Get a grip on NFTs and learn how to get in the game

It's not often that a brand-new investment comes along that revolutionizes how we buy and sell digital assets. But that's what non-fungible tokens (NFTs) did. Built on blockchain tech, NFTs are shaking up the world of digital commodity investing. And you can get your slice of the pie before everyone jumps into the arena.

In NFTs For Dummies, you'll find straightforward answers to critical aspects of the NFT phenomenon. You'll learn exactly what non-fungible tokens really are, how you can find them, and even how to create your own valuable NFTs. You'll also discover:

• How to find reliable and safe NFT marketplaces where you can be sure you're dealing with reputable buyers and sellers

• A peek behind the NFT curtain to see how NFTs work and what, exactly, you own when you buy or make an NFT

• Discussions of the kinds of digital properties that can be converted into an NFT

  Perfect for anyone who wants to learn about the market for buying, selling, and creating crypto collectibles, NFTs For Dummies is the only resource you'll need to get a handle on this cutting-edge tech and start making it work for you.

  Autorentext

Tiana Laurence has been at the forefront of blockchain, cryptocurrency, and cryptocollectibles for her entire career. She is the author of Blockchain For Dummies and is the head of Laurence Innovation, a venture capital group.

Seoyoung Kim, PhD, is an Associate Professor of Finance and Business Analytics at Santa Clara University where she teaches FinTech and Financial Engineering in the graduate business program.

Klappentext

Get to know the nifty world of NFTs

At the intersection of blockchain technology, smart contracts, and the world of collectibles, you'll find NFTsnon-fungible tokens. These fascinating (and potentially lucrative) new digital assets promise to revolutionize how we buy, sell, and track property. In this book, you'll learn how you can get in the mix and start making your own digital commodity moves. Find out where to buy and sell NFTs, how they work, and how to build your own tokens. Don't wait a moment longer. Jump into the NFT arena now and hold on if you can! Inside

• Understand how NFTs work
• Own your own NFTs
• Explore NFT property rights
• Access NFT platforms
• Learn about Ethereum
• Program smart contracts
• Build your own tokens

• Find NFT marketplaces**

  Zusammenfassung
  Get a grip on NFTs and learn how to get in the game

  It's not often that a brand-new investment comes along that revolutionizes how we buy and sell digital assets. But that's what non-fungible tokens (NFTs) did. Built on blockchain tech, NFTs are shaking up the world of digital commodity investing. And you can get your slice of the pie before everyone jumps into the arena.

  In NFTs For Dummies, you'll find straightforward answers to critical aspects of the NFT phenomenon. You'll learn exactly what non-fungible tokens really are, how you can find them, and even how to create your own valuable NFTs. You'll also discover:

• How to find reliable and safe NFT marketplaces where you can be sure you're dealing with reputable buyers and sellers
• A peek behind the NFT curtain to see how NFTs work and what, exactly, you own when you buy or make an NFT

• Discussions of the kinds of digital properties that can be converted into an NFT
  Perfect for anyone who wants to learn about the market for buying, selling, and creating crypto collectibles, NFTs For Dummies is the only resource you'll need to get a handle on this cutting-edge tech and start making it work for you.

  Inhalt

Introduction 1

About This Book 1

Foolish Assumptions 2

Icons Used in This Book 2

Beyond the Book 3

Where to Go from Here 3

Part 1: Getting Started With NFTS

Chapter 1: Introducing Non-Fungible Tokens 7

Beginning at the Beginning: What Is a Non-Fungible Good? 9

Exploring Uses for NFTs 10

Finding Out How an NFT Works 11

Buying NFTs 14

Why buy NFTs 15

NFTs as investments 15

Proceeding on Your NFT Journey 16

Chapter 2: Owning Your Own NFT 17

Where It All Began: Non-Fungible Kitties 18

Blockchain for the masses 18

Not just a passing fad 20

The impact of NFTs 20

The game mechanics of CryptoKitties 23

What's In Your Wallet? Setting Up MetaMask 24

Setting Up Coinbase 26

Creating your Coinbase account 27

Verifying your phone number 27

Adding your personal information 28

Verifying your identity and adding your bank account 28

Adding funds to your wallet 29

Collecting, Breeding, and Selling Your Very Own Non-Fungible (Crypto)Kitties 30

Buying your first CryptoKitty 30

Using the Offer function 31

Breeding your kitties 31

Chapter 3: The Future of NFTs 33

Dissecting the Anatomy of a $69 Million NFT 33

Redefining Property Rights (NFTs Are Not Just about Digital Art and Kitties!) 36

NFTs and Digital Property 37

Music, movies, and books 37

Photos and other digital art 38

Game assets 39

NFTs and Real Property 39

Homes, cars, and nondigital pets 40

Art, jewelry, wine, and other collectibles 41

Imagining the Possibilities 41

Part 2: Buying and Selling NFTS 43

Chapter 4: Getting In on the NFT Game 45

Knowing the Ins and Outs of Buying NFTs 46

Examining the success of early NFTs 46

Thinking about NFTs as an investment 47

Understanding the Risks of Hot Wallets like MetaMask 49

Comparing hot wallets 50

Weighing the pros and cons of hot wallets 50

Uncovering Your MetaMask Wallet 52

Installing MetaMask 52

Securing your MetaMask wallet for Chrome and Firefox 55

Buying Ether for Your MetaMask Wallet 55

Exploring NFT Marketplaces 56

Navigating the OpenSea of NFTs 57

The Nifty Gateway 62

Rarible's decentralized governance 64

Chapter 5: Investing In NFTs 69

Understanding NFTs Are Not Cryptocurrency 70

Introducing NFT Investing 71

Deciding Whether NFT Investing Is for You 72

NFT Investing Strategies for Beginners 73

Valuing your NFT 74

Choosing your strategy 76

Discovering the Best-Performing NFTs 77

Exploring Popular NFT Types 79

Digital art 79

Collectibles 79

Games 79

Music 80

Popular memes 80

Reporting NFT Gains and Paying Taxes on NFTs 81

Part 3: Developing Your Knowledge: A step-by Step Guide to Programming Your Own NFTS 83

Chapter 6: What Is Ethereum? 85

Revealing the Ethereum Virtual Machine 86

Ether: The Gas That Fuels Your Transactions 88

The journey of a transaction 89

Compensating the (proof-of-) workers: What's in it for the miners? 91

From happy hour to surge pricing: Determining a reasonable gas price 92

Setting your budget: Is the sky the (gas) limit? 94

Transaction fees 96

The Blockchain: Where It's All Stored and Secured 99

Ethash and proof of work: What makes Ethereum tamper-proof? 100

Miners and nonces and bears oh, my! 102

How many confirmations until I'm actually confirmed? 102 Uncles and orphan...