What NFTs Are And What They Are Not

You will have no doubt heard the buzz recently around Non-Fungible Tokens (NFTs). If you are not aware of what an NFT is we will explain this in the article. We will also explain what NFTs are not as there is quite a lot of confusion about this.

 

NFTs are Digital Assets that are Unique

 

An NFT is a digital representation of something in the real world which is unique. One of the most common types of NFTs is digital art. People create NFTs and trade them with collectors. Usually, NFT transactions are based on cryptocurrency such as Ether.

 

NFTs are not entirely new and have been in existence since 2017. A lot of money has already been spent trading NFTs. An NFT may not be a one-off. It is fairly common to see limited editions of NFTs with a few copies available. The most valuable NFTs are only available as a single item.

 

You cannot replace an NFT with another asset as you can with a cryptocurrency for example. This is why they have the “non-fungible” element to their name. A $1 bill is fungible because there are lots of them and it is easy to replace one with another. These bills all have the same value which is $1.

 

NFTs are always on a Blockchain Network

 

An NFT cannot exist without a blockchain network. The most popular blockchain for NFTs is the Ethereum network. Blockchain provides distributed ledger technology and every element of a blockchain is unique. This provides a very high level of security.

 

As the name suggests, blockchain is a chain of data blocks. Each of these has unique identifiers which links all of the chains together. Users of a blockchain network must have a public key and a private key for identification and uniqueness of transactions.

 

NFTs are not the same as Cryptocurrencies

 

A lot of people think that NFTs are the same as cryptocurrencies but this is not the case. It is possible for you to hold a number of cryptocurrencies that have the same value. You cannot do this with NFTs. Many people hold more than one Bitcoin or Ether unit for example.

 

It is easy to see where the confusion comes with this. Both cryptocurrencies and NFTs rely on blockchain technology for their existence. But NFTs are unique assets and cryptocurrencies are not. It’s that simple.

 

There are different types of NFTs

 

You could be forgiven for thinking that NFTs are just about digital art because this is what makes the headlines the most often. The truth is that an NFT can be something else that is considered of value. Other examples of NFTs include:

 

·      Video

·      Audio (usually music)

·      In-game resources

·      Images and avatars

·      Designer items

 

There is a classic NFT story where the founder of Twitter created an NFT from his first tweet on the platform and sold this for nearly $3 million. Think about an NFT as a digital item that a collector is interested in.

 

An NFT has only one owner

 

There can only be one owner of an NFT at a time. Anyone that purchases an NFT has the exclusive rights of ownership. Every NFT has totally unique data associated with it. This is ideal for verification and identification purposes.

 

Investing In NFTs To Flip For A Profit

Flipping is the term used for purchasing an item at a low price and then selling it at a higher price to realize a profit. People have been flipping NFTs for profit over the last few years and you can learn to do this as well.

 

The NFT market is still quite new and there is not much competition right now. Experts are predicting that there is still a lot of growth possible with the NFT market and this is good news as it means that there should be flipping opportunities available for a long time.

 

If you do this right, it is possible to make a profit on an NFT flip in just a few days. It is not always about short-term gain of course. A lot of NFTs will increase in value as they age and it can be a good idea to hang on to some of your investments for a while so that you can get the best price when selling them.

 

Two Important Aspects to NFT Flipping

 

There are no guarantees with NFT investing and flipping. Opportunities do exist but you need to be smart and find them. People are successfully flipping NFTs for profit so always bear this in mind. When you are looking for flipping opportunities always look for these 2 things:

 

1.    An undervalued NFT listed

2.    The expectation that the value of the NFT will increase

 

Don’t try and find NFTs to flip in all of the different niches. It is much better to focus on one niche and really get to know all there is to know about it. Your chances of profiting from NFT flips will go way up when you know a lot about the niche. Decide what niche that you want to focus on and learn all you can about it.

 

Look for NFT Flip Opportunities on Marketplaces

 

You are going to find your NFT flip opportunities on the various marketplaces. The very popular NFT marketplaces like OpenSea and Rarible will tend to have NFTs of lower value. Anything goes on OpenSea and it may be difficult for you to spot opportunities there.

 

If you have chosen a niche like trading cards or sports related NFTs then you need to look on other platforms for flipping opportunities. For anything related to the NBA try their Top Shot platform. Atomic Assets is good for trading card NFTs and there are specialist marketplaces available for in-game NFTs.

 

Digital art is a good NFT market and you can find some flipping opportunities on marketplaces such as Known Origin and Nifty Gateway. If you want to flip high-end digital art then take a look on the SuperRare marketplace to see if any opportunities exist there. 

 

The bottom line here is to use the marketplaces that relate to your chosen niche. We are not saying that it is impossible to find good NFT flipping opportunities on Rarible and OpenSea either. They do exist and you can find them.

 

Bulk Buying and Haggling

 

Another good couple of techniques to use when you are flipping NFTs is to be prepared to purchase them in bulk for a lower price and haggling with NFT creators to reduce the price of their NFTs. Both of these can work well especially if the sellers believe that you are an expert in the niche.

 

How To Create Your First NFT

There is a common misconception about NFTs that you need to be a technical expert to create them. Some people believe that you need to be a programming expert to create an NFT. This is not true at all. Anyone can create an NFT without any technical knowledge at all.

 

In this article, we will explain what you need in order to create your first NFT. There are 6 simple steps that you need to follow to create and list an NFT for sale. We will explain them all here.

 

1. Decide on an NFT Marketplace

 

You will need to use an NFT marketplace to create and sell your NFTs. There are a number of NFT marketplaces available now and more will be available in the near future. Some marketplaces cater to specific audiences and others require that NFT creators are approved before they can mint and list.

 

At the time of writing this article, the largest NFT marketplace is OpenSea.io. This website gets nearly 40 million visitors every month and this is increasing. There are millions of NFTs on the OpenSea marketplace. It is one of the easiest marketplaces to use for the creation and listing of your NFTs.

 

2. Get a Crypto Wallet

 

A crypto wallet is necessary for the creation of your NFTs. It is also necessary to hold the necessary cryptocurrency that you will need to pay listing and gas fees. Most NFTs are found on the Ethereum blockchain, so it is a good idea to have some Ether crypto available in your crypto wallet.

You can setup a crypto wallet for free. The OpenSea marketplace recommends that you go for a MetaMask wallet which is available as a Chrome browser extension. When you create your NFT, you will store details of it in your crypto wallet.

 

3. Convert your Item into an NFT

 

NFT marketplaces such as OpenSea will allow you to use a number of different file formats to create an NFT. If you are creating a digital art NFT then you can use a JPG, GIF or PNG file. For movies you can usually upload an mp4 file and for music you can use an mp3 or WAV file.

 

If you need to convert your item into one of the supported file formats then you need to do this before you create your NFT. You may have a video clip that is in another format than mp4 for example. 

 

4. Collection Creation

 

The next step is to create a collection on the NFT marketplace. Give your collection a name and provide a description that will encourage users of the marketplace to check out your NFTs. You can add an image to your collection as well to make it more appealing.

 

5. Digital Token Creation

 

With your collection created you are now ready to create or “mint” your NFT. You can only create one NFT at a time. Check to see what file formats are supported and also not any upload limits (on OpenSea this is 100 MB). 

 

Upload your item from your computer and add all of the associated metadata. You have now created your first NFT!

 

6. List your NFT 

 

The final step is to list your NFT for sale. Some NFT marketplaces charge a listing fee so you need to check this. You will need to have your NFT verified and approved but usually this is a formality.

 

How Do NFTs Work?

Anyone that wants to venture into the world of NFTs to make money needs to know how they work. A lot of people make costly mistakes with NFTs because they do not really understand how they work. In this article, we will provide you with an overview of how NFTs work.

 

Public Keys and Private Keys for Identification and Security

 

We will use layman’s terms as much as possible in this article to describe how NFTs work but there are some technical elements that you need to understand. An NFT must be on a blockchain network and we will explain more about this below.

 

Security for NFTs comes from the use of cryptography. This means that all NFTs must be modified in a unique way. The recipients of the NFTs are able to view them in detail but to others they will just seem like a lot of randomly used characters.

 

A public key and a private key are used to provide the cryptography with NFTs. All blockchain users will have a public key that they can share with any other users. An NFT is encrypted and the only way to unlock this encryption is through the use of the public and private keys that are associated with it.

 

You will create a unique digital signature by using both your public and private keys. This is a fundamental element in blockchain technology. It ensures that all records are immutable and that transactions are anonymous, authentic and secure.

 

NFTs must use a Blockchain Network

 

It is only possible to create NFTs on a blockchain network. Blockchain technology deploys cryptography to form chains of data blocks which will grow into a list of verifiable records. Each block is linked to the previous one using a cryptographic string or hash.

All of this means that a blockchain network user can identify unique sets of data within blocks. There is a special structure used for the data known as the Merkle tree. This is used because it allows retrieval of records from a blockchain to happen fast.

 

Blockchain networks such as Ethereum can be used to support both non-fungible assets (NFTs) and fungible assets such as units of Ether. The use of blockchain technology provides the necessary verification that an NFT is really unique. All NFTs are tokens store in a blockchain network.

 

You need a Crypto (Digital) Wallet to store and trade NFTs

 

When you create an NFT on a blockchain network you need to be able to store information about it for later retrieval. This is achieved through the use of a crypto wallet. There are online and offline versions of digital wallets available. Some of these are free while others are available at a premium.

 

People use crypto wallets for exchanging fiat currencies like the USD dollar for cryptocurrencies such as Bitcoin and Ether. You can use your crypto wallet for storing the details of the NFTs you have created and any that you have purchased and now own.

 

If someone purchase one of your NFTs then you will release the token for it to the buyer after receiving payment. This provides proof of ownership. Any NFT trade will require the use of a crypto wallet to store the relevant tokens. 

Non-Fungible Tokens (NFTs) 101

In this Non-Fungible Tokens (NFTs) 101 we will share with you the basics that you need to know about the NFT world. You can then use this knowledge to explore the world of NFTs more and even get involved in the creation, buying and selling of them.

 

A Unique Digital Certificate

 

An NFT is a digital certificate that is unique and stored on a blockchain such as the Ethereum network. This digital certificate details certain ownership rights for the digital asset. An example of an NFT could be a piece of digital art.

 

The digital world is renowned for copying. It is essential to have something like an NFT which cannot be copied to prove ownership of an asset. Only one person can own an NFT at a time. They can sell their NFTs to other people and they become the sole owner. This does not stop an NFT being copied but it will never be the genuine article.

 

Non-Fungible Versus Fungible

 

An NFT is a non-fungible asset. This means that everyone is unique and has a different value. Cryptocurrencies such as Ether and Bitcoin are fungible. You can hold many units of these currencies and they have the same value. It is the same in the fiat currency world with the $1 bill for example.

 

NFTs created with Smart Contracts

 

The correct term for creating NFTs is “minting”. All NFTs are minted in association with a smart contract. Smart contracts are programs that are store on blockchain networks. You can use a smart contract to define things about an NFT.

 

One of the major benefits of NFTs is that the creators can retain the original contract and add royalties for additional income. A buyer that purchases an NFT may want to resell this in the future. When the resale transaction occurs, the original NFT creator can receive a commission on the sale. This is all in the smart contract of the NFT.

 

You need a Crypto Wallet (Digital Wallet) for NFTs

 

If you want to create your own NFTs, buy them or sell them, you will need a crypto wallet to do this. NFT creators can store the token information in their crypto wallet. When someone purchases an NFT, the token will pass to their crypto wallet.

 

The blockchain network where the NFT is stored is used to enact any transactions. What is happening here is that the ownership of an NFT is transferred from one crypto wallet to another. Crypto wallets are also used to store cryptocurrency such as Bitcoin and Ether.

 

NFTs are usually Scarce

 

One of the most attractive things about NFTs is their scarcity. Buyers know that an NFT is unique and that it is easy to prove provenance and authenticity. A lot of people create NFTs for art and collectors understand that there can only be one owner.

 

It is possible for an NFT creator to provide a limited number of their NFTs for the same item through the smart contract. Potential buyers can easily see how many NFTs are part of the limited edition and base their purchasing decision on this.

 

All NFTs use Blockchain

 

An NFT cannot exist without a blockchain network. All NFTs have to be minted on a blockchain network such as Ethereum. This creates a unique token that all users can access to confirm ownership and other essential metadata.

Using Positive Affirmations to Combat Stress

Many people use affirmations for personal development and to help them meet their life goals. But did you know you can use affirmations to build resilience and combat stress?

 

Whether it's a one-off stress like having to give a presentation or an ongoing stressful issue, you can create the right affirmations to support you through. Affirmations will help you deal better with current stress, and over time, prevent future anxiety. 

 

1.    Know Your Negative Enemy

 

Identifying your negative thoughts is the first step in working out the best affirmations for you and your situation. 

 

Take a moment to think of all the beliefs that come up when you think about your stressful event. Do you worry about not knowing what to say at a party, or freezing while you try to give a presentation? Write down every negative thought that pops into your head. Make the conscious decision to move away from those negative beliefs. 

 

2.    Turn the Negatives into Positives

 

Now you have your list of negative thoughts; you can take each one and turn it into a positive. Make strong positive statements and remind yourself of times in the past when you coped well in similar situations. 

 

When you develop your affirmations, tie them back to times when you have succeeded in the past. If you can't think of any, ask your partner, friend, or colleague to help you. Likely they'll have a much more positive view of your skills and achievements than you do!

 

Write down some encouraging phrases to get you through, like 'I'm feeling stressed, but I will be ok,' 'I can do this,' 'When this is over, I will be so proud of myself.'

 

3.    Keep Your Affirmations Realistic

 

Affirmations are not magic. Keep your affirmations in proportion to what you can do and how you feel. If they are too ambitious, they can make you feel more anxious than before. And if you have a misstep or you fail, then you'll feel even worse than before. 

 

Maybe you get anxious about public speaking, whether it's giving a presentation or having a job interview. Your affirmations will help you even more if you know you have done everything possible to be prepared. 

 

If you worry about getting stage fright or going blank, prepare every aspect of your speech or presentation. Remind yourself that you know how to do this, you know your subject. 

 

Anticipate what might go wrong and work out strategies to prevent or deal with it, from having spare notes in case the technology fails to having a glass of water nearby if you feel faint.

 

How to Become a Commanding Presence in a Room

Being able to command a room is a skill that only certain people have, and it’s one that can be immensely useful for anyone in a leadership position. If you can command a room, then you can get people to listen to your instructions, you can build respect, and you can help to establish calm when there is a panicked atmosphere. 

 

So how do you do this?

 

Use Body Language

 

In one study, participants were asked to rate speakers who they thought were highly charismatic. In almost every case, those participants rated the people who spoke with the broadest gestures and most movement as being the ones who were truly charismatic.

 

This is because we actually use body language for the lion’s share of our communication. Therefore, when you gesticulate and move around the room, it ensures that your body seems congruent with what you are saying. 

 

This in turn makes you seem much more interested in what you are saying, and much more genuine in it.

 

At the same time, taking up more space makes you appear more confident and dominant, while moving around more will make you easier to pay attention to.

 

Speak From a Place of Emotion

The mistake many people will make is to try and “fake” this charisma by forcing themselves to move unnaturally. Unsurprisingly, this seldom works and instead only makes you appear more insecure.

 

That’s why the best way to be more charismatic and to use your body language correctly, is to truly believe in what you’re saying. Moreover, you need to really believe in what you’re saying.

 

One way you can do this is to tap into a powerful emotion whenever you speak. When you think about how important, exciting, infuriating, or endearing something is, you will be able to convey that same emotion to your audience.

 

And great communication is about transmitting emotion as much as it is about transmitting words.

 

Use Silence

 

But while pacing and gesturing can get you a long way, you can also command a room with the power of silence. Next time the office is raucous and you want attention, try standing silently in the corner of the room with your arms crossed. 

 

This will have an unsettling impact on the team and slowly they will become silent and pay attention too. It takes a huge amount of presence to be able to silence a room this way, and huge confidence to do so without opening your mouth.

 

How to Deliver Instructions So They Will Get Followed

As a leader, a large part of your role is going to involve providing instructions for people to follow, and then helping to make sure that they follow those instructions and complete them.

 

While this might sound like a very simple part of the job, it’s actually an area where there is a lot of room for error – and this can seriously undermine your effectiveness as a leader. Read on then, and we’ll discuss how best to provide instructions so that they are followed correctly.

 

Be Clear and Concise

 

The first and most important rule when it comes to providing instructions, is to be as clear and concise as possible. That means reeling off the points in a bulleted list that outlines each step that a person needs to take. This will in turn ensure that they aren’t confused, and it will be especially important during high pressure situations.

 

In fact, wherever possible, a great idea is actually to provide some form of checklist. Countless studies show that when you provide a professional with a checklist, they will tend to complete much better work. This is because they can’t overlook or forget an important step. This is not only useful for beginners, but also for the highly trained who can sometimes become complacent and forget important steps.

 

Explain the Why

 

Using lots of detailed and simplified instructions might sound like you’re talking down to your employees or team members. It certainly does run this risk!

 

That’s why it is so important that you make sure that you also explain why you are giving any instructions. When you do this, you are giving the people listening to you more respect and responsibility, which will help to motivate them to do better work.

 

More importantly though, explaining why someone should do something will help them to better understand what you have asked and it will reduce the likelihood of error. 

 

At the same time, when you give these kinds of explanations, you also provide your listeners with the ability to make their own decisions about how work gets done – which allows them to be more creative AND to work around problems.

 

If you are tasked with following a specific instruction with no idea why you need to do so, then you won’t be able to adapt to challenges that come up. But if you know what the end goal is, you can think outside the box and find an alternative option to reach the same point!

 

How to Gain the Respect of a Team

Think back to your days at school, and try to remember the different types of teachers that you dealt with. Chances are, that you had teachers who were able to gain the respect of your classes and who were well liked by everyone. When they asked the room to be quiet, it normally became quite quickly!

 

But then there were the teachers who had no grasp on the class whatsoever – who were teased and bullied by the class and who couldn’t control their behavior.

 

And so it is with managers, parents, and all kinds of leaders. So how do you go about gaining the respect of your team and avoiding becoming an ineffectual leader like the latter example?

 

Don’t Want it Too Badly

 

One of the worst things that any leader can do, is to appear desperate for their team to like and respect them. This is why the “buddy buddy” approach never works. If all you do is to try and please your team, if you try to make them laugh, and if you give in to all of their commands and requests, then you will eventually find that you completely lose the respect of your team and that they end up taking advantage of you.

 

Don’t try and be cool or be liked – just try and do the best for your team.

 

Control Your Emotion

 

Another easy way to lose the respect of your team is to lose your cool. The teachers that were most effective at controlling the class were not the ones who shouted the most but often the ones that were able to remain calm and collected.

 

If you seemingly explode every time something goes wrong, then you are going to become a target for your team to try and goad. But if you can stay calm and in-control, then you will earn their respect.

 

Do the Best For Them

 

Ultimately, the best manager or leader is the one who sacrifices themselves and puts their team first. That means taking flak from higher-ups when things go wrong, and it means trying to guide and nurture the team so they can do their best work.

 

If you do this, then your staff will pick up on that vibe. This will ensure that everything you do is seen through that lens, which will ensure that you gain their appreciation, and therefore, their respect.