Enter the NFT market now
So last weeks I have dived into the NFT market. Head first you could say. I haven’t done much with crypto since some trading back in 2013 and 2014. Yet NFT’s pulled me back in. The reason is that it is opening the market for digital art.
So let me first explain how to get started. Get chrome as your browser. Install the Chrome extension of MetaMask. This will be your crypto wallet. Add some Ether to this wallet. Go to Opensea.io. This is the biggest marketplace for NFT’s. You login into Opensea with your MetaMask wallet. Easypeasy.
So discovery and social functions are few on Opensea so most of that happens on Twitter. Using hashtags #nft, #nftart or #nftcollectors will bring you into the heart of the NFT world. Browse around. Many projects will be promoted there. Here is a couple collections to get started: https://twitter.com/ChubbiesNFT, https://twitter.com/CyberKongz, https://twitter.com/PixlsOfficial, https://twitter.com/PRguitarman. https://twitter.com/AvaStarsNFT
Some aspects of the NFT marketplace that are unique and make it very interesting for all kind of concepts.
Secondary market
As a creator of art you get 10%(or any other % you want) from secondary sales. So say you develop the next digital Pokemon trading game you could give your cards away and still end up a millionaire. In many collections it is already visible that they create nice passive income as they keep being traded. @cyberkongz for example sold 900 ETH in the secondary market with 1000 NFT’s which were sold initially for 0.01 ETH each.
Transparancy
Just as you login into Opensea with Metamask you can also verify visitors of your website to be owners of certain NFT’s. For example in some Discord servers you can have access to certain channels by verifying yourself as an owner with a service like collab.land. It checks if you indeed own a certain NFT. If so it provides access. This way it is easy to build on top an existing NFT market. Any website can support MetaMask and check your wallet for NFT’s and for example personalize the website(if your selling other digital goods). You bring along your collection to every platform you visit. Pretty good CRM system right?
Multipurpose function of an NFT
The design of NFT’s make it a very versatile unit. You see the purpose and meaning of NFT’s change. What started as an item in acollection ends up being a character in a game were the NFT is your access key to the game and character in one. Also you can change the metadata associated with every NFT. This means you can change the design and properties over time, you can update it or reveal it after purchase. NFT’s based games are around the corner.
Gasfees
NFT’s use the Ethereum network. To use this network you need to pay Gasfee. This fee goes to the miners. When the network is busy, gasfees go up. It regulates usage. Gasfee can be 0.05 ETH when it is busy. This means that writing the transaction in the Ethereum network can cost you €75,- at peak times. These gasfees need to come a bit but these transaction fees also balance the network.
The community
Many NFT projects develop with their community. In Discord servers ideas and thoughts are exchanged on how to further develop the project. Buying an NFT is very much like buying shares in a company. You have no rights ofcourse but still the creators benefit of secondary market sales so they listen to their fans and see where the project is taking them.
AR Avatars
The NFT market will be key component of the AR market. I am pretty sure that I will login with my MetaMask wallet into my AR glasses. (you heard it here first). Digital avatars will be NFT’s. They have value and status. NFT’s are brands. You show to which tribe you belong.
Well that are some quick thoughts on the NFT market. Just step in and start spending some Ether.
Follow me on Twitter: @rhymo
