Source (I've Tweaked The Image From The Original One 😂)
Well I have always been curious about NFT's ever since it started making its presence known to the wider part world since the past two to three years which is pretty much during the lockdown when people had nothing to do with their lives, NFT's have been around for a while but I guess in this part of the world it started gaining popularity just a few years back starting with the Bored Ape Yatch Club sadly my pockets aren't deep enough to afford a Bored Ape 🤣
But Before We Get Started , What On Earth Is An NFT ?
But Before We Get Started , What On Earth Is An NFT ?
Basically an NFT (Non Fungible Token) is a digital asset that represents real world objects such as art, videos, in-game collectibles, GIF, music etc and these assets can be bought and sold online in an NFT Marketplace using cryptocurrency.
NFT's are also one of a kind or at times have limited copies available. An NFT allows a buyer to own the original item and Not only that, it contains built in authentication which in turn serves as Proof Of Ownership and collectors basically value those Digital Bragging Rights and at often times more than the item itself 😂
So I hope that gives you a basic understanding at least of what an NFT is
Now What is a NFT Marketplace ?
NFT marketplaces are basically platforms where NFT's can be stored, displayed, traded and in some cases minted (created). These marketplaces are to NFT's what Amazon or eBay are to goods.
Source
There’s basically a wide range of NFT Marketplaces to choose from such as
- OpenSea
- Rarible
- Mintable
- Decentraland (Digital Land Assets)
- Wazirx NFT (Works Best For Established Artists Only)
- And many many more.....
Also Are NFT's A Scam ?
Also Are NFT's A Scam ?
Well if you can pretty much take a screenshot of something then why the fuck are people paying millions of dollars for it ? Also NFT prices can easily be manipulated and you have people using NFT to launder money and perform wash trading scams.
To answer that here are three use cases of NFT's beyond ART:
(There Are Many Use Cases But Let's Start With 3 For Now)
- Access NFT's - You have NFT's like Crypto Punks, Bored Ape Yatch Club that are literally sold for millions dollars and the communities of these NFT's meet almost regularly mostly because these holders are mostly Big Businessman, CEO's & Actors. Well if you manage to get your hands on these special NFT's you’ll also be granted access to that community.
- Authenticity NFT's - Now suppose lets say that Adidas introduces a new limited edition product which states that Pharrell Williams has worn it or something like that, So how will a regular consumer believe this ? Especially if the product is being resold.
Well the brand can launch an NFT along with the sneaker and since the data of the NFT is securely stored on the Blockchain they cannot be changed or modified without permission hence proving the authenticity of the product.
The following image is just an example of the NFT, The following collections are digital products and are not associated with a physical copy.
- Utility NFT's - Some NFT's have a project associated behind them such as this one from Dj 3LAU where his Music Album is in the form of an NFT where people holding these limited collection will receive a small percentage of royalties as well as a physical copy of the Vinyl.
So last month I finally decided to start working with NFT's and to start of with I made an account on OpenSea which is a popular NFT marketplace.
So why OpenSea ? Well OpenSea is basically the world's first and largest digital marketplace for NFT where you can Buy/Sell pretty much anything unique and the reason I started off with OpenSea and Why I am suggesting it is because it is a Gas Free Marketplace which basically means that you did not have to pay a fee to Mint Your NFT on to the blockchain provided you select the Polygon blockchain.
Majority of what i'll be talking about is Minting NFT's on the Polygon Blockchain instead of the Ethereum Blockchain as there are no Fee's involved (But More On That Later On)
Well What Does Minting NFT Mean ?
Well What Does Minting NFT Mean ?
“Minting” an NFT in layman’s terms basically means publishing your token (Digital Art, Photograph, MP3 etc) on a blockchain to make it purchasable.
And to start off with the first thing you'll need is a digital wallet, specifically one that can securely stores Cryptocurrency and I highly suggest using MetaMask for this purpose. It is basically a software wallet that is available as a browser extension on Chrome or as an app on iOS and Android.
Currently almost every single DeFi (Decentralized finance) platform and dApps has a MetaMask support (It's That Popular) and on the plus side this wallet is incredibly easy to use once you have it set up. You can connect it to trusted DeFi platforms with ease by clicking on Connect Wallet, selecting MetaMask and approving it in the browser extension.
In my upcoming posts I will explain how to get started with MetaMask & OpenSea which includes the sign up procedures and how you can mint your very first NFT provided your an artist.
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Have A Great Day ❤️
