How to play NFT and what should a novice prepare when playing NFT?

Beginner's Guide 1years go (2022) Dexnav

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How to play NFT and what should a novice prepare when playing NFT?

NFT from 2021 out of the hot, the artist Beeple at Christie's auction house, sold for $ 69.3 million in astronomical prices, shocked many people, but also let the market on NFT full of various voices, some people want to play NFT field to earn a wave, some people sing sad NFT that it is a bubble. But no matter how you click into the article, you are still curious about NFT and want to try the mentality, I also did some research, this little rookie to help you organize some play NFT the focus of attention, and prior preparation.

Play NFT must have basic equipment

NFT Where exactly do I have to go to buy it? It seems like you have to have a lot of accounts before you can.

Yes, because NFT is built in the world of virtual currency, so before buying NFT, you have to log in to the world of virtual currency, there are a lot of pre-work, so that the money is not so easy to earn, you have to invest the cost of a lot of Europe.

I will try my best to explain to you in vernacular translation below, please advise me if there are any mistakes, I am also still learning.

How to play NFT and what should a novice prepare when playing NFT?

What is NFT? Non-Homogenized Token

Here's what the wiki says.

A non-homogeneous token (English: non-fungible token), is a type of data unit on what is known as a blockchain digital ledger. Each token can represent a unique digital profile. Because they are not interchangeable, non-fungible tokens can represent digital files such as paintings, sounds, films, items in games or other forms of creative works. While the files (works) themselves are infinitely reproducible, the tokens representing them are tracked on their underlying blockchain and provide proof of ownership for buyers.

If you have a "centralized trading house" account and want to buy NFT, you don't have to use Taiwan dollars or US dollars, you must first have virtual currency. It's very simple, first exchange RMB for virtual currency. So you must first register with a centralized exchange (BINANCE, ACE, Maicoin, MAX), and then exchange your RMB for cryptocurrency stabilized coins, or various mainstream currencies you want to buy (bitcoin, ethereum, etc.).

What is a centralized exchange?

Just like the bank we are using, the money deposited can be kept by the bank, and we can also go to the bank to exchange money from Taiwan dollars to Japanese dollars, US dollars, etc., which is very convenient, but the risk is that if the bank owner tries to run away with the money, or if there is human negligence, it will cause the loss of our property.

In the decentralized world of virtual currencies (with smart contracts agreeing with each other), there are still centralized exchanges that, like banks, will hold the money we deposit.

Exchange：BINANCE

Having a decentralized wallet

Having decentralized wallets RMB can only buy virtual currency from the centralized exchange of Coinan, but in the centralized exchange of Coinan, you cannot buy NFT , so you also have to have decentralized wallets and put money in those wallets to buy NFT.

Why does it take so much trouble? Because different chains are connected to different communities, and different communities have their own products that they sell, and when you go to different places to buy something, you have to match their acceptable payment methods. It's like when you go to a night market today, the vendor just doesn't have mobile payment, you can only bring cash, and when you go to an unmanned store, he can't use a check, he can only use mobile payment. In the cryptocurrency world is that as you go to different places to buy things, you have to carry different wallets and different currencies.

Click on the red font below ?

Install Little Fox plugin tutorial: Matemask

Cryptocurrency registration tutorial.Binance

Understanding the various chains

How to play NFT and what should a novice prepare when playing NFT?

Blockchain is a decentralized computing technology that uses network technology to allow information to be kept and transmitted.

After listening to the string, there is to see the same as not to see, or difficult to understand.

A better analogy I've heard to understand is that all chains are like different roads, because there are chains and roads that will form their own community development, building, and inside the community there are their own projects, games, and each project game has its own tokens.

The big communities are Ether, Coin Smartchain, and the later emergence of Solana .

In short, the chain will only grow, just as the road will grow.

This way you just know that by transferring the money to the wrong chain, the money will disappear.

As well, the NFT you want to buy could be on the Ether or Coinan smartchain, or the Solana chain, requiring the use of a different wallet.

On Ether, the fee is going to be ETH.

On the Cryptocurrency Smartchain, the fee is going to be BNB.

In the Solana chain, fees are charged using SOL

Gass Fee

To make a transaction on the chain, you all need to pay the miner (the person who makes the transaction for you) a little fee.

So when you buy NFT, you pay 2 fees.

One is the price of buying NFT.

One is the handling fee.

The fees on Ether are very expensive now, and there is a certain cap on the volume that can be processed at one time, so the fees are based on a bidding mechanism, and if you want to buy it quickly, you have to add fees (a game mechanism for the rich).

The worst situation is that you give a handling fee, but it is lower than others, so you give priority to other people's orders and did not help you to grab NFT.

NFT purchase instructions

Know how to buy coins

You already know the chain, corresponding to different communities, and different communities will use different currencies.

So, to go to the Ether to buy NFT, remember to take the RMB to buy Ether first, and other operations in the same way, I will not go into details here. After all this, so long, we are just going to enter the stage of buying NFT (sweat).

How to play NFT and what should a novice prepare when playing NFT?

NFT Where to buy?

To go to the place where you buy NFT, you can also think of it as a marketplace.

There will be various artists, publishers, upload their own works, the following I first mainly introduce the most mainstream, newcomers from the mainstream to start, you can check the information is also more.

OpenSea

Mainstream NFT on Ether

It is a comprehensive NFT exchange, with not only artwork, but also games, audio and video, and domain names.

The investors behind OpenSea, including Cryptocurrency and Coinbase, are large companies.

How to play NFT and what should a novice prepare when playing NFT?

OpenSea NFT charts are available on

How to play NFT and what should a novice prepare when playing NFT?

I used more than 1,000 RMB fees, NFT itself is free, the first NFT obtained on the Ether (experience it)

Method of determining NFT

Unlike other companies in general, the cryptocurrency industry does not look at net profit, growth, shareholders' equity, etc. But there is still a way to judge whether there is a prospect in this field, and the way to judge whether NFT is worth buying is similar to the way to judge whether a new coin has a future.

But honestly, I only use these coin circles' judgment methods as reference, because these 3 points are only the general direction, and there are more details that only a few people know because of opaque information, or the information is too difficult to find, resulting in wrong analysis.

The following is organized to provide you with reference, but you should evaluate carefully yourself when investing.

1.Community Sound Discord

Number of community Discord
Social Twitter
Track the number of people Twitter
Posting interaction rate
Are there big names entering

Now NFT's routine is to use pull tactics, because as long as the more people, the more attention, the price will have the opportunity to raise.

So many veterans, will be the number of community, the number of active people to determine whether this project NFT has the possibility of price spikes, but in fact there are many ways to do fake, with robots, fake account wash can be done.

So in addition to the quantitative numbers, you should also focus on the qualitative, how much people believe in the project, and as one school of thought says, go to see if the holders are willing to hold it for the long term and if they have expectations for the project in the long term.

I think it's quite reasonable to observe qualitative and whether the holder wants to hold it for a long time.

Think about it, if many people buy this NFT, but everyone just wants to pull up and sell, so the price will still fall in the future, only to maintain the rarity in the market, the price of this NFT will be high in the long run.

2. Team

Does the team disclose its identity?
Team Past Experience
Are there any other past good results
The investors behind the team

This seems to be a kind of corona effect, based on the past achievements of this team, inferring whether the NFT he is now out has value, and can also be based on whether there is a large company investment to determine whether it is worth joining, like with the input of Coinan, FTX, etc., investors' ethos tends to be more willing to buy.

3. Future plans

To issue NFT they all make a website with their future development roadmap.

I think to see if the site is good, but also a small reference point, although the site is good does not necessarily mean good, but if even the site is messy to do, it is really hard to believe that they will follow the good development ha.

Judgment NFT Criteria Summary

Want to know whether the NFT you want to invest in the value or not, refer to the physical collectibles, how to achieve soaring prices, you will better understand the logic of it.

Cooper Rick bear easily a tens of thousands of dollars, is the average office worker's monthly salary, he is so expensive, the first reason is that he is rare enough.

But rarity is not enough, there is only one me in the world, but no one will give me a lot of money, ha.

Super expensive = low quantity + celebrities

The low quantity and rarity, coupled with the fact that there are celebrities who like it, will create the effect that others will want to follow suit, and under the mechanism of market supply and demand, the price will become expensive.

Just like big brother Ma Ji, send Lin a boring ape BAYC NFT, Lin sent a text, there are super multimedia forwarding, the publicity is super high.

This NFT was purchased at a price of 2.5999 ETH, about 250,000 NT, but 4 months ago the value of BAYC was less than 200,000 NT.

In short, if you really want to make a fortune from NFT, the above line of thinking provides a reference.

NFT Information Collection

Why do we need to grasp the information, because NFT are issued time, the first time to buy the most original issue price, the subsequent price increase can earn the price difference, in addition, in the new NFT issue, there are often free shipping, registration of pre-emptive rights and other activities, grasp this information, to know when to buy what.

Basically, everyone is grabbing information to fall in wealth, first to know first to make money, but of course, may be, first field, first to be cut ha.

Having said that, in fact, the most important thing for newcomers, not to buy, is to first learn and collect information on NFT, but the information is really enough of a terrible explosion, here are a few places where you can find information.

rarity.tools

It is quite suitable for newbies to browse, I will also look on it, it is a collection of many NFT, SOL, Ether, you can see what new projects, but also help you organize the basic information, including, listing time, belong to the chain, price, community links, etc.

cryptoart

I use it rather sparingly myself. It's a ranking of artwork sales and a big collection where you can see the work, who the creators and buyers are, the amount of sales, the platform, etc.

Data Ranking

Above you can see the ranking of the total value of each NFT

Various Twitter, Telegram and Discord accounts

You can follow the gods or hear about new project opportunities collected by other group members by joining the group of Da Shen Chuang, but in these channels, there are also some scams or fraudulent information, so be careful and don't believe what others say.

The cost of playing NFT

Play NFT research homework, mixed information, high cost of time
Play NFT Stay up late and can not sleep, many release time is the early hours of the morning in China
Play NFT can afford to buy will not rise, will rise to buy can not afford to play
NFT will have a FOMO mentality, quite anxious, afraid that they miss the opportunity to make money

After reading the whole article, you should be able to feel how high the cost, but it is not completely untouchable, the following will also talk about, I will want to understand the reasons, perhaps you think the same as me

The meaning of NFT for petty people to play

Learn new things, get to know new things
The ability to be able to punch a wave

In the red ocean market, because there are many competitors, it is relatively hard to make profits, but if in the blue ocean market, because there are fewer people competing, it is relatively easy to make profits.

Like now NFT market, coin circle, because the people who join is not yet so much like the traditional gold capacity, is a blue ocean often have explosive profit doubling project, but the cost of your research becomes high, this is all relative cost, no one will be free to write a bunch of vernacular sharing, because people in the coin circle, are busy researching new things, busy making money.

And now the veterans, at that time are also all relying on their own research, so in the coin circle, want to join are relying on their own DYOR (the meaning of their own homework research), but the future will certainly be more and more people share la, more and more popular, but by then whether there is so much profit, may not be.

Beginner's Guide