Basic knowledge about NFTS
What is an NFT?
- An NFT is a unique digital asset. NFT stands for Non-Fungible Token.
Can’t I Just right click Save the JPEG?
-well yes. You can screenshot (right click save) an NFT, but this does not give you the ability to buy and sell the NFT
- on the blockchain. It can’t replace the original. For example Pokémon cards can be copied, but only the originals are rare. And can be sold for $50k+ The same can be said about NFTs.
What is Minting and how do I Mint an NFT?
- Minting an NFT can be equated to buying coins at ICO (initial coin offering) usually a fixed price ( common prices are 0.05 - 0.1 ETH ) or a Dutch auction before… it increases in value on the secondary market.
-A Dutch auction is one of several similar types of auctions for buying or selling goods. Most commonly, it means an auction in which the auctioneer begins with a high asking price in the case of selling, and lowers it until some participant accepts the price,
or it reaches a predetermined reserve price.
-Minting is usually done on a project’s website or minted through the projects smart contract on etherscan
- after minting your NFT,nobody can mint that specific NFT. They would have to buy it from you on secondary (opensea,Looksrare)
What is a Whitelist?
- A whitelist gives you access to a guaranteed, but not free, mint. Usually giving to people who found a project early or engaged community members.
What is a Gas Fee?
- Gas is essential to the Ethereum network. It is the fuel that allows it to operate, in the same way that a car needs gasoline to run. These cannot be refunded and do not go to the seller or buyer,
they go to the Ethereum miners who provide the necessary equipment to verify transactions and keep the network running.