NFT Basics
Step 1: Buy Digital Currency (ETH). You can get ETH, the digital currency that fuels transactions on the Ethereum blockchain, from a digital currency exchange like Coinbase. You will need ETH to purchase an NFT, and for gas fees to complete transactions. Gas fees are a bit of a tricky concept, think transaction fees. Gas fees can range from $20-100 (Feb 2021).
Step 2: Create a Crypto Wallet. A crypto wallet, such as MetaMask, stores your ETH and processes transactions on the Ethereum blockchain. A unique wallet address will be generated and you will use this address to complete transactions. Install Metamask chrome extension if you are using a computer. Watch the tutorial video below to learn how to install a crypto wallet to connect with OpenSea.
Step 3: Go to our OpenSea page and browse our collection. If you are looking for a specific number, you will find a sorted list on our website. Once you are ready to buy, click on "Buy Now" on OpenSea.
Step 4: List of frequently asked questions on OpenSea.
Step 5: Never EVER share your Private key with anyone. Never lose it, and store it somewhere safe. If someone asks you for your Private key, RUN....
NFT stands for Non-Fungible Token. We have deciphered the acronym but what does it really mean? NFT is basically unique data that can’t be altered. We cannot change NFT but we can still sell it to someone else. It’s a relatively new concept in the crypto world but it’s getting more and more interest and media coverage. Basically, unique data can be used to digitally sign other digital data and serves as proof of ownership. Signing data using cryptographic functions isn’t anything new in computer science yet the proof of ownership is.
You may have heard about a recent jaw-dropping auctioning record where a piece of digital art was sold for $69.3 million! Yes, you read that right — digital art — 0s and 1s converted into bytes converted into image on the screen — one of many digital images you can easily right-click and save to your desktop. A perfect 1 to 1 copy. In fact, indistinguishable from the original!
You can actually copy and save the image from Christie’s website within seconds (right-click is blocked but that’s not any security). Well done! Are you a fine art thief now? Not really… as this is how the Internet works! Before you can actually view any image, your computer or smartphone will download a copy of all images for you! It already copied it for you! Confused? Don’t be!
NFT is basically a proof of purchase or ownership. It works the same way as a piece of paper with handwritten last will or a legal document that transfers ownership of an asset to a new owner.The paper itself is worth nothing but what makes it valuable is what’s written on it and the fact that other people will recognise the writing as legal and not questionable.
Obviously, paper documents can be modified, changed or reproduced. There is counterfeit money and documents in circulation. We need to be able to distinguish real ones from fake and thus we started to build organisations that serve as trust authorities — banks, courthouses, land registry etc.
Here is where NFT comes into play and can take proof of ownership to the XXI century. Everyone can copy digital data but the copyrights, the ownership can be embedded forever in blockchain. Actually, we can use NFT for real, physical objects too. There is nothing that can stop us.
From: https://medium.com/geekculture/nft-explained-519edbb46560.