Blockchain Technology - Everything You Need To Know About NFTs As A Beginner.
Thanks to NFTs, you can now purchase a piece of digital artwork online for a certain price and you would get a unique token that certifies you as the owner of the artwork you bought. NFTs are here to stay. In this article, we will be looking at all you need to know about the talk of the town 'NFTs'.
What is an NFT?
Non Fungible tokens - known as NFT are digital assets that are representative of objects in the real world like arts, game items, music, and videos. They are transacted on the internet with the aid of cryptocurrency and they are encoded with the same encrypted feature as many cryptos.
NFTs are just gaining massive popularity now although they have been around since around 2014 because they are now a popular way to purchase and sell digital artwork. In 2021 alone, the market value for NFTs rose to a staggering amount of $41billion.
How do you create an NFT?
Creation of NFTs can be done manually or with the help of created NFT marketplaces which include OpenSea. Aside from the technicalities involved in the creation of NFTs, a major factor to consider is the Blockchain you prefer to build your NFT on - blockchains such as Solana, Ethereum, Polygon, Avalanche, and so on. The type of Blockchain you decide to use will have an impact on the success of the NFT project as most have different communities and trade complete guide on how to create NFT is present on OpenSea using Ethereum.
Popular NFT Marketplaces
After your wallet is set up and funded, there is a long list of NFT sites to buy and sell NFTs. Currently, the largest NFT marketplace are:-
-OpenSea.io: This is a peer-to-peer platform that boasts itself as the pioneer of anything NFTs. As a beginner, all you are required to do is create an account to peruse NFT collections. To can also discover new artists can sort pieces by their sales volume
-Rarible :- Not so different from OpenSea, Raible is an open, democratic marketplace that allows creators and artists to issue and sell NFTs. Tokens in the name RARI are issued to users on the platform to weigh in on features including community rules and fees.
Foundation :- On this platform, creators must receive ' upvotes: or simply put an invitation from another artist to post their art. Among its other requirements is the cost of entry and community exclusivity - which mandate artists to buy 'gas' to mint NFTs- which implies it may give access to high-quality artwork.
Popular Examples of NFTs.
Below are some popular examples of NFTs that shook the cryptocurrency world thanks to the millions they made. They are:-
- Mass Banner - Which was sold for a total value of 91.8 million dollars.
- Bored Ape Yacht Club:- With close to 10, 000 a p es in the collection, the cheapest you can get one is $420,000.
-Axie Infinity: Each of these bad boys is sold for as much as $800,000 apiece.
If you intend to buy an NFT as a beginner, you should conduct an extensive study first. Check the marketplace, the collection it is a part of, and the rights you have with that NFT before making a purchase. The speculative nature of NFT value should also be kept in mind. Value can decrease because what you think is a fair price for something may not be to others.