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Are NFTs a scam or can they be valuable?

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In this episode of Talking Trade, Andy Willcox talks to members of the Tradies community by On The Tools about NFTs, the metaverse, and the Tradies community.

NFTs are becoming very popular. Right now, sales are in the billions (almost a 38,000% year-on-year increase according to a DappRadar report). Despite this, almost 75% of the On The Tools community said they’re not interested in NFTs at all.

With blockchain technology promising to impact our everyday lives more and more in the coming decade, we think that the construction industry should be one of the first onboard since they almost always get left behind.

In this episode of Talking Trade, Andy Willcox talks to members of the Tradies community by On The Tools about NFTs, the metaverse, and the Tradies community.

What is an NFT?

NFT stands for Non-fungible token. We can use NFTs to represent ownership of unique items and tokenize things like art, collectables, and even real estate (Etherum.org).

“Think of an NFT as a collectable, kind of like the Mona Lisa. You can copy the Mona Lisa a million times but the Mona Lisa itself is the main art. Or even a footie sticker- if you had your favourite footie sticker and you preserved it really well, and someone else had the same sticker that they didn’t preserve so well, your one’s more valuable.”

– Crypto Chris

Why should tradespeople care?

In a Q and A interview with On The Tools and Tradies founder, Lee Wilcox, he tells readers that digital wallets and crypto wallets are going to be integrated into everyone’s everyday life, and if tradespeople don’t get on board, they won’t just be missing out on special opportunities, they will be missing out on regular, day-to-day stuff.

“I’ve been in the crypto world for 13 months. There’s no escaping it; it is the future. There’s literally governments looking into Web3 and NFTs, so that tells you how big it is becoming.”

– Sean

And while NFTs may just seem like a sci-fi computer thing, the real-world impacts can be rewarding:

“There’s so much more to NFTs than people might realise because many entities hold a lot of utility. By that, I mean they offer real-world value. So you can think of NFTs as like a share in a company and some of these shares might give you dividends, some of these shares might give you voting rights, and so on.

It’s always good to look at what you’re getting into first and really research it. Because there are a lot of scams out there, but that doesn’t mean that NFTs themselves are scams. It’s just the same with any market; you’ll always get the scammers that will try and take your money. Your job is to do your due diligence and make sure that what you’re getting into is the correct thing and has a good chance of going up.”

– Crypto Chris

Watch the full episode to learn more about NFTs and Tradies.
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On the Tools is the largest online construction based community in the UK. Our mission to 'connect construction' is rooted in the belief that those in the construction industry deserve the same opportunities as those within the white collar world.

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