Doubts on Crypto & NFT

[iamaanoob]

Hello BHW Members,
I recently worked as a moderator for a Discord NFT Server. After completing work for 30 days, I have a lot of questions. I just thought to have a discussion with you all.
My questions/concerns are:
1. What exactly this NFT is? (Watched some YouTube videos, but I really didn't understand)
2. Does NFT has good growth in the future or it is just booming now?
3. Can I start my own NFT?
4. How do people earn millions by using NFT?
5. All NFTs are getting success or they are just displaying like that?
6. What exactly does this salona does?
7. Lot more................

If you have any YouTube videos, which will help this noob(no idea on these), to understand more about these.

Thank you in advance

 

[scripturev2]

How were you a mod of a project if you don't understand any of these questions?

 

[iamaanoob]

How were you a mod of a project if you don't understand any of these questions?

When I see the notification, I thought I got an answer
Anyway, I am just a normal moderator(I mean out of 10, I am the one), I just managed somehow by closing tickets, deleting spam that's it.

 

[creditmonster]

When I see the notification, I thought I got an answer
Anyway, I am just a normal moderator(I mean out of 10, I am the one), I just managed somehow by closing tickets, deleting spam that's it.

Most are just bubble contributing trash. The few are actually valuable but it will be difficult to find buyers as time goes on. This coupled with the solution to gas fees will result in a huge "crash" in prices.

 

[Monzani]

1. A group of people who decided to give financial value to a bunch of digital assets, usually images. It is as if you had a collection of 1000 bottle caps of different colors and shapes. If there are 300 red ones and 12 yellow ones, then the yellow ones are rarer and will be worth more. The difference in this case is that you need a group of thousands of people who really value these bottle caps.

2. It will probably be unstable. Some moments of high demand, some moments of low demand. Just like it is with crypto.

3. Yes, but you will probably be only one of thousands of collections that have a derisory number of sales.

4. Because they have plenty of money to invest in advertising, hiring singers, influencers, twitter profiles, mass discord DM, instagram stories of famous people and countless other marketing tactics to attract interested parties.

5. Definitely no. Only a few collections. The absolute majority are worthless flops. Only NFTs with high advertising investment value will triumph, in the vast majority of cases, with a few exceptions that are increasingly rare.

6. I don't understand this question.

 

[DeL0x]

Why don't you google all those questions? I'm sure that there's an answers for all of them

 

[iamaanoob]

1. A group of people who decided to give financial value to a bunch of digital assets, usually images. It is as if you had a collection of 1000 bottle caps of different colors and shapes. If there are 300 red ones and 12 yellow ones, then the yellow ones are rarer and will be worth more. The difference in this case is that you need a group of thousands of people who really value these bottle caps.

2. It will probably be unstable. Some moments of high demand, some moments of low demand. Just like it is with crypto.

3. Yes, but you will probably be only one of thousands of collections that have a derisory number of sales.

4. Because they have plenty of money to invest in advertising, hiring singers, influencers, twitter profiles, mass discord DM, instagram stories of famous people and countless other marketing tactics to attract interested parties.

5. Definitely no. Only a few collections. The absolute majority are worthless flops. Only NFTs with high advertising investment value will triumph, in the vast majority of cases, with a few exceptions that are increasingly rare.

6. I don't understand this question.

Thank you so much,
6th question is like, It is solana, not salona (my bad)
I am hearing something called as solana, is it like hosting platform for these NFT's and cryptos? (Heard like using that we can build blockchain apps)

So, with your answers
Any one can start NFT's but only 1 in hundred will get succeeded, right? (it mean success rate is low)
And also, we can't assure the demand of NFT right?

 

[iamaanoob]

Why don't you google all those questions? I'm sure that there's an answers for all of them

Thanks for this suggestion
In the first question itself, I said watched YT Videos but I am unable to understand), you can consider me as dumb too. IDC
All I want is 2-way communication, where I can ask my doubts and someone will answer and if I still have doubts, I will again ask.

Thank you once again

 

[Monzani]

Thank you so much,
6th question is like, It is solana, not salona (my bad)
I am hearing something called as solana, is it like hosting platform for these NFT's and cryptos? (Heard like using that we can build blockchain apps)

So, with your answers
Any one can start NFT's but only 1 in hundred will get succeeded, right? (it mean success rate is low)
And also, we can't assure the demand of NFT right?

Oh, I understand.
Solana is an alternative to ETH in that context.
The vast majority of NFTs are sold in ETH.
And the problem is that ETH has very high gas prices, sometimes hundreds of dollars of fees per transaction.
The benefit of SOL (solana) is to reduce these costs.
I am not sure whether SOL or MATIC will replace ETH in this context, waiting for ETH 2.0

Yes, anyone can create an NFT collection, but without money to invest in advertising, it is almost impossible to succeed

 

[DevMask]

Thank you so much,
6th question is like, It is solana, not salona (my bad)
I am hearing something called as solana, is it like hosting platform for these NFT's and cryptos? (Heard like using that we can build blockchain apps)

So, with your answers
Any one can start NFT's but only 1 in hundred will get succeeded, right? (it mean success rate is low)
And also, we can't assure the demand of NFT right?

Well, Solana is a public blockchain platform for running decentralized apps (dapps).

Success rate depends on the utility and community. Some succeeds and some don't.
Nothing is assured.

 

[iamaanoob]

Well, Solana is a public blockchain platform for running decentralized apps (dapps).

Success rate depends on the utility and community. Some succeeds and some don't.
Nothing is assured.

Oh, I understand.
Solana is an alternative to ETH in that context.
The vast majority of NFTs are sold in ETH.
And the problem is that ETH has very high gas prices, sometimes hundreds of dollars of fees per transaction.
The benefit of SOL (solana) is to reduce these costs.
I am not sure whether SOL or MATIC will replace ETH in this context, waiting for ETH 2.0

Yes, anyone can create an NFT collection, but without money to invest in advertising, it is almost impossible to succeed

Thank you so much for these.

I have one more doubt(sorry for these many doubts)
My client when I am working as a moderator said he is only comfortable paying in ETH.

I googled and installed an app. In that, there is an option called ETH and when I click on that, there are 2 options send and receive. When I clicked on receive, I got a big number(address), I sent him and he paid for that.
Till now the process is good.

Now the price is increasing and decreasing. I am in a position to think, should I withdraw or not.
Or swap it to any other currency.

Please tell me your advice.
Should I keep my ETH like that (long-term investing type) or Should I swap to any other currency?
If swap, what currency would you recommend?

 

[Bryan-walker]

Thank you so much for these.

I have one more doubt(sorry for these many doubts)
My client when I am working as a moderator said he is only comfortable paying in ETH.

I googled and installed an app. In that, there is an option called ETH and when I click on that, there are 2 options send and receive. When I clicked on receive, I got a big number(address), I sent him and he paid for that.
Till now the process is good.

Now the price is increasing and decreasing. I am in a position to think, should I withdraw or not.
Or swap it to any other currency.

Please tell me your advice.
Should I keep my ETH like that (long-term investing type) or Should I swap to any other currency?
If swap, what currency would you recommend?

Congrtz on your first Crypto payment,
It is all upto you if you want to invest for long term then i would suggest keep holding your coins.

if you want to withdraw then simply swap with USDT because it is stable coin.

 

[iamaanoob]

Congrtz on your first Crypto payment,
It is all upto you if you want to invest for long term then i would suggest keep holding your coins.

if you want to withdraw then simply swap with USDT because it is stable coin.

Thank you so much for that.

 

[HustleTong]

Just a recent innovation to show people you've got money
You can flip them and that's a huge plus

 

[Cheapsocial.top6789]

I don't think NFT will be in the long game because it's just a short-term direction in the cryptocurrency game

 

[iamaanoob]

Just a recent innovation to show people you've got money
You can flip them and that's a huge plus

Flip them?
Didn't understand.
I dont want to show people I have money. If I want like that, I will post pics and say app name and do show off.
I just want to know so posting my questions

 

[Lisa M]

NFT Art Isn’t Stored on the Blockchain​

With all the money being paid for NFTs, it might come as a surprise to learn that the artworks represented by NFTs aren’t stored on the blockchain themselves. Instead, NFTs simply contain a link that points to a digital art file (photo or video) hosted on a conventional web server.

https://www.howtogeek.com/782724/when-you-buy-nft-art-youre-buying-a-link-to-a-file/
I finally understood when I read this article.

 

[DediRock]

Ive invested in different Crypto, stocks, etc. It's pure gambling with a little bit of edge if you know what to look for. NFTs are the same thing.

 

[getivan]

An NFT is like having stock in a digital asset.
Instead of investing into the success of a corporate entity, like on the stock exchange, you are investing into the success of a single piece of media.
It makes more sense when that media has a practical application, like being able to use images for commercial projects, or something like that.

 

[thecryptocoders]

Hello BHW Members,
I recently worked as a moderator for a Discord NFT Server. After completing work for 30 days, I have a lot of questions. I just thought to have a discussion with you all.
My questions/concerns are:
1. What exactly this NFT is? (Watched some YouTube videos, but I really didn't understand)
2. Does NFT has good growth in the future or it is just booming now?
3. Can I start my own NFT?
4. How do people earn millions by using NFT?
5. All NFTs are getting success or they are just displaying like that?
6. What exactly does this salona does?
7. Lot more................

If you have any YouTube videos, which will help this noob(no idea on these), to understand more about these.

Thank you in advance

1 - NFT - as you have googled and seen the video let me add my point. A Token / Thing that own by one person NFT
2 - NFT have future scope for sure. all celebrities, gaming clubs and others are launching NFTs.
3 - Yes you and anyone can start the NFT but point is how you you going to create buzz in public about your NFT idea.
4 - Its all about supply and demand game. everything which have high demand and one only one supply can be sold to billions. its all about how many rich mans are fighting for that particular NFT .
5 - All who participate the race don't win.
6 - Solana is one of blockchain ecosystem to develop NFT Platform
7 - Web 3.0 / Blockchain is future