NFT stands for Non-Fungible Token. Irreplaceable means that something is unique and cannot be changed.
And what can be done with it? Who is this for?
The first NFT ever created is called Quantum, which in 2014 Namecoin was minted by Kevin McCoy.
Later, there were several attempts to create NFTs and introduce them to the world. For example, the Rare Pepe collection appeared in 2016 and launched the first digital art marketplace.
However, these projects did not gain much popularity. They thus remained unknown to the ordinary world, except for those who were well-versed in cryptocurrencies and blockchain technology.
Why? Well, previous technologies were complicated enough for the common citizen of the world. It was complicated to buy, transfer, and sell NFT.
Everything changed in 2017 with the emergence of the Ethereum blockchain. One of these earliest and perhaps the most famous Ethereum projects was the CryptoPunks collection.
This collection consisted of 10,000 unique images of human subjects, zombies, monkeys, and aliens.
These images were shared freely with anyone who wanted them. On 2017 July 6 Alien CryptoPunk #3100 was sold for 8 ETH.
It was around $2,000 at the time. Back then, it seemed like a huge price to pay for a JPEG image.
But almost four years later, in 2021 in March, the same alien CryptoPunk sold for a staggering 4,200 ETH ($7.58 million).
Even later, public interest in NFTs was stimulated by several factors:
The COVID-19 pandemic has forced many people to use digital means and communicate with each other on platforms such as Twitter, where the NFT community was very active.
Beeple. The long-time artist pioneered NFT when he became the first developer to sell his NFT in the most famous auction.
At Christie's auction, his work "Daily - The First 5000 Days" was sold for 69 million. USD.
Bored Ape Yacht Club.
This collection consists of 10,000 cartoon monkey pictures. In 2021 these monkeys were available for 0.08 ETH ($220).
in 2022 at the end, this monkey was already worth 76 ETH ($100,418).
The numbers are big and "beautiful", but don't be tempted to jump headfirst into this wild west world, as there are many dangers lurking,
which we will talk about later and teach you what to watch out for and how to behave.
Why do people pay such inhumane money for these and other photos?
Some buy for prestige, others see it as an investment opportunity, a third want to show off their wealth by uploading and using their NFT as a profile picture, a fourth buy for the opportunity to join a well-known collection community, a fifth for the opportunity to take advantage of the bonuses offered by collections, six are speculators, seven simply loves art and collects everything close to his heart.
1. Collect them as works of art
2. Use as a profile picture
3. Buy early, sell when the price rises
4. Buy, sell, and collect items in games
5. Collect works of favorite photographers
6. Sports area - digital art collections based on celebrities and sports stars
7. Become a member of a closed club
8. Receive bonuses
9. Virtual Worlds: Virtual world NFTs give you ownership of anything from avatars and their outfits to digital ownership of a plot, real estate, or car.
10. Collect works of singers and musicians
11. Real estate and the right to it can also be digitized as NFT
12. NFTs can guarantee ownership of a business
13. Confirmation of ownership of physical items
14. Pledge and borrow cryptocurrency
15. Businesses can use NFTs to offer unique rewards to their customers
16. Event tickets as NFT
There are more uses for NFTs, but we have listed the most popular ones.
First, you should create a wallet. Such a wallet would be like your bank, where you can create one or more accounts to store your purchased NFTs or cryptocurrencies.
Currently, the most popular wallet is Metamask. MetaMask is free and can be installed as an extension in web browsers
Google Chrome, Firefox, Brave, and Edge or downloaded as smartphone app for iOS and Android.
Creating a Metamask wallet (for this example, we will use the Google Chrome browser):
Visit the MetaMask website at the following address:
Here you are asked if you really want to add this app to Chrome.
If you agree, click - I agree.
If you don't agree, click - No thanks.
Create a password that is complex and one that you won't forget. Metamask will not reset your password if you forget it. It is better to write down or use other methods of storing passwords.
Check the box so that you know Metamask will not be able to reset your password.
A very important moment. Metamask warns you to be sure no one is watching. Why? Because this phrase is the most important key to your wallet. Who owns this key, owns everything stored in your wallet. Never reveal this phrase to anyone. Who will ask you to enter this phrase somewhere - know that it is a scam.
Write it down on paper. Do not keep this phrase on your computer, in the mail, or in another medium that will have access to the Internet under any circumstances. Make several copies and do not keep them in one place.
We have an interesting way to recode this phrase so that it can even be saved on a computer. Follow us on Twitter if you are interested in this method.
Check whether the displayed words match the ones you wrote down. Fill in the missing words. When you have checked everything, press - Confirm.
Never reveal this phrase to anyone!
Click - Got it!
Click on the extensions icon and click on the pin it icon.
The Metamask icon has appeared in the upper right corner of your browser.
Click - Done.
We have created a wallet! Now copy your wallet address and paste it wherever you want. You will see a mixture of numbers and letters, this is the address of your first wallet account.
Welcome to the world of crypto!
Congratulations, you now have a wallet address and it's time to win free NFT!
How to do it? Follow the link below.
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