NFTs beginners guide

Created by NFT Paul, Modified on Thu, 3 Nov, 2022 at 5:39 AM by NFT Paul

An Introduction to NFTs

You may have heard of NFTs, here is what you need to know about them.

NFT stands for Non-fungible Token, a digital token created on a Blockchain that can be stored in a wallet. Each one is unique and has its own attributes or edition number, an NFT is a whole token and is not divisible.

An NFT can be Art, it can be a Photo, a drawing, a certificate, an entrance ticket, or coupon.

Its identity and all the transactions made with it are sealed transparently on the Blockchain and cannot be tampered with or copied, every NFT stands on its own as one-of-a-kind.

NFTs can be made on several different Blockchains.

An NFT can be sold, bought & traded on an open Web3 marketplace such as OpenSea.

Many are waiting for the next evolution of the NFT space. Some are hinting at it,

We are pioneering our vision of this evolution in the sector.

Collector Labs NFTs will represent physical shares in actual items, the concept of collectibles is not new. Long before NFTs existed, collecting trading cards, stamps, and other items was already a popular hobby. Over the years, blockchain technology has helped expand the digital collectibles market. Moreover, thanks to blockchain technology, NFTs can address the many challenges collectors face with physical collectibles. We are bringing these 2 worlds together with a brand-new product and NFT utility and benefit.

Here is a recent quote from Binance, one of the biggest players in the Web3/Blockchain industry…

“The collectibles industry has been around for a long time, and items such as baseball cards, stamps, and sneakers have long held value to collectors all over the world. But challenges like restricted access, the risk of forgery, and physical damage are common obstacles for many collectors.

With the help of blockchain technology and NFTs, many of these problems have been solved. Moreover, as the technology behind NFTs continues to evolve, it may even completely change the way we collect valuable items in the future. “

There are now millions upon millions of NFT art collections, generated by artists both well-known and those just beginning their journey, most are legitimate, some are not so. With new technology comes new risk, it’s important to tread carefully. Not all that glitters is gold.

Why do people buy NFTs

To be a part of a community
To make a profit
To give support to a project they believe in.
Because the NFT has Utility (it can be used for something)
To collect different types of NFTs

Who Buys NFTs

The NFT and Crypto Crowd.

Art Collectors.

A Young Demographic globally.

Corporations.