One of the major obstacles in the world of NFTs and Web3 gaming is the overwhelming amount of information. The language used to describe NFT-based games is often filled with jargon, leaving many users perplexed. This intricate vocabulary creates confusion about the innovative solutions that companies such as Myria are building.
But fear not! We’re on a mission to break down these barriers and make NFT gaming accessible to all. Whether you’re brand-new to the world of NFTs and Web3 gaming or you simply need a refresher, this article will help you sort out some of the most common terms.
What is an NFT?
Let’s start with the most common question of all. What is an NFT? NFT stands for Non-Fungible Token, a unique digital asset that represents ownership or proof of authenticity of a particular item or piece of content on a blockchain network. Unlike cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others which are fungible and can be exchanged on a one-to-one basis, NFTs are inseparable and distinct.
Each NFT possesses a specific set of metadata that defines its characteristics, including its uniqueness, ownership history, and other relevant details. These digital tokens have gained significant attention in various domains, such as gaming, art, collectibles, and virtual real estate, as they enable verifiable ownership and scarcity in the digital realm. NFTs have revolutionized the concept of ownership and provided creators with new opportunities to monetize and distribute digital creations securely and transparently.
What Does It Mean To Mint an NFT?
One action that is often mentioned around NFTs is “minting” which is different from buying an NFT. To “mint an NFT” refers to the process of creating and/or issuing a unique, non-fungible token on the blockchain network. You can think of it as the de facto creation of an NFT on the blockchain. Minting involves recording the ownership and characteristics of a digital asset, such as artwork, music, or virtual collectibles, onto the blockchain as an NFT. The creators of an NFT collection can directly mint the NFTs they’ve designed, however, in many NFT communities, creators often decide to reward some of their most active community members with an NFT mint. The latter would allow users to use their crypto wallet to issue an NFT, the attributes of which have already been assigned (or randomized depending on the collection) by the creator, on the blockchain. The cost of minting an NFT can vary from blockchain to blockchain as it involves paying gas fees. Since Myria has 0 gas fees, minting an NFT on the Myria Layer 2 is free.
During the minting process, the creator of the digital asset assigns specific attributes, such as title, description, image, and other relevant metadata, to the NFT. This process establishes the authenticity, provenance, and ownership rights of the asset, making it a distinct and verifiable digital item. Once an NFT is minted, it can be bought, sold, and traded on various NFT marketplaces, allowing collectors and enthusiasts to own and showcase unique digital assets with cryptographic proof of ownership.
To summarize, buying an NFT means purchasing an existing NFT from another creator or owner, while minting an NFT involves issuing a new NFT yourself, thus making you the first owner.
How To Buy or Sell an NFT
Speaking of NFT marketplaces, buying and selling NFTs are the two most common actions. To buy an NFT, you can follow these steps:
- Wallet Setup: Set up a digital wallet that supports the specific blockchain network on which the NFTs are minted. Some of the most common wallets include MetaMask, Trust Wallet, and others. To create a Myria Wallet, you’ll have to use MetaMask.
- Acquire Cryptocurrency: Obtain the cryptocurrency required to purchase NFTs on the respective platform. The most common cryptocurrency used for NFT transactions is Ether (ETH) for Ethereum-based NFTs. Ensure that your wallet is funded with the necessary cryptocurrency.
- Choose an NFT Marketplace: Select an NFT marketplace that aligns with your interests and the blockchain network you are using.
- Browse and Select: Explore the marketplace’s collection of available NFTs, filtering by category, price, project, or artist. Once you find an NFT that you want to purchase, click on it to view more details.
- Make a Bid or Buy: Decide whether you want to place a bid on the NFT or directly purchase it at the listed price. Follow the marketplace’s instructions to place your bid or complete the purchase transaction.
- Confirm and Pay: Confirm the details of your transaction, including the price and any associated fees. Approve the transaction and pay using your connected wallet. The cryptocurrency equivalent to the NFT’s value will be deducted from your wallet.
- Ownership Transfer: After the transaction is successfully processed, the NFT will be transferred to your wallet, and you will officially own the digital asset. The ownership record will be updated on the blockchain.
To sell an NFT, you can follow a similar process:
- List Your NFT: Find a marketplace compatible with the NFT you own and list it.
- Choose a Price: Specify the desired price and other details so interested buyers can make offers or purchase your NFT directly.
- Wait for a Buyer: Once sold, the ownership transfer will be updated on the blockchain, and the corresponding cryptocurrency will be transferred to your crypto wallet.
Remember to research and understand the specific guidelines and fees associated with each marketplace and blockchain network to ensure a smooth buying or selling experience.
Where To Find Your NFT/How To See Your NFTs
Once you’ve minted or purchased an NFT, you can directly view it. The easiest way to find your NFT is to open the crypto wallet where the NFT is located. Depending on the type of wallet you’re using, the NFT section can be labeled as “Collectibles,” “Assets,” or simply “NFTs.”
After you open the section, you should see a list or grid view of your owned NFTs. Scroll through the collection or use search or filter options provided by the wallet to locate the specific NFT you are looking for. In addition, you can click on the desired NFT to access more detailed information about it. This may include the title, description, image, ownership history, and any associated metadata or attributes.
You may also have options to interact with your NFT — from transferring it to another wallet or marketplace or showcasing it in virtual galleries to accessing additional features specific to the NFT.
Remember that the exact process may vary depending on the wallet you are using and the blockchain network associated with your NFT. Some wallets have dedicated built-in marketplaces where you can browse and manage your NFTs, while others may require you to connect to external marketplaces or platforms to access more advanced features or trading capabilities.
Myria is a blockchain game development studio and an Ethereum Layer 2 solution, built to scale digital assets, NFTs, and blockchain gaming. Myria utilizes ZK roll-up tech to supercharge its ecosystem and bring the next generation of gamers to the blockchain. Myria has a thriving community of over 500,000 users and more than 250 blockchain projects are already building on the Myria blockchain. Thanks to ZK technology, users can expect high transaction speeds, 0 gas fees, and free NFT minting.
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