NFT stands for “non-fungible token.” They are built on blockchain technology similar to “fungible” tokens such as Bitcoin or Ethereum; however, each NFT is unique and can be a one-of-a-kind “edition” or part of a limited Drop. Each NFT is based on a unique identifying code, which can be used as a digital proof of ownership or “certificate of authenticity.” Fungible means interchangeable. As an example a General Admission ticket to a festival is exactly the same as and includes the same benefits of another General Admission ticket. Non-fungible means it is NOT interchangeable such as concert tickets with assigned seating. Each ticket has a unique seat number and location and some tickets are more “rare” than others which usually mean they have more value.
Non-Fungible-Tokens (or NFTs) are virtual tradable items paired with “smart contracts” that can be sold and exchanged primarily on the Ethereum blockchain. NFTs can be paired with real-world assets (such as art, fashion, music, access, etc.) or exist as purely digital entities. Similar to buying “valuable” or “rare” virtual assets in a video game or collecting rare basketball cards NFTs are sold in a secondary market based on their virality and perceived value.
What is a blockchain?
A blockchain is a publicly accessible online ledger (database) that is not owned by any central authority. Once anything is set in this ledger it cannot be modified or censored by any single authority. Blockchain technology provides the following benefits to creators:
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a. Scarcity: When you upload your creation to the blockchain you can define the number of editions you want to release. The control and distribution of the editions is automated on the blockchain so you can tightly manage the scarcity of your creations. No more than the defined number of editions will ever be released.
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b. Authenticity: When you upload your creation to the blockchain it cannot be changed thereafter. Buyers can trust that the artwork they are purchasing is the original and has not been tampered with because the publicly accessible data on the blockchain is always available to verify it. Even if other people copy it (as many tend to do online with digital content) the value of your artwork will not degrade as long as the specific editions can be verified on the blockchain.
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c. Ownership: Every transfer/purchase of your creations is recorded on the blockchain. This means that there is a publicly accessible ownership history for your creations. Provenance is automated and accurate. Having a publicly accessible way to verify ownership will create more value for your creations since it’ll be easier to identify infringing use of it. It’ll also make it easier for you to support any DMCA takedown requests.
How to buy On The Wings Of Champions NFTs?
1. Download a Metamask wallet browser extension at
https://metamask.io/. It’s free. (you’ll use this to store your cryptocurrency)
2. Create a collector’s account on
https://opensea.io (you’ll use this to store, sell and buy your NFTs)
3. Then simply download Coinbase or Kraken or Binance or any cryptocurrency exchange or APP.
4. On such exchange buy some Ethereum (you’ll need this currency to buy NFTs on Opensea)
5. Transfer it to your Metamask wallet you’ll then be able to buy and sell NFTs on the Opensea marketplace with ease.
What are gas fees?
Any transactions made with Ethereum are done on the Ethereum Blockchain. All transactions made on the current version of Ethereum are subject to transaction fees called “gas fees.” Gas fees pay computers for solving equations required to process your transactions securely. This process is open source and you can watch what is going on behind the scenes while your transaction processes on
https://etherscan.io/ among other sites.
Does the price of crypto affect my purchase?
It does not! Ethereum like traditional currency is a fungible asset. This means that one Ethereum token always equals that of another Ethereum token. So while the crypto markets are more volatile than most if you buy 1 ETH even if the price of Ethereum goes up or down you will still have 1 ETH. So feel free to buy Ethereum in advance if you’d like to speed up your purchase once this drop goes live and make sure to buy a bit extra to cover gas fees. But remember that fluctuations in the values of Ethereum will not affect your purchase in any way.