In the world of cryptocurrency, NFTs have become a hot topic among investors and collectors. However, a recent post on the popular subreddit r/CryptoCurrency has sparked controversy regarding the value of NFT collections. The post, made by user DeeperBags, claims to have created an NFT collection in just 45 minutes to prove that NFTs are “stupid.”

DeeperBags built the NFT collection, which he called “Moon Dude,” using a combination of drawing, coding, and generating inputs. The collection features various moon works, but the author claims that no one will ever get the moon in this collection because the NFT is “too stupid.” He also pointed out that the method he used to create the collection could be used to generate up to 99,000,000 NFTs in just four weeks.

While the post was intended to prove that NFTs may not be as valuable as some believe, it has sparked a heated debate among Redditors. Some have praised DeeperBags for his creative approach to proving his point, while others have argued that NFTs are not just simple images, but a type of token with real value. “If you think the image is the NFT then you’re an ...”, a Redditor said.

The controversy surrounding NFTs has been ongoing, with many investors and collectors spending large sums of money to acquire these digital assets. Some have even compared the NFT craze to the Tulip Mania of the 17th century, where the value of tulip bulbs skyrocketed before ultimately crashing.

Despite the controversy, NFTs continue to be a popular investment option for many, with some collections selling for millions of dollars. While DeeperBags’ Moon Dude collection may not have any real value, it has certainly sparked an interesting debate about the true worth of NFTs in the digital age.

#nftcommunity #NFT #Reddit #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Top 3 platforms where you can buy and sell NFT NFT isn't being discussed today by only the laziest of people! The incredible surge in the growth of digital art is the most interesting trend in recent times.

NFT is growing in popularity not only among collectors, but also among investors and traders. Let's figure out where to buy or sell NFT. Let's start in order: what is NFT? NFTs are non-interchangeable tokens. Unlike cryptocurrencies and ordinary tokens, NFTs are unique: each exists in a single copy.

NFTs are works of art, real estate, or, for example, artifacts in a computer game; they are all unique and cannot be copied. What is an NFT Marketplace? NFT marketplaces are platforms or, simply put, "NFT malls" where you can sell, buy or exchange them. They are created specifically for non-exchangeable tokens and all kinds of digital works are stored, displayed, sold and in some cases even created here. There are many such resources today, but we'll focus on the 5 most popular and interesting ones. Let's go!

#1 - OpenSea

OpenSea is one of today's largest and most popular NFT marketplaces. The variety of offerings overshadows many other marketplaces. Thousands of different NFTs are represented here: from paintings by contemporary artists to game cards.

In addition, the platform has several auction features and is fully integrated into the crypto infrastructure. Terms and commissions. OpenSea users must pay a commission when putting their artwork up for sale. This fee depends on the demand in the network, time of day and many other factors and sometimes can even exceed the price of the created artwork, most often it is $70-100.

#2 - Rarible

Rarible is a Russian development that has gained popularity all over the world. Using their own RARI token, artists can create and sell their works here. Another important difference is the opportunity for artists to receive compensation each time their work is resold. The Rarible marketplace, by the way, has one of the highest trading volumes of any NFT marketplace at the moment. Commissions. Registration on the site is free. For placing each new token or creating a collection, you will need to pay a commission to the Ethereum network-$30-100 for each publication.

#3 - NiftyGateway

NiftyGateway platform has a handy functionality for buying and selling NFT, as well as an impeccable reputation. It was bought by the Gemini exchange. The key feature of this platform is that users can buy NFT using fiat currency (rubles, US dollars, euros, yen, etc.) and sellers can withdraw earnings to their credit or debit cards. How much does it cost to post your work. Posting is free. Nifty Gateway takes a 15% commission on the transaction. The platform deducts 5% and an additional 30 cents from each resale by NFT. NFT resales charge the author 10% of the transaction.

#NFT #nftcommunity #opensea #marketplace

This is not ' Financial Advice' I'm simply sharing my experience and would love to motivate newcomers.

Are you considering joining the blockchain and cryptocurrency industry, but feeling overwhelmed or unsure of where to start? As someone who once thought crypto was a scam, I understand your hesitation. However, with a little research and caution, I discovered that this industry has a lot to offer.

My journey in the blockchain and cryptocurrency industry began with a feeling of confusion. The chart on Binance was difficult to understand, and I didn't know where to start. But, I didn't give up. I decided to learn about different projects and participate in bounty tasks. This turned out to be an excellent way to learn about the industry, and I found myself getting more and more interested.

As I learned more about blockchain technology, I realized its potential to create a decentralized and transparent system. However, I also learned that it's important to be cautious. There are many scammers and projects that are too good to be true. It's crucial to do your research and be aware of these potential pitfalls.

To get started in the blockchain and cryptocurrency industry, it's essential to educate yourself about the basics. Understand what blockchain is, how it works, and the different types of cryptocurrencies available. It's also important to research the different projects in the industry, their teams, and their goals.

Once you have a basic understanding, you can start investing in cryptocurrencies. However, it's important to be cautious when choosing an exchange. Look for a reputable exchange that has a good track record, and make sure to secure your wallets.

As a newcomer to the industry, don't be afraid to ask for advice or seek out resources. Join online communities, attend meetups, and read forums to learn from others' experiences. You can also take online courses, read books, or attend conferences to gain more knowledge.

In conclusion, joining the blockchain and cryptocurrency industry can be a little intimidating at first. However, with the right resources and education, it's a fantastic opportunity to learn about new and exciting technology. Remember to be cautious, and always do your research before investing in any project. Stay curious, and continue learning, and you'll be on your way to success in the industry.

Thank you for reading, I would appreciate your feedback and thoughts

#Binance #crypto2023 #dyor #nftcommunity #nfa

Table of Contents

What is NFT?

How Does NFT Work?

Examples of NFT

What is NFT Used For?

Why Are NFTs Becoming Popular?

Are NFTs Mainstream Now?

How is an NFT Different From Other Cryptocurrencies?

Ethereum and NFTs

Penguin Communities

How to Buy NFTs?

Popular NFT Marketplaces

How Does the Future of NFT Look Like?

Imagine buying a piece of digital artwork on the Internet at a reasonable price and getting a unique digital token known which proves your authority over the artwork you bought. Wouldn't it be great? Well, that opportunity exists now, thanks to NFTs.

NFTs are currently taking the digital art and collectables world by storm. Just as everyone worldwide believed Bitcoin was the digital answer to currency, NFTs are now pitched as the digital answer to collectibles. Asa result, digital artists are seeing their lives changing thanks to the massive sales to a new crypto audience. 

If you are interested in NFTs and want to explore more about what they are, you have come to the right place. Let’s dive in and see what all the fuss is about!

What is NFT?

NFT means non-fungible tokens (NFTs), which are generally created using the same type of programming used for cryptocurrencies. In simple terms these cryptographic assets are based on blockchain technology. They cannot be exchanged or traded equivalently like other cryptographic assets.

Like Bitcoin or Ethereum. The term NFT clearly represents it can neither be replaced nor interchanged because it has unique properties. Physical currency and cryptocurrency are fungible, which means that they can be traded or exchanged for one another.

Trading Heights

NFT stands for a non-fungible token, which means it can neither be replaced nor interchanged because it has unique properties.

Key Features of NFT - 

Digital Asset - NFT is a digital asset that represents Internet collectibles like art, music, and games with an authentic certificate created by blockchain technology that underlies Cryptocurrency. 

Unique - It cannot be forged or otherwise manipulated. 

Exchange - NFT exchanges take place with cryptocurrencies such as Bitcoin on specialist sites.

How Does NFT Work?

Now that you've taken your initial steps in understanding what an NFT is, you should continue on and learn about how an NFT works.

Trading Heights

he majority of NFTs reside on the Ethereum cryptocurrency's blockchain, a distributed public ledger that records transactions.

NFTs are individual tokens with valuable information stored in them.

Because they hold a value primarily set by the market and demand, they can be bought and sold just like other physical types of art.

NFTs' unique data makes it easy to verify and validate their ownership and the transfer of tokens between owners.

Examples of NFT

The NFT world is relatively new to people. Here are some examples of NFTs that exist today:

A Digital Collectible

Domain Names

Games

Essays

Sneakers in fashion line

What is NFT Used For?

People interested in Crypto-trading and people who like to collect artwork often use NFTs. Other than that, it has some other uses too like:

Digital Content - The most significant use of NFTs today is in digital content. Content creators see their profits enhanced by NFTs, as they power a creator economy where creators have the ownership of their content over to the platforms they use to publicize it.

Trading Heigh

Gaming Items - NFTs have garnered considerable interest from game developers. NFTs can provide a lot of benefits to the players. Normally, in an online game, you can buy items for your character, but that’s as far as it goes. With NFTs, you can recoup your money by selling the items once you’re finished with them.

Investment and Collaterals - Both NFT and DeFi (Decentralized Finance) share the same infrastructure. DeFi applications let you borrow money by using collateral. NFT and DeFi both work together to explore using NFTs as collateral instead.

Domain Names - NFTs provide your domain with an easier-to-remember name. This works like a website domain name, making its IP address more memorable and valuable, usually based on length and relevance.

Even celebrities like Snoop Dogg, Shawn Mendes, and Jack Dorsey are taking an interest in the NFT by releasing unique memories and artwork and selling them as securitized NFTs.

NBA Top Shot Is a Hot NFT Use Case

One of the most popular non-fungible tokens in recent days is NBA Top Shot, a partnership between Dapper Labs (makers of the CryptoKitties game) and the National Basketball Association (NBA). The NBA licenses individual highlight video reels, among other content, to Dapper Labs, and they digitize the footage and make it available for sale to consumers. Each reel shows a video clip, such as a famous player's basketball dunk, some featuring different angles and digital artwork to make them unique. Even if someone made a perfect copy of the video, it can be instantly recognizable as a counterfeit. The venture has already generated $230 million in sales, and the company just also received $305 million in funding from a group that includes Michael Jordan and Kevin Durant.

These video reels are selling at high prices. Among the most popular:

LeBron James “Cosmic” Dunk: $208,000

Zion Williamson “Holo MMXX” Block: $100,000

LeBron James “From the Top” Block: $100,000

LeBron James “Throwdowns” Dunk: $100,000

LeBron James “Holo MMXX” Dunk: $99,999

Steph Curry “Deck the Hoops” Handles: $85,000

Giannis Antetokounmpo “Holo MMXX” Dunk: $85,000

LeBron James “From the Top” Dunk: $80,000

These unique NBA moments are minted and released into the marketplace via “pack drops.” The most common sell for only nine dollars, but more exclusive packs can sell for much more. 

Now that you’ve understood what is NFT used for, and the various ways you can benefit from it, let’s take a look at how it is specifically different from other forms on cryptocurrency

Why Are NFTs Becoming Popular?

NFTs have actually been around since 2015, but they are now experiencing a boost in popularity thanks to several factors. First, and perhaps most obviously, is the normalization and excitement of cryptocurrencies and the underlying blockchain frameworks. Beyond the technology itself is the combination of fandom, the economics of royalties, and the laws of scarcity. Consumers all want to get in on the opportunity to own unique digital content and potentially hold them as a type of investment. 

When someone buys a non-fungible token, they gain ownership of the content, but it can still make its way over the Internet. In this way, an NFT can gain popularity — the more it’s seen online, the more value it develops. When the asset is sold, the original creator gets a 10 percent cut, with the platform getting a small percentage and the current owner getting the rest of that revenue. Thus, there is potential for ongoing revenue from popular digital assets as they are bought and sold over time.   

Authenticity is the name of the game with NFTs. Digital collectibles contain distinguishing information that make them distinct from any other NFT and easily verifiable, thanks to the blockchain. Creating and circulating fake collectibles doesn’t work because each item can be traced back to the original creator or issuer. And, unlike cryptocurrencies, they can’t be directly exchanged with one another (like baseball cards in real life) because no two are the same. 

How is an NFT Different From Other Cryptocurrencies?

Although NFTs are created using the same kind of programming language as other cryptocurrencies, that's where the similarity ends.

Ethereum and NFTs

What is NFT and How Does NFT Work? The Ultimate Guide

Lesson 17 of 33By Ravikiran A S

Last updated on Jan 27, 2023371914091

How to Buy NFTs?

Having understood what NFTs are used for and its specific advantages over other cryptocurrencies, you might want to venture into buying NFTs. If so, you will need to acquire some essential items before you do it:

You’ll need a digital wallet that allows you to store your NFTs and cryptocurrencies.

Then you need to purchase some cryptocurrency depending on what currencies your NFT provider accepts, most likely Ether. You can use platforms like #Binance etc., to buy cryptocurrencies.

Once you’ve made your cryptocurrency purchase, you can move it from the exchange to your wallet.

FAQs

1. What are some examples of non-fungible tokens?

NFTs can represent any asset digitally. It can be online-only assets such as digital artwork or real assets like real estate. Some examples are in-game avatars, digital/ non-digital collectibles, tickets, domain names, and more. 

2. How can I buy NFTs?

Most non-fungible tokens can be purchased with Ether only. So, owning and storing them in a digital wallet is the primary step. You can buy NFTs via an online NFT marketplace such as OpenSea, SuperRare, and Rarible. 

3. Are NFTs safe?

NFTs that use blockchain technology like cryptocurrency are generally secure. Their distributed nature makes NFTs nearly impossible to hack. The only security risk is that you could lose access to your NFTs if the hosting platform goes out of business.

4. What does non-fungible mean?

Fungibility is a term from economics describing the interchangeability of products/ goods. For instance, an item such as a dollar bill is fungible when it is interchangeable with any other dollar bill. Contrastingly, non-fungible means the item is unique or distinguishable. For example, if you take a dollar bill and have it signed by a famous artist, it will become unique.  

5. What are NFTs, exactly? 

NFTs or non-fungible tokens are digital assets based on blockchain technology. Anything can become an NFT—a piece of art, sports memorabilia, or even a tweet. 

6. What are NFTs used for?

NFTs are digital files. They can be a jpeg of a piece of art, real estate, or a video. Turning files into NFTs helps secure them via blockchain to make buying, selling and trading efficient, reducing fraud considerably. 

7. How do NFTs and crypto connect?

Like cryptocurrencies, non-fungible tokens also exist on a blockchain. It confirms the ownership and unique identity of the digital asset. A technology similar to Bitcoin and Ethereum is used to build NFTs. In fact, Ethereum is the widely accepted crypto in the NFT market. 

8. Why do people buy NFTs?

NFTs are considered a safe investment option. These tokenized assets are accessible to everyone. They empower you with basic usage rights. Moreover, most buyers invest in them because they believe the assets will hold value in the future. 

9. What are the best ways to make money from NFTs?

Some of the best ways to maximize the return from NFTs include Renting, Earning royalties, Trading NFTs, NFT gaming and Adopting NFT-powered yield farming. 

10. Should I invest in an NFT?

Experts suggest that NFTs can be a good investment because you can resell them for profit. Several NFT marketplaces allow sellers to get royalties for their sold assets. However, proper research is necessary before investing so that you can gauge whether it suits your demands.  

11. What's the difference between NFTs and cryptocurrency?

Both cryptocurrencies and NFTs use the blockchain network for ownership verification. However, unlike a cryptocurrency, an NFT can't be directly exchanged with another NFT. NFTs are sold but not traded like securities on digital exchanges. In contrast, cryptocurrencies can be traded like securities.

#crypto2023 #nftcommunity #NFT #crypto2023

Despite the problems associated with ushering in a new era of true decentralization — namely that moving from centralized businesses and organizations requires a paradigm shift that will take time and require strong collaboration among blockchain developers — there is no denying that the green shoots of this exciting new industry have taken a firm hold.

Web3, the new incarnation of the internet, is well underway. And one of the most prolific entrants to this nascent digital space arrived just a few years ago in the form of non-fungible tokens (NFTs).

Hailed as a new form of digital asset, NFTs grabbed the attention of everyone, from celebrities and gamers to large-scale investors and speculators. The initial perception was that NFTs were just a form of digital art. But as the sector has evolved, more people are realizing there’s much more to this niche element of blockchain technology than meets the eye.

In short, the use cases of NFTs are many and varied, from digital art, event tickets & VIP passes to gaming, fashion, luxury goods, and more. This article takes a closer look at what NFTs can do and covers the 6 key things to consider when creating a collection.

1. Building a community

One of the most important things that determine the success of any NFT project is the community behind it. Community is the driving force that can elevate an NFT collection to great heights or leave it wanting.

Building a community takes time and dedication. That’s why it’s crucial to start far in advance of the collection’s launch. Strong marketing is required to raise awareness and gain exposure. This element alone can make or break the uptake of an NFT collection, so making sure you’ve got the right marketing strategy in place should be your first priority.

Interacting with the community in a genuine way and being open and transparent about the project will allow you to naturally grow your audience and the number of potential buyers for your NFT collection. People like being a part of a group, and NFTs provide plenty of discussion points and opportunities to stimulate and engage people. In short, when it comes to the success of an NFT collection, your community is vital.

2. Providing utility

For a long time, people with an untrained eye considered NFTs to be little more than pictures on the internet. Certainly, NFTs can be a form of art, but they also have the potential to be so much more. Nowadays, NFTs often have some form of utility baked into their code, and it’s often one of the things that users and investors look for when researching projects and their collections.

Questions they’d want to find answers to before might include: What is your project about? How is the collection tied to it, and why would users want to own one of your NFTs? These are the same questions you should be asking yourself when you create your NFT collection.

NFT utility can come in many forms — from exclusive access to events, merchandise, and features to using digital assets in blockchain gaming and the Metaverse. The opportunities are endless, and it’s up to the development team to create the right narrative for its community.

One example where NFTs really excel is in marketing, as they allow brands to enter Web3 and reach a wider audience easily. Thanks to NFTs, companies can make advertising subtle and fun instead of running annoying ads that clutter the user experience. Gaming projects can incorporate NFTs as in-game characters, skins, or items that allow users to customize their journey and unlock rewards and in-game loot online. In short, because of their inherent immutability (they are forever stored on the blockchain), NFT-associated tasks can be timestamped and verified via smart contracts, which is where their real value lies.

3. Choosing the ideal number of NFTs

If you’ve been trading NFTs, you’d often notice that the floor price of each collection can be drastically different. While the reasons vary depending on the success of each project, there’s still one variable you can directly impact — supply and demand. The more NFTs you have in your collection, the higher the supply. This gives you more assets to work with in potential giveaways and events, but it also makes the whole collection less scarce.

Having a high number of NFTs in your collection will, in most cases, lead to a lower price range. On the plus side, the collection will be more accessible to your audience. Minting a collection with fewer NFTs in it can increase the price of each individual asset, but there’s a high chance that’ll impose a barrier to entry for many market participants.

At the end of the day, you’ll have to make a choice between making your collection widely accessible with a higher number of NFTs or giving it a more exclusive feel. For a long period of time, 10,000 was the norm, but many projects are now setting the limit much lower, at or around the 5,000 mark. In the end, it depends on what it is you want to achieve. Some projects, such as the artist, Beeple, produce one-off pieces of work that sell for huge sums. Others need greater volume to keep large online communities happy. This is why, when it comes to creating NFTs, it’s vital to start with the premise of marketing intent and what you want to achieve.

4. Pricing your NFTs

Speaking of price and accessibility, it’s essential to price your NFT collection carefully and correctly. Setting a high minting price can discourage many community members. Why? Much like the cryptocurrency market, prices in the world of NFTs can be prone to huge swings in the secondary market.

It’s about finding the right balance between meeting your own funding goals and setting the price in a range that’s attractive to the community and the wider NFT audience. While deciding on the right price, you should also consider the state of the crypto market. For example, if you’re minting on Ethereum, the price of ETH will be the determining factor when minting. Sudden drops in crypto prices are not uncommon, and this might drastically affect the revenue you receive through NFT minting.

It’s also worth noting that there’s a dedicated speculative market for NFT collections comprised of users that have little interest in the project itself. They’re only there to buy low, sell high and make a profit. The risk to consider is that certain individuals can acquire a large amount of NFTs. Fortunately, projects can get around this problem by limiting the number of NFTs that can be minted per wallet.

5. Creating an exciting roadmap

A clear and exciting roadmap with visuals is one of the best ways to capture the hearts and minds of your community. Things to include in your roadmap are:

Mint Date

Secondary Market release

Community Events

NFT utility examples

Other upcoming milestones

But remember, while setting up an exciting roadmap is one thing, it’s also crucial to deliver on your promises. Failing to do so can lead to a lack of confidence in the project. It’s better to have a short, clear, and structured roadmap that doesn’t just deliver but delivers on time. Bloated roadmaps with unrealistic timeframes are an immediate turn-off to the initiated. That said, even the best and biggest projects have to delay launches. So, if a milestone gets pushed back, the most important thing is to remain transparent with the community and build trust by explaining what’s happening and why.

6. Choosing the right marketplace

Last but not least, there’s the platform you choose to publish your collection. There are numerous reputable NFT marketplaces that you can select from, so you need to decide which one will best suit your needs and those of your community. Ethereum is, of course, still the biggest and most active blockchain network with the most NFT projects on it. While this is great, it can also turn out to be a bit of a double-edged sword. On the one hand, any Ethereum-based marketplace will give you access to the widest possible audience. You may have to put up with slow transactions and high gas fees unless you use a Layer 2 scaling solution.

Choosing an NFT marketplace based on a different blockchain can have some benefits, such as less competition and better conditions. Things to consider when looking for the best marketplace include:

Transaction fees

Platform security

Wallet support

Auction support

User onboarding process

If your project is just making its entrance into the ever-expanding world of Web3, creating an NFT collection can be a great way to establish a community. One way to make NFTs even more attractive is to handle the gas fees and make minting free, but this also means the collection will generate less revenue in the marketplace. Alternatively, you can just choose a platform with no minting fees.

#nftcommunity #NFT #Binance

At a very high level, most NFTs are part of the Ethereum blockchain, though other blockchains have implemented their own version of NFTs. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also keeps track of who’s holding and trading NFTs.#nftcommunity #CRYPTORUSHCHAT