FAQs

What is the blockchain?

A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

What is an NFT?

NFT stands for non-fungible token. Simply put, it is a digital token that exists on the blockchain to record proof of ownership for the person holding it. Each token is completely unique because it has its own unique metadata which can never be replicated or replaced for another.

Why are NFTs valuable?

NFTs allow for proof of ownership in the digital world. Think of it like this, there is only one person who can own the real Mona Lisa, but millions can have copies of it. The value lies in the real Mona Lisa though. The same applies to digital collectibles and artwork. Before the invention of NFTs, there was no way to prove the ownership or authenticity of digital artworks or collectibles.

Due to blockchain technology and NFTs, the principle of ‘scarcity’ now also exists in the digital world. This is because each NFT is rare, unique and indivisible. And so when a digital asset is tokenized this creates value as it is possible to prove its authenticity and ownership, which also means it can be bought and sold many times over.

However, there can be many NFTs of the same trading card or even art piece if the creator wishes to make many of them. In such cases, the first few editions of say 100, will usually be the highest in price.

Where can I use NFTs?

How you buy an NFT depends on the type of NFT you want to buy and the platform you are using. Most NFTs are purchased with a cryptocurrency (ETH the most common one) and some with fiat currency. You will have to exchange your fiat currency through an exchange platform such as Coinbase, and then set up a crypto wallet (for example, MetaMask) where you can send the money to once you have exchanged it.

Once you have some ETH in your wallet, it is super simple on most platforms to connect your wallet with one-click and make a purchase.

If you want to sell it or trade it, again it depends on the platform and whether you can send it to other platforms or only keep it on that platform.

What is the Metaverse?

The Metaverse is the sum of digital worlds that are boundless towards its limits in comparison to the physical world. However, the Metaverse has large similarities to what we engage in within our physical world such as social experiences and economic systems. All users act as individual agencies with digital currencies within its appropriate digital world. The metaverse is persistently active and never shuts down, lending immersive experiences to whom engages within.

How can I access the Metaverse?

There are multiple digital worlds within the Metaverse to chose from. The most prominent metaverse players are Meta, The Sandbox, Decentraland, and EA Games. The interoperability is not yet fully established between players but consumers now can engage in each of the players digital world infrastructure today.