WHAT IS AN NFT?
THE DEFINITION OF AN NFT
An NFT, which stands for non-fungible token, is a unique unit of data employing technology that allows digital content—from videos to songs to images—to become logged and authenticated on cryptocurrency blockchains, primarily Ethereum.
THE EASY EXPLANATION
NFTs are simply pieces of digital art (Images, Videos, Songs, etc.) that can bought, sold, and traded as collectibles. These items can gain or lose value (just like physical collectibles) based on many different factors.
Each NFT is unique as it holds Meta Data (digital information like: Mint #, Rarity, Etc.) that keeps every single NFT different and in itself could help determine it’s value.
They are fun to collect and can even gain value without needing the space you would need for a physical collectible.
NFTS Can Gain or Lose Value Much Like The Stock Market!
The main factors that can change an NFTs Value include:
- The Total # Minted (the number of total pieces available in the market)
- The Mint # You Hold (The exact # out of the total # of pieces available)
- Burned NFTS (NFTS can sometimes, if allowed, be Burned (Destroyed) to leave less available in turn creating more demand or potential value.
- The Value of Cryptocurrency (NFTS are Built on Cryptocurrency Blockchains)
- The Demand (If the supply is short and in demand or buyers are hot on a specific item or collection – *Utility Can Also Be a Big Factor)
- *UTILITY (Many NFTS offer some sort of Utility. Meaning that there is a Bonus to holding certain NFTS. It could mean redemptions for physical items, limited edition digital assets (NFTS), or even Music, Tickets to Events, Videos, or so much more. The possibilities are endless and we have just started to see it’s reach with Companies like: Funko, Hot Wheels, and Topps.
GET STARTED WITH NFTS
What is WAX?
WAX (Worldwide Asset eXchange) is a blockchain designed for the purpose of creating a decentralized marketplace for the buying, selling, and trading of virtual assets, such as in-game items, collectibles, and other virtual goods. The WAX blockchain operates on a delegated proof-of-stake consensus mechanism, which ensures fast and efficient transaction processing while maintaining high levels of security. One of the key features of the WAX blockchain is its ability to enable cross-chain asset transfers, allowing for the seamless exchange of assets across different blockchain networks. The WAX platform also offers a suite of developer tools, making it easy for developers to create and deploy decentralized applications on the blockchain. Overall, the WAX blockchain aims to revolutionize the virtual asset market by providing a secure, transparent, and efficient platform for buying, selling, and trading virtual assets.
What You Need To Buy, Sell, and Trade Wax NFTS
- WAX WALLET (free to setup): A secure digital wallet to hold funds (WAX) to buy, sell, and trade digital assets on the Wax Blockchain.
- BUY WAX: There are many ways to buy wax including some methods offered on right on the Cloud Wallet Page. There are also some apps that make it fairly easy to buy Wax (Coinbase, etc.) There are some states (including NY among others) that it is harder to buy any cryptocurrency, but there are ways around it.
- Shop Wax Marketplaces: Go to a Wax Marketplace, login with your Wax Wallet, and Start Shopping! A Few popular Wax Marketplaces Include: Atomichub, Neftyblocks, and NFTHive.