Currently, the most dominant blockchain by choice for NFTs is Ethereum. Blockchain technology has positioned itself as the next phase of a decentralized internet, permitting the execution of computer code and storing of value. Due to the ability to execute the computer code, Ethereum can be used to make safe transactions, trade cryptocurrencies, buy, sell,… Continue reading NFT marketplace blockchain
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How do NFT marketplaces work?
NFT marketplaces work like any other online marketplaces with the distinction that only NFTs are being traded there. Non-fungible tokens can be sold or bought at predetermined prices or through platform auctions. On the side of a client, they work just like ordinary online marketplaces, asking the customer to register and create a digital wallet.… Continue reading How do NFT marketplaces work?
What is an NFT marketplace?
With the popularity of non-fungible tokens (NFTs) yet to cease despite an obvious downturn in the crypto markets that are also affecting NFTs, one of the first questions an interested person might ask is: how do I get my hands on an NFT? While there are several ways to acquire an NFT, the easiest way,… Continue reading What is an NFT marketplace?
Pros and Cons of Buying NFTs
Though the risks above might have out the fear of God into you it is worth balancing out the pros and cons of buying NFTs before deciding whether it is something you want to pursue. Pros The application of NFTs is expanding across different industries and use cases so understanding how they work is a… Continue reading Pros and Cons of Buying NFTs
NFT Security Risks
The biggest security risk from buying NFTs comes from attempts by hackers to access your crypto wallet. The most common type of wallet for buying NFTs is a non-custodial browser wallet like MetaMask. Non-custodial wallets put you in complete control of your crypto assets – including NFTs – but require you to protect a fail-safe called… Continue reading NFT Security Risks
NFT Legal Risks
Though the concepts behind the blockchain can be tracked back several decades widespread use of blockchain-based applications has only taken off in the last few years. The speed of adoption of new use cases, such as NFTs, has left regulators playing catch-up, exposing buyers to significant hazards, the most significant being plagiarism. Though a non-fungible… Continue reading NFT Legal Risks
What are NFT buying risks?
Given that a significant number of people buying NFTs are motivated simply by speculation the biggest risk associated is the potential loss in value. Risks from loss in value of NFTs There can be no better illustration of this risk than the sale of the first tweet by Jack Dorsey bought by Malaysia-based businessman, Sina… Continue reading What are NFT buying risks?
What can you do with an NFT?
Though much of the hype around NFTs has focused on creating art that reflects the ethos of the crypto scene, their applications extend far beyond creating cool profile pictures linked to a blockchain. Enjoy it as any other form of art – Many NFT owners use them as a display of wealth, flexing on Twitter… Continue reading What can you do with an NFT?
What is an NFT?
An NFT is a digital record, like a receipt, proving ownership of something (either physical or digital) such as a collectable item, like the pixelated drawing on a Punk Alien. It is a record of when the item was created – or minted to use NFTs unique terminology – how much was paid for it,… Continue reading What is an NFT?
What are the Risks of buying NFTs?
Non-Fungible Tokens, better known simply as NFTs, have quickly become one of the most popular applications of blockchain technology. Though there are a huge number of potential use-cases the focus has been on the speculative trading of NFTs as collectable art, inspired by eye-watering valuations of early collections. Opportunity is, unfortunately, always accompanied by opportunists,… Continue reading What are the Risks of buying NFTs?