explainer / 64 posts found
DeGods and y00ts NFTs: A Guide to the Ultimate Comeback Story
The DeGods NFT community is shaking up the NFT space in a big way. With a current floor price of 529.9 SOL, or more than $17,000 (as of writing), the DeGods collection has shot up into the top five most valuable NFT collections across all chains, coming in after Bored Ape Yacht Club, CryptoPunks, Mutant Ape Yacht Club, and Moonbirds. The collection has more than 4,300 unique owners and is one of the highest-ranked Solana projects on both OpenSea and Magic Eden. One of the most well-known and respected Solana-based projects, the approach of the DeGods y00ts mint, which launches […]
Rarity Tools Explained: A Guide to Ranking Rare NFTs
Despite troublesome times, the excitement surrounding NFTs perseveres. For example, feelings of nostalgia and pride abound in digital ownership, reflecting how many feel about physical collectibles. For many collectors, minting NFTs is like opening a fresh pack of baseball cards. You never know the outcome, but there’s always the potential to pull out something rare. With the supply of most PFP projects at 10,000, the odds aren’t promising, but the potential to hit big is enough to pull in collectors. Others are more systematic, using NFT rarity tools to “snipe” NFTs off the secondary market by finding market opportunities where […]
NFT Drops and Flops: A Definitive Guide to Diverse Mechanics
Choosing the proper drop structure is one of the most critical decisions for an NFT project founder. Not only can it make or break your launch from a financial perspective, but it also can serve as a leading indicator of your team’s preparedness, competence, and ability to handle the unexpected. Because, let’s face it: NFT drops aren’t perfect. Adidas’ Into the Metaverse public drop left minters with astronomically high gas fees and a sour taste in their mouths as bots swooped up a significant amount of the supply. The CloneX Dutch auction suffered hacks, bots, and dishonest community members’ front-running […]
Your Complete Guide to the NFT Music Ecosystem
Music NFTs have the power to completely change the trajectory of an artist’s career. Don’t believe me? Just ask Daniel Allan, Latashá, Black Dave, or any of the dozens of producers, DJs, and musicians who have found it possible to sustain themselves by immortalizing their musical creations on the blockchain. With music NFTs, artists are charting new pathways to success that aren’t reliant on record deals, year-round touring, and industry cosigns. The bottom line here is this: Artists are getting paid, and fans are getting rewarded. But before we get into this burgeoning blockchain music ecosystem, let’s clear up some […]
Web3 Companies on How to Bounce Back From the Crypto Winter
Let’s face it: If the crypto winter has a temperature, it could plunge past sub-zero. While countless NFT communities continue to build and work to add value to their projects, they do so against a backdrop of harsh realities that are just too big to ignore. In July, OpenSea announced it was laying off 20 percent of its staff to curtail the winter’s future effects. A month prior, Coinbase announced a hiring freeze that would last “for the foreseeable future” and rescinded several accepted job offers. Other exchanges, like Gemini, have likewise announced staff reductions in recent weeks. Web3-wide, the […]
It Only Takes a Few Steps to Mint Your First NFT
Looking to sell your work as an NFT? Whether you’re an artist, musician, or photographer, the NFT world is ready to welcome your creations with open arms. Since NFTs are essentially digital files given scarcity (and therefore value) by way of the blockchain, nearly anything goes in NFT land. Art, music, GIFs, and even items in a video game; they’re all fair game to be sold as NFTs. Here’s a quick overview of what you’ll need to get started. First off, once you’ve decided what to sell, what comes next is where to sell it. Specifically, on which blockchain you’d […]
Two Kinds of Major Rug Pulls You Need to Know
A rug pull is a specific type of scam in the NFT world. It happens when the developers of an NFT project maliciously lure in a community of investors and then quickly abandon the project, making off with the money in the process. This can happen when the founders steal away with project funds after launching the project, but also if they sell off their pre-mined holdings. In either case, it’s a way of siphoning money from the community, leaving investors with an NFT that has no utility or community behind it, and sometimes, no NFT. But only two kinds […]
How to Buy an NFT in a Few Simple Steps
So, you’ve done your research, learned the risks, and now you’re ready to buy your very first NFT. Congratulations! Here’s a quick guide to get you started. A basic overview How exactly do you go about choosing the NFT to start your collection? There’s no single answer — it all depends on you. Just know that NFTs don’t just give you an opportunity to support an artist you like. Through an NFT, you can support all manner of charitable causes, or even help fund your preferred political candidate’s campaign. Buying an NFT can be as simple as any other online […]
NFTL;DR | NFTs vs Crypto Explained in Under 400 Words
If you’re having trouble understanding the difference between cryptocurrency and NFTs, we’ve got you covered with our NFTs vs. crypto guide. But if you need an even shorter explanation, you’re in the right place. We’ve created a bite-sized explainer on what they are, how they interact, and their main differences. Let’s dive right in. What is Crypto? Cryptocurrencies are blockchain-based digital currencies secured via cryptography. Because they’re so highly protected, they’re nearly impossible to counterfeit or double-spend. Bitcoin (BTC) and Ethereum (ETH) are the most well-known cryptocurrencies out there, but thousands exist. Anyone can buy and sell cryptocurrencies on decentralized […]
The Non-Fungible Point: NFTs Add Value to Digital Creative Work
NFT is an acronym that stands for non-fungible token. These unique tokens are typically assigned to digital assets, like art or music, and are usually found on an NFT marketplace. Regardless of what they’re assigned to, the tokens serve one main function: providing proof of ownership. Thus, when people talk about buying and selling NFTs — in a literal sense — they’re not talking about the art, music, or whatever else attached to the token. They’re talking about the token itself, which gives them the right to claim ownership over the digital asset. These tokens are kept in digital or […]