What is an NFT?
NFT is short for Non-Fungible Token that comes in a variety of forms such as art, music, gifs, and much more. These digital assets are unique as they are stored and encrypted on the crypto blockchain, which can authenticate and provide proof of ownership for each NFT. In order to purchase a NFT, you will need a cryptocurrency wallet.
What is a cryptocurrency wallet?
Similar to the wallet we carry, a cryptocurrency wallet is a digital wallet that is used to hold and trade cryptocurrencies. Some popular options include Coinbase wallet and Metamask, although Metamask is most commonly used for NFT transactions.
Your Coinbase or Metamask wallet
When creating your Coinbase or Metamask wallet, you will be generated Secret Recovery Phrases aka seed phrases that allow you to access your wallet in the event you forget your login information (never share your seed phrase with anyone).
You must treat these phrases as the master-key to your wallet, and make sure to store it somewhere safe (we recommend saving this information offline, do not take pictures of it or store on your PC/mobile device).
What is an Allowlist?
This is one of the most asked question from those new to the NFT space and although the core definition remains the same, the process to obtain them varies with each NFT project.
Typically, those who are selected to be on the allowlist have pre-sale access to the NFT project, which guarantees you to mint while avoiding gas wars.
Gas wars occur when there is high traffic within the Ethereum blockchain. (Higher the traffic, higher the GWEI needed to complete a transaction). During a public sale of a highly anticipated project, the price of gas often trumps the price of the NFT itself, hence the importance of allowlists.
What is minting?
Minting is a term used to describe the initial sale of a NFT. When you mint a NFT, it officially becomes part of the Ethereum blockchain, which is unchangeable. NFTs are tokens that get “minted” when they are generated and stored in your Metamask wallet.
One of the major differences between minting and secondary sales is that when you mint a NFT, you get it for the initial price set by the project whereas in secondary sales, you are able to buy it for the price set by the current owner of the NFT.
Safety Tips for Discord
The golden rule remains: ALL DMS ARE SCAMS! The first thing you should do when joining a NFT Discord server is turn off DMs from server members from your privacy settings.
There are countless scammers that target community members by changing their Discord name to a team member and pretend that you are selected for an whitelist spot or a giveaway. These are scams 100% of the time.
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