What are NFTs?

What are NFTs

What are NFTs? | NFTs for Beginners

NFT means non-fungible token. Not the catchiest name, admittedly, but they seem to be thriving regardless.

So if NFTs are non-fungible, what’s something that is fungible? Well, fungible means, according to one dictionary definition, “capable of mutual substitution”.

Dollars, for example, are fungible. You can switch a dollar bill for any other dollar bill, and you wouldn’t know because they’re all the same, and the same goes for bitcoin and crypto. Basically, fungible things are interchangeable. (There are factors like serial numbers on dollar bills that make each bill identifiable, but for almost every use case, we can call them fungible).

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How to Buy NFTs on OpenSea | Buying & Selling NFTs for Beginners

Now that you know what NFTs are, it’s time to learn how to buy them, more specifically, how to buy NFTs on OpenSea. If you’re looking to buy NFTs elsewhere, we also have guides on How to Buy NFTs on Magic Eden and How to Buy Cardano NFTs.

First, you’re going to need some cryptocurrency in a wallet, and then you’ll use a marketplace to make a purchase.

The biggest blockchain for NFTs is Ethereum, and the cryptocurrency on the Ethereum network is Ether (ETH). The most used wallet is called MetaMask, and the biggest, most popular marketplace is OpenSea.

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How to Buy NFTs on Magic Eden | Buying & Selling NFTs for Beginners

Ethereum is not the only blockchain for NFTs, with NFT minting getting started on Solana early last year. Since then, activity has exploded, and the network provides a speedy, low-cost alternative to Ethereum. If you want to dive in and get started with NFTs without having to worry about gas fees, then Solana is good to go.

Within the Solana ecosystem there are several marketplaces, but Magic Eden has the biggest market share and works great, so let’s take a look at how to buy NFTs on Magic Eden (and sell).

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How to Buy Cardano NFTs | Buying & Selling NFTs on Cardano

While Ethereum is the number one blockchain for NFTs and Solana has established itself as a solid competitor, Cardano has been making up ground over the past year. For that reason, many people are trying to figure out how to buy Cardano NFTs.

The first NFTs started being minted on Cardano in March 2021, at which time the community of creators and collectors was relatively small, and there was no marketplace on which to trade.

Since then, the NFT ecosystem has expanded a lot, smart contracts have been enabled, and now there are new projects minting all the time, several marketplaces operating, and some collections’ prices have risen significantly.

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How to Mint NFTs | Minting NFTs for Beginners

Besides buying on secondary markets, the other way to get hold of NFTs is to mint them in the initial sale. What this means is that you are the first recipient of a newly created NFT from a freshly launching collection. Here’s everything you need in order to know how to mint NFTs.

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The Best NFT Tools

The NFT space can be overwhelming at first, with countless new projects dropping every day across multiple chains, and it isn’t always clear exactly why one project suddenly explodes in price and hype, while others fall by the wayside.

This isn’t to say that price is the only thing that matters, and there are plenty of collectors who buy according to their own preferences, but whatever your reasons for picking up NFTs it’s a big advantage to have some tools at your disposal, so here are some of the best NFT tools out there.

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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!