NFTs are non fungible tokens that exist on a blockchain. Unlike Bitcoin or other cryptocurrency, which can be exchanged for other currency, NFTs are unique digital assets that cannot be replaced by another identical asset. This uniqueness is verified by the blockchain, which uses cryptography to prevent counterfeiting. NFTs can represent anything from art to in-game items, and they are often used as a way to collect or trade rare digital assets. Some platforms that offer NFTs include Ethereum, Wax, and Enjin. While the concept of an NFT may be confusing at first, these unique tokens are quickly gaining popularity as a way to own rare digital assets, many of which have real-world utility.
NFTs are the new way to own your digital items and prove authentication or pedigree. For instance, you can purchase an electronic piece of art that will be delivered straight into your wallet, complete with a token which proves ownership on the blockchain!
DeFi
Decentralized finance (DeFi) is a term for financial applications that run on a decentralized network. This typically refers to blockchains, but can also include other technologies like DAGs. DeFi applications aim to provide more financial freedom and security by removing the need for a third party.
One of the most popular DeFi applications is Ethereum’s smart contract platform. This allows users to create contracts that automatically execute when specific conditions are met. This can be used for things like loan agreements, asset exchanges, or even insurance policies.
DeFi is still in its early stages, but there is a lot of potential for it to revolutionize the way we think about finance.
Minting
NFTs need to be minted in order to exist, which is simply the act of registering an item on a blockchain. Anything can be minted into an NFT, including music and pictures. When somebody wants to mint their item, they transfer a digital file from their device or wallet onto a decentralized blockchain. This key term is important to understand for anyone looking to create legal and official NFTs.
Gas
NFTs come with a purchasing fee known as gas. Gas is not the price of the NFT, but instead a transaction fee for exchanging NFTs. The amount fluctuates based on security measures and how busy the blockchain is at time of purchase.
Smart Contracts
There are programs within blockchain networks called digital blocks that automatically execute when certain conditions are met. They can also automate a workflow, triggering the next action when conditions are met. These programs help blockchain technology to function properly.
Airdrop
Crypto airdrops are a way of distributing tokens to cryptocurrency holders. This is also common with NFTs. Airdrops usually happen when a new NFT or altcoin is launched and the developers want to get the word out about their new project. Airdrops can also happen when an NFT team wants to thank its community for their support.
Most NFT airdrops happen after followers complete several steps to validate their identity. To participate in an airdrop, you usually need to register on the NFT project’s website and provide your wallet address. The website will then notify you when an airdrop is happening.
NFT Shilling
“Shilling” an NFT means that you are promoting it and trying to get others to invest in it. In other words, you’re marketing or advertising your NFT. Promoting a project you’re passionate about by sharing links to it is called shilling. As long as your reasoning for doing so is logical and based on facts, there’s no harm in it; it’s just marketing and promotion for your crypto asset.
Nowadays, people are generally suspicious of anyone trying to promote an NFT online. While it’s true that some have been hyped up in the past, there is nothing wrong with promoting an NFT if you are providing valuable information or helping people understand its worth.
Shilling on 4chan, Twitter, Telegram, and Discord are all popular outlets for reaching new people.
If you are interested in marketing (aka ‘shilling’) your NFT project or game, get in touch with us and let’s discuss the best strategy and solution to get your NFTs in front of as many eyes as possible.
