COMMONLY ASKED QUESTIONS AND ANSWERS

Why Would Anyone Buy An NFT?

Some Questions About Buying NFT’S

About The VMax NFT Land Titles Offered In The Realm™

• Why Would I Buy an NFT?
• Why Would I Own an NFT?
• What Do I Feed It?
• Where Can I Find One?
• When I Do Find It, What Does It Look Like?
• Where Do I Keep It?
• What Is An NFT Wallet?
• How Does An NFT Breathe In There?
• Do I Need An NFT To Keep Me Company?

Some Questions About Digital Ownership

What Is an e-Wallet and Can I Get It In Leather?

• What Is A Digital Wallet?
• What If I Already Have One?
• Where Do I Get An e-Wallet?
• What’s The Best One?
• Which e-Wallet Is Better For A Beginner?
• What Is Cold Storage?
• Can You Keep An NFT In A Wallet?
• Can I Send My e-Wallet To Someone Else?
• How Do I Transfer My NFT To My Wallet?

Smoke: Smoke

Let’s Start at The NFT Beginning

Where every good thing starts. At the heart of every consumer transaction lies a complex interplay of human psychology, desires, and motivations. Whether a daily essential or an unconventional asset, our purchases reveal our fundamental nature. Understanding why people buy goes beyond surface-level transactions; it provides insight into the intricate threads of human behavior and motivation.

The Psychology of Purchasing

Buying is deeply ingrained in our lives and is driven by various factors, such as fulfilling our needs and wants. Researchers have studied the psychology of purchasing, including theories like Maslow’s Hierarchy of Needs, which outlines different levels of human aspirations, ranging from basic survival to self-fulfillment. Purchases often reflect these needs as people look for products that meet their requirements and enhance their overall well-being based on these aspirations.

Basic Human Needs of (Things) Collection

Beyond the need and necessity, emotional gratification often intertwines with purchasing. This dynamic aspect acknowledges that our buying decisions are shaped by the acquisition’s joy, excitement, and satisfaction rather than being solely driven by practicality. Has anyone ever seen or heard of a HORDER? These are people with the insatiable desire to COLLECT things of future intrinsic value. Collecting has long been a natural HUMAN quality and never more illustrated by people that have come from the generation of the depression era. Understanding that in scarcity things take on a VALUE of their own. How many of us have known family members that collect Coins, Stamps, Letters, Lamps, or Classic Cars they bought for next to nothing, until someone comes along and finds these BARN FINDS of Rare things worth Millions because someone preserved them by being a collector.

The Role of Identity

Moreover, the items we buy become an extension of our identity. They act as statements of personal style, interests, and affiliations. This affiliation with products communicates our individuality and serves as a mechanism for societal connection as we identify with groups with similar preferences or interests.

The Purchase Process

In the subsequent sections of this outline, we explore the concept of purchasing, focusing specifically on the growing culture of buying digitized assets specifically in part of WHY do people buy NFTs? By dissecting the psychological underpinnings that drive people to invest in these highly unique digital assets, we aim to uncover the intricacies of human behavior in the age of Web3 and online digital assets instead of traditional physical objects like Old Cars, Clocks, Stamps, Coins or Weird Artwork like Salvador Dalí for example.

His use of unusual object pairings has fascinated viewers for years and is still honored in significant exhibitions all around the world. In response to his interest in the unconscious mind, Dalí created his renowned paranoiac-critical process which involved using his own subconscious to produce art.

The Perceptual Shift From Physical to Virtual or Digital Ownership

As traditional assets compete with their digital counterparts, we’re beginning to witness a shift in the perception of ownership. The convenience, security, and potential for value appreciation inherent in virtual assets have prompted many to embrace this new form of ownership. But this shift isn’t merely transactional, it reflects the evolving ways we relate to our belongings in a rapidly digitizing world.

The Rise of Cryptocurrencies

Cryptocurrencies stand at the forefront of this transformation, with Bitcoin being the trailblazing pioneer. However, with the advent of Ethereum NFT creation, smart contracts were born. Cryptocurrencies, Tokenization and the (NFT), now called ‘Digital Gold,’ has unlocked a new value storage and transfer dimension. The allure of decentralization, security, and the potential to bypass intermediaries has propelled these virtual currencies into mainstream consciousness. So, reflecting back to the previous section, you no longer must store up a warehouse full of bygone era STUFF to hold onto THINGS that may become valuable in the near or distant future, because you can hold them in your DIGITAL WALLET for safekeeping taking up a BLOCK section of the (BLOCKCHAIN) where rust, water, animals or thieves cannot take them or damage them in any way.

Paving The Way For NFT’S

NFTs differ from cryptocurrencies like Bitcoin or Ethereum because they represent UNIQUE ITEMS or content on a decentralized PUBLIC ledger. These tokens act as distinct digital assets that signify ownership of specific items or artistic creations, challenging traditional possession rights and creating endless opportunities for their use and future value.

The allure of NFTs lies in their innate uniqueness and scarcity. Each NFT is distinct, carrying a digital imprint that separates it from every other token. This inherent scarcity refers to the age-old concept of RARITY, where limited quantities amplify perceived value as defined as SCARCITY.

At The Heart Of It All

is the process of tokenization, wherein an item is transformed into a unique, indivisible token on a Blockchain. This process imbues the item with a secure and traceable computer-generated and PROVEABLE identity. Ownership of an NFT is Verifiable, Transparent, and Unalterable, a stark departure from the ambiguities of ownership that often plague the physical world. In a world accustomed to infinite digital reproduction, NFTs introduce an exciting paradox being digitally certified scarcity.

Determining Where To Buy Your Land Title

In the case Our Land Titles withing The Realm sold on VMax Brokers, the same is true. Land will become rarer and rarer leading to SCARCITY in the surrounding areas on each individual Island Location. Example:

A property on one Island may in fact be more valuable than another due to factors that may include:

1. Venues
2. Business Type
3. Casinos and Hotels
4. Entertainment
5. Amenities
6. Influencers and Sponsorship
7. Social Events and VIP Access
8. Entertainers
9. Neighboring Land Proximity Zoning

WHAT YOU NEED TO KNOW

1. The Smart contracts referred to are contracts that are self-executing contracts, and the terms of the agreement are written lines of code in hexadecimal between buyer and seller on the Blockchain.
2. They have been defined as computerized transaction protocols that execute the terms of a specific contract. Simply put, they do not require 3rd party legal authority or a regulatory body to execute.
3. They become transactions that are traceable, transparent, verifiable, permanent and irreversible.

Commonly Asked Questions

How Do NFT’S Work?

The NFT is part of the Blockchain and other cryptocurrency networks. They are being stored on the decentralized networks and thus they become unique
and different than any other asset, image, or any other NFT creation. For further clarification, an NFT can be any type of digital asset for instance a Piece of Artwork, a Land Title Representing a Virtual Property BLOCK within The Realm Virtual World, a Preconstruction Certificate, a jpg image, music, and/or any technology-based artifact or design that is in digital form of serialized art created on the blockchain on the immutable public ledger.

Why Do People Buy Digital Assets?

In an era characterized by technological leaps, ownership has undergone a remarkable transformation and the shift from physical to digital ownership is emblematic of this evolution. As individuals increasingly find themselves navigating digital landscapes, the notion of tangibility has taken on a new form, one that goes beyond the confines of the physical domain.
The paradox of tangibility in this digital era might seem perplexing at first glance. How can one genuinely OWN an asset that lacks a tangible form? Yet, this paradox is at the core of the virtual asset revolution. Owning a digital asset transcends mere possession, it signifies ownership of a unique VERIFIED cryptographic representation backed by decentralized technology.

What Makes an NFT Permanent?

These executed Smart Contracts are controlled with the execution of the deployment to the ETH Blockchain and the transactions are track-able and irreversible, otherwise referred to as (MINTED) much like when a physical COIN is minted. However, unlike a (Metal) Physical Coin is (Struck) or (Minted) They CANNOT be modified, and a new contract would have to be written with new code for any changes to that MINT.

These contracts are trusted transactions and the agreements do not require any central authority or legal system to create the contracts and execute them.

So, What IS an NFT Anyway?

NFT stands for: NON-Fungible Token, Meaning NON-ALTERABLE UN-CHANGEABLE.

Non-Fungible then means that it is unique and is irreplaceable, or One of A kind. 

The Blockchain Crypto technology is now spawning new types of innovative resources for any person, business or just having fun collecting digital assets or artwork. 

The NFT becomes unique and cannot be replaced with something else. As an example, you can trade any asset and it  is traded within that scope but an NFT is a One of a Kind and cannot be duplicated or CHANGED once MINTED.

What Is a Land Title NFT Or PCC?

Land Titles in The Realm sold or otherwise acquired on vmaxbrokers.com are not your typical legal contracts drawn up by an attorney but a self-executing contract that has the terms of agreement between the buyer and seller. The Smart Contract is written lines of code with peer to peer for business to business without 3rd party attorneys or para legal.

When VMax Smart Contracts (Land Titles or Land Titles (Collectibles) or Representations of Virtual Properties Tokenized) are written for the customer, the code and agreements within the contract are then distributed to a decentralized blockchain network and (PRE-MINTED) for verification, and in this case, it is either ETH or Polygon Matic.

OK, So Why Do People Buy NFT’s?

Let’s dive deeply into the fascinating realm of NFT’s and understand what drove over $24 BILLION in NFT sales on platforms in 2022-2023. The hype surrounding NFT’s has captured the imaginations of Artists, Collectors, and Investors Alike, but what exactly motivates individuals to dive into this rapidly evolving NFT space?

Well…as Blockchain developers as well as NFT owners and buyers ourselves, we have an answer. NFTs are redefining the artist Fanbase™ relationship by transcending the traditional boundaries of art appreciation. Enthusiasts invest in these tokens to forge a direct, intimate connection with the creators.

How Is Fractionally Owning Something Good?

Because NFT’s empower and inspire buyers to immerse themselves in the artistic process, granting them a seat at the table to witness the creator’s journey from concept to the final product. This personalized creative journey goes beyond simply viewing or owning a piece of art as a collectible. So, the question again is…Why do people buy NFTs? They do it to experience art uniquely, blurring the lines between creator and collector and enabling them to be a part of the artistic project the creator is building.

Buying NFT’s is also a collaboration, as owners support artists’ or technology creative endeavors of the builder. This is a transaction and a collective effort that blends talent and appreciation in a harmonious union.

NFT Buyers become modern-day patrons, championing a creator’s artistic or technology-based vision, and encouraging the evolution of technology-based artistry within a virtual playground which they are now directly involved in without knowing the first thing of HOW to create ANYTHING, and YET have a FRACTIONAL part of that Magic of The Creation itself.

REAL-WORLD EXAMPLE:

Sotheby’s “Natively Digital” sale just defied all the death-knell reports about the market for art-related NFT’s?

The auction house’s innovative sale ended with a bang this morning. After a week of online bidding that kicked off on June 3, and in a pattern that has become associated with NFT bidding competitions, the action for the more than 25 lots on offer picked up to the point of frenzy as the sale entered the final ten to fifteen seconds, with soaring bids and hot competition at the tail end. All the lots, labeled as “estimate on request,” had starting bids of just $100. In all, 28 lots were offered, and all were sold. The total was $17.1 million. Sotheby’s said nearly 70 percent of buyers were new to the auction house.

The star lot, and subject of the sole live-online hybrid action, was CryptoPunk 7523 (minted in June 2017)—one of the rarest of a cultish series of digital characters on the Ethereum blockchain made by artist/creator Larva Labs.

What Causes Rare Status VS Just Regular NFT’s?

NFTs, or “non fungible tokens,” are unique digital tokens encrypted with the artist’s signature and individually identified on a blockchain, effectively verifying the rightful owner and authenticity of the creation.

Because CryptoPunk 7523 was the only CryptoPunk alien with a mask it’s also known informally as “Covid Alien.” Further, of the more than 10,000 characters in the series, the so-called “Aliens” themselves are rare since there were only NINE of them ever MINTED.

Bidding opened this morning shortly after 10 a.m. with a reserve bid of $1.5 MILLION. After a few incremental $100,000 jumps, the winning bidder suddenly leapt to about ten times that level with a bid of $10 MILLION. After it was clear there were no more bids forthcoming, auctioneer Harry Dalmeny, who was overseeing the sale from the London auction room, brought the gavel down.

And Then It Got Better!

Including premium, the final price was $11.75 MILLION. The price, especially considering that it is for a single CryptoPunk, far outstrips the previous, and very recent, result at a Christie’s May auction where Larva Labs consigned nine punks to the major evening sale that carried an estimate of $7 MILLION to $9 MILLION and sold for a final price of $16.9 MILLION.

The buyer of today’s rare CryptoPunk was identified as Shalom Meckenzie, the largest shareholder of sports betting website DraftKings. “This CryptoPunk appealed to me because it is part of the Alien Collection which is the rarest of the punks and the only alien that has a mask. I thought it was symbolic of The Covid19 era and the popularization of NFTs,” Meckenzie told Artnet News via email.

NFT’s For Artistic Expression

NFTs are revolutionizing artistic expression by freeing artists from conventional limitations, imbuing art with permanence, and extending their creative reach to the entire world population.

In the NFT market, artists can experiment with new forms, techniques, and perceptions without the constraints of physical materials or traditional art institutions.

NFTs also provide a permanent record of ownership and authenticity, which protects artists’ work from fraud and plagiarism. Additionally, NFTs allow artists to connect with audiences worldwide, regardless of location or background.

NFT’s Represent Ownership and Show Status

NFT’s have become bold status symbols, transcending traditional measures of wealth. The Virtual Realm has opened new ways to exhibit status, and owning exclusive virtual assets is becoming a novel way to display affluence and cultural relevance as owners of virtual certificates of land rights.

Not to mention owning property in a very popular Island location BEFORE the one’s who you know that will be desperately seeking it for example on Grand Island. This island location will be where casino gaming and entertainment will be densely populated with future casinos and hotels.

Pre Construction Certificates (PCC’S) NFT’s Can Be Thought Of As Digitized Relics.

By crystallizing achievements and milestones within virtual spaces, PCC NFT’s serve as modern-day relics. Possession is a testament to the skills and dedication of those who have successfully built a Multiverse or Virtual World and have the proof they they were first to contribute to the creation of The Realm™ Itself. Think of them as the “Building Blocks” of a world you will be able to take part in with the rest of the world.

Owning NFT’S Have Online Influence and Prestige

NFT’s have become a social currency, allowing individuals to signal their influence and prestige online. Owning rare and coveted NFT’s is a new and dynamic way to display social standing, elevating one’s status as a digital connoisseur or trendsetter, and HOLD a piece of Digital History in the making.

Identity In Flux

NFT’s also allow users to add digital signatures to their online profiles while customizing their identities. The tokens they own shape their persona, creating an aspirational and relatable online digital portfolio and online presence in financial circles.

NFT’S Give Access To Exclusive Benefits In The Realm™

Owning NFT’s and in This case a (Preconstruction Certificate) of The Realm™ or a Land Title BLOCK Ownership has benefits beyond mere just possession. They provide exclusive access to One-of-a-Kind experiences that enhance the relationship between holders and The Realm ™ Brands, Creators, or our Platforms. For example, Our NFT’s that offer early access to Products or VIP events can establish a particular group of selective customers who value special privileges beyond material possessions.

Our Land Title NFT’s transcend mere ownership by providing a gateway to exclusive virtual world content. They also grant VIP status to Owners in The Realm ™, opening doors to private events, RSVP, Exclusive Concerts, Sporting Events, Concert Ticket Discounts and unique engagements, personal interactions with personalities, creators, and artists. In some cases, NFT’s may offer tokenized financial benefits, such as royalties from future resales, auctions of memorabilia on entertherealm.io.

Owning Super Rare Stadiums In The Realm™

Owning our NFT’s are not just about ownership, they also foster loyalty and inclusion in post-purchase events, concert arenas, as well as invitational VIP virtual experiences which may or may not include physical promotional media resulting from the NFT event ticket holder(s) Day of Show with FanBase™ NFT Tickets.

For Casino Style Gaming and Interactive VR Experiences in The Realm™

NFT’s have reshaped the gaming landscape by imbuing virtual assets with real-world significance. Players are no longer confined to the gameplay environment, as they can now invest in NFT’s to wield digital treasures that traverse gaming universes and beyond, hold on to those digital assets then wait for them to become sought after and AUCTION them for much more than they originally paid for them.

Valuation of Some Digital Assets

Digital assets confer genuine ownership of in-game items, characters, and Land Titles. Citizens of The Realm™ can trade, sell, or use these assets across various games and Islands, forging a lasting connection between the virtual and the tangible.

Most also introduce rarity to our virtual world and ecosystem. Owning limited-edition (RARE) items can also boost a player’s prowess and status within The Realm’s community, propelling competitive spirits to ascend leaderboards and social status for greater social gains and corporate status inside The Realm™.

Land Title Owners can also finance technology, app development, start or contribute to other businesses with crypto contributions and members can earn by trading NFT’s by creating a symbiotic ecosystem within the Realm’s NFT resell market through tokenonomy.

NFT’S Support Non-Profit Causes in The Realm™ Through GRACE Reintegration Services

NFT’s have emerged as a powerful tool for philanthropy, serving as mediums to support diverse causes. Charitable organizations like us at Alchemy Studios are using NFT’s to raise money. One example is the ‘Art for Better’ auction, in partnership with UNHCR to support humanitarian aid programs and Giving Tuesday with Dr. Val McCleod our Global Ambassador of The Realm™.

Apart from raising funds, NFT’s can advocate for social and environmental causes, spreading awareness and promoting activism groups for good causes. By publicly allowing purchasers to display their support for a particular initiative like Veterans, Battered Women, Autism and to stop Child Trafficking. NFT’s can initiate discussions, fund projects, encourage positive transformations, and contribute towards building a just and sustainable society online and in the REAL world.