A NFT is a digital identifier that represents an asset — like a piece of art, media, digital content or even digital clothing. Like a digital passport, each NFT is unique and can’t be replicated, so they’re great at representing one-of-a-kind items. While NFTs may seem complicated at first, once you understand how they work, you’ll see that they’re relatively straightforward.
Managing NFTs involves three simple steps, including setting up a digital wallet, funding it with digital cash, and then heading to a NFT marketplace where you can buy, sell and trade NFT’s online with other people. Here’s a step-by-step guide to help you get started.
Flamenco Girls NFT’s are created on the eco-friendly Ethereum blockchain. Thanks to this amazing new technology, each piece in the collection belongs directly to its owner and is guaranteed to be 100% unique. You also own everything included in the NFT including the full commercial rights to your piece, so you can make it, wear it and even sell it if you like.
The fashion industry is one of the largest polluters of the planet, accounting for over 15% of global carbon emissions. With NFT technology, you purchase everything you need to make your outfit yourself, and know that it is truly unique and belongs just to you. This will help to grow your local economy and reduces the impact of mass production and global shipping required to fill out commercial shops and stores.
A digital wallet is essential for storing, managing, and interacting with your NFTs. There are a few types of wallets, including web-based (online), software (desktop or mobile apps). Search online and choose the one that suits your needs the most, popular options include MetaMask, Trust Wallet, and Coinbase Wallet.
Before you can buy any NFTs, you’ll need to first fund your wallet with Ethereum (ETH), a digital form of cash that is commonly accepted for NFT purchases. Simply purchase some ethereum inside your wallet, the top wallets all have the ability to charge a credit or debit card and some even support Apple Pay to make it even easier!
NFT’s are sold in marketplaces similar to online stores like Amazon and eBay. You can easily explore marketplaces to find the NFTs you want to purchase, or sell ones you already own! Some popular NFT marketplaces include OpenSea, Rarible, SuperRare and now even Shopify!
Buying NFT’s is easy, and best of all you don’t need to share any personal information. Simply head to one of the marketplaces, connect your wallet, and then hit the “buy” button on any item that you like. You will need to pay, using Ethereum, when you approve the transaction so you need to have enough funds available. That’s it! The NFT will now be in your wallet and you will be its new owner. Even if you are no longer connected to the marketplace it will travel with you from now on and you can even list it for sale somewhere else.
Selling NFT’s is as easy as buying them, it’s what makes them so popular. Simply head to one of the marketplaces, connect your wallet, head to your profile where all the NFT’s you own will be listed, select the one you want to sell and then list it for sale on the marketplace. There may be a small listing fee, and you can set the terms of sale – like fixed price or auction. For auctions you get to approve who the buyer is. Once it’s sold, it’s transferred directly to the buyer and the payment is sent directly to your wallet!
NFT’s are easy to transfer between people, known as P2P (peer to peer) transfers, there is no middle man so you can send them directly to anyone who has a wallet. Transfers are also pretty much instantaneous, however they do carry a small fee called Gas, paid in ethereum, at the time of the transfer. To send a NFT to someone simply open up your wallet, select the one you wish to transfer, hit the send button and then enter their wallet address. You will then need to confirm the transaction, once you do that’s it! They will become the new owner!
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A wallet address is like a bank account number in the NFT world. It is a super-long series of letters and numbers that is created when you set up your wallet, is unique to its owner and is used to receive anything from Ethereum, NFT’s or even other crypto-currencies in their wallet. Since wallets do not store any personal information, and cant be directly accessed by third parties, it’s relatively safe to send people your wallet address for incoming transactions.
ERC-721 tokens are the highest standard used when creating non-fungible tokens (NFTs). These tokens cannot be exchanged for anything of equal value since they are unique in themselves, each representing a unique asset. They can only be bought, sold or traded, or transferred between different owners.
Flamenco Girls is a limited-edition collection of 5,500 digital fashion pieces, available as NFT’s which can be showcased in virtual worlds or augmented reality (AR), shared in social media profiles, or created and worn in real life.