If you would like to find out how to do this, please read on!
It’s true – most people are still really bad at NFT link promotion. If you want to learn how NOT to be bad, and maybe even start being good at it, stick around for the following informative guide!
-What is Non-Fungible Token (NFT)?
-What is an ERC721 token?
-How can I buy non fungible tokens?
-Where can I use non fungible tokens?
-How can NFTs help me in my business?
1. What is Non-Fungible Token (NFT)?
That’s right – I’m talking about that damn blockchain thing again!
Pick up a nice pair of headphones and crank the volume so you don’t miss out on the very important parts. We gotta wait for the background music to finish so we can start! Now, before you go through with this guide and discard your other one, things you need:
-A twitter account with at least 100 followers. (You can find me here : www.Twitter.com/ApplesAndOranges)
-100 ETH for each smart contract instruction from Ethereum Stack Exchange .
-A computer, either Mac/PC or Chrome browser. (eth.io has a nice browser to test your smart contract with)
Ok, now that we’re ready, let’s get started!
2. What is an ERC721 Token? An NFT With “Goats” on it?
An ERC721 token refers to any token that uses the ERC721 standard. In Ethereum, this means it can only have exactly one owner at a time and cannot be copied without the sender being able to detect it and stop them. I know what you’re thinking – where have I heard of that before … ah yes… Ethereum transactions! Website list is here.
3. How Can I Buy Non Fungible Tokens?
You can’t buy non fungible tokens, you can only trade them. They can only be traded on a specialized exchange called an “Order Book.” Although the name sounds intimidating, an order book is simply a network of buyers and sellers. Each buyer and seller has a different set price to purchase or sell an NFT that they’re offering. They then create what’s called a “Limit Order,” which tells the other party their terms and conditions for the trade. If both parties agree on the price, they complete the trade. Here is what that looks like in action:
As you can see, there are currently 8 sellers who want to sell their desired ERC721 token at 0. 00015989 ETH per token. This would make their desired sale value or what they are selling each token for 0.00015 ETH. Another buyer has a different price they’re willing to pay, whereas the first buyer wants to purchase 6 tokens at the set amount of 2.5 NFT per ETH. The other buyer is asking for a total of 12 tokens at an affordable price of 1 NFT per 0.00025 ETH. If both parties find that these terms and conditions are agreeable, then they complete the trade and both are happy! Easy right?
4. Where Can I Use Non Fungible Tokens?
ERC721 tokens don’t have a use, with the exception of being used as a digital asset on special purpose exchange platforms that offer this feature. However, the ERC721 standard was built in such a way that it can be used to fit any given need. The possibilities are endless! Here are some of the popular uses of NFTs other than link building:
-They can be used as a form of digital collectibles – think. You can even deploy your own smart contract for your specific collectible and set the rules or scarcity behind when it will be generated or how many instances of it will exist. ( www.cryptokitties.co – A similar site to CryptoKitties that’s done by the same people – www.cryptokitties.co )
-You can use them as a form of digital wallets – Deposit any ERC721 token you own in your wallet. It will be stored safely in one place and you’ll have a method of spending your tokens when they’re needed or transferring them to another person. (Coinbase, Jaxx, MetaMask)
-You can use them as digital collectibles within secure platforms such as iFinex . You can lock some of your tokens for an additional period and then redeem them in exchange for an equivalent amount of USD or other ERC20 token that currently exists on the platform. (iFinex, The easiest way to deposit NFTs into your iFinex trading wallet is by using your Exodus wallet. You’ll need to first transfer your NFTs from your EtherDelta trading wallet into your Exodus wallet. Then you can use this technique that I use to transfer my tokens from one exchange to another.)
-You can use them as loyalty rewards for customers Crypto igaming. You can give out free samples of a product for customers who spend X amount of money on a product in return for allowing them access to these rewards program that you’ve created. ( LOANDA 量ゼロサービス is a service that offers customers attractive rewards in the form of NFTs as gifts to purchase products.