NFTs | 30+ Frequently Asked Questions


NFTs are a new and exciting technology but they can also be confusing. That’s why we’ve compiled the most frequently asked questions regarding NFTs and provided easy to understand answers.

What is an NFT, no really, what the hell is an NFT?

An NFT is a digital asset that you can verifiably own. In the same way that you have physical assets that you own, such as books and art, with blockchain technology you can have digital assets that are securely in your possession, in the form of NFTs.

An NFT is actually a unique digital token on a blockchain, and when you acquire it, ownership is either transferred from the existing owner to your crypto wallet address, or a new NFT may be created, with ownership connected to your crypto wallet.

Records of ownership are publicly viewable on the blockchain, and if you want you can give an NFT away by transferring it to another wallet, you can trade or sell it, and there are even ways to use NFTs as collateral for loans. In many ways, it’s exactly like owning a physical asset, but it’s digital.

An NFT usually links to a digital file, and so it can show ownership of anything digital. Most commonly up to now, that has meant a piece of art, but it could be a game avatar, a piece of music, a membership pass, a video, a receipt, a certificate, or literally anything that can be stored as a digital file.

We break down all the major NFT types in another article HERE.

What does NFT stand for / What does NFT mean?

NFT stands for non-fungible token, but let’s think about what that means, piece by piece. Non-fungible means unique, and the token part is a cryptocurrency term, showing that we’re referring to an asset created on a blockchain such as Ethereum.

To break that all down in more detail, in economics, fungible means something that can be exchanged for another identical thing and used interchangeably. So, for example, dollars, euros, and bitcoin are fungible, in that any dollar, euro, or bitcoin can be exchanged for any other dollar, euro, or bitcoin. Basically, you don’t care which dollar bill you get in your change when you go shopping, because they’re all effectively the same.

So non-fungible means something one of a kind, distinctive, and that can’t be used interchangeably with other items. A painting, for example, is unique. When you buy a painting, you care about which one you receive. And an NFT, unlike a bitcoin, is a unique digital item.

Then there’s the token part. A token means a digital asset that exists on a blockchain, and which can be transferred, held on to, or sold.

So, NFT (non-fungible token) means a unique digital token that exists on a blockchain.

How to make an NFT?

Making an NFT is often referred to as ‘minting’ an NFT, reflecting how you’re creating a new asset. Be careful though, because minting an NFT can also refer to buying a new NFT from someone else’s collection (because often, the NFT is created–or minted–when you buy it).

Let’s think about creating/minting your own NFT though, and let’s just use the simplest free method, doing it on the OpenSea NFT platform using a MetaMask wallet.

  1. Initially, you’ll need to download and set up MetaMask, then go to OpenSea, connect your wallet and create an account. When that’s done, hover over your user icon at the top right of the page, and click My Collections from the menu. From there, click on Create a Collection.
  2. You can then name your collection, add images and descriptions, and set royalties. When it comes to choosing the blockchain, Ethereum is the most popular and has the highest NFT volume.
  3. When your collection is set up, it will still not contain any NFTs. All you have to do, though, is click into the collection, and click the Add Item button.
  4. The first field you then have to complete is an upload of the file that you are making into an NFT. The only other field you are required to fill in is the “Name” section, so it’s up to you how much else you want to add regarding other information and external links.
  5. Click Create, and your NFT is done. You can then click on the NFT, and click the Sell button to put it up for sale if you like.
  6. If you don’t want your NFT to be part of a collection, then you can just click Create, at the top of the OpenSea front page, next to your profile icon, and skip past creating a collection.

There are other tools to create NFTs, so when you’ve tried it out this way, you might want to explore other blockchains and platforms.

For an in depth look at the NFT Minting process check out our article “How to Mint NFTs for Beginners”

How to buy or purchase an NFT?

The easiest way to buy an NFT is to visit an NFT marketplace and make your purchase there, so let’s go through the steps, using all the most popular options.

  1. First, you’re going to need a crypto wallet, so let’s use MetaMask, which is the most widely used. You need to go to the MetaMask site, and from there, download the browser application, following all the instructions very carefully.
  2. Then, you need some ETH (short for Ether). This is the cryptocurrency of the Ethereum network, which you’ll use to pay for NFTs and transaction costs (known as gas fees). You can buy ETH on all major crypto exchanges (such as Coinbase, Binance, and Kraken), and then transfer it to your MetaMask wallet, or you can buy it directly through MetaMask by clicking on the Buy button.
  3. Now you have a wallet with some ETH in it, go to the most popular marketplace, OpenSea. You can connect up your wallet, create an account, and browse the NFT collections.
  4. If you find something you want and click the Buy now button, you’ll have to click through various prompts and sign off on the transaction in your wallet (at which point gas fees are added), and then the NFT will be yours.

You can view the NFTs you’ve acquired on your OpenSea account profile.

We also have in depth, step by step guides on how to buy NFTs on Opensea (Ethereum), Magic Eden (Solana) and JPG.Store (Cardano)

What is NFT art?

NFT art is really no different to regular art. Basically, an NFT links to a digital file, so any art that can be stored digitally can be made into an NFT. In fact, there are many traditional artists who have turned their work into NFTs, such as Banksy and Damien Hirst.

An art NFT just means exactly what it sounds like: it’s a medium for an artist’s work, as opposed to other kinds of NFTs that might be focused on gaming use, metaverse land, music, utility (such as a membership pass), or profile pictures (known as PFPs, although some people would say these are also a kind of art).

That said, because NFTs are a new format coming from the worlds of computer science, blockchain technology, and cryptocurrency, they tend to attract more of certain kinds of art and artists, especially those interested in digital art.

What you’ll especially find is a lot of generative art. That means work that is produced by algorithms, and it means there’s a crossover between artists and programmers. Perhaps the most famous generative art has been produced within the Art Blocks project.

How to create NFT art?

If you are already creating art, then as long as you have your work stored as a digital file, you can turn it into an NFT. You can do this on OpenSea, which is the most popular NFT marketplace with the largest sales volumes.

You need to have a MetaMask wallet set up, and then you can connect to OpenSea, and create an account there. Then you just go to My Collections, create a new collection, and you can then create NFTs within a collection, which will be linked to your artistic content.

Within the NFT space you’ll find all kinds of art, exactly as you would within a traditional art environment, but there are certain styles that are more popular in NFTs. There’s an emphasis on art as it relates to technology, PFP collections based around character and avatar creation (PFP means profile picture), and recently, there are a lot of manga and anime style collections.

If you’re interested in creating generative art, then it’s a good idea to learn some coding skills, and there are plenty of online learning resources to help you out. Free Code Camp is a popular starting point, and The Coding Train is very accessible.

You can actually produce generative art without writing any code yourself, using online art makers, but then you’re more limited in what you can create. To find these kinds of tools, just try searching for generative art makers.

How to invest in NFTs?

If you’re approaching NFTs as a medium to long-term investment, you need to identify which NFTs will have lasting value. This means looking at the fundamentals and characteristics of a project, and the direction of the market. Some important things to consider are:

The team: Who is behind the project? Are they doxxed (meaning, are their identities known)? Do they have a good track record? Do they bring status or expertise from outside the NFT world (for example, a popular artist with a big following on Instagram).

Community: Look at what’s happening on the project’s Twitter and Discord channels. What is the atmosphere like? Are there many people following and involved in the project? Hype and community are valuable commodities in the NFT space.

Art: If it’s an art project, then look at the quality of what’s being produced. Does it stand out? Does it tie in with current or upcoming trends? Does it have lasting appeal?

Utility: Does the project have utility? Some potentially valuable uses are land and assets in games and metaverses, access to exclusive communities, staking, airdrops of tokens and other NFTs, whitelisting for future projects, access to physical merchandise.

History: Some collections have value because they’re perceived as being historically important. A good example of this is CryptoPunks, which is seen as being the first of its kind. Is a project doing something first or in a unique way? If so, it could become valuable.

How to buy NFTs on OpenSea?

Buying on OpenSea is a simple process. All you’ll need is a MetaMask wallet and some cryptocurrency. OpenSea actually supports several blockchains and currencies, but as Ethereum is the most widely used and does the most trade volume, it makes sense to start there.

  1. The first step, then, is to have MetaMask downloaded and set up in your browser, and to make sure it contains some ETH (Ether, the currency of the Ethereum network). You can buy ETH on a crypto exchange and transfer it to MetaMask, or there are options to buy with a credit or debit card from within MetaMask.
  2. Go to OpenSea, connect your MetaMask wallet, and you will then be able to purchase NFTs. A good place to start is by browsing the trending collections, or looking at the sales charts and seeing what’s available. Always do some research on a collection, and assess its fair value before buying.
  3. When you find an NFT you want, simply click on it, and then click the Buy now button. From there, you’ll have to click through the buying process, including signing off on the transaction in MetaMask, which you’ll be prompted to do.
  4. Be aware that you’ll have to pay gas fees (transaction costs), and that these vary and will be displayed in MetaMask when you sign off on the transaction.
  5. After you’ve bought an NFT, you can go to your profile page on OpenSea, and you’ll be able to see it displayed there.

How to sell NFTs?

A very common way to sell an NFT is on OpenSea, the most popular NFT marketplace. If you want an in depth tutorial on how to use OpenSea try our article HERE, otherwise, here’s the basic steps to sell an NFT on Opensea:

  1. If you go to the OpenSea marketplace, you can click on the account icon up at the top right, and then you’ll be directed to connect your wallet (if you’re not already connected).
  2. Then, when you’re connected, you just go to your profile, and you’ll see all your NFTs displayed. From there, click on the NFT you want to sell, and click the Sell button. The simplest method is Fixed Price (the default setting). Enter your price and set the sale duration (or just leave the 1 month default). There are some fees listed, but if it all looks ok, click Complete listing.
  3. You’ll be directed to sign off the transaction in your wallet, at which point gas fees will be calculated and included in the transaction. The first time you sell on OpenSea, there’ll be an additional charge to get the process set up. This is more expensive than the usual gas cost of listing an item, but you only have to pay it once, on your first listing.

There are alternatives to OpenSea, a main competitor being LooksRare, and blockchains other than Ethereum have their own NFT marketplaces, such as Objkt on Tezos, and Magic Eden on Solana.

The other thing you can do is simply sell an NFT privately, through a personal arrangement. It belongs to you, so you can transfer an NFT to any wallet address whenever you like.

How to mint an NFT

The phrase “mint an NFT” can have two meanings. To find out how to create (or mint) your own NFT, please see the section above on How to create or make an NFT.

The other meaning of minting an NFT is buying an original NFT from a newly launching collection. This is referred to as minting because the NFT is only created (or minted) at the moment someone buys it. So when you buy the NFT, you’re also minting it.

To do this, you need to find NFT launches that interest you. They often have whitelist sales and public sales. Whitelist sales means sales that are limited by invite. You can find out how to get on NFT whitelists by following the projects you like on Twitter and joining their Discord servers for example. 

Must read: What is an NFT Whitelist and how do you get on it? A complete article with a step-by-step explanation of how to get on NFT whitelists. 

In order to mint an NFT during either a whitelist sale or a public sale, you need to have a crypto wallet containing enough currency to cover both the NFT cost and transaction costs.

The most commonly used wallet is MetaMask, and the most popular blockchain for NFTs is Ethereum, meaning you’ll need ETH (Ether) to make payments. When it comes to the sale, you’ll usually have to go to the project’s website or minting page (which you’ll know from following them on social media), connect up your wallet, select how many NFTs you want, and then click on a button to initiate the transaction.

You’ll be prompted to sign off on the transaction, including gas fees, in MetaMask, and if it goes through then you’ll receive your NFTs. One thing to be careful about is that there can be intense competition to mint NFTs from hyped-up projects, resulting in gas wars.

In a gas war, buyers pay gas fees that can be far higher than average in order to get their transactions through, and these scenarios are best avoided when you’re new to NFTs. Always check the gas fees carefully before finally signing off on a transaction.

For an in depth look at the NFT minting process check out our article “How to Mint NFTs for Beginners”

Are NFT domains indexed by Google?

In short, no, NFT domains are not indexed by Google or other search engines. This is because in the case of NFT domains, the top level domain (TLD) isn’t recognized by the Internet Assigned Numbers Authority (IANA).

A TLD is the part of a domain address following the dot, such as the com or the net part of dot com and dot net. And the IANA is an organization responsible for managing an IP (internet protocol) database, and coordinating IP addressing.

NFT domains use different TLDs to regular domains. Purchase an NFT domain through the Ethereum Name Service (ENS), and it will be dot eth, or go through Unstoppable Domains, and there are choices including dot zil and dot dao.

Not being indexed by Google would be a major sticking point for most commercial entities, but it would perhaps be better to say that NFT domains are not yet indexed by Google. No-one knows the future, but web3 is the direction of movement, and crypto and NFTs are integral to web3 development.

How does an NFT mint work?

An NFT mint refers to the process by which NFT projects launch their new NFTs. In a typical mint, the project will announce in advance the date and time that the minting process starts, and the price to mint an NFT.

Then, during the minting period, buyers can go to the minting page on the project’s website, connect up their wallet, and make a purchase. In addition to the set price of the NFTs themselves, there will also be transaction costs, known on Ethereum as gas fees.

Gas fees vary depending on how busy the network is, and on Ethereum can at times become very high. On other blockchains, such as Solana, Tezos and Cardano, transaction costs are lower.

After minting an NFT on Ethereum, you can view it by connecting up your crypto wallet to OpenSea and viewing your profile, where all your NFTs will be displayed.

However, not all NFTs are immediately viewable, and it’s common to have something known as a reveal. What this means is that at first all the NFTs in the collection have an identical cover image, and then at a fixed time when the mint has finished, the NFTs are revealed.

Some mints are free, meaning you’ll only have to pay transaction costs, and most have two (or more) stages, generally consisting of a private sale (known as a whitelist sale) and a public sale.

Where to buy NFT art?

If you go to the OpenSea marketplace and hover over where it says Explore at the top of the page, then you’ll get a dropdown menu, and the second item on there is Art.

Click on that, and you can start looking around and see if you find anything you like. Another option on the dropdown menu is Photography. This is also well worth exploring, and photography is a growing category in the NFT space.

An alternative marketplace that is specifically focused on art NFTs is Foundation. Here, you’ll find new auctions every day, and a huge variety of work from some talented artists. SuperRare is another marketplace that specializes in art NFTs, and on which you can find some incredible work.

Away from Ethereum, there is the Tezos blockchain, which supports NFTs and is well known for its thriving artistic community.

To see what’s happening on Tezos, you can visit the Objkt marketplace, and there’s also Teia, among others. To start buying, you’ll need a Tezos wallet with some XTZ currency. An easy-to-use and popular wallet is Kukai, and you can buy XTZ at exchanges including Coinbase, Binance and Kraken, and then transfer it to your wallet.

What is an ETH NFT?

NFTs are tokens on blockchains, and the most used blockchain for creating NFTs is Ethereum. So an ETH NFT just means an NFT on the Ethereum blockchain.

Currently, Ethereum dominates the NFT space, so very often, when people talk about NFTs, they’re talking about ETH NFTs by default.

In a bit more detail, Ethereum is the name of the blockchain network, and ETH actually means Ether, which is the cryptocurrency used on Ethereum.

To buy NFTs on Ethereum, you’ll need some ETH (the currency) in a crypto wallet (MetaMask is the most popular for transacting on Ethereum). Then you can connect your wallet to an NFT marketplace (OpenSea is the biggest), and start trading.

Besides Ethereum, there are many other blockchains that support NFTs, with some of the major ones being Polygon, Solana, Cardano, Binance Smart Chain, and Tezos.

Can you sue someone for stealing an NFT?

If someone steals your NFTs, for example through fraud, hacking, or even physical violence (such as forcing someone to transfer assets out of their wallet), then you would have a criminal case and you should report it to the police.

Although NFTs are a new and developing technology, that doesn’t mean that illicit activity can’t be covered by existing laws.

That said, stealing an NFT means getting hold of the digital token through illegal means. On the other hand, simply downloading an NFT image is a different matter. In that case, you might have a case if someone started using an image for commercial purposes, but it would depend on the licensing arrangements.

If an NFT uses creative commons licensing (known as CC0, or no rights reserved), then anyone can use the images or content however they like. This would be unusual in other media, but there is a section of the NFT world that embraces this model.

Some NFTs transfer licensing rights to the current owner, meaning only they can use the images or content for commercial purposes.

There are also some NFTs that use a traditional model, and keep licensing rights with the creator, meaning no-one else, including the NFT buyer, can use the images or content for commercial purposes.

Can you get sued for screenshotting an NFT?

No, you can’t get sued for screenshotting an NFT, or for right clicking on an NFT, and then saving the image to your computer.

Where you could potentially get in trouble is if you started using the image from an NFT for commercial purposes, but this is really no different to using any other licensed images or intellectual property without the copyright owner’s permission, regardless of whether or not it’s related to NFTs.

A growing trend within the NFT world is to use creative commons licensing (also known as CC0), putting content in the public domain. This is an extremely permissive arrangement, and allows anyone at all to use the images or other content however they like, without permission from either the creator or the current owner.

If you find an NFT collection with CC0 licensing, then you can create derivatives, use the content for commercial purposes, or utilize it however you like. In other media this would be unusual, but in NFTs, it’s seen as a way to open things up, encourage creativity, and build network effects.

How to copy an NFT?

There is confusion between copying an NFT, and copying the image or file connected with an NFT. Imagine an NFT that shows a picture of an ape. Anyone can right click on the ape picture, click save image as, and download the image on to their computer.

In that case, have you copied the NFT? The answer is no, you’ve simply made a copy of the image. It has no resale value, and you’re not considered the owner of the NFT, or even the owner of a fake NFT. In fact, by doing this, you don’t own an NFT at all.

The actual NFT is a token on a blockchain that links to the original image, and when you buy an NFT, the fact that your wallet address has ownership of the token is recorded on the blockchain. If you then sold the NFT, then it would be recorded on the blockchain that ownership had moved to a different wallet address.

One of the features of NFTs is that it’s impossible to copy them, and the records of who owns an NFT, along with the previous ownership history, are permanently stored on the blockchain.

How to make money with NFT?

There are several ways to make money with NFTs.

  1. The first way is by flipping NFTs. What we mean by flipping is buying an NFT that will rise in value, and then selling it quickly for a profit. Each flip might bring in a small profit, but do it consistently and it adds up.You can flip NFTs on secondary markets by staying ahead of dips and rises in price, and keeping on top of trends. If you are able to buy an NFT when it launches (known as minting an NFT), you might be able to make even more profit, since the mint price can be significantly lower than people might pay on secondary markets.
  2. A more long-term approach, if you don’t need to take profits quickly, is to identify NFTs with a good chance of increasing in value over a longer time scale, and simply buying and keeping hold of them. If you pick the right ones, you could make substantial gains.
  3. Another route to go down is to start your own NFT project, or look for opportunities to join new projects. If you’re an artist, a blockchain developer, a web developer, or an effective marketer, then this is something to consider.
  4. The other way to get into the NFT field is as a communicator, analyst, or content creator. Crypto and NFTs can be confusing, so if you’re good at explaining things, then you could try producing NFT-related content, for example through blog posts, articles and videos.

How does NFT work?

NFTs are an offshoot from cryptocurrencies, and are part of what’s referred to as web3, which means a decentralized version of the web. NFTs work as tokens on blockchains, but they’re different from a cryptocurrency like bitcoin, because with an NFT, each token is a unique asset.

So, whereas with bitcoin, you would never ask which bitcoin you’re buying, with an NFT, you purchase a specific NFT, because they’re all different.

You can see this in the way that NFTs are often used with artwork. When you buy an NFT, you might be getting ownership of a specific piece of art, or of any particular digital file (not just artwork).

NFTs can also work as a kind of membership pass or digital key that might provide access to a private community, forum, or organization. Another use is within games and metaverse projects, where NFTs provide ownership of avatars and digital assets that can be used in virtual environments.

Basically, NFTs are transferred around in a similar way to cryptocurrencies, on smart contract blockchains (Ethereum has the most NFTs), and are likely to be a core component of web3.

However, they are part of an evolving technological field, and so we can’t yet know all of their future use cases.

How to buy NFT on Coinbase?

Buying NFTs on Coinbase is a very similar process to buying NFTs on the leading NFT marketplace, OpenSea. The first thing you need is a compatible crypto wallet, and the most popular choice is MetaMask. Alternatively, you can use the Coinbase Wallet.

Whichever wallet you choose, you need to download it and set it up, and you’ll need to have some currency, so make sure to transfer some ETH (Ether) into your wallet. If you don’t already have some ETH, then you can buy it at any major exchange, including, of course, Coinbase itself.

Then it’s simply a case of going to the Coinbase NFT market, and connecting your wallet. You don’t have to complete all the profile information, or you can leave it for later, and you don’t need to confirm your identity.

On the marketplace, when you find an NFT you want to buy, simply click on it, click the Buy Now button, and then click through the various prompts to complete the transaction, which will include having to sign off on the transaction in your wallet.

When you sign off in your wallet, you’ll see how much is being added for gas fees (meaning transaction costs). When the network is busy, gas fees can rise, sometimes by a lot, so make sure that you check the fees carefully.

How to make your NFT stand out?

Some things to consider are the visuals, the utility, the team, and the community, along with current trends and future developments.

NFTs are often judged initially by their art and design work. If what you’re doing is an art collection, then this might be the only factor. Keep in mind that more and more professionals from other artistic fields are moving into NFTs, so all the visuals around your project need to be of the highest standard.

Then there is utility. What are the benefits of buying into your project, and what will it build in the future? If what you’re doing is purely artistic, then roadmaps and utility might not be a consideration, although that said, there are artists building out creative ecosystems in which NFTs function as access passes and bring further rewards, such as tokens and physical products.

If you and your team are happy to introduce yourselves and communicate openly, that adds trust to what you’re doing in an industry notorious for scams. It also helps to build community, which can really drive a project forward.

Always be aware of current and upcoming trends, and what else is going on around NFTs. You don’t want to be jumping on any bandwagons, and if you’re ahead of what’s coming, then all the better. Launching an NFT project will keep you busy, but it’s a good idea to keep connected and engaged with the rest of the NFT space.

How to set up an NFT project?

A strong NFT project is likely to be a collaborative effort, so you’ll need to think about all the different jobs that need covering, and get a solid, professional team together.

Every project is different, but might commonly involve artists, smart contract developers, web developers, and possibly also marketers and social media managers. Of course, NFTs are an eclectic area, and there may well be a lot of fluidity between the different roles.

You need to make sure your project has a clear purpose. What are you making and why? What value does it provide? Why should buyers pay for what you’re offering?

In NFTs, community is a valuable commodity. Many projects, before launching, spend a long time building interest, getting a community together on Twitter and in Discord, trailing teasers, and generating hype and momentum.

Make a plan to grow engagement, and consider how to do that in an organic, honest way, rather than relying on gimmicks and superficial methods. If you have a balanced team, a meaningful plan, and an engaged community, then you’re off to a good start.

Increasingly, buyers expect a team that is doxxed (meaning their identities are public and verifiable). There have been many cases of projects acting dishonestly, or even criminally, so it’s good to be open, transparent and professional, while putting out high quality samples of the work in progress.

How to write a smart contract NFT?

There are many blockchains that support NFTs, and several programming languages that can be used to write smart contracts. However, by far the most widely used language for creating smart contracts is Solidity, and this is what you’ll be using if you’re developing on the Ethereum blockchain.

Ethereum dominates the NFT market, and is also the chain most used for DeFi and other web3-related development. Although there are many options to explore, Solidity makes sense as the best place to get started with learning how to create smart contracts.

There are a growing number of resources available for learning Solidity and web3 development, some free, and some that you have to pay for. Some good places to start looking are Udemy, Coursera, and Free Code Camp, and also by simply searching for coding tutorials on YouTube.

One thing to note is that learning Solidity requires some existing knowledge of coding. If you’re completely new to the field, then before taking on Solidity, you should work through a basic web development course, so that you have a reasonable understanding of web fundamentals like HTML, CSS, and JavaScript.

There’s rapidly growing demand for developers in all areas of web3, including NFTs, so this is a great path to get started on at any stage in your career, with plenty of opportunities and potential.

Is NFT lucrative?

NFTs can certainly be lucrative, for collectors, traders, and creators. However, NFT markets are extremely volatile, sometimes unpredictable, and NFTs are a very new and developing area of both technology and investment, meaning they carry risks.

There are various ways to make an income from NFTs. One way that attracts a lot of interest is in flipping or trading NFTs. This is somewhere between trading crypto, and trading collectibles. There is less liquidity in NFTs, compared to in crypto, but there is also the possibility that specific, unique assets can become highly sought after and valuable.

Rather than just flipping NFTs (meaning trading quickly for immediate profit), NFTs can also be viewed as long-term investments, if you think they will become more valuable over time. Here, there are similarities with collecting traditional art, and in fact, some NFTs have been sold at auction houses including Sotheby’s and Christie’s.

If you’re an artist or creator, then NFTs can be a way to monetize your work, and if you learn how to program smart contracts, or want to explore the possibilities in becoming a web3 developer, then NFTs can be part of a lucrative career path.

There are also NFT-related opportunities in marketing and promotions, analysis, journalism, and content creation. On the whole, NFTs, cryptocurrency and web3 form parts of a fast-paced, evolving industry that looks set to grow significantly over the coming years, and is both pulling in investment and generating value.

Where is the NFT market?

The NFT market is–more or less–entirely online (there have been NFTs sold at traditional auction houses Sotheby’s and Christie’s, but this is unusual). NFTs might be art and design projects, or related to music, gaming, and many other areas, but all NFTs are a kind of digital asset, so they are traded and held online.

When people talk about the NFT market, they’re referring not to a physical place, but to the overall NFT trading ecosystem, and looking at things like trading volume and sales figures. As with other markets, there are bullish and bearish phases, and we can observe trends. There are several platforms tracking the NFT market, including Dune Analytics, The Block, and CryptoSlam.

The NFT market is volatile, and because it’s so new, no-one can really say for sure how it will develop in the future. This makes it highly risky, but also means there is great potential, both for quick trading and profitable long-term holds.

People will also talk about NFT marketplaces, which are the online platforms where most NFT trading takes place. The biggest of these is called OpenSea, and some other famous ones are LooksRare, Nifty Gateway, Rarible, Foundation, SuperRare, and the specialized NBA Top Shot marketplace.

Why can’t you screenshot an NFT?

You absolutely can screenshot an NFT, the same way you can screenshot any digital image. Confusion around this issue probably comes from debates about why NFTs are valuable.

Some people claim that buying NFTs makes no sense, because anyone can screenshot an image online, or they can just right click on an image and save it to their computer. In which case, why pay for it?

But while it’s true that you can screenshot or save an image, that misses the point of NFTs. Basically, when you buy an NFT, you get a token that links to a file (usually an image, but it could be anything), and the token proves that you have ownership of that asset.

Sure, anyone can copy that file, but that’s not so different to traditional art. You can buy cheap prints of famous artworks, and people have been downloading music for free for many years, and they copied CDs and cassettes before that.

When it comes down to it, the only version of an NFT image that has value is the original, or rather, the NFT (meaning the token) that’s linked to the original, whereas by contrast, no-one will ever pay for a screenshotted image.

One more important factor in valuing NFTs, is that owning an NFT often brings further benefits, such as access to communities and organizations, utility in games and metaverse projects, and token airdrops.

How to buy NFT monkeys?

This depends on which monkey you want. Ape images have become a popular theme for NFT collections, dating back to CryptoPunks and then Bored Ape Yacht Club.

CryptoPunks set many standards for NFT collections, including things like having 10,000 NFTs in a collection, random variations on a base character, and certain character features (for example, characters smoking or wearing 3D glasses). One rare feature in the CryptoPunks collection was characters who were apes rather than human.

Then along came Bored Ape Yacht Club, who took that ape trait and ran with it, creating a collection of 10,000 apes (although they look very different from CryptoPunks).

Long story short, Bored Apes became highly sought after, and spawned a huge and ever-increasing number of monkey-themed projects, most of which went nowhere, but a few of which are successful.

If you want the very expensive originals, you’ll need a Bored Ape, or a CryptoPunks ape trait. Alternatively, there are Mutant Apes (part of the Bored Ape ecosystem), CyberKongz, Degenerate Ape Academy (on Solana), Chilled Kongs (on Cardano), and many more NFT monkeys, at various price points, and–in some cases–interesting in their own distinct ways.

How to get into NFT?

First, you need the basics. Going with the most popular and well-supported options, you can start by downloading the MetaMask crypto wallet. Then, you need to get some ETH (Ether), the currency you’ll be using to trade NFTs. You can buy ETH on Coinbase, Binance, Kraken, and many other exchanges, and then transfer it to your wallet. Next, go to OpenSea, the largest NFT marketplace, and connect up your wallet.

At this point, you’re set up to buy and sell NFTs. However, you should take your time and figure out some good buys. Browse the marketplace, and get a feel for what’s on offer and what you like. On each NFT collection, click on the Activity tab, and you can see whether prices are up or down over time, and how much volume the collection has.

It’s also a good idea to get lots of exposure to the NFT space and its communities. Follow projects you like on Twitter, and keep up to date with NFT news, trends, and upcoming projects. Don’t be hesitant to join the Discord of projects you’re interested in, and ask questions in the chats if you need to.

A lot of information is exchanged on Discord, and most communities are very welcoming. Having said that, be aware that many NFT scams have occured, and are still an unwelcome aspect of the NFT world. That in mind, protect your data, and if you’re ever in doubt about a project, then take a step back and keep hold of your crypto.

Also, don’t get too swept up in FOMO on social media. You’ll miss some opportunities and catch others, but one thing you can be sure of is that there are always exciting new developments around the corner.

How to get someone to buy my NFT?

If you’re aiming to sell NFTs, then you need to dive in and learn as much as you can about not just the technology and how to use it, but the communities and culture around NFTs.

As NFTs are digital assets, you can do this online from home, although if you have the opportunity to attend real-life meet-ups, then those can be great opportunities too. Get to know other people in the NFT community, and you’ll find the NFT space is usually extremely motivated and supportive.

From there, it’s all about promoting yourself and your work, helping others along the way, and building a recognizable brand or, if you don’t like that word, a distinctive identity and body of work.

And for motivation, keep in mind the 1000 fans rule, which some people have even revised down to a 100 fans rule. What it basically states is that you don’t need huge crowds of supporters in order to make a living from creative work.

If you have just a hundred collectors who will consistently purchase what you make, then that can be enough to make a living, or at least have a significant extra income stream. For that reason, concentrate on your specific niche and remember that there’s great value in building the most engaged community, rather than the largest community.

How to make an NFT for free?

If you create an NFT on OpenSea, then you don’t have to pay any upfront gas fees, since the NFT isn’t actually minted and placed on-chain until it’s purchased or transferred.

You simply need to connect up your wallet (MetaMask is the most popular option) to Opensea, and then click on the Create button at the top right of the front page. From there, it’s a matter of uploading the files that you want to make into an NFT, adding a name for the piece, along with any other information you feel is necessary, and again clicking Create.

However, while you don’t need to pay for the creation process, listing an NFT for sale on OpenSea will require a gas fee to be paid, in order to initialize your account.

Also, although this process is free, you could argue that until the NFT is actually moved on-chain (meaning that it’s been minted), then it isn’t actually an NFT yet, but is an intended NFT that is available to mint.

If you’re concerned about transaction fees, then also keep in mind that although Ethereum is the most used blockchain for NFTs, fees vary across protocols, and costs on other blockchains (such as Cardano, Solana, and Tezos) can be very low.

How to make your own NFT?

Anyone can make an NFT very easily. The simplest way is to download MetaMask, which is a crypto wallet, and then go to OpenSea, which is an NFT marketplace that also lets users create new NFTs.

On OpenSea you need to connect your MetaMask, and then you can create your own profile. With MetaMask connected, you can navigate to My Collections, on the menu when you hover over your icon at the top right.

From there, you can click Create a collection. Having created a new, empty collection, you can click into that collection, and then click on Add item. From there, you upload the file that will make up the content of your NFT, and fill in the remaining fields as you like, including selecting your preferred blockchain.

Clicking the Create button will make your NFT, which is then part of your collection, and which you can sell or transfer as you like.

You don’t have to create a collection to make an NFT, and if you want to skip that part, then just click on Create at the top of the OpenSea front page, and you’ll go straight to uploading a file and making the NFT.

What does it mean to mint an NFT?

When we talk about minting an NFT, what we mean is creating a new NFT. It’s the process whereby a unique token is created on a blockchain.

Practically speaking, this could mean two things. If you’re creating your own NFTs, then to mint an NFT means you turn your work (an image file, for example) into an NFT, which actually means creating a token linked to your work.

More commonly though, when people say they minted an NFT, they mean they are the first buyer of a brand new NFT from a new project, and that the NFT was created when they bought it.

If you look at upcoming new projects, instead of talking about a launch date, they’ll often have a mint date, and they might also have different stages to the mint. Very often, there’s a first round, which might be called a whitelist sale, or a whitelist mint, and then there’ll be a public sale, or public mint.

So basically, minting an NFT refers to the process of creating a new NFT, either by yourself, or through buying it. And when a project talks about its mint date, it’s talking about its launch date, but the difference with a traditional product launch is that NFTs can be created at the time they are bought, rather than in advance. Although alternatively, if NFTs are pre-minted, that indicates they have already been created before launch.

What’s the next NFT?

There is no secret formula to identifying the next big thing, besides putting in the time and attention. The longer you spend in the markets, the more Discord channels you dive into, the more communities you connect with, the more you’ll find yourself figuring out the cycles, picking up earlier on new developments, and identifying when a project looks like it has that special extra something.

That said, there are some things you can look for when assessing a new project, and one of the most critical is the team creating it. Identify who is involved, and what else they have been part of up to now. If they’ve built successful NFT projects before, that’s a great indicator, but they might also have valuable experience, a good reputation, or a large following, coming from outside NFTs.

Increasingly, there are artists who are established and successful in traditional formats, now becoming involved in NFTs, and their projects are likely to do well.

Look also at the community building up around a project. Is it organic, is it enthusiastic about what’s being built, and does it have the vibes, attitude and commitment to help drive a project on?

Taking a step back and zooming out, it’s also beneficial to be aware of the overall angle in which the market is heading, and what trends are upcoming.

We’ve had pixel art, apes, and anime, and they may all have more to offer. Then there are metaverse projects and gaming assets, which might have valuable utility. Another strong trend is for NFTs that provide membership of a community or organization, or exposure to a web3 venture.

There’s no definitive list of which trends are on the way in or out, and these things change rapidly, but the point is to always keep attuned to the direction of movement, so that you can start to intuit which plays are most likely to pay off.

NFTs | 30+ Frequently Asked Questions - - 2024

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By Lark Davis

Combining cutting edge insider insights and done-for-you market analysis to deliver crypto investors the best opportunities to grow their wealth, stay ahead of the curve, and avoid costly mistakes! We cover DeFi, NFTs, Altcoins, Technical Analysis and more!