As word spreads about the rise of Non-Fungible Tokens (NFTs), we’re fielding more and more questions from artists and creators looking to sell their work on the blockchain. For many, the first steps can be tricky to overcome. Crypto wallets? Ethereum? We’ve all been there.
What is NFT??
NFT stands for a non-fungible token, which means that hidden in those quirky artworks, there is a totally unique and non-interchangeable unit of data stored on a digital ledger that uses blockchain technology to establish proof of ownership. NFTs are collectable digital assets that hold value, just like how physical art holds value, so do NFTs.
NFTs are a lot like cryptocurrencies such as Bitcoin and Ethereum. However, an NFT is completely unique, and it can't be exchanged like-for-like, which is where non-fungible starts to make sense. The file stores extra information that elevates it above pure currency and brings it into the realm of, well, anything, really.
Any kind of easily reproduced digital file can be stored as an NFT to identify the original copy, like photography, art, music, videos, tweets, and even memes. You can make NFTs from almost anything unique that can be stored digitally and holds value. They're like any other collector's item, like a painting or a vintage action figure, but instead of buying a physical item, you're instead paying for a file and proof that you own the original copy.
Key Terms in NFT's :
Non-Fungible Tokens (NFTs) – Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. Examples of NFTs include digital art, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, and more. For further information on NFTs and how we got here, read our CEO’s ever-popular overview.
Ethereum – Ethereum is a blockchain, and ETH is the currency used to make transactions on the Ethereum blockchain.
Gas fees – Think of gas fees as Ethereum blockchain transaction costs. OpenSea has no say in setting gas fees – they are determined by supply/demand across the network (blockchain).
Crypto wallet – A crypto wallet is an application or hardware device that allows individuals to store and retrieve digital assets.
Wallet address – Your wallet address is unique. It’s the address people will use when they are sending crypto or NFTs to your crypto wallet.
Secret recovery phrase – Your secret recovery phrase is a list of words that can be used to recover your crypto should you forget your password or lose access to your wallet. When you first begin trading with your wallet, find your secret recovery phrase and back it up somewhere safe, in multiple locations if possible. Don’t store your secret recovery phrase on an online cloud storage service and never share it with anyone.
Collection – A collection is a body of work, like a store or gallery. If you see someone refer to an OpenSea collection as a store or gallery, don’t get confused – it’s all the same. We use the term collection to keep things simple.
User safety
Cryptocurrencies and blockchains offer many benefits but it’s important to do your research on how to safely store funds and digital items before you dive in. The crypto and NFTs in your wallet are your responsibility. Never share your password or seed phrase with anyone.
Here are my some NFT's minted you can check this out on OpenSea.
- https://opensea.io/assets/matic/0x2953399124f0cbb46d2cbacd8a89cf0599974963/111362574550312683311562156887543740386582237070482159070603033665699716268035/
- https://opensea.io/assets/matic/0x2953399124f0cbb46d2cbacd8a89cf0599974963/111362574550312683311562156887543740386582237070482159070603033663500693012485/
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