Let’s start with the name. NFT stands for non-fungible token. Don’t worry; it’s not as complicated as it sounds. ‘Fungible’ means that something can be traded, like physical currency or cryptocurrencies. So, a non-fungible token means that this particular token can’t be traded for another one. Why? Because NFTs are digital representations of assets, and those assets can be nearly anything. An NFT isn’t a currency; it’s basically a certification of authenticity for a digital asset. Frequently, these assets are collectibles, like sports memorabilia, but they’re digital.

You might be asking why anyone would bother flipping NFTs or paying for something like this, and it’s a good question. Digital art is one of the best examples to explain this. If we think about physical art and how much people value it (think of a painting from a renowned artist like Monet selling at a world-class auction house for tens or hundreds of millions of dollars), the actual value lies in having the original. Anyone can go online and look at a digital representation of a Monet painting, but only one person in the world will be the owner of that piece. Scarcity creates demand, and NFTs allow for scarcity to be created around digital items.

Next, let’s talk about how NFTs are created and why they’re secure. If you’re familiar at all with how cryptocurrency works, then you’re well on your way to understanding how NFTs are created. NFTs use the same blockchain algorithm that cryptocurrencies like Ethereum use. This allows the NFT creator to build in unique information to each NFT, making everyone unique and distinguishable from all other NFTs. This also means that you can easily transfer ownership, and NFTs can be added together to create an entirely new NFT with its own identifiers.

Where Do NFTs Get Bought Or Sold?

Non-Fungible Token (Non-fungible Token) – NFT – Digital Art Stored on Digital Ledger (Blockchain) – Conceptual Illustration

There are a few main places for buying and selling non-fungible tokens, but more and more are popping up as this trend grows.

Rarible – This peer-to-peer platform is great for perusing collectibles and getting your feet wet in the NFT world.

OpenSea.io – Similar to Rarible, OpenSea is an established peer-to-peer NFT platform that connects artists and sellers directly with buyers.

Foundation – Foundation is a different setup than Rarible and OpenSea in that there is a cost for artists to put their work on Foundation, and they must also be endorsed by a current artist to be approved. This promotes legitimacy and high-quality work but can also mean a higher price point for buyers.

All of the platforms mentioned here require you to purchase NFTs with cryptocurrency. Not all platforms accept all forms of crypto, so you’ll have to make sure you have a digital wallet and the approved form of crypto to purchase NFTs on these platforms.

Why Are NFTs So Talked About Right Now?

More and more of our daily lives are moving online, including how we perceive value. Remember way back when, in the days that digital music was first coming out, how inconceivable it seemed then that you would pay money, like real money, never to get a physical copy of your music? Crazy! Why would anyone ever pay for something they’ll never really have, right? Cut to today, where most of us have online libraries of music the size of which we’d never have had the space to store, and it comes with us right in our pockets.

This is the type of pivot point we’re getting to with NFTs. There are an increasing number of things in the digital space that matter enough to us that we want to own them, to know for sure that they’re ours. NFTs allow us to do that in a traceable and verifiable way. It might seem like an odd concept now, but just wait until you come across a digital asset that speaks to the collector in you!

3 Main NFT Categories

Anything digital that can be tokenized can be made into an NFT, but some main categories have been established, and some have, albeit short, track records.

NFT Digital Art

Digital art is one of the most popular ways that NFTs are used. The process of creating a unique token for a piece of artwork allows the artist to verify the authenticity of the piece, thereby creating scarcity around it. On the buyer side, the NFT use of blockchain means that hacking the NFT and creating a fake is much less likely.

Of course, like physical art, there is the opportunity for hackers to “forge” artwork, but it becomes much less likely using blockchain. Similar to art, NFTs can be used to prevent the counterfeit selling of luxury goods, such as rare wines and whiskies. Wine and whiskey NFTs not only ensure the authenticity of these ultra-premium products but also reduces the risk of damage to the product because they must be securely stored when backed by an NFT**.**

NFTs In Real Estate

NFTs in real estate are broken into two categories, entire asset (EA) and fractional ownership (FO). Fractional ownership NFTs are more common because they essentially work as stock in a company. You could purchase an NFT representing a portion of a real estate company, and you would be paid out accordingly based on profits. In this case, an NFT is treated similarly to stock and is intended to be registered with the Securities and Exchange Commission.

Entire asset NFTs are much more complicated because we don’t have the class of ownership in place yet to tokenize an entire property.

Here’s a fun, very 21st-century concept—online real estate. Metaworld platforms like Roblox and Decentraland are virtual worlds that now offer real estate opportunities. Essentially, they work just like physical world real estate. There are a limited number of parcels available in varying locations, and they are bought and sold as NFTs. The future is here.

NFTs In Gaming

Gamers, get ready! Going on quests and winning battles with game characters that are in themselves NFTs can now earn you crypto, which you can exchange for traditional currency. Axie Infinity is a great example of one of these types of games, where characters are NFTs called Axies, and their trainers win more in battles or breed new ones from their existing Axies. These trainers can then sell their Axies to other players.

Another significant way the NFTs show up in gaming is in wearables, like sneakers. Digital artists create 3D sneaker designs that players can wear in games like Fortnite. The train doesn’t stop at shoes, though. Game skins, avatars, and all kinds of in-game options are being created and tokenized.

What About Music NFTs?

NFTs in music are a potentially game-changing swing in the industry for musicians. By tokenizing their work, artists can monetize their songs while at the same time bringing fans on board for the journey of that piece of work. An additional benefit is that an NFT can be created or “minted” with programming that automatically gives the musician a royalty each time the NFT is sold. Given the significant challenge that digital music has presented artists with over the past two decades, tokenizing their work could be a great way to help ensure our favorite musicians are getting paid for their work.

Can I Make Money On NFTs?

Simply put—you can. But, they can also suddenly become worthless with no notice. The value of an NFT is in what someone else is willing to pay for it. Once you’ve purchased one, you can’t simply trade it in for a cryptocurrency, exchange that for real-world money, and be on your way. You have to find someone who sees value in whatever your NFT represents and is willing to purchase it.

Of course, this can be likened to any number of real-world examples. Say you purchase a home, and then a massive overpass is put up right next to it. Your property value won’t be zero, but it will lose value because the perception will be that it’s now less desirable and therefore worth less than it was when you paid for it. Or, to make it even more simple—Beanie Babies, anyone?

The Future Of NFTs

NFTs have only been around for a few years and have only started becoming more mainstream in the recent past, so predicting their future use is murky at best. There are essentially two camps—those that think NFTs will be adopted as commonplace and will revolutionize the way we interact online, and those that believe NFTs will go the course of the Beanie Baby.

The notable difference between something that is purely a collectible, like the classic Beanie Baby example, and NFTs, is that NFTs can be used to verify the ownership and authenticity of an individually created product like art or music. NFTs have more of a function than a traditional collectible, so what happens remains to be seen!

Now that you have the nuts and bolts of what an NFT is, how they are made, and where to find them, you can decide whether this is an experiment that you’ll be trying for yourself or whether you’ll let some more time go by before dipping your toe into the NFT waters.

Article by Pamela Tatam

Source: Porch

Ethereum(ETH)

With the advent of WEB 3.0 and Ethereum 2.0, Ethereum is set to become the most popular and most used cryptocurrency. Then there’s the Ethereum Naming Service. Look just own 0.01 of ETH. Please do. Ethereum is that crypto that has so much potential. It can be used for so many things. Most metaverse tokens are built on Ethereum. Most Defi tokens are built on Ethereum. This should tell you something about the coin. So just make an effort to own this. Even just 0.01 ETH. That’s enough.

Bitcoin(BTC)

Bitcoin is the biggest crypto right now and it still has the potential to grow. Buy it now and forget about it.

Metaverse Index Token(MVI)

The metaverse is hyped right now. I believe it’s going to continue to grow. Buy this and you should be good.

Others to include that have potential: Dogecoin, Solana, Decentraland, Binance Coin, Uniswap, Binance USD, and Shiba Inu

NB: This article is not financial advice. Do your research. I recommend you start with Web 3.0, Metaverse, and Defi.

To finalize, if you’d like to invest in the aforementioned cryptocurrencies then invest with Binance and get 5%: Buy and Trade Crypto With The Best Exchange: Binance

Have a great day everyone!

Photo by Executium on Unsplash

I believe these have the ingredients necessary to 10x or even 100x before the end of the year.

1. Ethereum(ETH) - Because of the Ethereum 2.0 upgrade
2. Bitcoin(BTC) - Gut feeling
3. Solana(SOL) - Speculation
4. Decentraland(MANA) - Specifically because of all this metaverse hype
5. Illuvium - Gut feeling
6. Pancake Swap - Speculation
7. Chainlink - Speculation
8. Metaverse Index Token(MVI) - Metaverse hype
9. Moonriver - Gut feeling
10. Dogecoin and Shiba Inu - Speculation paired with recent findings
11. Polygon
12. Sandbox
13. Binance Coin - Good to have if you are using Binance

Always research before applying any advice you read/watch online. Plus develop an investment strategy and allocate a percentage of funds that should go into speculations.

Want to invest in these? Register for Binance, the best crypto exchange!

The “metaverse” might be a new term for many, but it has actually been around for decades. The metaverse is the zenith of all science fiction fantasies that were played out in films such as ‘Ready Player One’, ‘Sword Art Online’ and ‘Tron.’

It’s therefore not a surprise that companies such as Facebook are investing heavily in the metaverse. But, what exactly is the metaverse, and what tokens should you know about if you are looking into investing in it?

Read on to learn more about the metaverse and what investment opportunities exist in the crypto markets that provide you with exposure to the growth of the metaverse.

What is the Metaverse?

Before we take a look at the metaverse investment options you can consider, let’s first take a look at what the metaverse is.

The metaverse is a convergence of both our physical and digital lives — a new phase of the Internet that will see the coming together of augmented reality (AR), extended reality (XR), and virtual reality (VR) with our physical world.

The world as we know it today will change greatly with the arrival of the metaverse. The metaverse will provide an alternative digital universe where human beings will not only be able to live and work in, but also play.

So, why should you care about the metaverse?

As an investor, why should you invest in it? According to Bloomberg, the metaverse’s market size is expected to grow to $800 billion dollars( 89 Trillion Kenyan Shillings) by the year 2024. This signifies how lucrative the metaverse could become in the coming years.

But, what metaverse investments can you make? How can you get started investing in the metaverse? What tokens should you consider investing in?

Decentraland (MANA)

A metaverse token you should know about is MANA, Decentraland’s token.

Decentraland is a blockchain-based virtual reality platform where users get to buy, sell, and develop land, all while playing games, creating content, and interacting with each other.

Decentraland is the biggest virtual universe in the NFT space and is represented as a non-fungible ERC-71 token known as LAND. Each parcel of LAND on Decentraland is unique and owners can choose what they get to do with their portion of land.

Users can purchase LAND on the platform using MANA. Besides being used to purchase LAND, MANA is the main token used in Decentraland. As a native utility token, it’s used to pay for goods and services. It’s also built on Ethereum and can be bought and sold for other cryptocurrencies or for fiat currency.

MANA’s total supply is fixed at 2.6 billion MANA. That means that there will never be more than 2.6 billion MANA at any given time.

Axie Infinity (AXS)

Axie Infinity is an NFT-based online video game that uses the Ethereum-based digital tokens AXS and SLP. In the play-to-earn game, players breed, raise, and battle their digital pets known as Axies. The Axie Infinity game uses the governance token AXS.

Token holders are able to vote and shape the direction of the game world. This is different from traditional games, where the game developers make all the decisions. AXS owners are not only able to stake their tokens and earn more, but they are also able to vote for different governance proposals.

The Axie universe also uses the Smooth Love Potion (SLP) token. The SLP token is primarily used for breeding purposes. Players can earn the SLP token by winning adventures and battles in the game. The main difference between the SLP and AXS token is that it’s not a governance token. Hence, it’s not used to vote. The AXS token has a total supply of 270 million.

Enjin Coin (ENJ)

Enjin Coin is another metaverse token that you could look into. It’s an Ethereum-based token that seeks to make it easy for individuals, brands, and businesses to use NFTs. However, NFTs that are built with Enjin use the ERC-1155 standard, which is different from the commonly used ERC-721 standard.

NFTs minted within the Enjin environment are directly backed by ENJ. ENJ is the native currency used on the platform. Whenever a new NFT is produced on the network, a certain amount of ENJ is minted into the token. These locked funds are what give the newly built tokens real-world value.

Additionally, Enjin recently raised close to $19 million that will be used to build Polkadot-based blockchain for NFTs. ENJ token has a maximum supply of 1 billion tokens.

The Sandbox (SAND)

With a maximum supply of 3 billion, SAND is another token that should be on your metaverse radar. The Sandbox is a virtual world that, like most platforms on this guide, is built on the Ethereum blockchain.

On the platform, players are able to build, monetize, and own their gaming experience. The platform uses the SAND token, which is an ERC-20 utility token that is used for governance, staking, and transfers.

Star Atlas (ATLAS)

Star Atlas is a huge online multiplayer game that occurs in a virtual gaming metaverse. The game is built on Unreal Engine 5 and features real-time, cinema-quality environments.

In the game, there are three major factions that exist and are competing for control and resources. The game is also partly a flight simulation and also allows for role-playing.

The Star Atlas game is currently being built on the Solana blockchain and players will use the ATLAS tokens. ATLAS tokens will be the in-game currency that will be used to purchase assets as well as buy NFTs in the NFT marketplace. The ATLAS token has a maximum supply of 36 billion.

Metaverse Index (MVI)

The Metaverse Index (MVI) token is another interesting example of a metaverse token. Represented by an ERC20 token, the token is built to capture the trend of business, entertainment, and sport migrating to virtual worlds.

With the MVI token, owners are able to get exposure to a wide variety of tokens from various crypto projects that encompass sectors like online gaming, NFTs, and virtual worlds.

Think of the Metaverse Index token as a metaverse ETF but for the crypto markets. The Metaverse Index token has a maximum supply of 39,602 tokens.

Source: 7 Metaverse Tokens By Trust Wallet Blog

To buy any of these cryptocurrencies I suggest you use Binance.

Binance is a cryptocurrency exchange that is currently the largest exchange in the world in terms of the daily trading volume of cryptocurrencies.

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1. Bitcoin(BTC)

2. Ethereum(ETH)

3. Dogecoin(DOGE)

4. TetherUS(USDT)

5. Ripple(XRP)

Go check them out, especially with Dogecoin. Implement the HODL technique. This drop and rise so don’t be afraid and only invest money you don’t mind losing.

To buy these I suggest you try Binance using this link, you’ll get 5%: Binance

See you next time. Stay safe!