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What is NFT?

NFTs prove ownership of unique digital assets such as artwork, music, collectibles, videos or any other asset using blockchain technology.

NFT stands for Non-Fungible Tokens. It sounds like an intimidating technical term (no more nerd talk, promise!). But NFTs are just digital certificates of authenticity.

If you buy a physical painting, you know it's real because you see the artist's signature on the canvas. Someone can photocopy the painting, but they don't own it - you do. Before NFTs, digital assets were like copies: You can see who posted something, but you can't see who owns an Instagram post, Pinterest Pin or Reddit meme.

NFTs are like signatures for digital items: they verify ownership of digital assets such as artwork, collectibles, music, videos, in-game assets, and more. Just like physical certificates, they document:
  • Who created it
  • When it was created
  • Who bought it (and when)
  • The price(s) it solds for
  • Who owns it now

What is Blockchain?

What is blockchain? A blockchain is a network of computers that tracks transactions within its network and generates a giant ledger of who owns what (and how much). That's a lot of beeping action! So if you ignore a friend's well-meaning advice and spend six figures on CryptoPunk, computers around the world will confirm that you are the new owner of the NFT and make sure it stays in your wallet. Blockchains hosting NFTs include: flow Tezos polygon Ethereum Solana

What is Digital Wallet?

Your physical wallet might contain your money, a form of ID, and maybe a photo of your loved one (we'll ignore the 3-year-old Starbucks card with $1.83 printed on it).

Your crypto wallet does this on the blockchain. It has an "ID" (a long string of numbers and letters), your cryptocurrencies, and any NFTs you buy with those cryptocurrencies. There are many wallet providers, including Metamask (the most popular and easy to use), Fortmatic, Coinbase, and Rainbow, among others.

Never tell this to anyone. Anyone who knows your mnemonic phrase has full access to your wallet and can buy, sell or transfer any funds or assets. Neither idf3 support nor any trusted person or organization will ask you for a mnemonic phrase.


Some wallet connection options on idf3 include MetaMask, Rainbow, Coinbase, Fortmatic, Portis, and more.

How much to make NFT?

When you first create an NFT, you “mint” it with some clicks — which may imply you need to pay a price to the network (none of this is going to IDF3). Fees rely upon the blockchain and minting option. Blockchains rate a price for minting, shopping for and selling. Imagine it like highways on a street trip. Some are loose. Others rate you a toll, which may be reasonably-priced or expensive. Creating a brand new NFT calls for interactions: 1. Minting your NFT 2. Making your NFT to be had for sale As one of the maximum famous blockchains, Ethereum has a tendency to have better charges even as the Flow blockchain is less expensive to mint on. But don’t allow charges be the element—the maximum vital element is minting in which your target target market has their wallets. Those are precise for every chain. Or you may mint without cost instead! Some of the wizards (okay, coders) on our crew found out how you may mint with out purchasing it. If you enable “loose minting”, the purchaser of your NFT covers the charges. Keep in thoughts that charges may marvel lovers who are attempting to shop for your creations. Free minting additionally provides your advent to the IDF3 collection (collections are like folders for NFTs), now no longer your personal. To release your personal collection, you need to cowl charges.

What is Gas Fees?

Contrary to its name, gas fees do not have anything to do with liquid fuel consumption or the impact of mining on the environment. Rather, it is the reward given to miners for putting transactions in the blockchain or executing them. You can think of it as the tip you give to your waiter at the end of the meal.

As blockchains are decentralized in nature, the transactions are added and validated in the network blockchain by anonymous miners or validators. This is the bedrock for any transactional blockchain technology. In the PoW system, miners solve complex mathematical puzzles to validate transactions for a reward of Ethereum token. There are two ways miners can earn Ethereum tokens. The first is by mining Ethereum to get paid in newly minted Ethereum tokens. The second is getting Ethereum as fees from users by processing their transactions.

More than three thousand decentralised applications (also known as dApps) are running on the Ethereum blockchain, all of which are looking to have their transactions included alongside other Ethereum network users. But there are only so many miners at a time that can validate these transactions.

This puts the miners in a situation where they must choose a certain number of transactions to validate. All transactions cannot be validated simultaneously, as the energy cost for miners would be exceedingly high.

All the unprocessed transactions are stored in something known as ‘mempool’, a combination of memory and pool. Here miners can decide which transaction they want to validate. Users add additional gas (priority fee) to the mempool to prioritise their transactions on top of the base gas fee.

The problem users have with the gas fee is that it fluctuates sporadically. Typically, when more users are on the network, the gas fees increase. This creates an unfair environment where the gas fee you pay increases without you having any control whatsoever.

Is Gas fees are always high?

Ethereum gas fees vary according to supply and demand. But, like avoiding the highway during rush hour, you can mint, buy or sell when gas is lower. We`ve built a tool for you to see when you can get a better deal: 1. Go to Rarible Analytics. 2. Make sure your site is set to a configurable time zone above the heatmap. 3. Select "Average" to examine the current network cost. The speed option isn't very important for beginners unless you need to issue, buy, or sell in less than a minute. You can also use heatmaps to determine the most cost-effective trading times. IMPORTANT: Always check the active gas sensor. The display of the heat map is not a guarantee that the current gas charge is low.

How is the gas fee calculated?

As the transaction fees are minimal compared to 1 ETH (ethereum’s native token ether), it is calculated in terms of gwei, a small denomination of 1 ether unit. 1 gwei is equal to 0.000000001 ETH. The total fee you pay for transactions is calculated with the given formulae according to the latest London upgrade in the network.
 
Total Fee = Gas unit limits * (Base fee + tip)
 
Gas limit
 
This is the minimum amount of gas a user is willing to pay on a transaction. Users can adjust how much gas they want to spend for a transaction, but it should be noted that different network interactions will require a different minimum gas amount to complete.
 
Base fee
 
It is the minimum amount of gas necessary to include a transaction on the Ethereum blockchain. The congestion level of the network usually dictates the base fee, and they are dynamically adjusted according to the number of users interacting with the network.
 
Tip
 
These are the additional fees users pay to the miners in order to prioritize their transactions. It gives an incentive for miners to confirm the transaction of a some  users over others.

What is Etherium?

Ethereum is a technology that's home to digital money, global payments, and applications. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It's open to everyone, wherever you are in the world – all you need is the internet.

Ethereum offers an extremely flexible platform on which to build decentralized applications using the native Solidity scripting language and Ethereum Virtual Machine.

Decentralized application developers who deploy smart contracts on Ethereum benefit from the rich ecosystem of developer tooling and established best practices that have come with the maturity of the protocol. This maturity also extends into the quality of user-experience for the average user of Ethereum applications, with wallets like MetaMask, Argent, Rainbow and more offering simple interfaces through which to interact with the Ethereum blockchain and smart contracts deployed there.

Ethereum’s large user base encourages developers to deploy their applications on the network, which further reinforces Ethereum as the primary home for decentralized applications like DeFi and NFTs.

In the future, the backwards-compatible Ethereum 2.0 protocol, currently under development, will provide a more scalable network on which to build decentralized applications that require higher transaction throughput.

What is Polygon and Matic?

Polygon is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. MATIC is the network’s native cryptocurrency, which is used for fees, staking, and more. You can buy MATIC with credit card directly from iDF3. 

Best Resources online to learn and follow?

The best way to understand crypto — how a blockchain works, why it matters, how the space has evolved — is to start with Bitcoin. The original cryptocurrency continues to dominate all other forms of digital money—it’s most people’s gateway to the wider crypto world, and its technology provides the foundation for a lot of what came after. Here are some of the best explanations of what Bitcoin is and how it gave rise to the entire crypto ecosystem.

Somone is asking me for my Wallet passcodes?

idf3 will never ask you for the pass phrases or your wallet details except the public wallet address.

Never share your wallet phrase will be able to access and steal all your content. also no one can retrieve your data so if you lose the phrase you can't access the wallets again.

How to start?

It is as simple as:

Create your account in idf3.com and connect it with your METAMASK account. Ensure you have it right, 

If you don't have Metamask please check out tutorial Here

Top Up your wallet if you don't have already, make sure to buy the coin you want For example Etherium or Matic.

 

Time to go to the market place and start investing.