September 6, 2021

An NFT Explained in 5 minutes or Less

Everything you need to know about what an NTF is and how to get your 1st one

5 min read

Qoins Staff


You’ve probably heard of it, but like everyone else you begin with “WTF is an NFT”. Trust us, we were all there. You hear someone selling a song for millions of dollars, Beeple becoming a celebrity seemingly overnight, and what’s the deal with the million dollar jpeg apes - and how do I get one? Here’s the breakdown you have been waiting for. 

What is an NFT?

We should begin by defining what an NFT is, in short it stands for non-fungible token. Non-fungibility means that something is unique and irreplaceable like a rare collectable item. Think of an autographed book from your favorite author. 

Now back to NFTs. NFTs allow you to buy, sell, own, and invest in unique digital items like art, graphics, music, videos, images, and more. NFTs in short are blockchain tokens that represent ownership over a unique digital item. So if you claim to own a Bored Ape, that ownership can be quickly verified on the blockchain, which also means selling fakes will become impossible because the entire transaction history of that rare item can be searched from the initial creation of the NTF. So basically it’s safe from fraud. 

Are NFTs Like Bitcoin?

No, NFTs have to be bought with crypto currencies, but they are not available for purchase on platforms like Coinbase, Crypto, or Gemini. And no, you can’t mine for them either. 

How Do I Buy or Sell an NFT?

Currently, there are multiple marketplaces that allow you to buy and sell NFTs. The most famous NFTs currently use the Ethereum blockchain, but there are up and coming projects like Solana that can be another huge opportunity for hitting a homerun with NFT investments. Ethereum is home to the Bored Apes, Crypto Punks, which have all of the buzz today. But Solana has some project like Degenerate Apes and Solana Monkey Business that has gained some serious steam over the past few months. As of today OpenSea is the most famous and accepted marketplace to buy and sell NTFs. First step you will need to do is purchase some crypto currencies on platforms like CoinBase, then move that into a wallet to be then transferred into the marketplace of your choosing. Once you have you crypto hooked up in the platform you’re golden to begin shopping for you first NFT. 

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Is Buying an NFT Stupid?

Well, it can seem so to purchase a jpeg of a chat or gorilla for $500k, but for those with investment ambitions seeing projects go from $500 to $500k can seem very appetizing. IN short, purchase the project and art you love, and project that you believe in. Story is everything, and like with all investments only put in what you aren’t willing to lose. You might be asking if it is a bubble, or if NTFs are here to stay, but predictions like this can’t be made with even the most accurate economists or investors. 

P.S. While you're on the offensive path of wealth building buying apes and Altcoins, Qoins is here to automate the process of saving and paying off debt in the background, without ever thinking about it! Get started today!

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