A new madness that will change the world – NFTs
So? What is it?
NFT = Non-fungible token - “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.
NFTs can really be anything digital (such as drawings, music, e-books), but a lot of the current excitement is around using the tech to sell digital art. At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs (We'll get to that in a moment).
With the use of a wallet (the most commonly used is MetaMask) you can buy and sell these NFTs at a price you specify at designated marketplaces such as OpenSea.
So just choose a project you trust, buy cheap and sell with profit, how easy, right?
Not at all!
There is a catch and by that, I mean a lot of catches! I will explain this in the next paragraphs.
How to start?
The best way to start and develop your NFT activities is to find your country's Discord server, I believe that at the moment, each country already has its own discord, where there are at least a few hundred enthusiasts who discuss all possible projects and their potential on a daily basis. You can find legitimate projects from these Discords.
Why do I say legitimate projects?
Because in NFT world is SHIT TON OF SCAM right now and it can be very, very dangerous. Always ignore any messages on Discord from somebody you don’t know, even if they have an icon from some super projects – block them. If they have thousands of people there and it looks good, still BAN them, it can be bots and could be painful for you very fast.
A great way how to look for legit projects is to find a few ones that are running for a while, have a working team and NFTs are trading on big marketplaces like Opensea. Then find their Discords and look for rooms „collaboration“, there you will find more legitimate projects and what is better, those normally have a good potential to future to be successful! Like that you can (relatively) safely grow your projects you want to follow. They are making a lot of giveaways there, so be sure you won’t miss it.
Why do people at the NFT talk so weirdly?
It takes some time to understand the community, here are some often used words.
- GM = Good Morning
- GN = Good Night
- Ser = Sir
- Fren = Friend
- GMI/WAGMI = Gonna Make It / We All Gonna Make It
- NGMI = Not Going To Make It
- AB = ArtBlocks, the most important platform for generative art in the world, that has three collections: "Curated" (ABC), "Playground" and "Factory".
- Mint = The act of initially issuing a piece of art on the blockchain, either by the artist or the collector. "Wow, beautiful picture. Mint it!"
- Generative Art = Art that is algorithmically generated, ideally in real-time when minted. "She is a bright new star in gen art"
- PFP = Profile Picture
- FOMO = The Fear of Missing Out
- 1:1 Art = Art where each piece is unique (1 of 1)
- IRL = In Real Life
- Liquidity = Available ETH to buy
- 1/1 of X = The way to think about PFP and gen art collections. Punks are 1/1 of 10,000. Fidenzas are 1/1 of 999. Each one is unique, but they belong to a coherent whole collection in contrast to 1:1 art.
- Floor Price = The lowest available asking price on collection
- OG = OG means original gangster. It means the folks who were here early and earned respect. "He is an OG punk holder"
- Discord = A messaging platform heavily used by NFT Twitter for NFT project communities
- Roadmap = The set of activities an NFT project (usually PFP) will plan to do to add value to a community
- LFG = Let's F***ing Go. Used when you are excited about something. Best used with rocket emojis, definitely
- Gas or Gas Wars = The state of chaos that ensues when all of NFT twitter tries to mint the same project at once, driving up gas prices for the whole Ethereum network
- Buying on secondary = When you fail to mint a project and have to buy on OpenSea
- DYOR = Do Your Own Research
What wallets should I use?
- The most popular for Ethereum is MetaMask.
- For ICP projects it is Stoic Wallet and Plug Wallet.
- For Solana NFTs it is Phantom.
Every time you are using a new coin and new wallets, always check, that it has a lot of downloads and a positive ranking.
What are those good Discord servers?
You can start with these, in rooms „collaborations“ will appear new projects in time and those are the good ones to follow:
EulerBeats by Treum
Poked Studio NFT
IC Ape Ventures
The IC Gallery
Of course, more and more are emerging every day, but be extremely careful! Scams are everywhere, ALWAYS IGNORE every message from people you don’t know, even if there are thousands of people.
How do I know if the project is good?
That is a tricky question, for sure. But there are some indicators:
- Active members on Discord
- Active members on Twitter
- Success of previous projects of the team
- Their roadmap
- Is the NFT generating something?
- Can you find the names and addresses of the team members on their web page?
- Big factor is also when is minting happening, how fast is it going, if there are 10000 of NFT in collections and in first 2 minutes 5000 of them are gone, you should probably buy
Also always discuss projects with the people on your main (your country) Discord. Look for new YouTube videos – from the past 3-6 months with a lot of likes to study how to look for a good new project, how to flip better, and what new technologies are incoming.
What is a good strategy?
One of the best strategies I heard of is when minting (previously analyze the points above), buy 3 or more NFTs from the collection. Try to flip 1 or 2 NFTs double or triple the price, in that case, you have profit and still some NFTs remaining, the rest of the NFTs from the collections you hold and put for a higher price, let’s say 10 times the mint price. Use the profit for another collection and you will gain more and more NFTs and profit.
It is still a very, very risky business, so be careful and always check 5 times before you do something. There are scammers everywhere and I can only repeat again, delete all messages on Discord from people you don’t know.
What are some good Twitter accounts to follow?
Here are some of the interesting Twitter accounts, they share interesting news, giveaways and you should check them out!
- DeeZe = https://twitter.com/DeezeFi
- Farokh Sarmad = https://twitter.com/farokh
- MEV Collector = https://twitter.com/mevcollector
- Beanie = https://twitter.com/beaniemaxi
- RealMissNFT = https://twitter.com/RealmissNFT
- Peruggia = https://twitter.com/peruggia_v
- Gary Vaynerchuk = https://twitter.com/garyvee
- Andrew Wang = https://twitter.com/andrwwang
- DCinvestor = https://twitter.com/iamDCinvestor
- punk4156 = https://twitter.com/punk4156
- Punk 6529 = https://twitter.com/punk6529
- Flurnft = https://twitter.com/flurnft
- DANNY = https://twitter.com/seedphrase
You can also follow this generative art to help me – there are also info and giveaways: Aurrora Generative Art - https://twitter.com/AurroraGenArt
How to get crypto/money safely to your NFT wallets?
I would recommend only using Binance and Bittrex, you can use my referral links and you will get small bonuses when trading, I will get something when you make a trade (not from your pocket, but from Binance or Bittrex)
- Binance: https://accounts.binance.com/en/register?ref=154987182
- Bittrex: https://bittrex.com/account/register?referralCode=2N4-A54-1U1
When you send some money, always send a small amount first, after everything works fine, send the rest of it.
Good Luck! DYOR! LFG! WAGMI!