Archive for October 28th, 2022

One of the differences between NFTs and cryptocurrencies is that the former is regulated by the cost of the assets (you can also bid for them), while the latter is regulated by supply and demand (as they fluctuate in the market). Despite this interaction, cryptos are fungible assets and NFTs are not. How to invest in NFTs Investments in blockchain assignments have the potential to lead to thoughts of trading. However, one of the monumental environments of NFTs, such as art, is a long-term investment as it is customary that the works appreciate over time. It is essential to consider several premises before investing in NFTs: Once the investment platform has been selected, the wallet must be connected to proceed with the payment or auction. Commonly, as it happens in Open Sea, the most popular NFT buying and selling platform, there are 2 possibilities: to make a bid to become part of the auction or to sell the work directly for the cost reflected in the bid. Another way in which we can earn money and invest with the NFT is by being an artist and uploading our works or as a project developer. Here at The Blue Manakin, we support you if you have an idea, contact us.

NFTs have reached another space in society, in this case that of Video Games. Precisely the NFTs, became famous among the fashion industry, works of art or real estate, and have observed a totally new possibility among the video game industry. NFTs to the video game industry In the framework of the entire crypto world, they are unique assets that cannot be exchanged or exchanged for another that has the same cost. They work through blockchain technology, the same technology that is applied in the cryptocurrency environment. His fame was present in numerous industries of the society of which we are a part: The power of NFTs in the video game industry NFTs in video games have the possibility of being used to decide the ownership of characters, objects, weapons and other assets that we have the possibility of discovering in video games. But its primary use in this market was rewards. In this way, video games are provided with a new added cost since now they also have the possibility of obtaining rewards that are translated into monetary assets. The Axie Infinity Project The video game Axie Infinity is considered the most recognized among investors in cryptocurrencies and blockchain technology. In the game, users have their own NFTs as pets, which they feed, raise, and fight with other pets in the game. Although at first glance it looks like a video game, it is also It can be considered as a trading platform for NFTs. To get rewards, users just have to play, which means that players have to raise their little pets, feed them and win battles with other characters. Conclusion NFTs in the video game industry not only bring benefits to the player, but also to the inventor of those games. The term Gaming 3.0 has been developed, which refers to a totally new way of governing video games within blockchain technology and NFTs.

NFTs (non-fungible tokens) are an asset that cannot be imitated, in the digital world that is compared to selling any other type of asset or property, but in an intangible way (soft technologies). These tokens can be viewed as certificates of ownership of virtual or physical assets. How do they work? With NFTs, art can be tokenized to create a digital certificate of ownership that can be bought and sold. As with cryptocurrencies, a record of who owns what is stored in a shared ledger such as the blockchain. The records cannot be falsified because this “ledger” is securely maintained by thousands of computers around the world NFTs can also contain Smart contracts that could provide the artist with, for example, a share of a future sale of the token. In many cases, artists retain the copyright to sell copies of those works and thus continue to sell. But for a buyer of an NFT who holds the token, it proves that he is the original owner of the work. Some people compare it to buying a copy signed by the author. In theory, anyone can tokenize their work to sell it as an NFT, but interest has grown following reports of multimillion-dollar sales. In this way, each person can give a “value” to the NFT with the simple fact that they believe that it is something valuable, that is the reason for the multimillion-dollar sales. Main characteristics of NFTs The main characteristic of NFTs is that they are not digital assets, but pieces of digital content that will be stored on a server. There are different value ranges for each NFT based on its rarity and exclusivity. therefore its value is greater and may even increase over time. They are based on two standards, the original ERC-721 of Ethereum, where NFTs began to move, and the more current ERC-1155, which allows working with several tokens at the same time through a single smart contract, unlike the original , which requires a smart contract for each token. We have already seen some examples of NFT throughout the entire article,

When you have an Ethereum NFT which is based on open source so you can create them on OpenSea and sell them on Mint or Foundation. Taking OpenSea which is the largest platform for selling and buying NFT this is what you can do to sell NFT: In the sale, you will have the OpenSea service fee, which is 2.5 percent, and the royalty for the creator, which is sometimes 10 percent. You will then need to confirm your sale by signing a transaction. And that’s it. You will now be in a position to sell your first NFT. If you want a more detailed guide to creating and selling NFTs, we have a blog where we already talked about it and we leave it here. If you have a great project idea, consult us and we can help you with everything you need to launch an NFT or cryptocurrency project.

Minting is a very key word when we get into the world of NFTs, it is something very basic and it is important to know it because it is basically how NFTs are created. What does it mean to mint? Each NFT is unique, this is what gives it its market value and what allows transactions to be made with its information, these tokens are in unique code chains within the blockchain. Minting could be said to be assigned a blockchain certificate to a digital asset, and each network or platform has its particular protocols and procedures. So the process of mining is different according to the blockchain they use. What is minting an NFT? To mint, an NFT means to create a token or a certificate of an asset and upload it to the blockchain that allows it to be traded and accumulate value. How do I mint a Solana NFT? Solana has its cryptocurrency and is based on the PoS approval system which is a very efficient protocol. Mining a Solana NFT consists of uploading new certificates using the blockchain used by this network. Where are NFTs minted? It all depends on the type of network, for example, to mine an NFT in Ethereum, you must create an address associated with a smart contract under the ERC-721 or 1155 format. This could be done through OpenSea, Mintable, or Rable, among other platforms. How much does it cost to mint an NFT? Here it also depends on the network we use to mine the NFT since each one has a different cost, a platform commission, as well as a different network gas value. First of all, we have to pay the cost that the collection will have, this is decided by the people who have created the project, to this cost we will add what is charged by the platform in which we are buying the NFT as Open Sea and finally we have the gas fee or gas rate. These fees are paid by the users when a transaction is made within a blockchain and it is a system that works with a supply and demand mechanism. So if there is a high demand for transactions, more will be paid for them. There are Wallets like MetaMask that allow users to interact directly with the Ethereum network, being able to choose the amount of gas they want to pay for. In the end it all adds up in our mint Is it possible to mint for free? This is a question that can be answered with a yes and a no because while there are collections that may decide not to charge a peso for their NFT, the gas fee is still on us. So an NFT can be sold for free but to mine and generate it we will have to pay the gas fee which can be the difference between paying 10 dollars for an NFT or 200. Conclusion: This concept is important to know because it is how we get the NFTs and when entering the discord of a collection or their social networks, this is a word that we are going to see a lot. Understanding how it works does not allow being prepared for everything, as this is something that if or if you have to pay and have it in mind we can be ready for the worst.

While the profitability of NFT trading is no longer the same as it was a year ago, it is still possible to continually increase your capital. It is important to keep in mind that this new environment is highly volatile, still in its early stages of development, but still with an exciting, enlightening future, and with a dynamic global reach. Expand your social media with information from NFTs Twitter is the channel where you can get information about any NFT, where you can find out about new projects, and what members of the NFT community are saying about them. Check out whom the most popular collections follow and based on that, many platforms serve as an NFT release calendar or join discord servers of knowledgeable users Beware of FOMO When you get into buying and selling NFT assets, you will be exposed to a lot of hype from different new projects that may or may not be quite profitable in the future. One piece of advice we can give you for sure is to be a person aware of this hype when deciding to enter into trading NFTs amidst the Twitter noise. Look for the best crypto pick While the Ethereum network is the most famous network that houses the largest collections of NFTs, it is the most expensive of them all. Thus, if you want to trade an NFT from the Opensea.io platform, you will have to add to the cost of the NFT ($200) an additional transaction or fuel cost (gas fee) that will vary according to the demand at the time. So keep in mind that the price at which you buy the NFT is not necessarily the final transaction price. Look for opportunities in other networks  In both marketplaces, there are 2 iconic collections because they were among the first, Degenerate Ape Acadamy for Solana and Spacebudz for Cardano. While they are less popular than Ethereum, the cost per transaction or fee is negligible, with values ranging under 2 dollars in Cardano’s situation per transaction.  What type of NFT do you like? If you are one of those who want to collect 1/1 art from independent artists you should consider that the return on your investment may take longer than with a collection of 10,000 NFTs with an average of 2-3500 collectors per collection. Conclusion Being an NFT collector and trader is very exciting, but it is important to be well informed and be careful with excessive hype before starting to make investments, as well as taking into account that although we can get a return in a short time, most of the time it is not and it takes time so you have to be patient.