Cryptocurrency and NFTs don't have to be ... well, cryptic. In fact, OpenSea makes it easy to buy and sell NFTs—a great way to dip your toe in the crypto waters. And when you buy from the Perfect Pet Project, you'll not only be investing in an exciting new frontier, you'll be supporting a great cause (with 50% of original NFT proceeds going to The Anti-Cruelty Society). Read on for answers to some common questions.
What is an NFT?
NFT stands for non-fungible token. Wikipedia describes an NFT as "a unique and non-interchangeable unit of data stored on a digital ledger." Oftentimes an "easily-reproducible item" such as a photo, video, audio or other digital file. NFTs use blockchain technology (in our case, Ethereum) as proof of ownership.
Why buy NFTs?
Just as with physical art or collector's items, many people buy NFTs because they appeal to them emotionally or aesthetically, and/or to support the artist or cause behind them. Many others believe in the investment value of NFTs—and there's certainly precedent for that!
How do I buy a Perfect Pet Project NFT?
To get started, open and set up your free account on OpenSea.io. Then click on the NFT you'd like and click "Place bid." Enter your bid amount (you may be asked to "wrap" your Ethereum for larger bids). You will then be asked to confirm the "smart contract" by signing inside your digital wallet. After signing, your bid is complete. OpenSea will anonymously mark you as the top bidder and send you updates on the status of your bid ... good luck!
Why do I have to "wrap" my Ethereum?
For a successful large bid, you'll be asked to "wrap" your Ethereum (which happens inside your wallet). You need to wrap Ethereum because this acts as the "digital vault" which allows easy transfer to the OpenSea blockchain. It's a good practice to leave additional wrapped Ethereum in your wallet if you're serious about buying NFT's. This may be important if you wish to place a higher bid in the future. At the time of wrapping, you may be asked to pay "gas fees" which will vary depending on how many people are using the Ethereum chain at that moment.
What's all the buzz about, really?
Like speculation about stocks, art, real estate and more, everyone is entitled to their own opinion about NFTs—and only the future will tell what's in store. Here are some recent headlines that caught our eye. You can draw your own conclusions!
This 12-year-old coder is set to earn over $400,000 after about 2 months selling NFTs
Non-Fungible Tokens and the Future of Art
The future of art? World-famous artists delve into NFTs
Christie's surpasses $100 million in NFT sales