Beginners Guide to NFTs - Part 1

What is NFT?

NFT is short for non-fungible tokens. They are tokens that use blockchain to prove authenticity and ownership of something. NFT are unique and cannot be interchanged with anything else like it.

For example, the US dollar is a fungible asset because each dollar is worth the same. On the other hand, art paintings are non-fungible as no two art pieces are alike. 

NFTs have been around for several years, but it has become crazily popular in 2021. It is handy to use NFT to prove authenticity for collectibles such as artworks, in-game assets, sports cards, and more. If you are looking to spend a lot of money on a rare collectible item, NFT can help you prove that it is not a counterfeit. 

Communities such as gaming fandoms or card collectors assign a lot of value to their collectibles. By owning the assets in a verifiable way, NFTs allow communities to express what they value and allow buyers to spend a large amount of money confidently.

NFT has become a heavenly place for several artists and collectibles communities everywhere, allowing them to earn millions from their works. 

How do I buy NFTs?

NFTs are available in various places depending on what you are looking to get your hands on. For example, gaming NFTs can be found in-game, and NFTs for artwork can be found at art auctions.

Currently, there are also many popular NFTs marketplaces you can visit to sell or auction NFTs.

Popular NFT marketplaces:

  1. OpenSea
  2. Rarible
  3. AirNFTs

You can access these marketplaces through your ELLIPAL App. Just open DApp page on the ELLIPAL and look them up. You must first connect your crypto account to the marketplace DApp then you can start buying and selling them with crypto. The acquired NFT will be in your account.

Popular NFTs

CryptoKitties

  • Release date:11/2017 on Ethereum blockchain.
  • Idea:Each kitty is an NFT, and they all have unique patterns. 
  • Most Expensive:The most expensive CryptoKitty called ‘Dragon’, is currently on sale for 600 ETH.

CryptoPunks

  • Release date:06/2017 on Ethereum blockchain.
  • Idea:There are 10,000 unique characters known as ‘punks,’ and they differ in rarity. Each punk is an NFT.
  • Most Expensive:Multiple punks are very expensive, with two having been sold for 4200 ETH.

Battle Pets

  • Release date:10/2020 on Binance Smart Chain.
  • Idea:Each egg is an NFT. You will need to hatch the egg, and it will become a pet. Each pet has different fighting strengths, and you can train them to increase its value.
  • Most Expensive:There is a pet kitty on sale for 300,000 Bake. 

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