Whales Lodge
Beginner
You are just starting off and want to learn what the hype is.
Step #1
What is an NFT?
Most NFTs are digital assets or properties that are 'owned' on the blockchain. It stands for non-fungible token. It can be anything like a sword in a game, a ticket, a piece of art, a video, a song, or a profile picture. It is a very general term for something on the blockchain that is unique. Unlike having a quarter or a dollar bill, where each one could be traded for a different quarter or different dollar bill and it would be the same value and pretty much indistinguishable. Unique or non-interchangeable digital assets.
Step #2
How do you find a good NFT?
The is a matter of personal opinion. NFTs can be art, so do your research and find art that you love and that is from an artist that you respect. In general we recommend looking into NFTs that are created by teams or people that you belive will keep the project growing and going for a long time.
Step #3
What makes an NFT valuable?
Remember that NFTs are not one thing. Some NFTs are digital art so the value of that piece of art depends on what other people are willing to pay. Artists and art that are interesting often go up in value over time. Other NFTs are like tickets or memberships to a club or discord. In that case, based on how the founders develop the group will influence the price of the NFT. Think of it as an annual pass to Disneyland, if Disneyland adds more rides or better ones then more people are going to want in, and that might drive the price higher.
Step #4
How do I buy and sell an NFT?
The most popular NFT marketplace is OpenSea. Once you get on and make an account it will ask to connect a wallet, there are many wallets but Metamask is the most popular for Ethereum transactions. After you get the Metamask Chrome extension make an account. Then need a way to get fiat (dollars or other currency) converted to crypto and you can transfer to that address. Enter the amount of money you would like to put in and copy your wallet id, connect your wallet to OpenSea then find your NFT and buy it.
Step #5
How do NFTs work?
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Step #6
How to make an NFT?
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