NFT for dummies: Let’s start from the beginning!

Let us explain to you what is NFT, and we promise we won’t get boring. We have all read and heard the phrase “NFT stands for non-fungible tokens”, but did you understand it from the first time? Of course not, so let us spill it to you in a “nonfancy way”. Here you will find out what is NFT, its importance it, and HOW TO BUY YOUR FIRST NFT.

The “non-fungible” term in human language

“Fungible” means that something is interchangeable with another unit of that same asset. For example, if you change your 10 dollar bill with your friends’ 10 dollar bill nothing changes. Both bills have the same exact value, and this is fungible.

So a non-fungible asset refers to something of a distinct value, something that is unique and there is no other like it. This is where the non-fungible tokens and blockchain come on stage. A non-fungible token allows us to create a digital certificate that represents a unique asset. This can be a photo, an audio file, a painting, a drawing, a cartoon, a movie, basically anything you wish for.

This way we can create proofs of authenticity for digital content that can be owned, bought, sold, and traded. The tokens are stored on an open and distributed blockchain, so everything is available to the public. We can all know what digital wallets own what tokens at any given point in time, of course without revealing personal information.

NFT as the best way of earning and expressing yourself

Imagine someone trying to sell you a painting from Picasso. They promise you that is the original, but you can’t believe their word, so you hire professionals that are here to determine the authenticity. It’s not easy for them and they tell you that they are not 100% sure, what you do? Search for some other professional that can give you better advice, skip the deal, or buy

Well, this can’t happen with an NFT Art!

When an NFT is attached to a work of digital art, you can be 100% sure that is the original. If you screenshot a digital artwork with an NFT, that screenshot will never be the original. Quite simply, the screenshot won’t have the cryptographic token, the NFT, attached to it. Anyone can easily identify any copy as fake because it wouldn’t be identified on the blockchain. No team of experts is needed to verify this, it will save you time, money, and a good night’s sleep.

How to buy your first NFT

First set up a MetaMask Wallet

In order to buy an NFT, you need to have a wallet. In our case, we will explain how to create a MetaMask wallet. First, go to the MetaMask site and click on “Download”. Choose your preferred browser or mobile application and install the MetaMask extension.

MetaMask supports iOS, Android native apps along with Chrome, Firefox, Brave, and Edge browser extensions. Click on the MetaMask extension and click on “Get Started”.

Click on “Create a Wallet” and on the next window click on “I agree” if you would like to help improve MetaMask or click on “No Thanks” to proceed.

Write down the seed phrase for your wallet. And remember NEVER LOSE IT OR GIVE IT TO SOMEONE ELSE. Write it down and store it somewhere safe.

If you lose your seed phrase, MetaMask can’t help you recover your wallet and your funds will be lost forever. Confirm your secret backup phrase by clicking on each word in the order in which the words were presented on the previous screen. Click on “Confirm” and you are all set.

How to buy your NFT on OpenSea

Send over the ETH to your MetaMask Wallet. Go to OpenSea and click on connect your wallet. Your Ethereum wallet address acts as a username and password and lets you interact with certain platforms like OpenSea. Once you’ve connected your wallet, you’re ready to start browsing the market and placing bids!

Get browsing! Prices range from essentially free to hundreds of thousands of dollars or more for a rare item. Some items are sold via auction, while others can be snagged immediately via a “buy now” button.

Even if the NFT is free or cheap, you’ll still have to pay fees to make the transaction happen. Most of the digital collectibles on OpenSea use the Ethereum blockchain, and the network charges a “gas” fee for transactions like NFT sales. Gas prices rise and fall depending on how busy the network is.

Choose an NFT you like and make sure you have extra ETH to cover fees. Once you buy it, you can access the NFT via your crypto wallet until you decide to sell it.

“Oh no everyone is sharing my NFT” Well good for you!

If someone is copying your NFT Art or is using it as a meme, and simply puts it on the internet this is not bad news for you at all. Imagine you own a jersey from a college basketball player, it’s signed by him, you own the jersey but not of course the player. Years pass and the basketball player excels in his career. Now he is worth millions, he is famous and everyone loves him. What do you think how much your jersey is worth now? We’ll say a lot more than the beginning.

So, long story short, if the popularity of your NFT Art increases so does its value. So you better pray for it to become a meme.

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