NFTs and the Ethereum Blockchain

Photo by Executium on Unsplash

You may have heard of NFTs already. Maybe you’ve read about an article about an artist making thousands by tokenising their work. Or even companies joining in on the fun by making limited edition collectibles online in the form of digital assets.

NFTs or “non-fungible tokens” are digital assets that use the Ethereum blockchain. These assets can be in the form of collectible art, audio, and video. They’re essentially unique items made by its original creators and can be kept by anyone who purchases it through a single buy or auction. One case where it can even be used for tangible ownership is through real estate.

Beeple, Everydays — The First 5000 Days NFT was sold for a whopping $69 million.

How is it involved in the Ethereum blockchain?

The Ethereum blockchain is a decentralized financial network that utilizes smart contracts to make transactions with individuals worldwide. You purchase NFTs using Ether! At the time of this writing, 1 Ether is equal to $2941.64. You’ll need to have a crypto wallet so that you can buy and sell NFTs with Ether. All your earnings will be in that digital wallet. Whether you earn it through buying Ether, selling NFTs, or mining it. The Ethereum blockchain utilizes smart contracts to make transactions with individuals worldwide.

Where can I get a crypto wallet?

While there are many options out there, its not as hard as it sounds to obtain one. You can use Metamask that allow you to buy, trade, and store your hard-earned cryptocurrencies! It also allows you to store your tokens and NFTs as well. Just make sure you never lose your secret access token or give it away to possible scammers! Otherwise, you’ll lose all your hard work.

Curious to learn more? I’ve included some helpful links for you to below so that you can start learning more about the Ether, the Ethereum blockchain, and decentralised apps (or dapps!).

Resources

Intro to Ethereum
Intro to the Ethereum Stack
Metamask
14 Most Expensive NFTs
Rarible

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