An NFT (or non-fungible token) is a unique digital item secured by blockchains. Since each NFT is unique and distinct from another, they are quite different from traditional cryptocurrency tokens which are like-for-like (or, fungible) with one another.
There are countless practical applications for NFTs, most commonly the sale and transfer of digital works and other collectibles like artwork, songs, videos, game tokens, and more.
An NFT collection is a group of NFTs following a story arc or over-arching them, and often involves content evolution. A collection can be made up of one or multiple drops, and an artist can release multiple collections over time.
An NFT drop is simply the release or launch of an NFT collection. When a collection “drops”, it’s generally the time and date the NFT minting happens and becomes available to the public. Since scarcity equals value, collectors often watch for upcoming drops in order to be the first to purchase.
Minting generally means something is produced for the first time or made official, like minting a coin. In the crypto world, it has a similar meaning, but the process is a little different.
Minting, in regards to NFTs, is the process of taking a digital asset and converting the digital file into a digital asset stored on the blockchain. Making it officially a commodity that can be bought and sold.
There are usually a limited number, or “editions” that can be minted.
A smart contract is code that gives programmatic ability to the blockchain. A contract can be initiated by two parties and executed automatically once certain predetermined requirements have been met.
For NFTs, this means things like royalty payments and license terms can be coded into the digital assets themselves during the minting process.
A Blockchain is a secure and transparent record-keeping mechanism that is able to exist without the use of intermediaries thanks to its decentralized nature by recording information on a network of computers, and through cryptography can be verified to only contain true events.
For NFTs, Blockchain technology means that you can confidently share and show off your NFT online while maintaining ownership rights that can be easily verified.
Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin.
Unlike a normal wallet, which can hold actual cash, crypto wallets technically don’t store your crypto. Your holdings live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider.
While we have no explicit affiliation with Hiro, we recommend using the Hiro wallet extension for the best experience. You can download the Hiro wallet at hiro.so/wallet.
You can learn more and follow a few short steps on this blog post.
Buying your first NFT might sound intimidating, but it can be an exciting experience, too! If you’re new to NFTs on Stacks and Bitcoin, you may need to follow a couple of steps to first obtain Stacks (STX) cryptocurrency, which is used to purchase NFTs on Gamma.io.
Most simply put, you need to connect a supported digital wallet extension to Gamma.io ti allow usage of your wallet’s cryptocurrency for the purchase of an NFT.
While we have no explicit affiliation with Xverse, we recommend using the Xverse wallet extension for the best experience. You can find out more about the Xverse wallet here – https://www.xverse.app/