OpenSea, NFTs and Ethereum Explained
Here is everything you always wanted to know about NFTs but were afraid to ask. We’re breaking it all down into small chunks with clear examples and explanations in plain language.
By JC Villamere
WHAT IS OPENSEA?
OpenSea is an online store that sells NFTs. It bills itself as the world’s largest NFT marketplace.
WHAT ARE NFTS?
NFT stands for Non-Fungible Tokens. They are a type of interchangeable commodity. NFTs can represent any object, such as art, music, trading cards, collectibles, digital content, etc.
WHAT IS A COMMODITY?
A commodity is any product that can be bought and sold.
WHAT IS FUNGIBLE?
A loonie is an example of a fungible good. Each loonie has the same value as any other loonie.
A cob of corn is another example of a fungible good. When you buy a cob of corn, you are buying any cob of corn. Each cob has the same value.
Forge & Foster is excited to announce its first NFT collection
On March 30, on OpenSea, we unveiled a rare offering of NFTs based on “Mostly Arrows”, an excellent example of fine art by Lester Coloma, a gifted, established contemporary artist. The Forge & Foster X Lester Coloma NFT Collection is not our first collaboration with Coloma: He has graced several of our projects with his murals.
At 1 West Ave. in Hamilton, you can view his stunning mural, “Rise”. At 400 Wellington St. N., you’ll see “The Electric City”. Coloma’s mural at 150 Chatham St. pays homage to local innovation and discovery. Born and raised in the Hammer, Coloma is a graduate of the Ontario College of Art & Design. Look for his work at the upcoming sale at the Art Gallery of Hamilton, April 28—May 1.
Some NFTs include prints of Coloma’s work. Some NFTs include other incredible bonuses. We can’t wait to reveal them to you! Buy now >>
WHAT IS AN EXAMPLE OF A NON-FUNGIBLE COMMODITY?
Art is a non-fungible good. Each work of art does not have the same value. When you buy a work of art, you are buying one particular work of art. Each piece of art has a different value.
A house is non-fungible. Not all houses have the same value. When you buy a house, you are buying one specific house.
NFTs are non-fungible. When you buy an NFT, you are buying one particular NFT. Not all NFTs have the same value.
WHAT’S A TOKEN?
A token is a thing that represents value. Vouchers and gift cards are examples of tokens.
Imagine you receive a voucher for a free ice cream cone. The voucher represents the value of an ice cream cone.
When you buy a token for the subway, the token represents the value of a subway fare.
An NFT is a token that represents a value. Each NFT has a different value.
WHAT IS ETHEREUM?
Ethereum is a type of blockchain.
WHAT’S A BLOCKCHAIN?
A blockchain is a digital ledger that everyone has access to.
WHAT’S A LEDGER?
A ledger is a record-keeping system for financial accounts. Most ledgers are kept electronically now using tools such as MS Excel and Google Sheets.
Now you’re ready to learn about MetaMask!
CHECK OUT OUR POST, MEET METAMASK, YOUR CONNECTION TO THE NEW WEB >>