Are you a crypto user and lover yourself? Have you ever heard or have you ever used NFTs before? NFT stands for a non-fungible token that is a unique and non-interchangeable datum stored on a digital ledger.
NFTs are rivaling Bitcoin, as well as some other big and major cryptos that are out there on the market. They have been a talked-about topic recently, and almost everyone has enjoyed the hype around them.
If you want to know all there’s to it and you’re intrigued by its value & selling point, keep on reading as we discuss everything down below.
Top 8 key facts that you need to know about NFT’s
1. To begin with, what is an NFT?
In economics, a fungible asset is something with units that can be readily interchanged – like money. This means that your $20 bill can be swapped for 2x $10 bills. If something is non-fungible, you can’t change its value, performance, or primary use. This means that you can’t make any change to this token.
NFTs are “one-of-a-kind” assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own. NFT is also thought of as ownership or a certificate that proves authenticity to the user, leaving it with sentimental, important, and financial worth.
2. How can you buy NFTs?
Buying them is quite easy and the process is simple since all you have to do is place your bet on your chosen site. It is a lot like eBay where the highest bidder takes the prize home. In some cases, there is also the buy now option.
Its price is usually listed in decimals of ether or the dollar value. However, you as a user or a potential future buyer should know that this dollar value can change frequently due to the volatility of the cryptocurrency trading price at any given time.
Make sure that you are careful with your first and initial purchase, just so that you get used to the process.
3. Where can you buy it?
The market is huge and quite big for NFTs, meaning that you can see their impact on sports, leagues, and some popular games. However, each new site that you visit will have its own set of rules and unique wallet requirements for you to follow. You can’t use just any wallet, but you can find a crypto wallet that is highly popular and accepted.
A crypto wallet is used to send and receive other cryptos, but also NFT itself. The wallet could be built into your web browser, a browser extension itself, or an app on your phone. Do your research before you end up buying something big or making a serious move.
4. Is it hard to buy it?
Today, most NFTs are purchased with ether (ETH), the native currency of the Ethereum network, which is easily converted to U.S. dollars on exchanges like Kraken or Gemini. Many users who have used any cryptocurrency thus far will know how to operate an NFT as well. The most popular sites for buying NFTs are:
- OpenSea
- NiftyGateaway
- Rarible
- Foundation
- SuperRare
- AtomicMarket
- Async Art
- Mintable
5. How can you make an NFT?
Did you know that you can create your own unique kind and put it online for the world to see or buy? If you want to make one yourself you will need to spare some time on the side and invest it into creating something fun & unique.
Do you wish to create an image, video, or music file, or something else? Take your time with your creation. Once you’re ready to upload pre-fund your crypto wallet and go to a site that works with your chosen currency. You may also be subject to gas fees when minting your NFT, but these can differ from platform to platform.
6. How to sell it?
There are two ways when it comes to selling it:
1) Trade an NFT that you have bought
2) Sell it if you have already minted
You can resell NFTs on the secondary market, just like anything else you would own. The only issue that you have to worry about and pay close attention to is that the crypto wallet is properly set up and with the same value as your currency.
If you don’t have to sell it right away (meaning that you are financially stable) rather hold onto your new token. In some cases, its value can go up, especially if you’re trading a meaningful and unique artwork.
7. Why do people often shop & buy NFTs with cryptos?
There’s simply a huge overlap between those interested in digital coins and those interested in NFTs. During the last couple of months, everyone has gone wild about these cryptos and their value has skyrocketed.
Much of the criticism of NFTs comes from the traditional art world because it’s scared of disruption. Even some musicians are jumping on this value, along with YouTube stars & content creators.
For some big players & high bidders, their love and appreciation for a song, painting, or a picture can be shown and expressed with the NFT, meaning that’s become a huge flex in the industry.
8. Do you need a hand when it comes to your crypto?
As you were able to tell, cryptocurrencies and NFT’s will depend a lot on a trustworthy wallet. Do you have one where you can store your virtual money? Check out Crypterium since you can get a free wallet for Bitcoin or other 19 cryptocurrencies.
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