Hello LUV Bots, welcome to the world of NFTs.
The future of our society will be tokenized by NFTs which will allow us to verify ownership of our assets and store them safely in our digital wallets. Let's start with the most common NFT questions.
More than likely if your reading this you may be new to blockchain and crypto, or you may have been in crypto for years at this point - but in both cases - you probably are just now learning about NFTs which have been around since 2014.
This will be an NFT bible that is ever-living/changing to help understand NFTs. By helping you learn what gives them value and how you can get started earning crypto in the NFT dCommerce economy.
What exactly is an NFT (Non-Fungible Token)?
Is an ERC-720 token that is a unique token unlike ERC-20 (Bitcoin, Dogecoin, Luvcoin), an individual token existing on a blockchain such as Ethereum, Polkadot, Kusuma, Flow, etc. Unlike cryptocurrencies like bitcoin, each NFT token contains unique data meaning non-fungible tokens are not interchangeable with each other. This non-fungible nature of the tokens means their use cases differ greatly from their fungible counterparts. AKA a 1-of-1.
A normal Fungible ERC-20 token can be exchanged for the same type of token equally without any difference.
💸 A good example is a dollar 💸
If you and I both have a dollar — we can swap dollars and it doesn’t matter, neither of us loses out they are equal. Whereas with non-fungible tokens they are both >unique, meaning if we both have an NFT, mine could be a baseball card, and yours could be your Birth Certificate — obviously, we cannot exchange these two equally. Therefore making our tokens non-fungible.
Non-fungible tokens are used to create verifiable digital scarcity. NFTs are used in several specific applications that require unique digital items. This has initially proven popular for blockchain games and collectibles like CryptoKitties on the Ethereum blockchain. NFTs can also be used to represent in-game assets, which are in control of the user instead of the game developer. One exciting benefit of this arrangement means the non-fungible tokens or digital items, may actually outlive the game they were initially created for and find incorporate into separate future games. Yet another potential use is in digital art, by helping prove authenticity and ownership.
Artwork is another example of how powerful NFTs can be. By allowing artists to create artwork on the blockchain as NFTs, it means their content now becomes sellable globally, on decentralized marketplaces. *Providing a means to collect, earn, and make a living off crypto. The average NFT seller makes $4-7k monthly*
A hotel room rental can be an NFT. The unique data of the rental hotel room, rental date/time is unique and can be tokenized on LUV NFT marketplace and rented on rentluv.com a crypto Airbnb platform. Hotel room NFTs allow guests to book a room in the form of an NFT and resell it if need be on LUVNFT.com for potentially more than what they paid for it versus worrying about cancellation fees. Your passport to travel, airline ticket, rental car, event ticket can be an NFT verified with blockchain technology.
The dCommerce creator's economy allows us to create verified digital assets that can be sold with no middleman taxing your business. NFTs are one of the best ways to actually earn crypto over time, without needing to invest in crypto directly. dCommerce is eBay like opening a store on eBay or Etsy, your trading your time and work for digital money. With dCommerce you own your digital assets stored in your digital wallet and you don't have to pay monthly fees to NFT marketplace like LUVNFT.com. With eCommerce, your leasing your store on eBay, Etsy, Shopify store, and in the event of not making monthly payments, they will block all access to your account.
What gives an NFT its value?
There are a ton of reasons to buy NFTs.
- Unique - Each NFT is unique, its the only one of its kind. You cannot make another NFT that is the same token number on the same smart contract. Meaning there will only ever be one of that token. This is verified by the blockchain and can be seen by anyone.
- Copyright - Your NFT might come with copyright if you are using luvnft.com. If the seller chooses to do so - it means that its on the blockchain that the owner of that token would have complete commercial copyright to use that image and asset. Before you upload your unique content to a social media platform mint it on LUV NFT marketplace to claim ownership of it in the event of it going viral. Here is an example of a viral NFT meme that sold for $500k https://www.nytimes.com/2021/04/29/arts/disaster-girl-meme-nft.html
- Rare - Since they are unique and cannot be copied, NFTs are rare. Most of the time, there are very few NFTs from an artist or seller - very rarely do they have 1000s of NFTs. Therefore, you can safely assume you would be one of the few people in the world that owns a collectible item, that can be resold.
- Collectible - These NFTs/items are collectible. Think of it as a rare basketball rookie card, if you hold onto it, the value will only go up in price since there are few ways to dilute the collection. Buying them to resell them can earn you thousands of dollars. There are plenty of people who do it every day and earn a living from it.
- Downloadable - If you're on luvnft.com, only the current owner of the NFT can download the file attached to your NFT. Making it unlockable to the owner. If your NFT has something like, game assets, music, a PDF, or more locked inside it, you might want to buy the NFT just to download that song/PDF/etc.
- Immutable - No one can change the metadata on the token, no one can remove your image or the name of the token, etc. This means it will never change, it will never be removed, it cannot be taken down off the blockchain. This is what gives it so much value and collectibility
- Forever - NFTs will live on the blockchain forever. Because the data doesn't change, you will always have that token stored in your digital wallet if you buy it. You can always resell that token if you want. Its like buying a bar of gold - you own it, and you can do with it what you want. You're responsible for managing your digital assets.
- Resellable - You can always resell your NFT just like any other cryptocurrency. You SHOULD resell your NFT and trade it. You can make some serious cash trading NFTs. Some NFTs have gone for 20,000 USD + when the original buyer only bought it for a few thousand dollars. Making them over 15,000 USD in a short time in ONE trade! NFT marketplaces on Ethereum will charge you gas fees for selling your NFT, LUV NFT marketplace doesn't have gas fees for minting or trading your NFTs.
How do I get started with Buying/Trading NFTs?
1️⃣ Get Crypto - You need the token associated with the blockchain that the NFT marketplace is on. So for LUV NFT marketplace on Polkadot/Kusuma, you won't need any crypto to get started because we have no gas fees. For Open Sea on Ethereum blockchain you need ETH Ethereum to pay for gas fees to mint your NFT. The most common method to pay gas fees is Metamask.io - then you add some ETH into that wallet. This is required by all sites in order to interact with an Ethereum blockchain application.
2️⃣ Find a marketplace.
The top NFT marketplaces are currently:
[LUV NFT](https://luvnft.com)
[Opensea](https://opensea.io)
[SuperRare](https://superrare.co) Private
[Rarible](https://rarible.com)
*there are more NFT marketplaces but these are the leading open marketplaces, others may not be open to all NFTs and only select items*
Some of these let you create your own NFTs (if you're a creator) and some of them are closed like SuperRare, where only approved artists can create items.
How do I get started minting NFTs?
If you are a content creator, whether its artwork, graphic designs, 3D models, videos, PDF, research - it can all be turned into an NFT using platforms like luvnft.com. LUV NFT is the most flexible and has the most possibilities so we will be using it and discussing how you can use it.
*Note: there are plenty of places to make NFTs, but they either are: more expensive, have file size limits below 50MB, don't let you control your contracts, or do not offer decentralization.*
Minting on LUVNFT.com
On LUV NFT you can sign up for an account and then its free to start Minting NFTs. You have three options to select from when you choose to mint:
- 1. Your own store
- 2. Mint in LUV NFT store
- 3. Gasless minting and trading
Your own dCommerce store:
When you create your own dCommerce store, you are making a smart contract on the blockchain - that you own, you control, your the only person who owns it.
LUV NFTs dCommerce Store
You save on transaction fees when you use LUV NFTs dCommerce store as you don't need to pay the initial overhead of deploying your own store to the blockchain. Everyone can use LUV NFTs store for free and can mint thousands of NFTs in a single transaction doing so. This is one of the reasons LUVNFT.com is the most flexible platform for creating NFTs, nowhere else can you make so many NFTs for so cheap.
Gasless NFT Minting
You are able to mint directly on LUVNFTs dCommerce store without needing to submit a single transaction, meaning no transaction fees from the blockchain.
This is the best way to get started. You can do it at https://luvnft.com
Minting your first NFT
Once you've decided what store your NFT will be minted on - the next step is actually Minting!
Once you click mint - you will be taken to a page to create your listing for your NFT and mint it on the blockchain. **Its very similar to listing an item for sale on eBay, Etsy, or Amazon.**
Have questions? Need help? We are creating guides but in the meantime leave a comment and discuss!
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