Getting started on the Blockchains and NFTs

A beginners guide to Blockchains and NFTs

UK If you don’t where to start across the ever-growing amount of “blocks” and “chains”. You might want to consider these few points before getting started:

Crypto currencies have enjoyed a lot of attention in the past years. The concept behind decentralizing finance follwos other overarching megatrends towards decentralizing commodities and services such as electricity or mobility as well as the creation creating new organization from the bottom up. At the time of writing this post, the whole sector is arguably in a hype bubble (again). As a result the markets for crypto currencies and by extension for NFTs have been extremely volatile  and will probably remain so in the future. Furthermore, the surge in popularity has lead to the creation of many further alternative crypto currencies, “altcoins”. Wheras some blockchains aim to solve specific issues or apply functionalities to the blockchain technology many of these new blockchains and coins add little additional functions and value and can currently only be considered as speculative as much of the value remains still driven by hype and attention economy cycles. In order to evaluate the crypte landscape it is prudent to keep in mind the following points:

  • crypto remains highly speculative: bitcoin and other altcoins have seen rises and falls by several orders of magnitude since inception
  • the decentralization concept has potential: the number of real world applications is growing
  • Some cryptochains go beyond constituting a decentralized trading asset have some real world applications built in, and thus may have a greater chance of succeeding/prevailing in the long run
    • Smart contracts allow for transaction and NFT contracts between parties (e.g. ETHER)
    • Supply Chain (e.g. VeTHOR)
    • Long-Fi Data Transmission Network (e.g. HELIUM)

Non fungible tokens NFTs have equally boomed in recent years and.  Nevertheless the premise of NFTs are specific transaction functions built into the blockchain (not all are able to process these): a smart contract. Depending of the nature the these blockchain contracts can consume substantial amounts of energy energy to create an renforce on th blockchain, depending on the underlying consensus mechanism. As of 2021 it is estimated that the amount of energy consumed by blockchains is even equivalent to the energy consumption of a whole country. Due variety of differnent blockchains is is important highlighting that the NFT authorship is stored on a specific blockchain and thus the NFT signature/ownership is tied to specific chain used. The proof of ownership lives and dies with the respective blockchain used

To get started with NFTs – you can follow theses steps:

1. Chose a blockchain which allows for NFTs storage (ETHER, TEZOS, HIVE) 

2. sign – up on one of these marketplaces: coinbase, uphold to buy the respective currency

3. install a wallet as an browser extension for storing and paying for the chosen coin and NFT (e.g. Metamask for ETHER)

4. sign-up and sign-in on NFT marketplace website to trade and bid NFTs (e.g. OpenSea)

If you have made it this far congrats for following through 🙂 as a smal rewards you can go check this link @hicetnunc platform and pick up your first #NFT for (nearly) free by yours truly. If you have further comments or questions, just drop me a message. Cheers Boris

PS: if the giveaway has already ended don’t despair 🙂 there are more from time to time, just follow my twitter or my newsletter.

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