🧵- INTRODUCTION TO NFTs
So you have been hearing about NFTs and you’re confused as to how to get onboarded onto the whole thing,well read through as I look to share a basic introduction for beginners into the world of NFTs.
NFTs(Non-Fungible Tokens) are cryptographic assets that exist on the blockchain and each one unique from the other. Fungibility means they’re not identical and cannot be easily exchanged for one another like the way cryptocurrencies can.
...(to get access to useful information), Discord(this is basically where projects start out their communities).
-Minting an NFT
This is the act of publishing your token on the blockchain by interacting with the mint contract of an NFT project. It is done by using a crypto wallet and paying of gas fee to validate the mint transaction.
This is the act of publishing your token on the blockchain by interacting with the mint contract of an NFT project. It is done by using a crypto wallet and paying of gas fee to validate the mint transaction.
There are different types of mint and they include:
Whitelist mint:This is an initiative actually introduced to reduce gas wars when minting an NFT. A whitelist is a list of addresses that have the access and are guaranteed to mint an NFT in a specific...
Whitelist mint:This is an initiative actually introduced to reduce gas wars when minting an NFT. A whitelist is a list of addresses that have the access and are guaranteed to mint an NFT in a specific...
...time window. A whitelist can either be for a paid or free mint.
-Paid mint: This is a mint that has a predetermined price in order to own an NFT in the collection. This price is most times chosen by the project and is priced in the coin of that particular blockchain.
-Free mint: This is a type of mint that is common these days especially on the Arbitrum blockchain. It only requires a fee paid to the miners for the transaction to mint the NFT.
-Dutch Auction: This is a type of mint in which the price of the NFT starts at an initial point (called the ceiling) and reduces by a fixed price over a certain period of time till it reaches its lowest point and finally becomes sold out. It is also done...
...to reduce gas wars as less gas is actually paid to miners than in the case of a public mint but rather goes to the artist,the team or charity.
-Public mint: This type of mint is actually open to everyone who would be interested in owning an NFT of the collection. It is normally characterized by high gas fees paid for the mint transaction due to congestion and a lot of people trying to mint.
-Grinding: This is a term common in the NFT space and it is a specific number of interactions that are performed in the community of an NFT project to get access to certain rewards such as been added to the whitelist.
-Purchasing Whitelist Tokens: This is more common in the Solana NFT space. What happens here is that,once an address gets added to the whitelist, a token is airdropped to that address to show proof of being able to mint that NFT. So you can choose to mint...
...that NFT or put it up for sale on a whitelist token marketplace,the most common one being the Famous Fox Marketplace(famousfoxes.com).
-Selling your first NFT.
So even with all these information one of the most fulfilling things in the space would probably be selling your NFT to make profits,and just like the traditional trading of goods,you would need a marketplace,but in this case...
So even with all these information one of the most fulfilling things in the space would probably be selling your NFT to make profits,and just like the traditional trading of goods,you would need a marketplace,but in this case...
...a wallet would be needed to connect to such marketplace,there are different marketplaces for different blockchains,the most popular being Opensea, LooksRare, Treasure Marketplace, TofuNFT, Objkt. You put a price you would want your NFT to be sold for,pay..
...for the listing fees and wait for a buyer to purchase it,then what you listed it for will be in your wallet when the purchase is complete.
-Precautions: There are some certain steps to take in the NFT space in order to prevent loss of funds and hacks and some of them are:
Make sure to close your discord DMs(you can do that in your in-app safety settings) as hackers are always on the lookout...
Make sure to close your discord DMs(you can do that in your in-app safety settings) as hackers are always on the lookout...
...sharing phishing links all around just to have access to ignorant people funds.
-Do not share your seed phrase with anyone. Take them as your personal belongings and for your eyes only.
-When you make substantial money from flipping,try to move...
-Do not share your seed phrase with anyone. Take them as your personal belongings and for your eyes only.
-When you make substantial money from flipping,try to move...
...some of them to a cold wallet to store for long term.
-One last important thing,do not forget to make friends along the way,the journey is much sweeter when people with like minds are around you.
-One last important thing,do not forget to make friends along the way,the journey is much sweeter when people with like minds are around you.
Like,retweet and follow @Tribes_XD for more NFT related content. WAGMI ⛩.
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