Hello friends!!! 🙌
We’ve gotten so much feedback from the community about creating some content that was short and sweet so here is our “Learning & Onboarding Quick Guide” that we put together for those that need a simple overview of how to learn how to get started.
Feel Free to share this with anyone that is an amazing creative that may be a little hesitant about getting involved in the NFT community.
What is a cryptocurrency?
Cryptocurrencies (or “crypto”) are digital currencies that are not controlled by any individual governing body; i.e. a government or a bank. Instead, each currency exists on a transparent network across many different computers, called a blockchain. Every time cryptocurrencies change hands, each transaction is recorded across that network of computers.
Why is the blockchain so important?
A blockchain is a public digital ledger that a specific database uses to store its data and transactions. A blockchain is a database of transparent transactions conducted between users and entities in that database. When a certain amount of data from each transaction is saved on what is called a “block” it is then published in chronological order and chained together with the existing data.
What are non-fungible tokens?
Commonly known as Non-Fungible Tokens, NFTs are a type of cryptographic token that represents a unique asset. This asset can be either a tokenized version of an asset in the physical world, like a piece of real estate or a digital intellectual property asset in the virtual world, like 3D Digital Art or a Digital Music Composition.
Why do NFT’s make such a great investment?
NFT’s are amazing intellectual property assets because they are a store of value. When the Ethereum stock prices increase, so does the value of your NFT. You can choose to hold, barter, or trade your assets with other collectors. Additionally, you also have the option of taking your gains and investing in DEFI and/or other coins to establish your crypto portfolio and to leverage NFT art as collateral to access loans.
Why are NFT’s so impactful for creatives, curators and collectors?
Thanks to the Blockchain and IoT( Internet of Things), NFTs have become so accessible that anyone can verify and track their assets on the blockchain. Artists, Dancers, and Musicians, for the first time in history, can now ascribe provenance to their unique assets.
How can I start creating NFT’s?
In the near future, you’ll be able to mint on the Inna Dominus platform. For now, there are a plethora of options on the Ethereum chain that you can check out here:
What is a crypto - wallet and how can do I get one?
We store NFTs the same we store our other fungible crypto assets like Bitcoin, Ether, etc. in what we call a “Wallet”.
A wallet is an application that allows users to store information about their cryptocurrency assets. In many cases, setting up a crypto wallet is usually free or relatively low cost, (unless if you’re looking for something with cold storage).
How can I start collecting NFT’s?
👛Download a wallet: This is a crypto wallet where you will store your Art. Many of the wallets that allow users to buy and store art also allow users to keep their additional cryptocurrencies in their wallets so that all of their digital assets are in one central location. To get started, you should put at least $50 -$100 USD into your Ethereum wallet. Check out our quick guide here to learn more about different NFT wallets. “Pick an NFT Wallet”
⛽️Consider Gas/Costs: These are known as Ethereum transaction fees. Keep this in mind when you are minting art. If the fees are too high at any given point, you may want to wait to mint until the price goes down to keep your costs as low as possible.
The gas is what you need to complete your transactions or to mint your art. It is essentially a brokerage fee that is paid to send your art across the blockchain; similar to a delivery fee on UberEats or Postmates.
How can I learn how to curate NFT’s?
Art valuation in the traditional art market is based on four factors; demand, liquidity, market data, & intermediaries. The final valuation of digital art however is subjective.
Where do I upload my NFT’s?
Once the Inna Dominus platform launches you’ll be able to upload your NFTs from multiple chains on our platform. For the meantime check out:
This is a quick and easy way to support artists, especially those who are marginalized in the NFT Artspace. Additionally NFT art allows you to build a store of value on the blockchain. I hope this post helps new NFT artist to have a little more confidence in building a catalog of amazing art on the blockchain.
If you liked this article, please feel free to share it; knowledge should be shared. If you have any additional thoughts or comments or just really liked this article, feel free to reach out to us on Twitter @innadominus.
Cheers!!
Aina Moyé
Inna Dominus