12 Facts You Need To Know About NFTs As A Beginner

1/ EACH NFT IS UNIQUE

Each NFT created is a verifiably unique asset worth as much as someone is prepared to pay for it

2/ FORGERIES DO NOT EXIST IN THE REALM OF NFTS

While this can be debatable, NFTs solve this forgery problem by allowing artists to show provenance and establish a chain of ownership by utilizing the blockchain’s ledger.

3/ LISTING NFTS ENTAILS MINTING

Minting is the process through which your artwork, collectible, music, film, domain, or other item is added to the blockchain.

4/ OPENSEA ALLOWS FREE NFT MINTING

OpenSea, unlike other platforms, does not impose a fee to mint NFTs. To differentiate itself, the platform charges a payment on the final sale price, which is presently 2.5%.

5/ OPENSEA ISN'T THE ONLY NFT MARKETPLACE TO CONSIDER

OpenSea = most popular + easiest to onboard. But, it's not the only marketplace you should consider. As an artist, explore other marketplaces such as Rarible, @WazirXNFT, Foundation, Objkt, Makersplace, SuperRare, etc.

6/ ETHEREUM SUPPORTS THE MAJORITY OF NFTS

Though various blockchain networks are utilized to create NFTs, such as Polygon (MATIC), Tezos (XTC - ꜩ), Binance (BNB), etc... Ethereum (ETH) remains the most popular.

7/ SMART CONTRACTS ALLOW FOR ANYTHING DIGITAL TO BE CONVERTED INTO AN NFT

Although most of the attention has been focused on the sale of digital art and collectibles, the technology’s versatility allows practically anything to be tokenized.

8/ ETHEREUM 2.0 WILL ALMOST CERTAINLY FIX THE PROBLEM OF EXCESSIVE GAS PRICES

Ethereum's growth resulted in increasing gas fees, with the minting and trading of NFTs costing large amounts. The fees are a result of the Ethereum network’s proof-of-work principle.

With the introduction of Ethereum 2.0 in 2022, the network will transition to a proof-of-stake architecture, with fees and transaction times projected to fall considerably.

9/ MEME NFTS ARE VALUABLE

The Success Kid meme sold for 15.00 ETH ($32,355.75)

10/ NFTS ENABLE ARTISTS TO REACH NEW AUDIENCES

NFTs, dubbed the “new disruptor” in the art market, are making ripples in an industry historically dominated by traditional investors.

Despite crypto being in a bear market right now, the market remains bursting with opportunities and massive potential.

If you liked this post, please give it some love 😄 by sharing it on Twitter :)