Most of us have heard about NFTs. Mostly due to some of the headline-making NFT madness attracting a lot of attention (celebrities getting involved, etc.)
But do we really know what they are?
Upon jumping into the world of NFTs, most of what I found initially was clear as mud.
For example, let’s start with something simple: What is an NFT? It’s a non-fungible token (NFT). Ok…what?! No, seriously.
Let’s try this again. What does “non-fungible” mean?
Non-fungible means something unique that can’t be replaced with something else.
Maybe this will help break down some NFT basics:
- NFTs are all unique.
- They represent ownership of unique items.
- NFTs are not interchangeable for other items because they have unique properties.
- NFTs allow us to tokenize things like artwork (drawings, photos, etc.), videos, music, collectibles, experiences, and even physical items like real estate now.
- NFT creators can retain ownership rights over their own work and claim resale royalties (which most marketplaces make easy to do, but more on marketplaces later).
- NFTs can only have one owner at a time.
- Ownership is managed through the unique ID and metadata that no other token can replicate.
- NFTs use the same blockchain technology that powers cryptocurrencies, but they’re not a currency – they are recorded on a blockchain which ensures each asset is one-of-a-kind.
- Most NFTs are part of the Ethereum (a cryptocurrency with a blockchain that also supports these NFTs) blockchain.
- NFTs are minted using smart contracts that assign ownership and manage the transferability of NFTs.
- NFTs are crypto assets because they use smart contracts.
- NFT marketplaces are used to create, purchase and trade NFTs – with a cryptocurrency.
- Research the dozens of NFT marketplaces available to find one that best fits with you and your goals. (Some have a specific focus or niche.)
- The sign-up process varies by marketplace, but usually you will purchase NFTs using a cryptocurrency (even if the price is listed in U.S. dollars).
- There may be fees associated with each transaction (these vary by marketplace).
- As an NFT creator, you choose the price for your NFT – and you can determine if your NFT will be a set price or if you will use an auction to sell it.
- As an NFT purchaser, note that depending on the NFT, copyright or licensing rights might not come with your NFT.
Now, are you going to be an NFT creator? An NFT collector? Both?
Selling NFTs has turned into a lucrative business, but do your research, talk to other people, find out all that you can (reasonably) before jumping in to this crazy—and fun—NFT world.
But wait…there’s more!
Now for the really fun stuff. We have an exciting announcement.
Bitcoin Ben released his first NFT for purchase on OpenSea on Nov. 29, and it already sold! (It’s his first official Bitcoin Ben photo taken in front of a truck, like the one he previously drove, wearing the first-ever Bitcoin Ben t-shirt.)
Check out Bitcoin Ben’s profile on OpenSea (https://opensea.io/therealbitcoinben) – and check out the 3 other NFTs now for sale!
- Bitcoin Ben’s World’s Largest Crypto Meetup graphic
- Bitcoin Ben with Wife Kelly at Bitcoin Ben’s World’s Largest Crypto Meetup
- Bitcoin Ben at the 2018 Litecoin Summit
My Experience Starting Bitcoin Ben’s Collection
While I’m not a tech wizard, I would definitely say that my tech savviness is higher than normal/average. But this was not easy to get going. Just doing the research was overwhelming at times. I reached out to a consultant—Joshua or “Papajo” as some know him with Aster Blockchain Consulting—to talk through things after realizing that it may be easier to have someone explain this to me and walk me through some things via Zoom. That really helped.
We decided to use the NFT marketplace that our consultant recommended, OpenSea. We also reviewed other options, read the reviews, etc., before settling on OpenSea to begin our journey into the NFT world.
But like I said, it still wasn’t easy. I tried several times to set up our Open Sea account using the Brave browser, but it wouldn’t work. I think it’s due to some Brave browser updates or something. So frustrating. Then I also found out there are some issues using the MetaMask wallet on OpenSea using the Brave browser. So, onto using Chrome. Then, I had to connect my MetaMask wallet all over again. Coinbase got involved, too. Ugh. Not fun and quite time consuming.
It was not the greatest experience to say the least. I wrongly assumed that this would be easy to do once I learned the ins and outs. Who knew just creating Bitcoin Ben’s first NFT collection would prove to be so time consuming and difficult?
Alas, it all got set up, and now we’re rolling with our first NFTs on OpenSea.
Check out Bitcoin Ben’s profile on OpenSea here: https://opensea.io/therealbitcoinben
- The Verge: https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq
- Merriam-Webster Dictionary: https://www.merriam-webster.com/dictionary/non-fungible
- Business Insider: https://www.businessinsider.com/nft-meaning
- The Motley Fool: https://www.fool.com/investing/stock-market/market-sectors/financials/non-fungible-tokens/nft-marketplaces/
- Decrypt: https://decrypt.co/80595/best-nft-marketplaces
- Block Social: https://www.blocksocial.com/nft-marketplaces/
- Built In: https://builtin.com/blockchain/non-fungible-token-nft
- OpenSea: https://opensea.io/ (Good quote: “Own what moves you.”)
- Coinbase: https://www.coinbase.com/learn/crypto-basics/what-are-nfts
- The Motley Fool: https://www.fool.com/investing/stock-market/market-sectors/financials/non-fungible-tokens/how-to-buy-nfts/
- Ethereum: https://ethereum.org/en/nft/ (Good quote: “Owning the verifiably real thing will always have more value than not.”)
This article was published on Nov. 30, 2021, on Bitcoin Ben’s website (http://bitcoinben.io).
Kelly Wisness-Semchee has spent 20+ years in marketing and communications for various companies. She holds a bachelor’s degree in Public Relations and an MBA. Kelly has been married to “Bitcoin Ben” for 12 years. They reside with their fur babies “Litecoin” Little and Lacie and daughter Alexa in the St. Louis area. Learn more at https://www.linkedin.com/in/kwisness/.
Copyright © 2021 by Kelly Wisness-Semchee