We are venturing into a very new time in our lives. Technology has evolved and businesses are beginning to adapt with it. This new technology: NFTs.
That being said, Major League University is creating a new company and partnership with Project Sandlot. We are well into the production phase of ours and will be releasing more information this week on twitter. For now, I wanted to help answer a lot of the questions that are commonly asked:
What is an NFT?
NFT is short for Non-fungible token. Basically, this means it can’t be replaced. A fungible item would be like a dollar bill. One dollar bill from me is the same as one dollar bill from you. Same is the same. Art generally is not the same as a dollar bill, and the signature on the art tells us that it is the real thing. NFTs now allow us to do the same with digital items. Anything from a song, to a video, gif, digital picture can be made into an NFT and will forever have that “signature” of authenticity.
Why does this matter?
This is the common “why don’t I just right click +save that picture and now I own it too”. Well yes and no. You can take the picture but you will never truly own the original without purchasing the NFT. This technology allows scarcity for scarcity that can be checked, passed on, and resold.
What all can they do?
We are just beginning to scratch the surface of what they can do but some examples of things being done in the community are:
-Three year ticket to a major conference held by Gary Vee
-Additional NFTs dropped directly to your wallet
-Concert tickets
-VIP passes
-Access to member-only events
-Access to member-only merchandise
-Build a community around a common interest
-Be bought and resold on the secondary market
How are they made?
There are two types of projects that are most common right now. The first is your standard art. Artist make some form of digital art, put it online and sell it to people looking to add to their collections. The other type is what is called generative projects like Crypto Punks and Bored Ape Yacht Club. In these, artists create a set of traits (say 150) and allocate a certain number of traits to the pool (20% will have brown hair, 10% will have a halo, 2% will be holographic etc.). When the time comes to put them out, they are randomly generated and spit out in unrevealed packs to the holders. After they sell out, they are revealed showing the owners what they got in different forms of rarity. There may be 1,000 of the 5,000 sold that have a smile, but there may be only 5 that wear a crown.
How would I get one?
There are two ways you are able to get an NFT: you can buy it on a secondary site like OpenSea.io or you can “mint” them at the release. Minting happens when you buy one of the “unrevealed packs”. You will select the amount you would like to buy, you will pay the fee plus the “gas fee” (more on that below). Shortly after that, the NFT will show up in your Meta Mask and you are good to go.
What is a gas fee?
A gas fee is the price you pay to make sure that the transaction goes through. Basically, people get paid to process the transactions with their computers. The more people that are trying to get in and purchase something, the more that people are willing to pay for the higher fees. Sometimes they can get as high as the project itself or even higher. Gas fees are a pain and definitely a bit of a flaw with the system at the time. I believe we are going to get ETH 2.0 hopefully within the year and this should alleviate some of the fees.
What happens when I buy one?
It depends on the project. You can hold onto it and keep it in your wallet. This can lead to other drops, projects, access to whatever company etc. Or you can sell it on a secondary market like OpenSea.io. There are options where you can put it up for auction, leave it unlisted, or even list a buy it now price.
This sounds like a scam…
Yes, I fully agree it sounded like a scam to me too. And it has taken me some time to get Austin on board. There are always nerves when it comes to spending money on something new. Explaining facebook to my mom for the first time or even texting for that mater, she just didn’t understand at that time. Now she uses both fully.
What are you guys trying to do with this?
We want to make Project Sandlot an exclusive club made by members of the sports community, for members of the sports community. Holding one of our tokens would grant you access to events, partnership promotions, raffles, and (through the partnership with Major League University) access a full course A-Z on mindset training. There are many, many other things we plan on revealing when the time is right.
Sweet, what do I do next?
If you aren’t already subscribed to our Weekend Rotation Newsletter, be sure to sign up HERE. You will be given information there before it ever reaches the general public as well as a deal when the time comes for being our people from the start. Also be sure to follow our Twitter @ProjectSandlot HERE and our YouTube page to keep you up to date on informational videos we will be releasing here soon.
I understand this is a lot, and I really encourage you all to do your own research on these things. We will continue to put out educational content on the space but for now the steps I would take would be:
Download and signup for:
- Get a CoinBase Account
- Get a MetaMask
- Buy Ethereum on Coinbase
- Send ETH from Coinbase to your MetaMask wallet address (0x….)
- IMPORTANT: DO NOT EVER SHARE YOUR SEED PHRASE WITH ANYONE. WRITE IT DOWN AND PUT IT SOMEWHERE FOR SAFE KEEPING
- If you choose to support youth sports though MLU and Project Sandlot you can visit our homepage or Mint (buy one) directly at ProjectSandlotMint.com
- Browse around OpenSea.io to see what the space even looks like (may feel like Ebay)
- We highly recommend looking into a hardware wallet like a Ledger to secure your assets even further
- Ask questions! I am always available to answer questions (rmcintiremlu@gmail.com)
Videos That Helped Me
Below are a few videos that helped me understand NFTs. If you are looking for 40 mins A-Z on NFTs, I recommend you check out this link we have up on our Project Sandlot site.
Explaining NFTs As Simple as Possible in Under 60 Seconds #Shorts—Gary Vee
How To Buy A NFT SAFELY – OpenSea Tutorial—Trading Fraternity
The Wrap-up
We want to really try to provide an opportunity to the people that have supported us from day one. Our goal will be to bring as much value to holders of our NFTs as possible. To learn more about Project Sandlot and what we are about you can check out our intro video on our YouTube page here!
We would not push something like this if we did not feel strongly about the value, it could bring in a very young industry. We are very early to the table in the grand scheme of things. We hope this has brought you some value and again if you have any questions please reach out and we will do our best to help!
