NFT: Non-Fungible Tokens Explained
Updated: Feb 9
RL102 – NFT: Non-Fungible Tokens Explained
Today on the Retirement Lifestyle Show, Roshan Loungani, Erik Olson, and Adrian Nicholson break down NFTs and how they work. They explore the nuts and bolts that define NFTs, the business side, and the opportunities that NFTs present in the current economic landscape.
[02:00] What are NFTs and Why are They So Important?
[09:20] The Rise of NFT Communities
[14:15] How to Buy NFTs
[17:25] How NFT Marketplaces Operate
[24:10] Non-Fungible Tokens: Bubble or the Future?
[31:40] The NFT Pricing Model
[35:13] How to Start Selling Your Own NFTs
[39:45] The Most Intriguing NFT Success Stories on the Web
[45:36] Parting Thoughts
For more links and the full show notes keep scrolling down!
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Full Show Notes:
What Are NFTs?
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata. "Non-fungible" simply means that an item is unique and can't be replaced with something else. For example, a dollar note is fungible. You can trade one dollar for another, and you'll have exactly the same thing. However, a one-of-a-kind baseball card is non-fungible because if you traded it for a different card, you'd have something completely different. But how do NFTs essentially work? When you break it down, most NFTs are part of the Ethereum blockchain. We all probably know of the cryptocurrency Ethereum, but the one thing that makes Ethereum unique from Bitcoin, for example, is its ability also to support these NFTs. Ethereum stores extra information and metadata that helps them work differently from other cryptocurrencies. For those wondering what can be contained in NFTs, well, NFTs can really be anything digital, primarily digital art such as drawings, music, paintings, and even tweets.
How to Buy NFTs
The first step to owning NFTs is owning cryptocurrencies. However, most NFTs can only be purchased with Ether, so owning some of this cryptocurrency and storing it in a digital wallet is the first thing you want to do. The second step would be identifying the right marketplace to buy and sell NFTs. Depending on which marketplace you choose, you'll be able to purchase different types of art or collectibles. NFT markets include OpenSea, Rarible, SuperRare, and Nifty Gateway. Once you have an account on these sites, it's an easy process to buy an NFT. Most marketplaces are in an auction format, so you'll need to submit a bid for the NFT you want to purchase.
The thing you need to remember here is that you'll still have to pay fees to make the transaction happen. Most digital marketplaces charge a "gas" fee for NFT sales. Gas prices may rise and fall depending on how busy the network is.
All opinions expressed by podcast hosts and guests are solely their own. While based on information that they believe is reliable, neither Arete Wealth nor its affiliates warrant its completeness or accuracy, nor do their opinions reflect the opinion of Arete Wealth. This podcast is for general informational purposes only, and should not be regarded as specific advice or recommendations for any individual. Before making any decisions, consult a professional.