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NFT KNOWLEDGE BASE

FAQ - The basics of NFTs

  • The term NFT stands for Non-Fungible Token. Fungibility refers to the ability of an item to be replaced by another identical item. To understand what this means exactly, just think about most things you own. Your car, your laptop, your cell phone, etc. Anything you can sell on the Internet from your individual possessions falls under the category of non-exchangeable items, or NFT for short.

  • You can buy NFTs on any existing NFT marketplace. Most NFTs are sold on the Ethereum blockchain and therefore you need some Ethereum to buy an NFT. First, you should buy Ethereum on any cryptocurrency exchange such as Coinbase, Binance or Kraken and send it to any crypto wallet. Connect your MetaMask wallet to OpenSea or any other NFT marketplace. Once you fund your account, start searching the market!

  • Usually you buy NFTs on online marketplaces. The most popular platforms are OpenSea, Binance, Rarible or SuperRare. OpenSea is the largest marketplace for digital items, including digital art and other digital assets, traded on the Ethereum blockchain.

  • Minting refers to the process of publishing a digital artwork or collectible on the blockchain for the first time, making it purchasable or available for purchase.

  • GAS fees are transaction fees within the Ethereum blockchain. When you perform any form of transaction, such as transferring cryptocurrencies from one cryptocurrencies from one wallet to another or buying an NFT, you will incur transaction fees in the form of GAS fees.

NFT Dictionary

NFT Minting Wallet Token ETH Blockchain Gas fee Discord Floor price ERC-721 Crypto Currency MetaMask Metaverse Ethereum OpenSea Smart Contract