Is the NFT craze here to stay, or is it simply a fad of the moment like the Beanie Babies were? As more NFTs enter the market, it is becoming apparent that they are, indeed, cementing their place in the online culture.
While there are still people who are getting used to what, exactly, a “non-fungible token” is, the allure of owning a piece of history and knowing that it is unique is growing among many. Take HolyCows, for example, whose launch was successful, to say the least. In only five minutes, its NFTs were sold out, demonstrating a rapidly growing appreciation for collectibles that are fun, original, and clever.
What is it that appeals to people about owning an NFT? One key benefit is that people have exclusive rights to important items in media history. For example, the founder of Twitter (NYSE:TWTR), Jack Dorsey, was able to sell his first-ever “tweet” from his account as an NFT for over $2 million this year. The owner of this crucial moment in technological history is most assuredly a proud one.
But first, for those who may not know, allow us to explain what an NFT is, exactly.
NFTs are any digital assets, including items like JPEGs and video, on the blockchain that have unique identification codes and metadata. They are held together and protected by smart contracts which generally exist on the Ethereum blockchain (where HolyCow lives). NFTs typically represent real-life objects, such as art, music, or videos, and are bought and sold online, usually with cryptocurrencies.
NFTs essentially have a digital certificate on the blockchain for the asset they represent, with information about the asset. Each NFT, such as an image, can only have one owner at a time. The process of converting an asset from a basic file to an NFT is called minting. An image or audio file uploaded into the NFT marketplace goes through this process.
Ethereum is a go-to platform for creating NFTs, where HolyCows is hosted.
Each cow in the collection comes with a unique collection of qualities and personalities. As HolyCows’ site describes,
“[There are] 9,999 Holy Cows grazing the heavenly green pastures of the metaverse that have entered the pearly white gates of the Ethereum blockchain.
“Buying a Holy Cow costs 0.08 ETH. There are no price tiers; HolyCows membership costs the same for everyone.”
A Holy Cow is more than just a collectible JPEG; it’s an exclusive product only you can have. Besides getting full commercial use rights of the Holy Cow, holders are entitled to a membership that will provide them with special perks and exclusive benefits. For minting one of these special pieces, Holy Cows can be minted on our website for the initial release.
Their site explains, “Once they sell out, you will be able to purchase them on the secondary market at Opensea.io. You will also be able to participate in community giveaways to have a chance of winning prized mints.”