An NFT (non-fungible token) is a distinct digital asset stored on a blockchain. It can represent a wide array of items such as digital art, memberships, or in-game collectibles and acts as a digital proof of ownership, among other things.
These tokens rely on blockchain technology. Think of the blockchain as a vast digital ledger that's publicly accessible. Instead of being stored on a single, centralised server, this ledger is shared across a network of individual computers, which is why it's referred to as “decentralized.”
Every time an NFT is made, purchased, transferred, or engaged with, that action is recorded on the blockchain. This constant recording is what establishes its authenticity.
In the traditional world, when you purchase an artwork or collectable, you often receive a physical certificate of authenticity, which can be easily misplaced or damaged. However, the blockchain provides a more durable and straightforward method for verifying authenticity.
To begin your NFT journey, you first need a crypto wallet. This is a digital tool where you'll keep your NFTs and other cryptocurrencies.
You'll find two main types of wallets: custodial and non-custodial. With custodial wallets, a third-party organization like a centralized exchange has control, akin to storing valuables in a rented locker. Non-custodial wallets are more like having a personal safe – you're entirely in charge, but there's more responsibility.
On the non-custodial type, there are software wallets (apps on your PC or browser) and hardware wallets (physical devices connected to your computer). Each has its pros and cons concerning security and convenience.
Remember, not all wallets support NFTs. Flagpole is compatible with Flag Wallet, MetaMask, and other private wallets where you can integrate the Flag Mainnet.
You will need to own Flag coins to transact with NFTs on Flagpole.
To "mint" an NFT means creating an unalterable digital record of it on the blockchain, confirming its authenticity and original ownership. Minting gives creators the power to produce limited digital editions, and the ownership is clear and public. But minting isn't limited to original creators. Many NFT initiatives offer early-bird access to their tokens through minting.
You can either buy NFTs directly from individual project websites or through broader NFT marketplaces. Some projects have their exclusive platforms, while others use marketplaces like Flagpole for both primary and secondary sales.
Not sure which NFT to go for? Consider exploring works by creators you admire, join NFT discussions on Twitter, or peruse categories and trends on NFT marketplaces like Flagpole.
Once you've chosen an NFT, you can either buy it immediately for a listed price or bid in an auction.
Enjoy your new digital treasure!