It is all the rage in the crypto world these days, nonfungible token’s, otherwise known as NFT’s.
What are they? Is this just a fad, or are we on the verge of a new type of crypto currency?
I dove right into this crypto world, trying to do so without a bank account to see if I could figure it out. It took me about three weeks until I finially was able to mint my first NFT.
I will walk you through my journey on things I discovered, from crypto currency, crypto wallets, gas fees and bunny swaps.
But first, what is an NFT?
A non-fungible token (NFT) is a piece of data stored on a digital ledger, called a blockchain, that certifies a digital file to be unique.
Unlike a Bitcoin or Euthereum token, where the value of each coin or token is exactly the same, an NFT’s value is unique, each has its own digital signature to verify authenticity and can’t be replaced.
For example, the value of a YuGiOh trading card is based on the character on the card. You cant just swap it for another card and call it even. The same with an NFT, it is a collectible with verifiable proof of ownership built into the blockchain.
An NFT can be pretty much anything you can put online, digital art, music, poetry, even tweets. But NFT, doesn’t mean copyright, you may own an NFT, but that does not give you the right to reproduce and sell it.
You own and can resell the NFT asset and that’s as far as it goes.
For me, I love creating digital art, so I am going to experiment a bit and see how this works.
So much to learn though, like for example, gas fees. Crazy to see how much it could potentially cost in these additional fees to mint, sell and buy an NFT. While researching where to start, I was able to find a platform where it didn’t cost a fortune in gas fees to mint and sell my work.
The platform is called Twinci, they are the new kid on the block and are aiming to be the Instagram of NFT’s. They are on the Binance Smart Chain and the gas fees right now are super cheap.
So here we go with Twinci, I feel like a pioneer as I continue to explore this strange new world. Wish me luck.
Interest in dipping your toes in? I challenge you to give it a try.