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- Aug 30, 2020
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NFTs in a nutshell
As NFTs are a new concept for some people, I'll be explaining everything you need to know broadly. An NFT is an image that only belongs to one person. When a project wants to sell NFTs, they usually sell them by what's called minting. Minting is when you pay a certain amount before the project is released to get a piece of the NFT collection. The rarity of the NFT piece you get is luck-based. During minting, there are usually 2 phases: the whitelist mint and the public mint. During the whitelist, mint people who did certain tasks before the project was released, such as inviting people to the discord, get to mint before everyone else does. After the whitelist mint timer is over, everyone else gets to mint. If a project is very hyped, the mint usually gets filled up in seconds. After the mint is filled, the project is usually listed on an NFT marketplace. On the NFT marketplace, people who minted can sell their NFTs. A widely used term is floor price, which means the least amount an NFT is being sold for in a collection. If the floor price is above the minting price, you're usually profitable.
Personally, I have a few factors that make me want to mint:
1- Project hype, if the discord for the project is always active, a lot of people are sending messages, the announcements are getting a lot of reactions.
2- Fair supply, if the supply isn't too high considering the number of people and engagement in the discord server.
3- Fair minting price, if the minting price of the project isn't too high, to where the floor price would probably be below minting price.
Some last tips:
Right now, there are mainly two chains where NFTs are sold: SOL and ETH. If you've got a high budget and can afford ETH fees feel free to go with ETH. However, if you're on a lower budget SOL is probably your way to go, as the fees are incredibly low.
Main wallet used for SOL: Phantom
Main wallet used for ETH: Metamask
Main marketplace for SOL: MagicEden
Main marketplace for ETH: OpenSea
As NFTs are a new concept for some people, I'll be explaining everything you need to know broadly. An NFT is an image that only belongs to one person. When a project wants to sell NFTs, they usually sell them by what's called minting. Minting is when you pay a certain amount before the project is released to get a piece of the NFT collection. The rarity of the NFT piece you get is luck-based. During minting, there are usually 2 phases: the whitelist mint and the public mint. During the whitelist, mint people who did certain tasks before the project was released, such as inviting people to the discord, get to mint before everyone else does. After the whitelist mint timer is over, everyone else gets to mint. If a project is very hyped, the mint usually gets filled up in seconds. After the mint is filled, the project is usually listed on an NFT marketplace. On the NFT marketplace, people who minted can sell their NFTs. A widely used term is floor price, which means the least amount an NFT is being sold for in a collection. If the floor price is above the minting price, you're usually profitable.
Personally, I have a few factors that make me want to mint:
1- Project hype, if the discord for the project is always active, a lot of people are sending messages, the announcements are getting a lot of reactions.
2- Fair supply, if the supply isn't too high considering the number of people and engagement in the discord server.
3- Fair minting price, if the minting price of the project isn't too high, to where the floor price would probably be below minting price.
Some last tips:
Right now, there are mainly two chains where NFTs are sold: SOL and ETH. If you've got a high budget and can afford ETH fees feel free to go with ETH. However, if you're on a lower budget SOL is probably your way to go, as the fees are incredibly low.
Main wallet used for SOL: Phantom
Main wallet used for ETH: Metamask
Main marketplace for SOL: MagicEden
Main marketplace for ETH: OpenSea
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