{"version":"https://jsonfeed.org/version/1.1","title":"Stephen Ajulu","home_page_url":"https://ajulu.netlify.app/","feed_url":"https://ajulu.netlify.app/tags/non-fungible-token/feed.json","description":"Hello, I'm Stephen Ajulu, a seasoned multidisciplinary tech professional with over a decade of experience. I build impactful solutions using design, tech, and engineering in the pursuit of impact.","icon":"https://ajulu.netlify.app/images/me.jpg","authors":[{"name":"Stephen Ajulu","url":"https://stephenajulu.com","avatar":"https://ajulu.netlify.app/images/me.jpg"}],"items":[{"id":"https://ajulu.netlify.app/posts/the-future-of-daily-tech-how-nfts-will-impact-your-future/","url":"https://ajulu.netlify.app/posts/the-future-of-daily-tech-how-nfts-will-impact-your-future/","title":"The Future of Daily Tech: How NFTs will Impact Your Future","summary":"The world of tech is constantly evolving, and one of the most exciting developments in recent years is the rise of Non-Fungible Tokens (NFTs).\nNFTs are a type of digital asset that use blockchain technology to verify ownership and uniqueness, and they are quickly becoming a hot topic in the tech world. In this article, we will explore the future of daily tech and how NFT technology will be a part of our daily lives.\n","content_html":"\u003cp\u003eThe world of tech is constantly evolving, and one of the most exciting developments in recent years is the rise of Non-Fungible Tokens (NFTs).\u003c/p\u003e\n\u003cp\u003eNFTs are a type of digital asset that use blockchain technology to verify ownership and uniqueness, and they are quickly becoming a hot topic in the tech world. In this article, we will explore the future of daily tech and how NFT technology will be a part of our daily lives.\u003c/p\u003e\n\u003ch3 id=\"introduction\"\u003eIntroduction\u003c/h3\u003e\n\u003cp\u003eAs we move further into the digital age, more and more of our daily lives are taking place online. From shopping to socializing to working, the internet has become an integral part of our daily routine. With the rise of NFTs, we are now seeing a new era of digital ownership and value, and this is set to have a profound impact on how we interact with technology in the future.\u003c/p\u003e\n\u003ch3 id=\"what-are-nfts\"\u003eWhat are NFTs?\u003c/h3\u003e\n\u003cp\u003eBefore we dive into how NFTs will be used in daily tech, let\u0026rsquo;s take a moment to define what they are. Non-Fungible Tokens are a type of digital asset that is unique and cannot be replicated. They are created using blockchain technology, which verifies ownership and ensures that they are one-of-a-kind. NFTs can take many forms, including artwork, music, videos, and more. They can be bought, sold, and traded just like physical assets, and their value is determined by supply and demand.\u003c/p\u003e\n\u003ch3 id=\"how-will-nfts-be-used-in-daily-life\"\u003eHow will NFTs be used in daily life?\u003c/h3\u003e\n\u003cp\u003eThe potential uses for NFTs in daily tech are vast and varied. Here are just a few examples of how NFT technology could be integrated into our daily lives:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003e\u003cstrong\u003eDigital Ownership\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eOne of the most significant ways that NFTs will be used in daily tech is through digital ownership. With NFTs, individuals can prove ownership of digital assets, such as artwork, music, and videos. This will enable creators to sell their work directly to consumers, cutting out middlemen like record labels and art dealers. Consumers will have the assurance that they are purchasing a one-of-a-kind item, and creators will have a new revenue stream.\u003c/p\u003e\n\u003col start=\"2\"\u003e\n\u003cli\u003e\u003cstrong\u003eGaming\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eGaming is one area where NFTs are already being used extensively. NFTs can be used to represent in-game items, such as weapons, armor, and skins. This means that players can buy, sell, and trade items with each other, just like physical assets. In addition, NFTs can be used to represent unique in-game achievements, such as completing a difficult quest or reaching a high level. This will give players a new way to show off their accomplishments and could lead to a more competitive gaming landscape.\u003c/p\u003e\n\u003col start=\"3\"\u003e\n\u003cli\u003e\u003cstrong\u003eReal Estate\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eAnother area where NFTs could have a significant impact is real estate. With NFTs, individuals can prove ownership of digital assets, such as virtual real estate. This could lead to a new era of virtual property ownership, where individuals can buy and sell virtual real estate just like physical real estate. This could be especially appealing in the world of virtual reality, where individuals can create and own their own digital spaces.\u003c/p\u003e\n\u003col start=\"4\"\u003e\n\u003cli\u003e\u003cstrong\u003eIdentity Verification\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eNFTs could also be used for identity verification. With NFTs, individuals can prove ownership of their digital identity, such as social media accounts, email addresses, and more. This could help prevent identity theft and give individuals more control over their online presence.\u003c/p\u003e\n\u003col start=\"5\"\u003e\n\u003cli\u003e\u003cstrong\u003eContent/File Verification\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eVerification is becoming increasingly important in the digital age, especially as we face challenges such as deep fakes and AI-generated content. These technologies make it easier than ever to create content that is indistinguishable from the real thing, which poses a significant threat to our ability to trust the information we consume online. One potential solution to this problem is the use of NFTs. Because NFTs are created using blockchain technology, they are virtually impossible to counterfeit. This means that NFTs could be used to verify the authenticity of digital content, such as photos, videos, and audio recordings.\u003c/p\u003e\n\u003col start=\"6\"\u003e\n\u003cli\u003e\u003cstrong\u003eIntellectual Property Protection\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eNFTs can also be used to protect intellectual property, such as copyrighted works or patented inventions. By using NFTs to establish ownership and authenticity, creators can protect their intellectual property and prevent unauthorized use.\u003c/p\u003e\n\u003col start=\"7\"\u003e\n\u003cli\u003e\u003cstrong\u003eSupply Chain Management\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eNFTs could also be used for supply chain management, which would help ensure the authenticity and traceability of goods. By using NFTs to track the movement of goods from production to consumption, companies could more easily prevent counterfeiting and ensure that goods are ethically sourced.\u003c/p\u003e\n\u003col start=\"8\"\u003e\n\u003cli\u003e\u003cstrong\u003eTicketing and Event Management\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eNFTs could be used to create verifiable digital tickets for events, such as concerts or sports games. By using NFTs to represent tickets, event organizers could more easily prevent fraud and ensure that attendees have a seamless experience.\u003c/p\u003e\n\u003col start=\"9\"\u003e\n\u003cli\u003e\u003cstrong\u003eEducation\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eNFTs could also be used in education, by providing a way to track the authenticity and ownership of digital credentials, such as diplomas or certificates. This would help prevent fraud and make it easier for people to verify their educational achievements.\u003c/p\u003e\n\u003col start=\"10\"\u003e\n\u003cli\u003e\u003cstrong\u003ePersonal Finance\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eNFTs could have applications in personal finance, by providing a way to track the ownership and authenticity of assets such as stocks, bonds, or cryptocurrencies. This would help prevent fraud and make it easier for individuals to manage their investments.\u003c/p\u003e\n\u003col start=\"11\"\u003e\n\u003cli\u003e\u003cstrong\u003eHealthcare\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eNFTs could also be used in healthcare, by providing a way to track the ownership and authenticity of medical records and prescriptions. This would help ensure that patients receive the correct treatments and prevent fraud.\u003c/p\u003e\n\u003col start=\"12\"\u003e\n\u003cli\u003e\u003cstrong\u003eSocial Media\u003c/strong\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eFinally, NFTs could have applications in social media, by providing a way to verify the authenticity and ownership of digital content shared on social platforms. This would help prevent the spread of fake news and misinformation, and make it easier for creators to monetize their content.\u003c/p\u003e\n\u003ch2 id=\"conclusion\"\u003eConclusion\u003c/h2\u003e\n\u003cp\u003eThe rise of NFT technology is set to have a profound impact on daily tech. From digital ownership to gaming to real estate and identity verification, NFTs are poised to become a ubiquitous part of our digital lives.\u003c/p\u003e\n","date_published":"2023-03-03T08:16:00+03:00","image":"https://ajulu.netlify.app/images/photo-1643101681441-0c38d714fa14.png","tags":["NFTs","NFT","non fungible token","non fungible tokens","blockchain","digital ownership","authenticity","gaming","real estate","healthcare","education","finance","social media","tech","technology","digitalcredentials","aiverification","technology","tokens","cryptography","crypto"]},{"id":"https://ajulu.netlify.app/posts/an-introduction-in-blockchain-cryptocurrencies-tokens-smart-contracts-nfts-web3-defi-gamefi-and-dein-crash-course/","url":"https://ajulu.netlify.app/posts/an-introduction-in-blockchain-cryptocurrencies-tokens-smart-contracts-nfts-web3-defi-gamefi-and-dein-crash-course/","title":"An Introduction in Blockchain, Cryptocurrencies, Tokens, Smart Contracts","summary":"Hello there, today I\u0026rsquo;ll be covering definitions:\nWhat is blockchain? A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.\n","content_html":"\u003cp\u003eHello there, today I\u0026rsquo;ll be covering definitions:\u003c/p\u003e\n\u003ch2 id=\"what-is-blockchain\"\u003eWhat is blockchain?\u003c/h2\u003e\n\u003cp\u003eA \u003cstrong\u003eblockchain\u003c/strong\u003e is a growing list of records, called \u003cem\u003eblocks\u003c/em\u003e, that are linked together using \u003ca href=\"https://en.wikipedia.org/wiki/Cryptography\" title=\"Cryptography\"\u003ecryptography\u003c/a\u003e. Each block contains a \u003ca href=\"https://en.wikipedia.org/wiki/Cryptographic_hash_function\" title=\"Cryptographic hash function\"\u003ecryptographic hash\u003c/a\u003e of the previous block, a \u003ca href=\"https://en.wikipedia.org/wiki/Trusted_timestamping\" title=\"Trusted timestamping\"\u003etimestamp\u003c/a\u003e, and transaction data (generally represented as a \u003ca href=\"https://en.wikipedia.org/wiki/Merkle_tree\" title=\"Merkle tree\"\u003eMerkle tree\u003c/a\u003e). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/what-is-blockchain-how-does-it-work-blockchain-explained/\"\u003e\u003cstrong\u003eLearn more\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-a-cryptocurrency\"\u003eWhat is a cryptocurrency?\u003c/h2\u003e\n\u003cp\u003eA \u003cstrong\u003ecryptocurrency\u003c/strong\u003e is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don’t have a central issuing or regulating authority, instead, they use a decentralized system to record transactions and issue new units.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/how-to-buy-your-first-cryptocurrency/\"\u003e\u003cstrong\u003eHere is how you can buy your first cryptocurrency\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-are-crypto-tokens\"\u003eWhat Are Crypto Tokens?\u003c/h2\u003e\n\u003cp\u003eThe term token refers to a special virtual currency token or how cryptocurrencies are denominated. These tokens represent fungible and tradable assets or utilities that reside on their own \u003ca href=\"https://stephenajulu.com/blog/what-is-blockchain-how-does-it-work-blockchain-explained/\"\u003eblockchains\u003c/a\u003e. Crypto tokens are often used to fundraise for crowd sales, but they can also serve as a substitute for other things. These tokens are usually created, distributed, sold, and circulated through the standard \u003ca href=\"https://www.investopedia.com/terms/i/initial-coin-offering-ico.asp\"\u003einitial coin offering (ICO)\u003c/a\u003e process, which involves a crowdfunding exercise to fund project development.\u003c/p\u003e\n\u003ch2 id=\"what-is-a-smart-contract\"\u003eWhat is a smart contract?\u003c/h2\u003e\n\u003cp\u003eA \u003cstrong\u003esmart contract\u003c/strong\u003e is a \u003ca href=\"https://en.wikipedia.org/wiki/Computer_program\" title=\"Computer program\"\u003ecomputer program\u003c/a\u003e or a \u003ca href=\"https://en.wikipedia.org/wiki/Transaction_Protocol_Data_Unit\" title=\"Transaction Protocol Data Unit\"\u003etransaction protocol\u003c/a\u003e that is intended to automatically execute, control, or document legally relevant events and actions according to the terms of a \u003ca href=\"https://en.wikipedia.org/wiki/Contract\" title=\"Contract\"\u003econtract\u003c/a\u003e or an agreement. The objectives of smart contracts are the reduction of the need for trusted intermediates, arbitrations, and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/what-are-smart-contracts-smart-contracts-explained/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-an-nft\"\u003eWhat is an NFT?\u003c/h2\u003e\n\u003cp\u003eA \u003cstrong\u003enon-fungible token\u003c/strong\u003e (\u003cstrong\u003eNFT\u003c/strong\u003e) is a unique and non-interchangeable unit of data stored on a digital \u003ca href=\"https://en.wikipedia.org/wiki/Ledger\" title=\"Ledger\"\u003eledger\u003c/a\u003e (\u003ca href=\"https://en.wikipedia.org/wiki/Blockchain\" title=\"Blockchain\"\u003eblockchain\u003c/a\u003e). NFTs can be associated with reproducible digital files such as photos, videos, and audio. NFTs use a digital ledger to provide a public \u003ca href=\"https://en.wikipedia.org/wiki/Certificate_of_authenticity\" title=\"Certificate of authenticity\"\u003ecertificate of authenticity\u003c/a\u003e or \u003ca href=\"https://en.wikipedia.org/wiki/Title_(property)\" title=\"Title (property)\"\u003eproof of ownership\u003c/a\u003e, but it does not restrict the sharing or copying of the underlying digital file. The lack of interchangeability (\u003ca href=\"https://en.wikipedia.org/wiki/Fungibility\" title=\"Fungibility\"\u003efungibility\u003c/a\u003e) distinguishes NFTs from blockchain \u003ca href=\"https://en.wikipedia.org/wiki/Cryptocurrencies\" title=\"Cryptocurrencies\"\u003ecryptocurrencies\u003c/a\u003e, such as \u003ca href=\"https://en.wikipedia.org/wiki/Bitcoin\" title=\"Bitcoin\"\u003eBitcoin\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/what-are-nfts-non-fungible-tokens-explained/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-web-3\"\u003eWhat is Web 3?\u003c/h2\u003e\n\u003cp\u003e\u003cstrong\u003eWeb3,\u003c/strong\u003e also known as \u003cstrong\u003eWeb 3.0\u003c/strong\u003e, is an idea for a new iteration of the \u003ca href=\"https://en.wikipedia.org/wiki/Internet\" title=\"Internet\"\u003eInternet\u003c/a\u003e that is based on public \u003ca href=\"https://en.wikipedia.org/wiki/Blockchain\" title=\"Blockchain\"\u003eblockchains\u003c/a\u003e. The term was coined in 2014 by \u003ca href=\"https://en.wikipedia.org/wiki/Ethereum\" title=\"Ethereum\"\u003eEthereum\u003c/a\u003e co-founder \u003ca href=\"https://en.wikipedia.org/wiki/Gavin_Wood\" title=\"Gavin Wood\"\u003eGavin Wood\u003c/a\u003e, and the idea gained interest in 2020 and 2021 from \u003ca href=\"https://en.wikipedia.org/wiki/Cryptocurrency\" title=\"Cryptocurrency\"\u003ecryptocurrency\u003c/a\u003e enthusiasts, large technology companies, and venture capitalist firms.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/web-3.0-explained-part-1/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-defi\"\u003eWhat is DeFi?\u003c/h2\u003e\n\u003cp\u003e\u003cstrong\u003eDecentralized finance\u003c/strong\u003e (commonly referred to as \u003cstrong\u003eDeFi\u003c/strong\u003e) is a \u003ca href=\"https://en.wikipedia.org/wiki/Blockchain\" title=\"Blockchain\"\u003eblockchain\u003c/a\u003e-based form of finance that does not rely on central financial \u003ca href=\"https://en.wikipedia.org/wiki/Intermediary\" title=\"Intermediary\"\u003eintermediaries\u003c/a\u003e such as \u003ca href=\"https://en.wikipedia.org/wiki/Brokerage\" title=\"Brokerage\"\u003ebrokerages\u003c/a\u003e, \u003ca href=\"https://en.wikipedia.org/wiki/Exchange_(organized_market)\" title=\"Exchange (organized market)\"\u003eexchanges\u003c/a\u003e, or \u003ca href=\"https://en.wikipedia.org/wiki/Bank\" title=\"Bank\"\u003ebanks\u003c/a\u003e to offer traditional \u003ca href=\"https://en.wikipedia.org/wiki/Financial_instrument\" title=\"Financial instrument\"\u003efinancial instruments\u003c/a\u003e, and instead utilizes \u003ca href=\"https://en.wikipedia.org/wiki/Smart_contract\" title=\"Smart contract\"\u003esmart contracts\u003c/a\u003e on blockchains, the most common being \u003ca href=\"https://en.wikipedia.org/wiki/Ethereum\" title=\"Ethereum\"\u003eEthereum\u003c/a\u003e.[\u003ca href=\"https://en.wikipedia.org/wiki/Wikipedia:Citation_needed\" title=\"Wikipedia:Citation needed\"\u003e\u003cem\u003ecitation needed\u003c/em\u003e\u003c/a\u003e] DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade \u003ca href=\"https://en.wikipedia.org/wiki/Cryptocurrencies\" title=\"Cryptocurrencies\"\u003ecryptocurrencies\u003c/a\u003e, insure against risks, and earn \u003ca href=\"https://en.wikipedia.org/wiki/Interest\" title=\"Interest\"\u003einterest\u003c/a\u003e in savings-like accounts. DeFi uses a layered architecture and highly composable building blocks.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/decentralized-finance-defined/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-gamefi\"\u003eWhat is GameFi?\u003c/h2\u003e\n\u003cp\u003e\u003cstrong\u003eGameFi\u003c/strong\u003e also known as Game Finance, is the gamification of financial systems to create profit from playing play-to-earn crypto games.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/gamers-assemble-play-games-to-earn-free-crypto/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-dein\"\u003eWhat is DeIn?\u003c/h2\u003e\n\u003cp\u003eDecentralized Insurance also known as DeIn or DeFi Insurance is where rather than purchasing insurance coverage from one specific individual or company, you can purchase coverage from a decentralized pool of insurance providers. Interestingly, any individual or company can work as an insurance provider by locking up capital in the decentralized capital pool. The individual or company providing capital to the pool can qualify as a \u003ca href=\"https://101blockchains.com/how-liquidity-provider-tokens-work/\"\u003eliquidity provider\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/decentralized-insurance-built-on-the-blockchain-is-a-game-changer/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch3 id=\"conclusion\"\u003eConclusion\u003c/h3\u003e\n\u003cp\u003eI am a follower of the above simply because of how much disruption of traditional methods blockchain can create. In one way or the other blockchain technology is the future of processing. Currently, as of writing this post, there are Decentralized Supply Chain Management, Decentralized Full Proof Voting, Decentralized Real Estate, Decentralized Data Protection, and Decentralized Loyalty + Royalty Programs.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eLearn more here:\u003c/strong\u003e \u003ca href=\"https://stephenajulu.com/blog/the-importance-and-benefits-of-blockchain-technology/\"\u003e\u003cstrong\u003eThe Importance and Benefits of Blockchain Technology\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eBlockchain \u003cstrong\u003eincreases trust, security, transparency, and the traceability of data shared across a business network\u003c/strong\u003e — and delivers cost savings with new efficiencies. Blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission.\u003c/p\u003e\n","date_published":"2022-08-21T18:20:00+03:00","image":"https://ajulu.netlify.app/images/1644357966865.png","tags":["blockchain","cryptocurrency","token","smart contract","non fungible token","web3","decentralized finance","game finance","decentralized insuarance","crypto","nft","defi","gamefi","dein","cryptocurrencies","tokens","tokenomics"]},{"id":"https://ajulu.netlify.app/posts/how-to-buy-nfts/","url":"https://ajulu.netlify.app/posts/how-to-buy-nfts/","title":"How To Buy NFTs","summary":"NFTs, or non-fungible tokens, have been all the rage in the digital art community in recent months. In short, NFTs are blockchain-backed certificates of ownership for digital objects, such as videos and images. Just like with a physical painting or sculpture, an NFT represents that you own a unique piece of content (and it\u0026rsquo;s yours to keep forever), even though that content is purely digital. And just like with physical artworks at auction houses like Christie\u0026rsquo;s and Sotheby\u0026rsquo;s, some NFTs can sell for staggering amounts of money—like this \u0026ldquo;anime girl\u0026rdquo; GIF that sold for over $500k. So how can you jump on this emerging trend? First things first: here\u0026rsquo;s what you need to know about NFTs before you buy one:\n","content_html":"\u003cp\u003eNFTs, or non-fungible tokens, have been all the rage in the digital art community in recent months. In short, NFTs are blockchain-backed certificates of ownership for digital objects, such as videos and images. Just like with a physical painting or sculpture, an NFT represents that you own a unique piece of content (and it\u0026rsquo;s yours to keep forever), even though that content is purely digital. And just like with physical artworks at auction houses like Christie\u0026rsquo;s and Sotheby\u0026rsquo;s, some NFTs can sell for staggering amounts of money—like this \u0026ldquo;anime girl\u0026rdquo; GIF that sold for over $500k. So how can you jump on this emerging trend? First things first: here\u0026rsquo;s what you need to know about NFTs before you buy one:\u003c/p\u003e\n\u003cp\u003eNFTs are blockchain-backed certificates of ownership for digital objects, such as art or video clips.\u003c/p\u003e\n\u003cp\u003eNFTs are blockchain-backed certificates of ownership for digital objects, such as art or video clips. They’re a novel way to own a piece of digital culture — one that you can use to show off on social media, trade with your friends and admirers, and even sell back to the artist if you want.\u003c/p\u003e\n\u003cp\u003eNFTs aren\u0026rsquo;t limited to digital art, either. They could be used for many other purposes: for example, you could use them as tickets for an event like Burning Man or as vouchers for a trip around the world (you\u0026rsquo;d just have to make sure everyone has an Ethereum wallet).\u003c/p\u003e\n\u003cp\u003eYou can buy and sell NFTs with real-world money, but they only exist online.\u003c/p\u003e\n\u003cp\u003eNFTs are digital tokens that exist only online.\u003c/p\u003e\n\u003cp\u003eYou can buy them with real-world money on exchanges, dapps, and decentralized exchanges.\u003c/p\u003e\n\u003cp\u003eYou can also sell them for cash or other cryptocurrencies.\u003c/p\u003e\n\u003cp\u003eNFTs are part of the greater cryptocurrency ecosystem, and they\u0026rsquo;re traded on decentralized ledgers called blockchains.\u003c/p\u003e\n\u003cp\u003eNFTs are part of the larger cryptocurrency ecosystem. They\u0026rsquo;re traded on decentralized ledgers called blockchains. The Ethereum blockchain is the most popular network for NFTs, but it\u0026rsquo;s slow, expensive, and congested.\u003c/p\u003e\n\u003cp\u003eThe following sections explain how NFTs work in more detail and introduce you to some of the key players in this space.\u003c/p\u003e\n\u003cp\u003eThe most popular network for NFTs is currently Ethereum, which is the same network used by popular cryptocurrencies like Ether (ETH) and USD Coin (USDC).\u003c/p\u003e\n\u003cp\u003eIf you\u0026rsquo;re looking to buy non-fungible tokens (NFTs), your first step is to determine which network you\u0026rsquo;d like to use. The most popular network for NFTs is currently Ethereum, which is the same network used by popular cryptocurrencies like Ether (ETH) and USD Coin (USDC).\u003c/p\u003e\n\u003cp\u003eEthereum\u0026rsquo;s blockchain is also used for more general purposes—for example, it can be used to create smart contracts or host initial coin offerings (ICOs).\u003c/p\u003e\n\u003cp\u003eIf you want your NFTs on a different network than Ethereum\u0026rsquo;s blockchain, then chances are good that someone else has already built a tokenization platform with that functionality.\u003c/p\u003e\n\u003cp\u003eHowever, the Ethereum network has become increasingly congested in recent months, causing transaction fees to increase dramatically.\u003c/p\u003e\n\u003cp\u003eHowever, the Ethereum network has become increasingly congested in recent months, causing transaction fees to increase dramatically. Transaction fees are a way to pay the network for processing transactions—they\u0026rsquo;re paid in ETH, so you\u0026rsquo;ll need some ETH in your wallet before you can make an NFT purchase. You may be wondering how much these transaction costs are going to run up on your bill. Unfortunately for us all, there\u0026rsquo;s no easy answer; transaction fees are calculated by the network and vary based on things like gas price (a measure of how much \u0026ldquo;fuel\u0026rdquo; is required for a given transaction), gas used per byte of data sent across the blockchain (the more bytes you send at once means more gas consumption), and total demand on nodes at any given time—if everyone tries to use their Ethereum address right now instead of later when there\u0026rsquo;s less congestion on Ethereum itself then that means higher load times which leads back around again\u0026hellip;\u003c/p\u003e\n\u003cp\u003eAlternative networks like Polygon and Solana offer lower fees and faster transaction processing times than Ethereum.\u003c/p\u003e\n\u003cp\u003eEthereum is the most popular network for NFTs, but it\u0026rsquo;s not the only option. In fact, Polygon and Solana offer benefits that Ethereum doesn\u0026rsquo;t: low fees, fast transaction times, and higher scalability.\u003c/p\u003e\n\u003cp\u003ePolygon is a network for hosting new applications and games that are built on decentralized architecture. It uses its own native token (PLG) as a payment method for all transactions within the platform. Polygon also has a built-in governance system that allows users to vote on whether or not they want to include new features into the ecosystem or change existing ones; this means that users have more control over how their experience of using Polygon evolves over time.\u003c/p\u003e\n\u003cp\u003eSolana offers similar benefits to those found in Ethereum; however, it can process transactions more quickly than other blockchains because it supports an algorithm called “Proof of History” rather than Proof of Work (PoW). PoW consumes large amounts of electricity and takes longer than PoH because every transaction needs to be verified by several computers simultaneously before being added as part of an ever-growing blockchain record; this makes scaling up networks like Bitcoin difficult because there would need to be more hardware available when demand increases significantly over time - leading us back into familiar territory where no one knows what they\u0026rsquo;re doing yet again!\u003c/p\u003e\n\u003cp\u003eNFTs are a novel way to own a piece of digital culture; here\u0026rsquo;s how you can get started with them.\u003c/p\u003e\n\u003cp\u003eNFTs are a novel way to own a piece of digital culture; here\u0026rsquo;s how you can get started with them.\u003c/p\u003e\n\u003cp\u003eNFTs are blockchain-backed certificates of ownership for digital objects, such as art or video clips. For example, you might purchase a virtual cat from CryptoKitty and then sell it to someone else later on. These tokens represent ownership of whatever they refer to — in this case, the cat — and can be traded on marketplaces like OpenSea or Rarebits for other NFTs or cryptocurrencies like ether (ETH).\u003c/p\u003e\n\u003ch2 id=\"1-create-a-web3-wallet\"\u003e1. Create a Web3 Wallet\u003c/h2\u003e\n\n\u003ch5 class=\"additionalreading\"\u003eAlso Read: \u003ca href=\"\"\u003e\u003c/a\u003e\u003c/h5\u003e\n\n\n\n\n\n\n\n\u003cp\u003eTo get started, you’ll need an Ethereum-compatible crypto wallet, in other words, \u003cem\u003ea web3 wallet\u003c/em\u003e, and fund it with enough ETH. You can use a crypto wallet to purchase, sell, store, and swap crypto assets.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eOpenSea works with all significant Ethereum web3 wallets. You can see which crypto wallets you can use on OpenSea \u003ca href=\"https://support.opensea.io/hc/en-us/articles/1500007978402-Wallets-supported-by-OpenSea\"\u003ehere\u003c/a\u003e. However, Metamask is the most popular one, that’s why we’ll use it in our instructions.\u003c/li\u003e\n\u003cli\u003eTo download Metamask, visit \u003ca href=\"https://metamask.io/download/\"\u003emetamask.io/download\u003c/a\u003e and choose your browser. Chrome, Firefox, Edge, and Brave are supported. Mobile extensions for iOS and Android are also available.\u003c/li\u003e\n\u003cli\u003eAfter choosing the extension, click on “Get Started.”\u003c/li\u003e\n\u003cli\u003eClick on “Create Wallet.”\u003c/li\u003e\n\u003cli\u003eYou’ll be prompted with a screen that shows a new seed phrase for your wallet. This seed phrase is a long string of words that Metamask automatically creates. You will require it in the future to recover your wallet. If you lose it, nobody can help you get your funds back. That’s why you should save it in a secure place.\u003c/li\u003e\n\u003cli\u003eNext, create your password. This password will be the only thing you’ll require to log into your wallet in the future, provided that you connect from the same device. If you need to use your wallet on another device in the future, you’ll have to use the seed phrase we mentioned above. It’s worth emphasizing that you should never lose your seed phrase.\u003c/li\u003e\n\u003cli\u003eAfter this step, you’ll be prompted to confirm your seed phrase by choosing the words that appear on the screen in the same order as they appear in your seed phrase.\u003c/li\u003e\n\u003cli\u003eYour MetaMask download will be completed, and the MetaMask icon will be shown in the top right corner of your browser window.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2 id=\"2-connect-your-metamask-wallet-to-opensea\"\u003e2. Connect your MetaMask wallet to OpenSea\u003c/h2\u003e\n\u003cp\u003eOnce your wallet is up and running, head over to \u003ca href=\"http://opensea.io/\"\u003eOpenSea.io\u003c/a\u003e.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eClick on the wallet icon in the upper right corner and choose MetaMask. You’ll be requested to sign for approval to connect your wallet to OpenSea.\u003c/li\u003e\n\u003cli\u003eYou can create a username, write a bio, and add your social channel links when your wallet is connected. But these steps aren’t required to buy NFTs. Connecting a wallet is enough for that.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2 id=\"3-fund-your-metamask-wallet-with-ethereum\"\u003e3. Fund your Metamask wallet with Ethereum\u003c/h2\u003e\n\u003cp\u003eTo buy NFTs, you need Ethereum cryptocurrency. You can buy it on central exchanges like \u003ca href=\"https://accounts.binance.com/en/register?ref=CL2JFAB6\"\u003eBinance\u003c/a\u003e, \u003ca href=\"https://www.coinbase.com/join/ajulu_v\"\u003eCoinbase\u003c/a\u003e, or \u003ca href=\"https://www.kraken.com/\"\u003eKraken\u003c/a\u003e.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eCreating an account on these exchanges all work in similar ways. You need to undergo a verification process by providing an ID or Passport.\u003c/li\u003e\n\u003cli\u003eOnce you’ve been verified, you can buy Ethereum. Depending on the exchange you choose, different payment options are possible. Usually, you’re able to pay with a credit card for the first time. Some exchanges also work with bank transfers.\u003c/li\u003e\n\u003cli\u003eAfter this step, you should transfer Ethereum from the exchange to your MetaMask wallet. Again, the process is similar in every exchange. You need to copy your MetaMask address for receiving currencies and paste it into the appropriate “send” field found in the cryptocurrency exchange for Ethereum withdrawals. This section is usually found on your exchange balance. Click on the withdrawal button and paste your MetaMask wallet address and confirm.\u003c/li\u003e\n\u003cli\u003eBased on the cryptocurrency exchange you choose, there might be an additional security step like Two-Factor Authentication (2FA), in which case you need to enter a verification code during the above process.\u003c/li\u003e\n\u003cli\u003eEthereum transfers are usually fast. But depending on the busyness of the network, it may take up to an hour in rare cases.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eOnce your wallet is funded with enough ETH, you can search for an NFT to buy on OpenSea.\u003c/p\u003e\n\u003ch2 id=\"3-search-an-nft-on-opensea\"\u003e3. Search an NFT on OpenSea\u003c/h2\u003e\n\u003cp\u003eThere’re millions of NFTs on OpenSea. It’s a good idea to know about the platform’s searching and filtering options.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe Explore lists all active NFT categories. You can choose one category to see all NFTs within that category in one place.\u003c/li\u003e\n\u003cli\u003eUnder the stats tab, you can see the highest demand collections in the last 24 hours, seven days, 30 days, or all time.\u003c/li\u003e\n\u003cli\u003eTo explore more filtering options, go to \u003ca href=\"https://opensea.io/assets\" title=\"https://opensea.io/assets\"\u003ehttps://opensea.io/assets\u003c/a\u003e. You’ll see the options listed on the left-hand side of the website.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eYou can view the results based on the status, price, blockchains, categories, and currencies you can use as payment methods.\u003c/p\u003e\n\u003ch2 id=\"4-buy-nfts\"\u003e4. Buy NFTs\u003c/h2\u003e\n\u003cp\u003eUsing search options allows you to find new NFTs based on various criteria. When you’ve found the NFT you want to buy, click on it to get to its own page.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eThere are two purchasing choices on each NFT page: Buy Now and Make Offer. To acquire the NFT at the specified price, select “Buy Now” and follow the directions in your wallet. It’s worth noting that OpenSea charges a variety of fees. In effect, this implies you’ll always pay more than the NFT’s retail price.\u003c/li\u003e\n\u003cli\u003eYou can try to purchase NFTs at a lower price than the current set price by making offers. Select the “Make an Offer” option. You’ll be asked to choose the currency you’d want to pay in. WETH, USDC, and DAI are the only three methods for making offers. You’ll have to pay a one-time gas fee if you haven’t made any purchases with these currencies in your wallet before.\u003c/li\u003e\n\u003cli\u003eSome owners choose to sell their NFTs through timed auctions, especially if there is a great demand for them. As a buyer, you’ll need WETH to create your bid by clicking the Place Bid button, precisely like you would for fixed-price NFTs.\u003c/li\u003e\n\u003cli\u003eConfirm the transaction on your Metamask wallet as the last step. It’s worth noting that you’ll have to pay a gas fee which can sometimes be more expensive than the NFT itself. Wait during less busy hours as a solution.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThere are more NFT marketplaces:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003e\u003ca href=\"https://foundation.app\"\u003eFoundation\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"https://rarible.com/\"\u003eRarible\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"https://superrare.com/\"\u003eSuperRare\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"https://magiceden.io/\"\u003eMagic Eden\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"https://www.binance.com/en/nft/home?ref=C2NIWDDM\"\u003eBinance NFT\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"https://coinbase-consumer.sjv.io/c/221109/552039/9251?subId1=cbq-row-6804213267239653000\u0026amp;sharedId=hawk\u0026amp;u=https%3A%2F%2Fnft.coinbase.com%2F\"\u003eCoinbase NFT\u003c/a\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eConclusion\u003c/p\u003e\n\u003cp\u003eWhile NFTs are a fun and novel way for artists to sell their work and for collectors to own pieces of digital culture, the trend is still in its early days. As such, it\u0026rsquo;s important to understand how they work before purchasing them—especially since you may have to pay a hefty transaction fee depending on which network you use. Still, if you\u0026rsquo;re interested in getting involved with NFTs, we hope that this article has been helpful. Happy hunting!\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://unstoppabledomains.com/?ref=d066811aa8ea4f2\"\u003e\u003cimg src=\"/images/unstoppabledomainsad.webp\" style=\"width: 100%; height: auto;\"\u003e\u003c/a\u003e\u003c/p\u003e\n","date_published":"2022-06-08T14:00:00+03:00","image":"https://ajulu.netlify.app/images/dylan-calluy-e4tbps9k_po-unsplash.jpg","tags":["technology","tech","nft","nfts","non fungible tokens","non fungible token"]},{"id":"https://ajulu.netlify.app/posts/what-are-nfts-non-fungible-tokens-explained/","url":"https://ajulu.netlify.app/posts/what-are-nfts-non-fungible-tokens-explained/","title":"What are NFTs? Non Fungible Tokens Explained","summary":"Hi there! Today i\u0026rsquo;d like to talk about NFTs and all the hype surrounding them right now. To begin, we must first know what they are. So,\nWhat is an NFT? An NFT is a digital asset that represents real-world objects like art, music, in-game items, and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.\nAlthough they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.\n","content_html":"\u003cp\u003eHi there! Today i\u0026rsquo;d like to talk about NFTs and all the hype surrounding them right now. To begin, we must first know what they are. So,\u003c/p\u003e\n\u003ch3 id=\"what-is-an-nft\"\u003eWhat is an NFT?\u003c/h3\u003e\n\u003cp\u003eAn NFT is a digital asset that represents real-world objects like art, music, in-game items, and videos. They are bought and sold online, frequently with \u003ca href=\"https://www.forbes.com/advisor/investing/what-is-cryptocurrency/\"\u003ecryptocurrency\u003c/a\u003e, and they are generally encoded with the same underlying software as many cryptos.\u003c/p\u003e\n\u003cp\u003eAlthough they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering \u003ca href=\"https://www.coindesk.com/what-are-nfts\"\u003e$174 million\u003c/a\u003e has been spent on NFTs since November 2017.\u003c/p\u003e\n\u003cp\u003eNFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.\u003c/p\u003e\n\u003cp\u003eThis stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.\u003c/p\u003e\n\u003cp\u003eBut many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.\u003c/p\u003e\n\u003cp\u003eFor instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a \u003ca href=\"https://decrypt.co/60971/beeples-nft-artwork-sells-for-60-3-million-in-christies-auction\"\u003erecord-breaking $69.3 million\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eAnyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?\u003c/p\u003e\n\u003cp\u003eBecause an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.\u003c/p\u003e\n\u003ch3 id=\"how-is-an-nft-different-from-cryptocurrency\"\u003eHow Is an NFT Different from Cryptocurrency?\u003c/h3\u003e\n\u003cp\u003eNFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends.\u003c/p\u003e\n\u003cp\u003ePhysical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They’re also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain.\u003c/p\u003e\n\u003cp\u003eNFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible). One NBA Top Shot clip, for example, is not equal to EVERYDAYS simply because they’re both NFTs. (One NBA Top Shot clip isn’t even necessarily equal to another NBA Top Shot clip, for that matter.)\u003c/p\u003e\n\u003cp\u003eHow Does an NFT Work?\u003c/p\u003e\n\u003cp\u003eNFTs exist on a blockchain, which is a distributed public ledger that records transactions. You’re probably most familiar with blockchain as the underlying process that makes cryptocurrencies possible.\u003c/p\u003e\n\u003cp\u003eSpecifically, NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well.\u003c/p\u003e\n\u003cp\u003eAn NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Art\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e GIFs\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Videos and sports highlights\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Collectibles\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Virtual avatars and video game skins\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Designer sneakers\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Music\u003c/p\u003e\n\u003cp\u003eEven tweets count. Twitter co-founder Jack Dorsey sold his first-ever tweet as an NFT for \u003ca href=\"https://www.cnbc.com/2021/03/22/jack-dorsey-sells-his-first-tweet-ever-as-an-nft-for-over-2point9-million.html\"\u003emore than $2.9 million\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eEssentially, NFTs are like physical collector’s items, only digital. So instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead.\u003c/p\u003e\n\u003cp\u003eThey also get exclusive ownership rights. That’s right: NFTs can have only one owner at a time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT’s metadata.\u003c/p\u003e\n\u003ch3 id=\"what-are-nfts-used-for\"\u003eWhat Are NFTs Used For?\u003c/h3\u003e\n\u003cp\u003eBlockchain technology and NFTs afford artists and content creators a unique opportunity to monetize their wares. For example, artists no longer have to rely on galleries or auction houses to sell their art. Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits. In addition, artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.\u003c/p\u003e\n\u003cp\u003eArt isn’t the only way to make money with NFTs. Brands like Charmin and Taco Bell have auctioned off themed NFT art to raise funds for charity. Charmin dubbed its offering “NFTP” (non-fungible toilet paper), and Taco Bell’s NFT art sold out in minutes, with the highest bids coming in at 1.5 wrapped ether (WETH)—equal to $3,723.83 at time of writing.\u003c/p\u003e\n\u003cp\u003eNyan Cat, a 2011-era GIF of a cat with a pop-tart body, sold for nearly \u003ca href=\"https://www.nytimes.com/2021/02/22/business/nft-nba-top-shot-crypto.html\"\u003e$600,000 in February\u003c/a\u003e. And NBA Top Shot generated more than \u003ca href=\"https://www.usatoday.com/story/sports/nba/2021/03/30/nba-top-shot-dapper-labs-valuation-funding-round/7058307002/\"\u003e$500 million in sales\u003c/a\u003e as of late March. A single LeBron James highlight NFT fetched more than $200,000.\u003c/p\u003e\n\u003cp\u003eEven celebrities like Snoop Dogg and Lindsay Lohan are jumping on the NFT bandwagon, releasing unique memories, artwork and moments as securitized NFTs.\u003c/p\u003e\n\u003ch3 id=\"how-to-buy-nfts\"\u003eHow to Buy NFTs\u003c/h3\u003e\n\u003cp\u003eIf you’re keen to start your own NFT collection, you’ll need to acquire some key items:\u003c/p\u003e\n\u003cp\u003eFirst, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now. You’ll then be able to move it from the exchange to your wallet of choice.\u003c/p\u003e\n\u003cp\u003eYou’ll want to keep fees in mind as you research options. Most exchanges charge at least a percentage of your transaction when you buy crypto.\u003c/p\u003e\n\u003cp\u003ePopular NFT Marketplaces\u003c/p\u003e\n\u003cp\u003eOnce you’ve got your wallet set up and funded, there’s no shortage of NFT sites to shop. Currently, the largest NFT marketplaces are:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e \u003ca href=\"https://opensea.io/\"\u003e\u003cstrong\u003eOpenSea.io\u003c/strong\u003e\u003c/a\u003e: This peer-to-peer platform bills itself a purveyor of “rare digital items and collectibles.” To get started, all you need to do is create an account to browse NFT collections. You can also sort pieces by sales volume to discover new artists.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e \u003ca href=\"https://rarible.com/\"\u003e\u003cstrong\u003eRarible\u003c/strong\u003e\u003c/a\u003e: Similar to OpenSea, Rarible is a democratic, open marketplace that allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform enable holders to weigh in on features like fees and community rules.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e \u003ca href=\"https://foundation.app/\"\u003e\u003cstrong\u003eFoundation\u003c/strong\u003e\u003c/a\u003e: Here, artists must receive “upvotes” or an invitation from fellow creators to post their art. The community’s exclusivity and cost of entry—artists must also purchase “gas” to mint NFTs—means it may boast higher-caliber artwork. For instance, Nyan Cat creator Chris Torres sold the NFT on the Foundation platform. It may also mean higher prices — not necessarily a bad thing for artists and collectors seeking to capitalize, assuming the demand for NFTs remains at current levels, or even increases over time.\u003c/p\u003e\n\u003cp\u003eAlthough these platforms and others are host to thousands of NFT creators and collectors, be sure you do your research carefully before buying. Some artists have fallen victim to impersonators who have listed and sold their work without their permission.\u003c/p\u003e\n\u003cp\u003eIn addition, the verification processes for creators and NFT listings aren’t consistent across platforms — some are more stringent than others. OpenSea and Rarible, for example, do not require owner verification for NFT listings. Buyer protections appear to be sparse at best, so when shopping for NFTs, it may be best to keep the old adage “caveat emptor” (let the buyer beware) in mind.\u003c/p\u003e\n\u003cp\u003eSource: \u003ca href=\"https://www.forbes.com/advisor/investing/nft-non-fungible-token/\"\u003eForbes\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://unstoppabledomains.com/?ref=d066811aa8ea4f2\"\u003e\u003cimg src=\"/images/unstoppabledomainsad.webp\" style=\"width: 100%; height: auto;\"\u003e\u003c/a\u003e\u003c/p\u003e\n","date_published":"2021-11-30T18:36:00+03:00","image":"https://ajulu.netlify.app/images/nft-art-what-is-it.jpg","tags":["art","nft","nfts","non fungible tokens","non fungible token","tokens","digital art","cryptocurrencies","crypto","cryptocurrency","tech","technology","finance","blockchain","opensea","mint","minting"]}]}