Everything You Need To Know About NFTs – Volted Dragon Saylor Club
Everything You Need To Know About NFTs – Volted Dragon Saylor Club
DISCLOSURE: This content is reader-supported, which means if you click on some of our links that we may earn a commission.
We’re proud to announce the Volted Dragon Sailor Club to the world. Our team is very voltish on this fiery collection and it was a pleasure working with the Volt Inu team.
Here we will break down everything you need to know about NFTs, what they are and how to get in on the Voltastic potential of this project.
What are NFTs?
NFT’s are a token just like any other crypto. The difference between crypto and NFT’s are that cryptocurrencies are fungible which means they have the same value as any other crypto. Similar to how you can trade a dollar for a dollar, the value is the same and does not discriminate.
On the other hand, NFT’s are non-fungible. The best way to explain it is comparing it to real estate. Even if there are two houses that look the same, has the same build, has the same colors – each property is unique. You can’t just take the key to your house and go to another house and open that door with the same key and live in there just because they both look the same.
Why do people buy NFTs?
NFT collectors buy NFTs for one of three reasons: they want to flip the NFT for profit, they want to use the NFT for its usecase, or they like the art. The NFT market is the fastest growing niche within crypto reaching a peak of $2 billion in monthly volume in the previous bull market. Just like with any cryptocurrency, people look at NFT projects as 100x potential to create life changing money.
How do I make money from NFTs?
Think about real estate – you can flip it for profit or you can rent it for passive income. Likewise if you buy an NFT at a low price, you can put it on the market for a higher price for capital gains. There are also opportunities with NFT staking or NFT daos that provide opportunities for passive income. NFTs are also heavily involved in play to earn games which allow you to use the NFTs in games and earn rewards.
How and where do I buy my NFTs?
There are two ways to obtain an NFT – either you mint the NFTs or you buy them on an NFT marketplace such as Opensea.
What does minting an NFT mean?
Minting is the way NFTs are created on the blockchain – it is the process in which a digital asset, such as a picture or video, is turned into a digital asset on the blockchain turning it into a token. Minting it on a website is the easiest and most effective way for most projects to control the process an NFT is created.
How do I mint an NFT?
- First, you must whitelist your wallet to be eligible to mint NFTs
- Wait for announcements from the project on when minting is live to get the correct links. (WARNING: SCAMMERS WILL TRY TO SEND FAKE LINKS. ALWAYS WAIT FOR THE OFFICIAL ANNOUNCEMENTS FROM THE PROJECT).
- Once you’ve verified you have the correct time and the correct minting page for the mint, you must connect your wallet to the minting page. It must be a decentralized crypto wallet such as coinbase wallet or metamask.
- Once you’re ready to mint, make sure you have enough cryptocurrency in your wallet and then pay the minting fee. If it’s on the Ethereum blockchain, you need to have ETH in your crypto wallet. The project will decide on the minting fee so keep in mind you’ll have to pay the minting fee + the gas fees for that blockchain (R.I.P. Ethereum penny pinchers).
- After you’ve successfully mint, you’ll be able to view your NFT either in your crypto wallet or you can go to Opensea to view your NFT.
What is a whitelist?
A whitelist is basically a list of people that have permission to mint an NFT through their crypto wallet address. Every project will have specific instructions on how to qualify for a whitelist spot. Just follow the instructions and be sure to provide your wallet address.
DO NOT GIVE OUT YOUR PUBLIC KEYS OR SEED PHRASES, THESE ARE SCAMS. YOUR ETHEREUM PUBLIC WALLET ADDRESS IS A STRING OF NUMBERS AND LETTERS THAT IDENTIFIES YOUR ANONYMOUS CRYPTO WALLET AND IS SAFE TO PROVIDE. YOU CAN FIND THIS BY GOING TO YOU CRYPTO WALLET, GO TO ETHEREUM, AND CLICK “RECEIVE”. THE RECEIVE ADDRESS IS WHAT YOU USE TO WHITELIST YOUR WALLETS.
How do I sell my NFT?
Once you’ve minted your NFT, you can sell your NFT but putting a listing up for sale on an NFT marketplace like Opensea. You decide the price to list your NFT for sale just like putting your home for sale. Keep in mind, that just because you list it for a certain price does not necessarily mean you will sell it for that price.
How do I know what my NFTs are worth?
Always check the market to get an idea of the fair market value of your NFT. An NFT’s value are derived from several factors: the demand for the NFTs (the hype or marketing), and how unique they are (the rarity).
NFT collections typically have different traits and the less NFTs that has those traits, the more rare that NFT is. The more number of rare traits an NFT has, the utility of the NFT, as well as the community surrounding the NFT, the more valuable an NFT is, the higher you can list your “home”.
If there are a lot of people that want to buy the NFT (demand), a lot of people that want to hold their NFT (supply), and there’s consistent volume – that raises the floor price of the NFT, hence raises the value of the NFT.
What is a “floor price”?
The floor price is the cheapest price you can buy an NFT. It is the lowest price an NFT in the collection is SELLING FOR. Sometimes it takes several weeks to several months to find out the true floor price of an NFT just because price fluctuations are normal during a launch.
Tips to Protect Yourself
- Never give out your private keys or seed phrases ever – it doesn’t happen
- Always take the time to find the official channels and identify the official dev team.
- Many scammers will try to impersonate devs or admins, but always verify. Admins typically don’t dm first and you can always talk in the chat to confirm who is who (chances are the person that dm’s you to connect your wallet is not the one).
- Always take the time to identify the official links – the official twitter account, discord, telegram, and especially the official website. Any and all information will be posted through there.
- If you don’t know something, always DO MORE RESEARCH. Don’t buy NFTs if you don’t know how to.
- There are unique utilities that NFTs are used for but you’re not obligated to buy them. NFTs won’t directly pump the chart for the crypto. It can provide utilities and funds that can indirectly help the crypto.
That is everything you need to know about NFTs. Volted Dragon Sailor Club is an awesome collection and if you want to take to us about creating a similar collection, contact us to schedule a discovery call.