SCALLOP LEARN- INTRODUCTION TO NFTs

What is an NFT?

NFT stands for a non-fungible token, which means that hidden in these quirky pieces of art and digital items, there is a totally unique and non-interchangeable unit of data stored on a digital ledger that uses blockchain technology to establish proof of ownership. NFTs are collectible digital assets that hold value, just like how physical art holds value, so do NFTs.

For any NFT project, it is very important to Do Your Own Research (DYOR) to ensure you understand the process and relevant platforms and mechanisms.

What is a Whitelist?

Whitelist is essentially a method of pre-registering for an NFT drop to gain access to purchasing. Many whitelists will require specific information, sometimes requiring your social handles and most importantly your wallet ID/ address (most commonly, and ERC 20 address).

What does minting mean?

Minting an NFT is how your digital art becomes a part of the blockchain — a public ledger that is unchangeable and tamper-proof. Similar to how a real-life coin is minted, it is the process of the token is put into circulation. It is the building block to how your token gets digitally tracked as it is resold and collected in the future.

What is a Gas Fee?

Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the relevant chain that the NFT is located on.

How to Receive and View NFTs on Metamask

I have decided to detail some of the processes involved in receiving and seeing them in your wallet.

First, you need to access your Ethereum wallet address or any other address you would be minting with. Once the transaction is confirmed, it is recommended to view the NFT on the mobile app version of MetaMask since collectibles are not visible on the web version for now.

If the NFT is not visible in the collectible section, then click Add Collectibles and enter the collectible ID and Ethereum address in the appropriate field. Once this is done, the NFT should appear under the Collectible tab.

About Scallop

Scallop is an innovative fintech ecosystem for users who want a faster, more efficient way to manage their crypto + fiat in a single place securely. Scallop’s mission is to bring digital assets into mainstream use and bridge the gap between decentralised and traditional finance.

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Henry Offiong

Henry Offiong

Content Creator | Copy Writer | Influencer