I’m Ready to Invest in NFTs, Now What?!

Coming into the NFT market swinging

Welcome back Crypto Witches! 🔮 As promised, here is your NFT 4 beginners guide — the first in our Crypto Witch Club Medium series on getting started in NFT space.

This is a friendly reminder — you don’t need to be able to create NFTs yourself to be involved in the NFT ecosystem. You can become involved in the NFT space as an NFT collector and investor — investing in projects you believe in, artists you like, and projects with strong fundamentals + perks. (Obviously, witches.) In addition to art and media files — like music — you can also invest in collectibles and assets you can utilize (and sell later) such as fashion, land, and music in The Metaverse and on gaming platforms. 👾 (If anyone wants to know what we want for Christmas, it’s this.) 🏝

NFT BASICS TO KNOW

Let’s get started Crypto Witches

What is an NFT?

NFT stands for non-fungible tokens. (But you know that already.) 😉 Fungible means ‘able to replace or be replaced’, so a non-fungible token means its unique and non-interchangeable — it cannot be reproduced or duplicated — one of a kind.

Ok sure but, WHY can’t NFTs be duplicated or reproduced?

Great Q, Crypto Witches! ❤️ It’s because each NFT is associated with a unit of data stored on a blockchain. This data is unique and acts of proof of ownership + authenticity. (The power of blockchain, baby.) The purchase of an NFT does not necessarily entitle the buyer to copyright or intellectual property rights. It’s true function is purely proof of ownership.

But can’t I just save the image? Hello, right click.

Of course, you CAN right click and save out the image. You can share that screenshot, put it as your screensaver, and tell everyone on TikTok you own it … But that doesn’t mean you’re the true owner and tbh, there will be no value attributed to your copy of the authentic NFT — rendering it valueless. (Sorry boo.)

For example, we could take a photo of a vintage Birkin Bag (drool), post it to our IG, and tell everyone our invisible beau gifted it to us. But just because we have a photo of that Birkin…