NFT stands for non-fungible token. NFTs are digital assets created using blockchain technology. Much like Bitcoin or Ethereum, NFTs can be minted, bought, sold, exchanged, or transferred using crypto wallets (more information below). NFTs are unique assets that can come in several forms: art, music, pictures, videos, games, virtual world assets (metaverse), profile picture projects (PFPs), memberships, and much more! NFTs also tend to have several utilities, such as: stored value, staking, royalties, memberships, decentralized autonomous organization (DAO) memberships/votes, and much more!
One main difference from traditional cryptocurrencies such as Bitcoin or Ethereum (fungible), is that NFTs are non-fungible, meaning that because each NFT is unique, it cannot be traded equivalently one with another. For example, trading 1 BTC for another BTC would yield you the same digital asset but trading 1 NFT for another NFT would yield you something different (Ex: NFT ID#43 is the image of an Ape with a party hat, but NFT ID#59 is the image of an Ape with a Viking hat).
NFTs tend to derive their value based on scarcity, rarity traits, rankings, utilities, among other values. In today’s popular crypto space, NFTs are commonly minted, bought, sold, and traded on NFT Marketplaces.
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Ebisu's Bay Collection of 10,000 NFTs
Marketplaces (such as Ebisu’s Bay) live on different chains (such as Cronos) and are safe, decentralized spaces where NFT trading activity can take place. Marketplaces allow you to connect your crypto wallet and utilizing cryptocurrency (such as CRO), you can purchase and sell NFTs. Marketplaces such as Ebisu’s Bay also offer Launchpad services, where NFT projects can drop their collection on the platform and allows users to mint brand new NFTs. Marketplaces also have other functions, such as allowing you to transfer NFTs from wallet to wallet, view your own collection, and create your own profile.
The NFT world is an exciting one! And you can easily participate! You will need the below items to be get started:
Crypto Wallet – Allows you to safely store and transfer your digital assets. Wallets give you control over your own crypto and allow you to purchase NFTs and to receive funds when you sell. Ebisu’s Bay is a marketplace that lives on the Cronos chain, so you will need an EVM compatible wallet. The 2 most popular wallets used on Cronos chain are CDC Defi Wallet and MetaMask wallet (however, any EVM compatible wallet will work). Both wallets have PC and mobile versions. Please ensure to always download wallets from legitimate sources/links. Note: If utilizing MetaMask or other EVM-compatible wallet, you may be required to manually add Cronos Chain by visiting the network settings on your wallet.
Crypto – Once your wallet is set up, you will need to import your desired crypto tokens. To trade on Ebisu’s Bay, you will need to transfer Cronos chain (CRO) to your wallet. Some wallets allow you to purchase tokens directly from the wallet, if this is not an option, you will need to purchase tokens on a centralized exchange (such as Crypto.com) and transfer the tokens to your wallet. Once you have CRO, you are ready to purchase/mint! Note: Always remember to keep enough CRO in your wallet to cover gas fees.
Marketplace – Ebisu’s Bay is the first and largest marketplace on the Cronos chain! Stop by our marketplace and browse through thousands of NFTs! Feel free to stop by our Discord and chat with our community to get the scoop on the newest and hottest collections! We are looking forward to seeing you! https://app.ebisusbay.com/
As with anything related to crypto (or investments), always do your own research and due diligence before purchasing NFTs. Ebisu’s Bay does not provide financial advice, nor should any information provided here be utilized as such. Once you have purchased your first NFT, here are some actions you can take: