How Can I Participate in the NFT Metaverse?
NFT Metaverse: The Hottest Topics to discuss
Nowadays NFTs and the Metaverse are hot topics being discussed across various parts of the Internet by tech enthusiasts and casual browsers alike. Slowly but surely, they’re beginning to change the way we socialize, stay entertained, and invest our money, bringing exciting new opportunities throughout our digital lives. If you’re feeling left out and not sure where to begin when it comes to NFTs and the Metaverse, this article will provide some background and pointers to get you started on the right foot.
Nowadays NFTs and the Metaverse are hot topics being discussed across various parts of the Internet by tech enthusiasts and casual browsers alike. Slowly but surely, they’re beginning to change the way we socialize, stay entertained, and invest our money, bringing exciting new opportunities throughout our digital lives. If you’re feeling left out and not sure where to begin when it comes to NFTs and the Metaverse, this article will provide some background and pointers to get you started on the right foot.
NFTs are available to purchase on several popular blockchain networks including Ethereum, BNB Chain, Solana, Cardano, and Polygon, with Ethereum being the most popular and commonly used platform for NFT projects and DApps. For this reason, we’ll be explaining how you can purchase the Ethereum network’s native coin Ether, or ETH for short (also sometimes symbolized by the character Ξ). Purchasing ETH can be done through either a centralized exchange (or CEX for short) such as Coinbase or Binance and transferred out to your personal wallet address, or bought via credit card, debit card, or bank transfer and directly deposited to your wallet through a service such as MoonPay. Metamask also offers direct ETH deposits via built-in services from Wyre or Transak.
Generally, it’s a good idea to buy a little more ETH than you think you’ll need, as every transaction on the Ethereum blockchain requires what’s called a gas fee, which covers the cost of the computational power needed by Ethereum network miners to complete your transaction and add it to the blockchain. These mandatory fees are paid in ETH and are measured in a tiny unit of Ether called gwei (for reference, 1 gwei = 0.000000001 ETH). It’s important to note that the cost of gas fees can fluctuate greatly depending on the amount of transactions occurring on the blockchain.
At times where network traffic is particularly busy (such as when a highly anticipated NFT is released), gas prices may skyrocket for everyone, and transactions sent with too low of a gas limit (the maximum set amount of gwei to be used in the transaction) may stall out and/or fail, resulting in the loss of the ETH that would’ve gone to the gas fee. That’s why before executing a transaction on Ethereum, you’ll want to check a gas tracker and set your transaction’s gas limit to a gwei number that’s greater or equal to the current recommended gwei units (which are given in a range of approval speeds from slow to medium to fast), to ensure your transaction proceeds successfully.
If you want to play it safe, you can spend a bit more ETH and make your gas limit higher than the recommended gwei, and the gas that isn’t used in the transaction will be given back to you following its successful approval. Now that you have a base understanding of how Ethereum transactions work, we can get into the fun part: buying NFTs.
You’ll first want to choose an NFT to purchase. If you don’t have a particular one in mind, you can browse one of several NFT marketplaces such as OpenSea, LooksRare, Rarible, or Nifty Gateway to find one that you like. Your NFT of choice can be anything, whether it’s a piece of art you enjoy, a collectible card, a character that can be used in a videogame, or an avatar project that you’d want to use as a profile photo across your Metaverse presence.
Some NFTs offer more utility than others and provide their holders with special benefits or exclusive content. As with any investment, be sure to do your due diligence and thoroughly research every project before spending your hard-earned money, as the NFT space is rampant with scams and fraudulent tokens. If you’re more interested in blockchain gaming NFTs, you can purchase virtual land, accessories, or other in-game items for your character for a particular game.
Some NFT games even let you earn additional NFTs and/or native cryptocurrency tokens as rewards for gameplay, where you can transfer the tokens to your wallet and swap them for other cryptos using a decentralized exchange (or DEX for short) such as Uniswap.
Once you’ve decided on and successfully purchased your NFT, it will be safely stored in the wallet you used to complete the transaction. You are then free to hold onto it or sell it on a marketplace platform to try make a profit. Note that most NFTs have a community following behind them, so be sure to keep up with your project’s social media platforms so you can join in and stay up to date with all the latest updates from the artist or team.
And that’s it! You are now a proud participant in the Metaverse with your very own NFT, but this is just the beginning. There’s so much more to see and do within the world of NFTs and the Metaverse, and the space is still very young. Keep exploring and you’re sure to find a plethora of unique NFT projects, social platforms, and digital entertainment experiences to enjoy. Good luck, stay safe, and happy travels!
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