Blockchain Basics are Key to Capitalizing on Crypto Collectibles NFTs represent unique digital assets like artwork, cards or virtual lands through non-fungible tokens on Ethereum or other blockchains. But why have they sparked a frenzy?
Blockchain's decentralized ledger brings unprecedented transparency to authenticate scarcity and prove ownership through public transaction histories impossible to manipulate. Understanding these underlying mechanisms like Proof-of-Work consensus is essential to leveraging the tech.
To-Dos: * Grasp the fundamentals of blockchain technology
* Learn about different blockchain networks and their features
* Understand the role of smart contracts in NFTs
* Familiarize yourself with popular NFT standards like ERC-721 and ERC-1155
Vet Platform Partners to Optimize Exposure and Monetization Platforms are the storefronts bringing projects and collectors together. Thoroughly evaluate features, transaction fees (which can be 5-15% per sale), communities and supported blockchains at top marketplaces OpenSea, Rarible, SuperRare and Foundation to choose where your creations will find the best audience. Consider engagement, popularity within your niche and growth potential when weighing platform alliances.
Also, don't forget that behind buying NFTs stands a psychology. You can read more about it in my '
Cracking the NFT Code' article on HackerNoon.