If you’ve been paying attention to headlines and mainstream anything lately, then chances are you have heard of NFTs. You’ve probably heard them mentioned in the same sentence as things like Cryptocurrency, BitCoin, and Blockchain.
There is also a pretty good chance that you don’t really know what NFTs are. If you do know, great! You’re ahead of the curve.
If you do not know what NFTs are, you are in the majority, since not many people really understand this new technology or what the benefits of it are. That’s why it is a good thing there are NFT experts like Ryan Hoggan that have spent the time and resources necessary to study this tech so that they can share their knowledge with the rest of us.
Ryan Hoggan is a Real Estate investor, business executive, Crypto expert, and NFT enthusiast. Thanks to Ryan’s expertise, we can now share with you everything you need to get started in the emerging world of NFTs.
No, NFTs are not the same thing as cryptocurrency. However, you have probably heard Cryptocurrency brought up anytime NFTs have been discussed.
This is because both technologies are built on blockchain technology. Long story short, this technology allows us to have unique digital assets that cannot be duplicated or destroyed.
The main difference between cryptocurrency and NFTs is that crypto is used as a currency, ie for transactions like purchases. While NFTs are a product, something you own and collect. Check out these NFTs on Rarible for example.
The better question is what cannot be an NFT. Just about anything digital can be an NFT. This includes songs, videos, GIFs, images, even URLs can be turned into an NFT.
When something is made into an NFT, it is called being “Tokenized”. This is an emerging tech, so feel free to experiment and see what works. Maybe you’ll discover the next big NFT trend.
NFTs are stored on a blockchain on the Etherium network. To actually store an NFT on a blockchain, aka “mint it”, you need to have many computers running complex and complicated calculations.
So the reason NFTs are expensive to buy is that they are expensive to create. The fees for minting an NFT vary by the day as the crypto market is extremely volatile.
Another reason NFTs are so expensive is that they are a new technology and many people have very high hopes for it, so they are investing in them and paying premiums to do so.
Ryan Hoggan believes very whole-heartedly that NFTs are not in a bubble. He insists that they are just at the beginning of their lifecycle and that they are the future.
He believes the same can be said for cryptocurrency, although crypto is finding many use-cases already and has become almost mainstream at this point. He thinks the NFT heyday is coming, and that soon businesses and people alike will realize the vast potential of this new technology.
We will give you the general steps of purchasing NFTs, as the specific steps will vary greatly on what services you decide to use. First, you will need to set up a crypto wallet, which can be as simple as downloading a trusted one from your app store. Next, you will need to buy Ethereum to be placed in that wallet. Finally, you will connect your Ethereum wallet to an NFT marketplace where you can purchase NFTs.