What is NFT and How Does NFT Work?
NFTs are a cool way to store digital art and have evolved into one of the most interesting aspects of our times. It won't be a stretch to say that NFT projects like Bored Ape Yacht Club have seeped into our mainstream and become a part of our zeitgeist.While Ethereum hosts the lion’s share of these NFTs, platforms like Cardano is growing in the market in a major way in recent months.
NFTs, on the other hand, are unique and not mutually interchangeable, which means no two NFTs are the same.
Think of Collectible cards, rare coins or a limited-edition pair of sneackers: NFTs create scarcity among otherwise infinitely available assets — and there's even a certificate of authenticity to prove it.
NFTs are typically used to buy and sell digital artwork and can take the form of GIFs, tweets, virtual trading cards, images of physical objects, video game skins, virtual real estate and more.
Buying Cardano (ADA)
We recommend setting up a Coinbase account. Think of this like your bank account for crypto currency.
There are different platforms and currencies used for NFTs, but we suggest you start your journey with Cardano.
Get a Digital Wallet
For buying CNFTs, you need a Cardano wallet. There’s a variety of wallets, like: ADALite, Daedalus, Nami and Yoroi, to name a few. Once you’ve got that down you can go ahead and visit a CNFT marketplace of your choice.
Follow the instructions, write down your keys and passwords and NEVER give them to anyone. It’s very important to stay safe.
Some things never change - fraudulence in the digital art space.
As this magnificent meta-market is on the rise with all of its wondrous potential, forgeries and fakes inevitably hitch a ride. After all, NFTs and CNFTs have given more and more artists the opportunity to get recognized for their hard work and make a profit. Unfortunately it also opened the door to scammers and hackers and who wants to deal with that? Make sure the pieces you are spending your hard earned crypto on are authentic.
We recommend:
1. - Checking out different marketplaces to see if the same artwork exists there. If it does, chances are some of them may be fakes.
2. - Artists tend to post their listings on social media, so it might be a good call to check that out as well.
3. - With CNFTs, however, because there isn’t a smart contract (yet) if you want to verify its authenticity, you need to check that the Policy ID matches with what the creator listed.
Popular marketplaces:
jpg.store
CNFT.io
Tokhun
Artano
Lovelace Marketplace
Now you’re ready to venture into the realm of Cardano based NFT deliciousness! Just keep in mind the Policy ID and as always, be careful with your funds.