Don’t worry, we’re here to help. This handy NFT guide will give you a quick overview of the key things you need to know to start enjoying NFTs. So, let’s get into it.
NFT Meaning – What is an NFT?
An NFT is another name for a digital collectible, and because it’s on the blockchain it means it’s 100% authentic and easy to prove ownership.
But what does NFT mean? Well, it stands for non-fungible token. Non-fungible means unique and a token represents an asset on the blockchain. So, put all together, an NFT is basically a unique identifier on the blockchain that holds all that data about something you’ve purchased and is proof of ownership (kind of like a digital receipt that can’t be messed with).
For an in-depth explanation, check out our ‘What’s an NFT?’ blog that goes into more detail about what an NFT is.
Why do people buy NFTs?
There are so many reasons to buy NFTs. Number one is that they are really cool and fun to play with. We’ve got so many awesome NFTs including amazing art pieces, incredibly detailed 3D models of Godzilla vs. Kong, posters and helmets from Top Gun, and brilliant art from hit TV and movies like Pacific Rim: The Black.
As with anything, people want to get involved in NFTs for their own reasons: there are traders who want to make money (although this isn’t as common as you’d think – check out our NFT Myths blog to see some other misconceptions about NFTs). There are collectors who want to own things and build complete sets. And then there are fans, who just want to own a little part of their favourite movie, comic, band, artist’s work and show off to their friends.
Ultimately, it’s exactly the same as someone collecting physical movie posters, artwork, records, or figures. But because they’re digital, you never have to dust your NFTs, or upsize your home just to make space for your collectibles.
Are NFTs expensive?
They can be, but they don’t have to be. It really depends on what NFTs you want to buy, where you buy them, and how you pay for them.
In terms of what you buy, the simple fact is that you will pay more for rarer NFTs than you will for common ones. This is exactly the same as buying anything else: when something is harder to get, you pay more. At Terra Virtua, we have super rare items that might sell for thousands of dollars, but we’ve also got common items that sell for as little as $12, so it really depends on what you’re after and how exclusive you want your NFT to be. (Sidenote: the rarity of an NFT is based on how many items are minted on the blockchain e.g. 1 of 1 is rarer than 1 of 1000. For more info on minting, and other blockchain terms, check out our ‘Crypto Dictionary’ blog).
Where you buy your NFTs from will also affect the price. If you buy an NFT from a high end auction house such as Christies (which sold Beeple’s piece for $69 million) then you’d expect to pay more. At Terra Virtua, we have NFTs for all budgets, and lots of other marketplaces have NFTs at affordable prices too, so it’s worth having a browse of what’s available.
But, also be aware that how you pay for your NFT can affect the price. Lots of marketplaces only allow payment in cryptocurrencies, and because these fluctuate depending on market conditions, you might pay more for a piece today than you would have yesterday. This is just a part of cryptocurrency, so nothing to be concerned about, but it is worth noting that it can affect the price you pay.
At Terra Virtua, we offer you the option to pay with credit card as well as cryptocurrency. This means that not only can you pay a standardised price for an amazing NFT, but it also means you don’t have to have to invest in cryptocurrencies if you don’t want to.
Are NFTs worth anything?
Yes, lots of NFTs have been sold for multiple times their original sale price. They are being viewed by many as the latest investment trend, and plenty of people are snapping up NFT artwork and other digital collectibles to add to their portfolio.
But, it’s also worth remembering that NFTs aren’t just an investment opportunity. Lots of people buy them because they are just fans of what they’re buying. We’ve got huge Godzilla and Kong fans who have bought the entire collection of models with zero intention of ever selling them on. They simply bought them because they thought they were awesome.
So, to movie/music/TV/comic book fans these items are absolutely priceless, because they get to own and interact with a piece of their favourite franchise, and that’s what gives NFTs their worth.
What can I do with NFTs?
This depends on what you buy and where from. Some NFTs are just digital files or flat images to view. However, at Terra Virtua you can get interactive 3D models, animated artwork, and music.
We have also created an entire ecosystem for you to interact with your NFTs. You can display them in your Fancave, show off the big, big stuff (e.g. full sized Kong or Godzilla models) in your Terradome, and enjoy amazing artwork up close and personal in the exclusive Terra Virtua gallery.
Plus, we’ve also got an amazing AR app, so you can take your NFTs and play with them out and about in the real world. Check out the awesome video below to see a recent Pacific Rim: The Black Striker Berserker in action in our Terradome.
Ok @PacificRim The Black fans, have we got a treat for you! Striker Berserker, one of the most insanely cool jaegers is dropping onto our marketplace right now!— Terra Virtua HQ | Collecting. Reinvented. (@TerraVirtuaHQ) June 22, 2021
Check him out here: https://t.co/Si1WBHEp0b#NFTdrop #NFTs #nftcollector #NFTcollectibles #anime pic.twitter.com/2rAK6tOSS0
Where can I buy NFTs?
There are lots of options for buying NFTs, naturally Terra Virtua is the place we’d recommend starting. You can find all kinds of amazing things on our marketplace, from interactive 3D models of Godzilla, Kong, Jaegers and monsters from the Pacific Rim TV and films, Top Gun helmets and more. Plus we’ve got stunning artwork from world-famous artists and the best new talent in the cryptoart space. Not to mention we’ve just released the world’s first NFT graphic novel – Bloodlines by the incredibly talented Nick Percival. And that’s just to start, we’ve got big plans for all kinds of new digital collectibles.
We won’t pretend we’re the only marketplace, of course; some of the others you may already have heard of include OpenSea and Rarible. But there are lots of marketplaces, new and well established, so have a search and see what’s out there. (Pro tip: do your research before parting with your money. Most will be reputable marketplaces, but it’s always worth double checking just in case).
And if you have questions along the way, you can join us on Discord or Telegram and take advantage of our amazing community’s knowledge before getting involved. Plus, don’t forget to follow us on social media for all the latest news, drop links, competitions, and promotions.