Getting Started with NFTs for Beginners
NFTs are a new concept that started to be a part of our lives. However, its impact so far can not be ignored and its future potential is bigger to discover. This article will explain NFTs and how they work for those who are just starting out.
What are NFTs and not?
It is crystal clear that if you have somehow dealt with or are interested in blockchain, cryptocurrencies, and/or digital art, you must have heard about NFTs before. Alternatively, you might have come across NFTs on the Internet, maybe your friends told you about them.
You might have some opinions about NFTs or not. Regardless today, we will dig into NFTs with our take to discover their potential.
When you first examine the NFTs they might seem to you as if they are JPEGs that you see on the Internet every day. However, if you are here to read this article, you must have come to the realization that they are different than ordinary JPEGs.
So, what differentiates NFTs from ordinary JPEGs?
Definition
Authenticated and kept in a database known as a blockchain, a non-fungible token (NFT) is a non-exchangeable digital commodity such as a picture, song, or video that can be gathered, bought, and sold on different online marketplaces.
The Screenshot Question
Can’t just someone take a picture of it and use it as if it is his/her?
Yes, they can, but they can also take a picture of the Mona Lisa painting and show it as if it is theirs. However, nobody would believe that an ordinary person can have a Mona Lisa painting by just taking photos of it. The same applies for NFTs as well. The ownership of NFTs is coded and proven through blockchain technology and therefore nobody can actually claim to own your NFTs.
Secondly, we told you that your NFTs are unique to you. What does it mean? Think like this. There will be less than 21 millions Bitcoin in circulation when all is mined. Every Bitcoin has the same value and qualities. There is nothing that can differentiate them from each other. That’s how cryptocurrencies or fiat currencies work. What about NFTs? Every NFT differs from each other by value and also the quality of the art. This makes every NFT unique and even if they are from the same collection, their values differ.
To give an example; let’s consider APE Bored Yacht Club which is among the most popular NFT collection ever made. In the same collection, NFT #3105 is worth more than 12,000.000$. That’s huge.
However, NFT #1721 is worth around 150.000$. The difference is enormous. This is what we have been trying to explain. Since all NFTs are unique, each of them has different values.
Use Cases for NFTs
And, one thing is for sure the use cases of NFTs are not just limited to digital art. Some of the use cases of NFTs are;
- Identity: NFTs can be used to verify the authenticity of the product you are buying. Due to the blockchain’s ability to retain product information forever, physical products will soon be able to check their rarity and validity as well.
- Financial/DeFi NFTs: Consider spending your last $5 million on a CryptoPunk NFT, but then realizing that you neglected to pay your rent. No problem. That CryptoPunk can be used as security for a loan with NFTfi.
- Copyright Rights/Intellectual Property: NFTs are excellent for safeguarding patents and intellectual property. Additionally, NFT tokens enable users to demonstrate their ownership of any piece of content, something that is not achievable with conventional IP rights instruments like trademarks and copyrights.
- Tickets: In the not too distant future, NFTs will take the place of tickets. For instance, NFT tickets that have been given a specific ID can be used in place of parking cards while entering the restricted area to serve as validation.
- Health Sector: Since NFT transactions are validated on multiple nodes before being added to the blockchain permanently, they can be used to store a person’s medical records without compromising confidentiality or running the risk of outside tampering. This ensures that every record is accurate and safe from malicious attempts at manipulation.
- In-game Assets: The gaming business and NFTs go hand in hand. By enabling NFT cross-platform playability, NFTs can be integrated into the game industry. Game players are more motivated to continue playing a game if they already own characters or objects within it thanks to NFTs, which provide game producers another chance to grow their brand and generate another source of income.
As you can see, NFTs are not just JPEGs going around or a Ponzi scheme that people are trapped in, they have real-life values and use cases.
How Can I Buy NFTs and Store Them? (step-by-step)
First things first, in order to buy NFTs, you need to have a wallet. There are several trusted and well-known wallets around that you can choose among. However, MetaMask is the most notable wallet among others. You need to have a MetaMask wallet first and for this, you need to open an account.
First, download the MetaMask extension via the link: https://metamask.io
Open a wallet, be sure that you keep your recovery code safe, and don’t share it with anyone.
Then go to babylons.io or other marketplaces that you want to use.
Connect your wallet.
Go to the marketplace, and look for NFTs.
Choose the NFT you like and buy!
(Don’t forget, you need to hold some amount of coin depending on which chain you use i.e. BNB, ETH, AVAX.)
Congratulations, you bought your first NFT!
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About Babylons
Babylons is the ultimate GameFi destination, pioneer launchpad, blockchain tooling provider, and NFT platform with its 100+ gaming partners and a young and active following of GameFi enthusiasts. For its gaming partners, Babylons offers INO hosting, IDO hosting, and secondary sales services tailored to their exact needs. Babylons has a vibrant gaming community that is eager to participate in new gaming projects private, and public token offerings & IDOs; while the platform aims to democratize this process with its innovative mechanisms.
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