If you’re interested in buying and selling NFT, it’s important to understand how these assets are represented on the blockchain and how they differ from fungible tokens (Fungible tokens can be easily exchanged with one another). This guide will walk you through how to buy and sell non-fungible tokens on the Metaverse blockchain so that you can make an informed decision when entering this market.
What are blockchain based NFT, non-fungible tokens?
Although most crypto users are familiar with fungible cryptocurrencies like Bitcoin, many don’t understand blockchain based non-fungible tokens ( NFT ). An NFT is a digital token that can only be owned by one person at a time. The degree of fungibility for an NFT will depend on how strong its owner’s ownership is. For example, if an item is highly transferable or divisible, then it can be considered fungible. On the other hand, something that cannot be easily divided without destroying its intrinsic value might not be considered very fungible at all.
Non Fungible means non replaceable. You can’t replace it. There’s only one of them. It’s unique, non-fungible.
Why do I need ERC721 FOR NFT?
ERC721 is a standard that specifies how wallets can interface with different kinds of unique tokens. These unique tokens are known as non-fungible tokens, or NFTs. In short, any ERC20 token can be substituted for another ERC20 token. For example, one US dollar is interchangeable with another US dollar. In contrast, each CryptoKitty is an entirely unique snowflake! By using an ERC721 wallet you can store your assets safely and securely without worrying about losing them or needing a separate wallet for each token you own. The future of digital assets lies in NFTs, so it makes sense to familiarize yourself now! As always: do your own research on these topics before buying or selling cryptoassets.
Why do I need the Metaverse Lightwallet FOR NFT?
It’s simple. By using Metaverse Lightwallet, you can truly manage all your assets in one place – regardless of whether they are on-chain or off-chain! There is no need for you to switch back and forth between different wallets. In addition, as a Metaverse dApp developer, Metaverse Lightwallet supports your use case by allowing you easy access to any account addresses generated by your applications. With just a few clicks, you can see how much funds users have in their wallet, or move their assets on their behalf – right from inside Metaverse Lightwallet.
Installing Metaverse Lightwallet on desktop :
Metaverse Lightwallet is an open source desktop wallet for Ethereum-based tokens. In addition, Metaverse Lightwallet provides a convenient tool for traders that enables them to exchange different kinds of ERC721 tokens with each other through its inbuilt exchange function. The following steps will take you from installing Metaverse Lightwallet on your computer, up to exchanging ERC721 CryptoKitties with others: …this professional blogger post will help you achieve that goal.
Transferring ETH from Coinbase to Metaverse Lightwallet :
To transfer your ETH, follow these steps: 1. Click on Accounts in Metalsight. 2. Under Your Assets, select Ethereum (ETH). 3. Click Deposit into The Vault 4. Select Custom Deposit Address 5. Copy address that is revealed on screen 6. Navigate back to Coinbase 7. Go to Send/Request 8. Enter Metaverse Lightwallet address 9 . Confirm Transaction 10 – Confirm Funds are Received on Metalsight 11 – You have now purchased ENTS! Congratulations!
Purchasing ERC721 with ETH :
Creating an account with a cryptocurrency exchange such as Coinbase or Kraken is a necessary first step in purchasing ERC721. Before you can purchase any cryptocurrencies, you’ll need to send them some money via bank transfer or credit card payment. From there, you can transfer it over to your exchange of choice where you can use it to purchase ether, Bitcoin or any other cryptocurrency listed on that exchange. To purchase ERC721 tokens, search for Ethereum within your chosen exchange’s marketplace section. You should then be able to view all available options at your disposal. From there, all it takes is sending funds from your currency wallet into one of these open orders that are listed on said marketplace section! Happy buying!
Trading ERC721 in exchange markets :
In general, if you’re trying to get your hands on some ERC721 tokens, you should start by checking out exchanges that support these types of assets. For example, OpenSea lists many NFTs along with their prices. And while no exchange is a one-stop shop for all crypto trading needs, they are a solid place to start your hunt for certain crypto assets like ERC721. Simply select ERC721 in the Asset Type dropdown menu and scroll through rows of relevant token listings.
Talking about what this might mean for our world going forward. This is definitely hype and that’s the whole point. I mean, the speculation markets are all about hype. We see this all the time with new technologies and new things that people get excited about.
Right now I think we’re probably in that stage of NFTs, it’s hype, its novel, exciting.
Some NFTs are sold for millions of dollars :
You might have heard or seen about the trending cat meme gif which sold for $5,60,000. Also, the first Tweet made by Jack Dorsey sold his tweet for over $2.9 milliion.
Some music is being given tokens, lots of art is being minted as tokens and being bought and sold. And then of course there’s NBA Top Shot who’s taking advantage of this.
Top platforms where you can trade on your Digital Art :
1.Rarible : It is the most popular open marketplace to buy and sell NFTs.
2.OpenSea.io : This is a peer-to-peer platform where all one needs to get started is to create an account. Different categories of art forms can be browsed and chosen thereafter.
There are many more platoforms, you can search on you own and choose the right one for you.
Also read : What are NFTS? Detailed Explaination.
Thank you for reading this article!