October 17, 2022

8 things you should know about NFTs

What you should know about NFTs.

8 things you should know about NFTs
  1. Non-fungible tokens, NFT's, are often used in art and collectibles. They have even sold for nearly $70 million. Examples are Graphic designers like Beeple and visual artists.

  1. NFTs are not just for digital art. They can represent any form of digital file, whether that's an image, a diploma, a video, or real estate. By turning these files into 'tokens' and securing them on a blockchain it makes it possible to buy, sell and trade these files. 

  1. NFTs are used by many financial platforms. PancakeSwap is an example of a platform that uses NFTs. The tokens are artworks and their cash value can be converted into cryptocurrency.

  1. NFTs can be used in the metaverse in form of in-game assets. Players own the NFTs they earn in games and can further exchange them or later sell them when the items reach rarity and become more valuable.

  1. To explore new NFTs, start looking for marketplaces. These markets have a variety of tokens made by both famous artists and amateurs. OpenSea and BoxSea are one of the biggest marketplaces with Ethereum-based NFTs. TREASURELAND is another marketplace with BNB Chain-based NFTs and Sandmilk. 

  1. Make sure you buy from a reputable company if you want to buy a unique piece from an artist, or find giveaways by playing blockchain-based games.

  1. If you want proof that your NFT is legitimate, you would have to contact the artist and confirm they are selling.

  1. The information on your NFT is important. It may have the minting date, as well as the wallet address for someone who claimed it. You can also input the transaction ID to see if it matches. 

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