CoinEx | You Ask We Answer Vol.5: Ask Anything About NFT
On January 18th, CoinEx organized its fifth Q&A Session on Twitter, encouraging users to ask questions about NFT. Hundreds of comments were received, and we’ve selected some of them to answer.
Each selected asker will be rewarded 150 CET. Congrats to the winners and thanks to all participants!
1. @UnRRHood: How can I create and sell my NFT?
We recommend minting and selling NFTs on Opensea, the absolute leader in today’s NFT market. Specifically, before minting an NFT, you’ll need to download and install a crypto wallet like the commonly used MetaMask to buy cryptos that include ETH. Moreover, minting NFTs also involves a certain production cost and transaction fee.
2. @bharusjc777: When will CoinEx Smart Chain (CSC) have its own platform for creating NFT?
CSC is already equipped with many NFT projects, including Mini Utopia, an NFT ecosystem, and Omega Club, a card-based football game that’s the first choice for many football fans when it comes to games.
The CSC-powered NFT projects now cover segments like voting-priced NFTs, lottery, and games. Our ecosystem will also continue to expand in the future. We encourage all CoinEx users to give more attention to NFT projects on CSC.
3. @Mariainfantraj1: How do you relate NFTs and cryptocurrencies?
In the blockchain space, cryptocurrencies are placed into two categories: coins and tokens. Cryptos in the former category, including well-known coins like Bitcoin and Ethereum, have their own main chain and use transactions on the chain to maintain ledger data. Tokens, on the other hand, are attached to existing blockchains and use smart contracts to record the ledger. They can be further divided into fungible tokens and non-fungible tokens.
Fungible Tokens (FTs) are mutually interchangeable and can be split into an infinite number of smaller fractions. For instance, the bitcoins you own can be replaced by other bitcoins as they are all the same. Non-fungible Tokens (NFTs) like CryptoKitties and tokenized digital tickets, on the other hand, are unique and indivisible, which means that no two NFTs are the same.
4. @AOlrish: What different programs does CoinEx have for NFT? With what quality and who approves the price of a work? And what’s your prediction for the future of NFT?
Generally speaking, the price of an NFT is partially determined by its scarcity. An NFT is more than just a JPEG, and its value is not determined by whether it looks good or not. Instead, we should focus on factors like its underlying asset, social value, in-game functions, and culture. Most collectors buy an NFT because they believe in its value as a collectible, and not as original artwork.
After preliminary screening of potentially promising NFT projects, the CoinEx team will then carry out more intensive analysis in terms of their fundamentals. Each NFT project comes with its own story and features, spanning factors such as team background, project profile, community culture, vision, personal interests, etc. We will list the outstanding projects with greater potential for you to trade only after examining all these fundamentals.
In 2021, the first year of the NFT boom, NFT expanded its reach to fields that include fashion, music, art, and real estate. Bringing real-world assets into the blockchain is another major use case of NFTs. This year, there will be NFT projects that feature different application scenarios. Stay tuned for our official information to keep yourself updated with the latest NFT news.
As a global and professional cryptocurrency exchange service provider, CoinEx was founded in December 2017 with Bitmain-led investment. It is a subsidiary brand of the ViaBTC Group, which owns one of the largest BTC mining pools, which is also the largest of BCH mining, in the world.
CoinEx supports perpetual contract, spot, margin trading, and other derivatives trading, and its service reaches global users in nearly 100 countries/regions with various languages available, such as Chinese, English, Korean and Russian.