During the recent media launch of Consortium 21 Metaverse Cities, each attendee received a free C21 Premium Pass NFT.
There is a lot of buzz about NFTs and what they could mean for the future. Some experts believe NFTs are here to stay, and that they will change investing forever… while others think it’s the hype.
If this is the first time you’re hearing NFT, you may have questions like…
“What is NFT?”
“What are the benefits to own NFT?”
“Where do I buy NFT?”
“Is it safe?”
And so on…
There are many things to cover about NFT, so I’ll break it into 4 blog posts.
The first part of my blog post series will focus on the basics and how you can get started with NFT!
What is NFT?
NFT stands for non-fungible token.
“Non-fungible” more or less means that it’s unique and can’t be replaced with something else.
For example, cash or bitcoin are considered fungible — they can be split and put together and still carry the same value. However, art pieces like the Mona Lisa cannot be split once it has been painted, which means it is not interchangeable.
NFT has the following features:
· Unique - It cannot be forged or otherwise manipulated.
· Exchange - NFT exchanges take place with cryptocurrencies such as Ethereum on specialist sites.
Although they have been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork.
Anyone can create, buy, or sell NFTs. If you have the fund, it’s easier to buy/invest NFTs directly from a creator. Creators can be almost anyone – artists, musicians, public companies, trade groups, universities, etc.
If you are not sure what type of NFT you might be interested in acquiring, you will want to explore several NFT marketplaces.
Among the top NFT marketplaces right now are:
· Axie Marketplace.
· Larva Labs/CryptoPunks.
· NBA Top Shot Marketplace.
You may google each marketplace to check out the details. Each offers a slightly different set of features and fee structure. It will be a good idea to read their disclosures and search for any third-party information on them you can find.
It is highly recommended to use OpenSea as it is the leader in NFT sales. It’s free to sign up. For an introduction to the NFT world, OpenSea is a great place to start.
The next question you may ask is where will you store the NFT after the purchase transaction?
If you're interested in collecting or investing in NFTs, you'll need an NFT wallet.
An NFT wallet is a cryptocurrency wallet that supports the blockchain protocol NFTs are built. It also needs to support the currency you'll buy NFTs with, such as Ether. The vast majority of NFTs use the Ethereum blockchain.
Here are the top NFT wallets you can use to buy NFT:
1. Metamask - one of the most popular cryptocurrency wallets and highly recommended.
2. Math Wallet - offers a strong alternative to Metamask.
3. AlphaWallet - an open-source cryptocurrency wallet.
4. Trust Wallet - a popular mobile-only wallet owned by Binance.
5. Coinbase Wallet.
That’s all I want to cover for Part 1. I hope this gives you a good insight into NFT.
Look out for NFT educational series – Part 2 next week!
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Disclaimer: The information provided in this article is not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.