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Mar 27, 2022

Beginner's Guide to NFTs in 2022

What is NFT?

NFT, the full name of Non-Fungible Token, refers to a non-fungible token, which is the only cryptocurrency token used to represent digital assets (including jpg and video clip forms), which can be bought and sold. It means non-fungible tokens and it is relative to fungible tokens. Non-fungible tokens are also called non-fungible tokens. The unit of NFT is always 1, and the typical characteristics of NFT are uniqueness and scarcity.

 

NFT platform 

The largest NFT platform is OpenSea. OpenSea was founded on December 20, 2017 by several young people, including Alex Atallah (Co-Founder & CTO, Serial Entrepreneur, OpenSea & Whatsgoodly Co-Founder), Devin Finzer (Co-Founder, Devin owns Google and Pinterest) Software engineering background and sold his previous company Claimdog to Credit Karma. He studied computer science and math at Brown University.). Up to now, OpenSea has a total of 48 employees, 30W+ users, and 45,619,989 monthly visits to the platform. It has obtained 7 rounds of financing, with a total amount of $127.2 million. In terms of profit model, OpenSea mainly relies on charging transaction fees. For each successful transaction, the platform will extract 2.5% as a service fee.

 

well-known NFT Projects

Decentraland(MANA)Decentraland is a decentralized online virtual reality gaming platform built on Ethereum with the main goal of supporting the creation, development, sale and hosting of virtual properties. On Decentraland, users can purchase virtual property to grow online and virtual businesses. Virtual land on the platform can be used to build different structures, which can be tokenized or sold for profit. LAND, an ERC-721 token, is a non-fungible asset representing land on the platform.

Enjin(ENJ)Enjin is essentially a place for users to store and manage virtual assets used in games. Whether it's NFTs representing in-game items such as accessories or weapons, or in-game currency, all can be stored, managed, and sold on Enjin. Enjin is built on Ethereum and the native cryptocurrency is ENJ. Users can create digital assets, integrate them into the applications and games they need, and customize assets to work on the platforms they need.

Worldwide Webb LandA pixel art MMORPG where players can buy land and build their own unique metaverse, WWL has 9,514 NFTs. Games use NFTs for in-game avatars, pets, lands, items, and quests. The popularity of the project has pushed the reserve price to around 1.8 ETH as players can own land, equip their NFTs in the game, and more.

 

How to Invest in NFTs in 2022?

There are many ways to invest in NFTs. An easy way to do this is to buy an NFT that you feel is the right price, and that you are also interested in the projects and creators of that NFT. NFTs are managed in the same way as ERC-20 tokens, such as through hardware wallets or browser wallets such as MetaMask. Ethereum already has many regular NFT platforms like OpenSea and Rarible, which can be purchased directly on OpenSea and held directly in NFT. Alternatively, ERC20 tokens based on NFT projects can be purchased, and Ethereum ERC20 tokens can represent or tokenize anything, so it is natural for us to see that in the NFT ecosystem, many popular application scenarios involve this kind of token. Currency.

 

Where To Buy Cryptocurrencies?

 

Disclaimer: Cryptocurrency investment is subject to high market risk. TOPSINMETA is not responsible for any of your trading losses. The opinions and statements made above should not be considered financial advice.