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Get a grip on NFTs and learn how to get in the gameIt's not often that a brand-new investment comes along that revolutionizes how we buy and sell digital assets. But that's what non-fungible tokens (NFTs) did. Built on blockchain tech, NFTs are shaking up the world of digital commodity investing. And you can get your slice of the pie before everyone jumps into the arena.In NFTs For Dummies, you'll find straightforward answers to critical aspects of the NFT phenomenon. You'll learn exactly what non-fungible tokens really are, how you can find them, and even how to create your own valuable NFTs. You'll also discover: How to find reliable and safe NFT marketplaces where you can be sure you're dealing with reputable buyers and sellers A peek behind the NFT curtain to see how NFTs work and what, exactly, you own when you buy or make an NFT Discussions of the kinds of digital properties that can be converted into an NFT Perfect for anyone who wants to learn about the market for buying, selling, and creating crypto collectibles, NFTs For Dummies is the only resource you'll need to get a handle on this cutting-edge tech and start making it work for you.
List of contents
Introduction 1
About This Book 1
Foolish Assumptions 2
Icons Used in This Book 2
Beyond the Book 3
Where to Go from Here 3
Part 1: Getting Started With Nfts 5
Chapter 1: Introducing Non-Fungible Tokens 7
Beginning at the Beginning: What Is a Non-Fungible Good? 9
Exploring Uses for NFTs 10
Finding Out How an NFT Works 11
Buying NFTs 14
Why buy NFTs 15
NFTs as investments 15
Proceeding on Your NFT Journey 16
Chapter 2: Owning Your Own Nft 17
Where It All Began: Non-Fungible Kitties 18
Blockchain for the masses 18
Not just a passing fad 20
The impact of NFTs 20
The game mechanics of CryptoKitties 23
What's In Your Wallet? Setting Up MetaMask 24
Setting Up Coinbase 26
Creating your Coinbase account 27
Verifying your phone number 27
Adding your personal information 28
Verifying your identity and adding your bank account 28
Adding funds to your wallet 29
Collecting, Breeding, and Selling Your Very Own Non-Fungible (Crypto)Kitties 30
Buying your first CryptoKitty 30
Using the Offer function 31
Breeding your kitties 31
Chapter 3: The Future of NFTs 33
Dissecting the Anatomy of a $69 Million NFT 33
Redefining Property Rights (NFTs Are Not Just about Digital Art and Kitties!) 36
NFTs and Digital Property 37
Music, movies, and books 37
Photos and other digital art 38
Game assets 39
NFTs and Real Property 39
Homes, cars, and nondigital pets 40
Art, jewelry, wine, and other collectibles 41
Imagining the Possibilities 41
Part 2: Buying And Selling Nfts 43
Chapter 4: Getting In On The Nft Game 45
Knowing the Ins and Outs of Buying NFTs 46
Examining the success of early NFTs 46
Thinking about NFTs as an investment 47
Understanding the Risks of Hot Wallets like MetaMask 49
Comparing hot wallets 50
Weighing the pros and cons of hot wallets 50
Uncovering Your MetaMask Wallet 52
Installing MetaMask 52
Securing your MetaMask wallet for Chrome and Firefox 55
Buying Ether for Your MetaMask Wallet 55
Exploring NFT Marketplaces 56
Navigating the OpenSea of NFTs 57
The Nifty Gateway 62
Rarible's decentralized governance 64
Chapter 5: Investing In Nfts 69
Understanding NFTs Are Not Cryptocurrency 70
Introducing NFT Investing 71
Deciding Whether NFT Investing Is for You 72
NFT Investing Strategies for Beginners 73
Valuing your NFT 74
Choosing your strategy 76
Discovering the Best-Performing NFTs 77
Exploring Popular NFT Types 79
Table of Contents v
Digital art 79
Collectibles 79
Games 79
Music 80
Popular memes 80
Reporting NFT Gains and Paying Taxes on NFTs 81
Part 3: Developing Your Knowledge:
A Step-By-Step Guide To Programming
Your Own Nft 83
Chapter 6: What Is Ethereum? 85
Revealing the Ethereum Virtual Machine 86
Ether: The Gas That Fuels Your Transactions 88
The journey of a transaction 89
Compensating the (proof-of-) workers: What's in it for the miners? 91
From happy hour to surge pricing: Determining a reasonable gas price 92
Setting your budget: Is the sky the (gas) limit?
