NFT Basics – The Marketers Guide

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Welcome all to a brief little introduction to the world of NFT’s. I’ve been in the ‘NFT’ scene since mid 2020 (yes before it was cool) and I’d like to offer some insight and get you acquainted with the basics. New & old-heads may learn a thing or two. I’ll try not to get too technical and keep it surface level info for now. (Meaning less backend information will be provided here as opposed to front end) Let’s get to it.

What is an NFT?

Quote courtesy of Forbes.com – “An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, they are generally encoded with the same underlying software as many cryptos.”

What does ‘NFT’ stand for?

Non-fungible token.

Simply defined as – A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger.
These NFT’s when purchased or obtained are singular un-duplicatable digital items or assets.

So why buy them?

Anyone can view the individual images—or even the entire collage of images online for free.
So why are people willing to spend millions on something they could easily screenshot or download?

Because an NFT allows the buyer to own the original item.
Not only that, it contains built-in authentication, which serves as proof of ownership.
Collectors value those “digital bragging rights” almost more than the item itself.

The problem here is most of the popular and more well known NFT collections have no real world application.
Meaning you can’t do much aside from looking at it.
Bragging rights among the more popular NFT collections are about all you’ll get for purchasing one.

Where can I get NFT’s?

Popular Marketplaces include-

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1) https://opensea.io/
OpenSea is the leader in NFT sales. OpenSea has all sorts of digital assets available on its platform, and it’s free to sign up and browse the extensive offerings. It also supports artists and creators and has an easy-to-use process if you want to create your own NFT (known as “minting”).
The marketplace supports more than 150 different payment tokens, so the platform’s name is appropriate. For an introduction to the NFT world, OpenSea is a great place to start.

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2) https://rarible.com/
Rarible is another large marketplace for all sorts of NFTs, similar to OpenSea. All kinds of art, videos, collectibles, and music can be bought, sold, or created on the platform. However, unlike OpenSea, you’ll need to use the marketplace’s own token Rarible (CRYPTO:RARI) to buy and sell on the marketplace. Rarible is built on the Ethereum blockchain (although artwork can be managed on OpenSea as well using Rarible tokens).

3) https://foundation.app/
Foundation.app was designed as a simple, no-frills way to bid on digital art. Sales are made using Ethereum. Since the marketplace’s launch in early 2021, it has sold more than $100 million of NFTs. 
Artists are invited to the platform by the Foundation community, and buyers simply need a crypto wallet funded with Ethereum to start making purchases.

4) https://entrepot.app/
“By definition, an entrepôt is a port, city, or trading post where merchandise may be imported, stored or traded. Such centers played a critical role in trade during the days of wind-powered shipping. We developed Entrepot.app to provide a similar role in the digital world – a trading post where users can store and trade digital assets in a decentralized, non-custodial way.

How can I make money from NFT’s?

There are no simple answer.

You can hire free-lancers or artists of any kind to make your image/audio/file/etc.
Unless you are one yourself in which case if you’re able to come up with a relatively easy-to-market idea, and it’s basic social media promo that will shoot you to the top.
It’s a bit more complex then how I’m explaining it but just know that many of the most successful projects have incredible marketing teams. From content creator promo to social media campaigns & so on.

Alternatively, you can make money from NFT’s by buying them and holding them like you would a stock or a physical asset such as gold or a house. NFT’s are still in the early stages as far as real world application goes & mass implementation into society as we know it just based on the technology provided by crypto in general.
I believe that most well known or semi-well known NFT projects in the coming years could x10-x100 in value as we seem them now.

More and more crypto currency companies are opening their own marketplaces & digital shops creating more and more opportunities to find hidden gems that will potentially appreciate in value in the future.

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