An NFT (Non-Fungible Token) is a unique proof of ownership of a digital asset. These could be images, audio, video, skins, or game assets. Although someone can copy the actual asset, e.g download the image, what makes NFTs special is that there is proof of the real owner on the blockchain which can not be tampered with.
I have put together this short intro to NFTs to help you get started. I believe this technology provides another opportunity for African creators to leapfrog legacy systems onto a global stage.
Firstly, this is risky but not illegal. Second, it is Web 3.0 but still quite early. Third, it is much more than just cryptocurrency or blockchain.
NOTE: There is a high risk of error, fraud and losing money. Learn about this first!
How do I start with NFT?
- Start from here –
- Then continue to do your research before getting involved in anything (This is critical)
Who is involved in NFT?
A lot of people actually, but not enough people because it still looks complicated (and early)
Is NFT mainstream yet?
It is getting there
- Coca Cola released their first NFT
- Visa purchased their first NFT
- Marvel has been releasing new comics as NFT
- Football clubs have an NFT platform using fan tokens
- Fashion is not left out
What are popular NFTs (not mainstream)?
There are now many of them that are turning heads.
- Bored Ape Yacht Club
- Ether Rock
How do I buy NFT?
New NFTs are dropping every day. However, most of them are likely to fail, so it is crucial to understand the risks before spending money. Also, NFTs are for buying things you love to hodl (hold), not just to trade.
NFTs most times require having cryptocurrency, a crypto wallet (e.g. MetaMask) and being very careful because transaction fees (called gas fees) alone could be 3x the cost of the product.
Some platforms have simplified how to purchase NFTs using bank cards instead of cryptocurrencies to give access to more users.
Marketplaces with easy(ier) access
- Veve App – Collectibles & Comics from big names like Marvel, DC Comics, SuperMan
- Required downloading the VeVe App. https://www.veve.me/
- The platform isn’t as dramatic in terms of returns but could be significant in the future as collectables. E.g. the first comics from Marvel as NFTs or the first Spiderman NFT.
- It requires buying ‘gems’ to make purchases.
- Bitski – https://www.bitski.com/
- They released NFL player NFTs as well as the US Open NFTs.
Join the community
- Discord (a social platform) is the most vibrant for NFT communities. Each project will most likely have its discord. Join them. I highly recommend the VeeFriends Discord
- Get a Binance Account (affiliate link) to buy Crypto. You can also use other exchanges.
- Ethereum (not bitcoin) is the main currency to trade with NFTs.
- Don’t get involved in something you don’t know, and this will take some learning.
- Don’t get scammed. It is easy to get scammed.
- Only use the money you can afford to lose. NFTs can be volatile (and addictive)
However, this is a new age of digital.
PS: Businesses (and individuals) can also consider launching their own NFT. Reach out and let us discuss.