NFTs and everything you need to know about them

Did you know that a png or gif can be sold at $50,000? In case you don't then it's time for you to start exploring the world of crypto and NFTs.

@Beeple recently sold an NFT for $69 million. Yeah, you read that right.

Introduction

NFT stands for Non-Fungible Token. Yeah, it's a pretty big word. Look at NFTs as art pieces, except instead of being hung in museums, they are digital just like your phone's wallpaper or random pictures you download from the Internet.

A digital art NFT by the BoredApeYatchClub 👆🏻

So what makes NFTs so special. NFTs are digital assets that are assigned digital signatures which makes them unique. It represents the ownership of a real-world item like a music file, an artwork, a video, etc. This allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud. The asset itself can be replicated by the owner, but there are records of ownership stored publicly where everyone can see the certificate of ownership.

The average cost of NFTs varies between different marketplaces; from $900 on Mintable to $500 on OpenSea, and $150 on Valuable among others.

Even so, the cost of NFTs is usually high during weekdays. So it's best to sell during weekdays and buy on weekends.

Terms used in NFT

🔥 Minting

Basically, Minting is the process of creating an NFT on the blockchain.

🔥 Gas

The fee most NFT platforms charge for making transactions. So when transferring crypto to another wallet or purchasing an NFT (eg on OpenSea), you'll need enough Ethereum (ETH) to make the initial transaction and also to pay for gas fees. Gas prices in Ethereum are denoted by a unit of Gwei

🔥 MM

Stands for MetaMask. This is the most popular Ethereum wallet in the NFT community.

🔥 OS

OS is shorthand for OpenSea, the leading NFT marketplace on Ethereum.

🔥 Paper-hands

Although not an NFT-specific term, paper-hands refers to someone who sells something (eg a cryptocurrency or an NFT) at a very low price.

🔥 Rugpull

It's a scam where the creators of a supposedly legit project disappear with all the money immediately after launch. You might get an actual NFT in return but it's very likely worthless because it might not sell on secondary marketplaces or is not tradeable.

🔥 Whale

A whale is someone with a lot of money or crypto which is or isn't invested in a high-value NFT project. So someone with 1000 ETH in their wallet is considered a whale in the NFT ecosystem.

🔥 Ded

A term used to describe a project that has been "rug pulled" or "rugged".

Conclusion

NFTs are a great way to make some extra cash especially if you are a digital / 3D artist. I made my first NFT and I'm patiently waiting for someone to buy that crap I call art 😅

Thanks for reading 😇 and I hope you found this article useful 🦄.

If you have any questions Let's have a chat 💬

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