How it works
What Is a NFT?
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.
Getting Started with NFTs
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.
The Art of Minting
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.
Securing Your First NFT
Choose Your Platform
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.
Discover Your Passion
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.
Seal the Deal
Once you've chosen an NFT, you can either buy it immediately for a listed price or bid in an auction.
Your NFT Purchase Guide
- Locate an NFT you wish to purchase and hit "Buy now".
- Link your digital crypto wallet.
- Fund the wallet with a sufficient amount of Flag coins to cover the cost of the NFTs and a small amount more for gas (transaction) fees.
- Follow on-screen instructions to finalize payment
- Once completed, the NFT will be yours, recorded on the blockchain.
- You can then follow the instructions to Import your NFT and view your new NFT in your collection or on your Flagpole profile.
Enjoy your new digital treasure!
