NFTs: An Overview for Beginners
In this article, we’ll quickly discuss basics of NFTs. For more in depth knowledge, follow our channels below.
What are NFTs?
NFTs stand for non-fungible tokens. They are unique digital representations of assets (i.e. non-fungible) and come in all shapes, sizes and use cases. They frequently enter conversations when discussing digital art collectibles such as The Blocks, but are gaining momentum in gaming, finance and other fields as well.
NFTs on the Ethereum blockchain are generally labeled as ERC-721. You can view this as a standard template that defines some characteristics to make the tokens usable for their intended purpose (e.g. can they be transferred, minted, burned, etc.). There are other types of standards for NFTs, but we will discuss them later.
What are they used for?
NFTs have many uses: they can be digital representations of a physical object or access passes to special real world events; they can be the keys to entering communities and give you the exclusive right to profit from the value of your artwork.
Owning The Blocks NFT will give you access to an incredible roadmap filled with perks: Community hub, E-commerce shop, VIP list, and more! Check out the roadmap for details.
What determines the price of NFTs?
This is the million dollar question. NFTs derive their value from the market. The higher their demand, the higher the chances their price will rise. Demand is fueled by a number of factors: the beauty of the artwork, the planned milestones that make up the roadmap and, most importantly, their community. NFTs are also all unique and have different rarity traits associated with them — the rarer the traits, the higher the perceived value of the NFT.
Where is my NFT when I buy it?
When you purchase your NFTs using MetaMask, you will be able to view it directly in the app. Currently, MetaMask does not support viewing the NFTs in the browser extension. You will also be able to view your NFTs on OpenSea by connecting your wallet to it.
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