands or millions on an NFT when you can simply download the digital artwork for free. Let’s assume you clicked a dozen photos of famous physical artwork, say The Mona Lisa portrait. Does clicking photos make you an owner of that artwork? It doesn’t. Similarly, you might download the physical artwork,but it would be of no value. It would be a valuable collectible only if you can establish your ownership.
There is no denying that NFT is the next big thing. Nonetheless, it is still in its infancy. Not many
people know the dos and don’ts of the marketplace.
If you enter the NFT space just because of some fancy NFTs earning millions, you might incur losses. To achieve success in the NFT marketplace, you would need proper guidance from NFT enthusiasts and experts.
This is where mastermind communities come into the picture.
More detail in his book Think and Grow Rich. According to him, a mastermind group is where two or more people come together to solve problems.
As mentioned, a mastermind setting demands active participation. Thanks to this brainstorming approach, some of the best ideas are born in such communities. This is one of the biggest reasons people join mastermind groups.
Unlike mentoring, mastermind groups aren’t one-on-one meetings. Instead, there are typically 5 to 6 participants in a mastermind community. Another major difference is that in a mastermind group you give as well as receive advice whereas, in a mentorship setting, you are always on the receiving end.
Top athletes, actors, authors, business people, everyone credit their success to mastermind groups. Thomas Edison, Henry Ford, Andrew Carnegie, each one of them has their small mastermind community.
Typically, a mastermind community engages in brainstorming, educational presentations, and solving the issues of the community members. Say you join an NFT mastermind community. There you will learn everything about NFTs – from creating an NFT, listing them, how to invest in NFTs, how to achieve your NFT goals and whatnot.
Still skeptical? Let’s highlight why joining a mastermind group exponentially increases your chances of success in that respective domain. Here, we will talk about an NFT mastermind.
7 Benefits of Joining a Mastermind Group
Networking With Incredible People
In an NFT mastermind, the community members are as interested in the NFT marketplace as you. Spending time with such people will raise your knowledge as everyone will be equally passionate about NFTs. Plus, every individual will bring a different set of skills, experience, and connections to the table. The best part is you will make long-lasting connections in such settings.
This is the beauty of mastermind groups. Everyone will push each other to level up their game. Not only will they inspire you but also provide the necessary support. Say, you are an aspiring artist willing to sharpen your art and then jump into the NFT marketplace.There may be some experienced artists in the group who will help you in achieving your goal.
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Brainstorming always helps when you are stuck somewhere. For instance, you are finding it difficult to decide which NFT marketplace has the audience for your art. Or if you invest in NFT you might be confused about which NFT has value and which one is just hyped. In such scenarios, the mastermind community will help you by sharing their thoughts and helping you narrow down your choices.
As mentioned, everyone in the mastermind community has their unique skill set. Say, one might be good in art while the other might be skilled in evaluating the marketplace and deciding the right price for an NFT. Such diverse experiences will help you gain more knowledge.
Mastermind groups have people with amazing networks. You can leverage these networks to promote your NFT artwork. Think of it as digital marketing which helps you to target the right audience. Suppose you design digital sneakers. And a friend of that member in your mastermind group is a big fan of sneakers. You got a network right there! Or say, you are a digital cartoon NFT collector and someone in your mastermind community knows great cartoon artists. Yes, you found a new collectible. This way, you can utilize each other’s network in a mastermind group.
When you are surrounded by people who are achieving great heights in their respective fields, you are also inspired to push your boundaries. For instance, if you are a small NFT collector, being in a mastermind group might inspire you to double your profits by going all-in into the NFT marketplace. Or suppose, you are an NFT artist who releases a new artwork every 6 months. The mastermind group might push you to publish 2 quality designs every 6 months enabling you to expand your NFT artwork portfolio.