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FAQ


At the most basic level, a Non-fungible token or NFT is a digital asset that represents real-life objects such as music, pictures, videos, in-game assets, or anything at all. But if we’re going to approach this topic from a technical lens, NFT is much more than that. There are two main things to understand, the first is Non-Fungible and the second is Token. By definition, a fungible is anything that can be exchanged for another. Let’s start with a real-world example. I have a $100 currency note, I have no problem exchanging it for any other $100 currency note because they both are the same and hence fungible. I can exchange my gold for anyone’s gold of the same quantity because the value remains the same.Similarly in the digital world, I can exchange my bitcoin or Ethereum with your bitcoin or Ethereum in the same quantity because we agree that both are interchangeable, exchangeable, and Fungible. Now the Non-Fungible is as simple as this: the painting of Monalisa is one of its kind and can’t be exchanged for another because no other painting matches the worth of it, hence making it Non-Fungible. In the digital world, you can consider it like a trademark that has its unique value and can not be exchanged for another. If you’d like more insight on what NFT is and what it’s not, we have an interesting piece here that explains the topic in clear detail.


You might be wondering what’s the difference between cryptocurrencies like Bitcoin or Ethereum and NFTs. This difference lies in one term and that is ‘Fungibility’. The only similarity is that NFT is created by the same programming by which cryptocurrencies are minted.The crypto-assets like Bitcoin or Ethereum are fungible which means that we can have their duplicate. There are more than 18 million Bitcoin tokens in the world today, and if we pick one coin from this and compare it with other individual currencies, their price is the same, and they are exchangeable. On the other hand, NFTs have such a mechanism or we can say a digital signature, that stops them from exchanging and equating.


Your NFT journey wouldn't be complete if you don't take out your time to learn how they work. To make things easier, we’ll be explaining the concept in four bullet points.
Most NFTs are actually held on the Ethereum blockchain, which is a decentralized public ledger that supports smart contracts. You might want to take some time to research more about this because it will come in handy especially if you intend to mint NFTs.
NFTs exist as individual tokens that hold useful data.
Just like any other physical arts or objects, NFTs can be traded. Their price or value is determined by the demand and supply forces of the market.
NFTs feature a unique verification system, which makes it easier to validate and confirm ownership or transfer of assets.


YNFTs have several real-life use cases and are being used in different industries ranging from crypto trading to Decentralized Finance (DeFi) and so much more.People who like to collect artwork or are interested in crypto-trading use NFTs. Digital content is the most significant use of NFTs in today’s world. With NFTs in the scene, the creator has the ownership of their content and this enhances their profits. The gaming industry is another conquered realm of NFTs. Developers and players both benefit from NFTs. NFTs can be used as collateral in Decentralized Finance (DeFi) to borrow money. DeFi applications let you borrow money by using collateral. NFT and DeFi, both work together to explore using NFTs as collateral instead. Domain names are easier and more memorable because of NFTs. NFTs provide a more relevant and valuable length to IP addresses.


An NFT marketplace is a web-based platform that allows you mint, buy, or sell NFTs.


Non-fungible tokens or NFTs have been trending since the advent of Cryptokitties in 2017. NFTs are redefining digital assets by leveraging blockchain technology. Blockchain games, Metaverse, Virtual Real Estate, PFPs, and exclusive entry passes – NFTs are everywhere. Cyber Punks, Cryptokitties, Beeple’s Collection, and Bored Ape Yacht Club are some famous names in the NFT world. Some NFTs were even sold for millions of dollars. There are millions of user-owned NFTs available on this decentralized platform and more are being uploaded every day on the NFT marketplaces. Nowadays, there are countless NFT platforms that give you access to the NFT world but we’ve highlighted some of the best ones below:OpenSea Axie Marketplace Binance NFT Solarart Magiceden Larva Labs/Crypto Punks NBA Top Shot Marketplace Rarible SuperRare Foundation Nifty Gateway Mintable Theta DropUnfortunately, we are unable to further explain these platforms here, but you can find our in-depth coverage of NFTs marketplaces here.


Selecting the right NFT marketplace can be tricky but it will save you a lot of stress if done right.The following steps will help you make the perfect choice.Decide the type of assets you wish to trade
Find the marketplaces that support these assets.
Confirm and compare the transaction fee and terms of conditions between your preferred marketplaces
Make your decision


NFTs can be a very rewarding investment, but it does carry some high level of risk too. There's undoubtedly a lot of money flowing around within the NFT space. But you only want to commit to it when you’re well-grounded in the basics.


After going through the learning process, the next stage is to get down to business by minting or buying your first NFT, and that can be done in six simple steps.Create a crypto wallet that supports Ethereum
Buy Ethereum tokens which will be used as gas fee
Link your wallet to your preferred NFT marketplace
Scroll through the available NFT assets.
Make your purchase


Basically, an NFT calendar is a platform that covers and reports existing and forthcoming NFT projects. This NFT Calendar right here is one of the best ones you will find.


An NFT calendar is very useful, especially for NFT collectors, because it prepares them ahead for what's coming. That way, they can research and prepare their investment strategy and volume.


The most important metric to consider when buying NFTs is the rarity. This is quite straightforward because the more rare an NFT asset is, the more value that it carries. A very rare NFT will most likely be in high demand, which would ultimately add a few hundreds or thousands of dollars to the original value of the assets. Other metrics include Utility, the project’s community size, the potential of the NFTs and your personal preference.


You might be wondering what’s the difference between cryptocurrencies like Bitcoin or Ethereum and NFTs. This difference lies in one term and that is ‘Fungibility’. The only similarity is that NFT is created by the same programming by which cryptocurrencies are minted.The crypto-assets like Bitcoin or Ethereum are fungible which means that we can have their duplicate. There are more than 18 million Bitcoin tokens in the world today, and if we pick one coin from this and compare it with other individual currencies, their price is the same, and they are exchangeable. On the other hand, NFTs have such a mechanism or we can say a digital signature, that stops them from exchanging and equating.


Nothing is guaranteed in the NFT industry. Your success rate will depend on the amount of work that you put in to learn the ropes and understand the risk involved. If you're able to these well, you could well be on your way to making a fortune from NFTs.


The very first and maybe most important benefit of owning an NFT is that it gives you complete rights of ownership. NFTs can also be a steady stream of income, or alternatively, you could create an NFT collection and keep them for pride.


An NFT drop is the introduction or release of a particular NFT project. It usually features additional data like time, data, and minting price of the project.


Simple. Consult your NFT calendar often. Also, surf through the internet and social media platforms too (preferably Twitter or Discord).


Twitter
Discord
RyzeNFT
OpenSea Activity
The Road Map
Icy Tools
Rarity Tools
NFT Calendar


Metamask is a live wallet service that functions as an application on Smartphones or as an extension on web browsers. Although there are several other wallets service, Metamask is famous amongst users because of its interoperability. For the records, it can be connected with around 3,700 different decentralized applications and Web 3 services.
To set up your Metamask wallet, follow this steps.
Install the Metamask app if you're using a Smartphones or download the extension on any compatible web browser.
Create a wallet
Set your recovery phrase


Minting NFTs is quite easy; the process will differ slightly depending on the marketplace you choose. Nonetheless, it should only take a few minutes of your time.
Create an Ethereum-based crypto wallet
Connect the wallet to your preferred NFT marketplace
Find your wallet
Create your first NFT
Proceed to mint


Trading NFTs is not any different from running an online store. You can choose to trade NFTs that were created by you or alternatively, you can buy NFTs from other creators and resell. Either way, once you have the NFT you want to sell, follow these steps.
Access your preferred NFT marketplace through a web-based browser.
List your NFTs
Promote the listings
Keep your fingers crossed while you wait for customers


NFTs have grown tremendously since their inception, with a handful of them commanding selling for millions of dollars. Let's take a look at some of the most expensive.
Pak’s ‘The Merge’ — $91.8m
Everydays: the First 5000 Days — $69.3m
Clock — $52.7m
Beeple’s HUMAN ONE — $28.985m
CryptoPunk #5822 — $23.7m
CryptoPunk #7523 — $11.75m
CryptoPunk #4156 — $10.26m
CryptoPunk #3100 — $7.67m
CryptoPunk #7804 — $7.6m
Beeple’s Crossroad — $6.6m