2. Getting Started In The NFT Space

Eadric Ricmund

Everything you need to know to get started. What is an NFT and how does it work? What wallets do I use.

A NFT is a proof of ownership that links to anything (though right now it's mostly used for art) where its authenticity or provenance is proven by the immutable ledger that is the blockchain. For example, if someone steals your phone and wipes the data on your phone, it's hard to prove that phone is yours. However, if somehow that phone's serial number is an NFT asset ID and there is a corresponding NFT in your NFT wallet on the blockchain, then the thief will have a hard time proving the phone isn't yours.

Of course, like with all technology there are risks. If someone hacks your wallet and steal your stuff from there, you are kind of screwed since wallets don't have KYC (know your customer) ... yet. However, if we ever get to the point where wallets do have KYC, then the blockchain will be powerful enough where nothing can ever be stolen since it would be very easy to figure out who stole the crypto assets.

As for how do you make an NFT? Well, the correct question is how do you mint one. Since making a NFT is very different from minting an NFT. A good analogy is, making a NFT is being the artist of a painting. Minting a NFT is like buying the painting straight from the artist.

To make a NFT you need to have some sort of asset you want to put on the blockchain in form of a digital representation of it. So normally you are looking at digital art, but it could be a photo of your family or a PDF of your land deed. Once you have that, the easiest way is to find a minting service on the blockchain you prefer (if you are here this means Cardano). Pay them a middleman fee and you are good to go.

To mint a NFT you would need the native crypto currency of the chain that the NFT resides on (so in this case ADA for Cardano) and have a little bit more than the required amount deposited in NFT supported wallet. Here are a few wallets on the Cardano blockchain that you can download, Nami, Daedalus, CCVault, or Yoroi on Cardano. Then follow the minting instructions provided by the project founders or mods. Instructions are usually located on official discords, websites, or twitter. Since each project do things slightly differently, read the instructions carefully. But they tend to all involve going to your preferred wallet, copy and paste a provided wallet address, and sending an exact amount of crypto currency to that wallet. Once you send you just wait for a few minutes (sometimes an hour depends on which blockchain you are using) then the NFT will appear in your wallet. Depending on the wallet you are using you can view the NFT directly from your wallet. If your wallet doesn't support this feature, the blockchain usually have some type of web alternative to view the NFT. For Cardano, it will be Pool.PM

It's a lot of words and a lot of texts but if you can fully understand what is written here and remember to always DYOR (do your own research), you will have a WHALE of a time in the NFT space.