INTRODUCTION TO NFTs for a total beginner -What are NFTs for real



Key points you’ll get in this article

- What is an NFT ?
- Why it is unique
- What is Minting ?
- NFT Terminologies you must know
- Apps you need to create, sell or buy NFTs
- Where NFTs are sold ?
- Finally, an offer. A giveaway class on How to Create, Mint, and Sell your own NFT on OpenSea

Following the recent news about picture NFT sales everywhere, you've probably been getting the buzz about NFTs and just like every newbie, you're totally confused about ways to jump into the market and make some thousands of dollars for yourself. Well, read this.


First of all I'll say, if you're an absolute novice, like you know nothing about NFTs and crypto stuffs, go to this FREE class I held on Telegram and learn what it is first, then come back and read this one. If not, you won't understand jack.

It is absolutely free.
Here's the link.
https://t.me/DEXA_Academy/7321

🔻Non-Fungible Tokens or NFTs as they are popularly known are "transferable" "digital representations" of assets that are designed in a way that prohibits their copying or duplication (Crypto Graphic), which are built and exists on the blockchain.

No two NFTs are the same.
Meaning that each NFT is unique from the other and they can Never be the same despite their resemblance or exact design.

i.e, I can save and mint the exact trending pictures of the old drummer, yet the blockchain sees mine as a different asset and it can not be worth the same thing as the original one that was sold.

🔻To break down each aspect of the word for you.

The ‘NF’ in NFT stands for non fungible, meaning the item is non replaceable as the item is 1 of 1 and can’t be readily substituted for another.

On the contrary, Fungible means the item is replaceable and can be interchanged; this means there are numerous items that hold the same value and you would not care which fungible item you possesed as they are of equal value.

However, NFTs are NON fungible.

🔻The ‘T’ in NFT stands for token and encodes the ownership of the item; think of this as a digital stamp certifying you are the owner.

This digital certificate is stored on a distributed database known as the "blockchain", which I have covered with more beginner depth in this FREE Telegram class

https://t.me/DEXA_Academy/7321

Tradable NFTs can be anything from Music, Video, Paintings, Digital arts, pictures, GIFs, etc.

🔻- Apps you'll Need

Every niche have their specific work tools, and these tools do different things to ensure effective delivery. Just like graphic designers use Canva, Photoshop, etc.

In NFT, there are some essential apps needed. Some of them are;

1). A Crypto wallet: You need this to safely store your NFTs and gain entry into decentralised peer-to-peer NFT marketplaces.

Examples of those apps are Trust Wallet, Metamask, Phantom, etc.

2. Discord or Telegram; you need this in order to dessimate information about your project, build a community or join other communities, plus get info.

🔻Terms you must get used to.

- Minting

This simply entails publishing your NFT as a token on the blockchain by interfacing or communicating with the mint contract of the NFT. You do this with the aid of a crypto wallet and payment of gas fees for the blockchain you're using, in order to verify the mint transaction.

🔻There are difficult mint types, they are;

🔻- Whitelist mint:

This idea was conceived in order to cut down gas fee wars when minting an NFT. A whitelist is a compilation of different privileged addresses that are given access and have guarantee to mint an NFT within a specific period of time. It can be free or paid.

🔻- Paid mint:

in this type of mint, there's already a stipulated price needed to own an NFT in the collection.

🔻- Free mint:

This type is currently popular, specifically on the Arbitrum blockchain. You only need to pay a certain transaction fee to miners to mint the NFT.

🔻- Dutch Auction:

in this type of mint, the price of the NFT begins at an initial point known as the ceiling, and reduces by a fixed price over a certain period of time untill it gets to its lowest point and finally becomes sold out. This helps in reducing gas wars too.


🔻- Public mint:

This mint is open to all and sundry who are interested in buying an NFT from the collection. It always has the issues of high gas fees that are paid to carry out a mint transaction as a result of congestion on the blockchain’s network due to a lot of people trying to mint.

🔻- Grinding:

This term is popularly used in the NFT space. it entails a specified amount of interaction a user is required to have within the community of an NFT project, in order to have access to rewards and giveaways, which can include being added to the whitelist.

🔻- Buying Whitelist Tokens:

This is more prominent within the Solana NFT space, unlike Etheruem. In this scenario, immediately an address gets included in the whitelist, a particular token is airdropped (sent out) to that address to indicate proof of your eligibility and ability to mint that NFT.

You can chose to mint the NFT in question with it, or list it for sale on a whitelist token marketplace. The very popular one is the Famous Fox Marketplace. - famousfoxes.com.

🔻- Selling your first NFT.

Despite all this information you have about NFTs, the most satisfying thing that can happen to you in this space is definitely to sell out your NFTs and make good profits in dollars.

It is similar to the regular buying and selling of goods where you would require a marketplace, however, in this case, you'll also have the need for any of the digital wallets I mentioned above, in order to connect to the marketplace of your choice.

Different marketplaces currently exist for different blockchains, with the most talked about and traded by volume, being Opensea, LooksRare, Foundation, Magic Eden, Binance NFT market place, etc.

In the market place, you set a price that you would love to sell your NFT, mint it, market it and then wait patiently for a collector or buyer to purchase it and then you cash out.

🔻Anywhere money moves, there are risks, so be careful. Watch out for scammers in your community groups. Don't interact with links and do not share the seed phrase of the wallets holding your funds and assets or even any wallet at all.

Don't get scammed and don't just buy anything you see.

While you're on the job, also remember to connect with amazing people in the space. Make friends and acquaintances. Learn from successful projects. Be patient and keep working.

Hope you learnt something already.

If you'll love to learn how to create, mint and sell out your own NFTs on the opensea market place for some thousands of dollars, I'll be organizing and almost Free class for ($50) 25,000 Naira. First 50 people will get to pay just 10$ (5,000 Naira) only.

Join this whatsapp group now IF YOU'RE READY!!

https://chat.whatsapp.com/Cl11cufup3eB0G1tw5f8CM

Written by Mr Awesome

(Victor Kelechi Kingsley)

Comments

  1. I will share it with my other friends as the information is really very useful. Read more info about NFT Marketplace USA. Keep sharing your excellent work.

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