We all have to start somewhere! And so, this is the ultimate NFT FOR BEGINNERS guide. The one and ONLY guide you’ll ever really need on non-fungible tokens and the crypto world! So, without further ado, let us get right into it!
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NFT FOR BEGINNERS
- Blockchain and Crypto
- Non-Fungible and Fungible Tokens
- Creating, Minting, Buying, Selling, & Trading NFTs
- Types of NFTs, How They Work, & Where to Use Them?
- NFT Copyright, Counterfeits, Contracts, & NFT Standards
- Gas Fees & NFT Floor Prices
- NFT Bots & Tools
So, NFT for beginners all comes down to 7 basic chapters that you should go over. We’re going to break them down into SUPER SIMPLE, basic information. And we’ll also provide you with resources for more in-depth reading if you feel like you want to know more. However, at the end of this guide, we guarantee you will not feel like an NFT dummy anymore!
#1 Blockchain & Crypto
The very first part of NFT for beginners is understanding blockchain technology and crypto. Now, we aren’t saying that you have to understand them to the point of creating your own blockchain. But, having the basic knowledge of how blockchain works are basically all you need to know. Also, since NFTs are directly linked to cryptocurrency, you have to know all the basics. Here’s what you should know:
What is blockchain, and what is it used for?
A blockchain is a growing set of online records that keep tabs on all kinds of transactions. It is decentralized, extremely secure, and transparent. It is the heart of the infamous Bitcoin and other cryptocurrencies. Click here to read more about blockchain technology.
What are cryptocurrencies and wallets?
Cryptocurrencies are virtual or digital currencies that are based on blockchain technology. They are completely secured by cryptography which makes it near impossible to counterfeit. You use cryptocurrency to create, mint, buy, sell, and trade NFTs.
On the other hand, a crypto wallet is what you use to STORE your cryptocurrency and your NFTs. It also allows you to send, receive, and use cryptocurrency. The kind of wallet you choose depends on your needs and the type of cryptocurrency you want to use. The most popular types of wallets are those that support Ethereum tokens. Click on the links below for more information!
#2 Non-Fungible and Fungible Tokens
And, of course, NFT for beginners should involve the basic definition of NFTs. Technically speaking, NFTs stand for Non-Fungible Tokens. However, that doesn’t really cut it. What does the word FUNGIBLE even mean? Well, in a nutshell, here’s what you should know:
Basically, non-fungible tokens are unique crypto assets on the blockchain that you can NOT replicate. They have unique identifying codes and metadata to distinguish them from each other. And thus, makes them impossible to duplicate!
|– Interchangeable with other similar assets
– Mainly used for payment purposes
– A dollar bill is fungible since you can replace it with 4 quarters and still have a dollar!
– Cryptocurrencies are fungible
– Read more about fungible tokens here– Irreplaceable. No assets are the same
– Unique. You can not replace it with something of the same value
– Represents ownership of a one-of-a-kind digital asset
– Read more about non-fungible tokens here
#3 Creating, Minting, Buying, Selling, & Trading NFTs
Next, after you’ve understood the basic definition of non-fungible tokens, NFT for beginners includes creating, minting, buying/selling, and trading. Of course, no one wants to learn about NFTs just for the sake of extra knowledge. We all want to be a part of the industry, whether you’re a collector, creator, trader, or seller! There’s a little something for everyone! All you have to do is learn how to do it! Click on the links below to get YOUR pick!
#4 Types of NFTs, How They Work, & Where to Use Them?
And then, there are the different types of NFT, how they work, and how/where you can use them. Of course, you can’t just think that all NFTs come in the same shape and size. There are so many different types of NFTs out there with different uses and applications. The type of NFT you go for governs the way you can use it online!
#5 NFT Copyright, Counterfeits, Contracts, & NFT Standards
But, just because the blockchain is decentralized does not mean that there are no rules for non-fungible tokens. There may not be a middleman, but there are middle grounds and agreements. You see, at the moment, there aren’t many laws and regulations governing the virtual world. But, things like copyright laws and counterfeits still apply.
Also, every NFT comes with its own smart contract that clearly states the terms of the transaction. All of which abide by certain set NFT standards. So, everything is basically pretty organized. However, as a user, all you should worry about is sticking to the terms of the NFT contract.
This is also the thing that explains everything related to royalties and making money with NFTs!
#6 Gas Fees & NFT Floor Prices
Also, since we’ve already covered buying, selling, minting, and trading, we gotta talk about the money. NFT for beginners includes going over all the fees related to non-fungible tokens. The rule is: everything on the blockchain costs money. Whether you’re buying or selling, minting or trading, it all costs money – aka, gas fees.
But then there’s also the NFT floor price of a collection which is often pretty confusing. The floor price is the lowest price you can pay to join an NFT project. Usually, the creator of a collection sets the floor price, and it changes after minting according to the collection value!
#7 NFT Bots & Tools
Finally, the last thing you should know is how to make your life easier in the world of NFTs. Just because this guide is about NFT for beginners doesn’t mean we won’t help you cheat the system! There are so many tools you can use to get ahead of the NFT game, starting with an NFT bot! These are bots that will help you cop super hyped NFTs, especially during competitive NFT auctions! Other tools could include rarity tools, analytics tools, and tools to help you choose the right NFT!