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.
Author(s): Tiana Laurence, Seoyoung Kim
Series: For Dummies (Business & Personal Finance)
Edition: 1
Publisher: Wiley
Year: 2021
Language: English
Commentary: Publisher's PDF
Pages: 272
City: Hoboken, NJ
Tags: Blockchain; For Dummies; NFT; Cryptocurrency
Title Page
Copyright Page
Table of Contents
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go from Here
Part 1 Getting Started with NFTs
Chapter 1 Introducing Non-Fungible Tokens
Beginning at the Beginning: What Is a Non-Fungible Good?
Exploring Uses for NFTs
Finding Out How an NFT Works
Buying NFTs
Why buy NFTs
NFTs as investments
Proceeding on Your NFT Journey
Chapter 2 Owning Your Own NFT
Where It All Began: Non-Fungible Kitties
Blockchain for the masses
Not just a passing fad
The impact of NFTs
The game mechanics of CryptoKitties
What’s In Your Wallet? Setting Up MetaMask
Setting Up Coinbase
Creating your Coinbase account
Verifying your phone number
Adding your personal information
Verifying your identity and adding your bank account
Adding funds to your wallet
Collecting, Breeding, and Selling Your Very Own Non-Fungible (Crypto)Kitties
Buying your first CryptoKitty
Using the Offer function
Breeding your kitties
Chapter 3 The Future of NFTs
Dissecting the Anatomy of a $69 Million NFT
Redefining Property Rights (NFTs Are Not Just about Digital Art and Kitties!)
NFTs and Digital Property
Music, movies, and books
Photos and other digital art
Game assets
NFTs and Real Property
Homes, cars, and nondigital pets
Art, jewelry, wine, and other collectibles
Imagining the Possibilities
Part 2 Buying and Selling NFTs
Chapter 4 Getting In on the NFT Game
Knowing the Ins and Outs of Buying NFTs
Examining the success of early NFTs
Thinking about NFTs as an investment
Understanding the Risks of Hot Wallets like MetaMask
Comparing hot wallets
Weighing the pros and cons of hot wallets
Uncovering Your MetaMask Wallet
Installing MetaMask
Securing your MetaMask wallet for Chrome and Firefox
Buying Ether for Your MetaMask Wallet
Exploring NFT Marketplaces
Navigating the OpenSea of NFTs
The Nifty Gateway
Rarible’s decentralized governance
Chapter 5 Investing In NFTs
Understanding NFTs Are Not Cryptocurrency
Introducing NFT Investing
Deciding Whether NFT Investing Is for You
NFT Investing Strategies for Beginners
Valuing your NFT
Choosing your strategy
Discovering the Best-Performing NFTs
Exploring Popular NFT Types
Digital art
Collectibles
Games
Music
Popular memes
Reporting NFT Gains and Paying Taxes on NFTs
Part 3 Developing Your Knowledge: A Step-by-Step Guide to Programming Your Own NFT
Chapter 6 What Is Ethereum?
Revealing the Ethereum Virtual Machine
Ether: The Gas That Fuels Your Transactions
The journey of a transaction
Compensating the (proof-of-) workers: What’s in it for the miners?
From happy hour to surge pricing: Determining a reasonable gas price
Setting your budget: Is the sky the (gas) limit?
Transaction fees
The Blockchain: Where It’s All Stored and Secured
Ethash and proof of work: What makes Ethereum tamper-proof?
Miners and nonces and bears — oh, my!
How many “confirmations” until I’m actually confirmed?
Uncles and orphans
Hard forks: Updates to the underlying protocol
Smart Contracts Make the EVM Go Round
The nascent life of a smart contract
Exciting possibilities
Notable limitations
Oracles: How to Connect to the “Outside” World
Shining a Light on Ethereum’s Fundamental Structure
The big picture
Nuts-and-bolts of the blockchain
Gas essentials
Things that make the EVM an interesting place
Chapter 7 Creating an Ethereum Account
Understanding Externally Owned Accounts
What it means to create an account
Private versus public keys
Digital signatures
Discovering Contract Accounts
Knowing the Difference Between Public Networks and Private Environments
Local development environments
Test networks
Main network
Preparing Your Accounts (on MetaMask)
Renaming accounts on MetaMask
Adding different ETH to different accounts
Funding your testnet account
Exploring the Ropsten testnet blockchain
“Disappearing” balances
Chapter 8 Setting Up a Development Environment
Exploring Your Ethereum Solution Stack
Elements of the Ethereum stack
Here a stack, there a stack: Pre-made stacks
Put On Your Hard Hat: Constructing Your Environment
Setting up your local blockchain test environment
Connecting a custom (Ganache) network to your MetaMask wallet
Adding local (Ganache) accounts to your MetaMask wallet
Synching the Remix IDE to your MetaMask wallet
Chapter 9 Deploying Your First Smart Contract
Working with Smart Contract Languages
Starting with the Solidity version pragma
Going from source code to bytecode
Key Elements of a Smart Contract
Data
Functions
Event logs
No Need to Reinvent the Wheel: Using Smart Contract Libraries
Ready for Takeoff: Launching Your Smart Contract
Beginning with a simple template
Compiling before takeoff
Deploying
Chapter 10 Discovering Token Standards
Introducing Ethereum Development Standards
Ensuring interoperability and composability
Learning the ABCs of EIPs and ERCs
Understanding Standard Token Interfaces
ERC-20 token standard
ERC-721 non-fungible token standard
Other token standards on Ethereum
Chapter 11 Building an ERC-721 Token
Writing and Compiling Your NFT
The code
The play-by-play
Deploying Your NFT
Deploying on Ganache
Deploying on Ropsten
Deploying on Mainnet
Nurturing Your NFT
Following your NFT on the blockchain
Interacting with your NFT
Part 4 The Part of Tens
Chapter 12 Ten Marketplaces for Your NFTs
The OpenSea Marketplace
The Axie Infinity Marketplace
The CryptoPunks Marketplace
The NBA Top Shot Marketplace
The Rarible Marketplace
SuperRare Marketplace
The Alcor NFT Marketplace
The Binance NFT Marketplace
The Foundation NFT Marketplace
The Crypto.com NFT Platform
Chapter 13 The Ten Most Expensive NFTs
EVERYDAYS: THE FIRST 5000 DAYS
CryptoPunk #7523
CryptoPunk #3100
CryptoPunk #7804
CROSSROAD
OCEAN FRONT
CryptoPunk #5217
World Wide Web Source Code
Stay Free
CryptoPunk #7252
Index
EULA
