Tips for The NFT Mania

    What are NFTs?

    The Non-Fungible Token (NFT) is an Ethereum-based digital asset. They are one-of-a-kind digital assets that exist in the crypto blockchain, which is an online transaction ledger. NFTs are one-of-a-kind and come with evidence of ownership, allowing you to know who made it, who sold it, and who possesses it. The blockchain keeps track of all of these transactions. The great majority of NFTs are currently on the Ethereum blockchain, however, some new projects are being developed on the Solana blockchain. Most NFTs will need Ethereum as well as a crypto wallet such as Coinbase or MetaMask.

    If you are fresh to cryptocurrency and Ethereum, it is strongly advised for you to learn how it operates before purchasing an NFT. There is a plethora of information available online about Ethereum, cryptocurrency, and blockchains, so familiarize yourself with them first.

    Where do you buy NFTs?

    OpenSea or Rarible are the two main sites for purchasing NFTs right now. OpenSea is what most people have been using and it’s quite simple to use. OpenSea is often referred to as “OS” in the community. You can link your wallet and search for NFTs on the OpenSea website. They also offer a rating system to help you figure out what’s hot and what’s not. The rating system and statistics are quite useful because there are so many alternatives.

    How to pick an NFT?

    You can use the OpenSea rating system when you first start out. I felt more at ease purchasing something that had already received a high rating. Parallel Alpha was the source of my first NFTs, and they were ranked in the Top 3 at the time. New projects are generally less expensive, but they may lack a huge following and cannot be confirmed. Here are some more suggestions to get you started:

    Twitter – Twitter is an excellent resource for learning more about NFT initiative. You can check how many follows they have, how many folks like their posts, how many people comment on them, and so on. This is a fantastic approach to determine how engaged the NFT collection is.

    Discord – You can join a Discord channel for most NFTs. This is an excellent method to learn about the project, its creators, and how to get involved. You can view how many individuals are in Discord and how many are online, as well as read through the posts. Is the Discord server up and running?

    Project website – On the project website, most NFT projects offer a roadmap for their future ambitions. You can view their marketing, development, and new product plans. To entice new participants, several initiatives include prizes in their roadmap. They may also have upcoming online events, new titles, or game development plans. This will offer you an idea of where the project is likely to go in the following 6–12 months.

    Social media influencers – Influencers abound in today’s social media landscape, and many of them are venturing into NFTs. This can also be used to determine the level of interest in an NFT project. It could be a good indicator if an Influencer with millions of followers starts pushing a specific initiative. With NFTs, the power of viral marketing and Twitter is particularly crucial, as their followers may begin to purchase those NFTs.

    NFT, Non-funglible token glitch background

    Ethereum Gas Fee

    The Gas Fee must be paid when purchasing an NFT on OpenSea with Ethereum. The gas charge is a payment made to cover the cost of computer power used to analyze and validate Ethereum blockchain transactions. The cost of gas varies depending on the time and day, and can range from $30 to $150 or more. I’ve heard that petrol prices are usually lower between the hours of 2 and 7 a.m. EST. When I first started buying NFTs, they were usually around $30, but today they are much more expensive.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...