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Genel NFT

Relation of Ethereum and NFTs

What Is Relation of Ethereum and NFTs?

Anyone interested in the Crypto Exchange is more or less familiar with Ethereum. It is obvious that it has recently made a splash through NFTs. So what is the special relationship between Ethereum and NFTs? Let’s take a look at the answer to this question.

What is the Impact on ETH and NFTs?

Ethereum has played a huge role in the growth of NFTs recently. While it received a lot of attention throughout July 2021, NFTs took the ecosystem by storm. The question now is “Are NFT prices falling with ethereum?”. When we examine closely, there was a dependent increase between NFTs and Ethereum before Ethereum came to $ 2000. On the other hand, NFT sales started to decrease when Ethereum rose above $2000.

So, Ethereum is needed to be bought first in order to buy NFT on ETH-based NFT sales platforms. The situation is becoming such that during the price rally of ETH, NFTs are not re-pricing on the basis of ETH, so they become too expensive to buy if you are not already in possession of Ethereum. So it can be observed that there is a direct link between NFT and Ethereum prices and since the Ethereum is primary currency of NFTs, seems like they will always depend with each other.

relation of ethereum and nfts

Questions Answered by the Blog:

  • What Is Ethereum (ETH) Relation To NFTs?
  • What is the Impact on ETH and NFTs?
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Genel NFT

What Is Ethereum Main Network

What Is The Ethereum Main Network?

Ethereum Main Network is a linked network as the name suggests in its simplest form. It is an independent blockchain that operates its own network with its own technology and its own protocol. It is called Main Network when cryptocurrencies in different projects create their own network. There is also the Test Network. Test Network, on the other hand, can be called the trial mode of the Main Network. A cryptocurrency in the Test Network can create a Main Network if it solves all the problems that may arise with its network. Therefore, a project running on the Main Network is expected to be error-free.

To give an example for the Main Network, a crypto running on the ERC-20 protocol on the Ethereum network means that the project creates the Main Network, when the money creates its own blockchain and comes out on the Ethereum network.

ethereum main network

How Does The Ethereum Main Network Work?

When we look at it, Ethereum actually works like a huge decentralized state machine. That is, you can take a snapshot of each address in the Ethereum blockchain at any time, you can determine its state. The evolving actions in the blockchain cause the current state to change, and the snapshot of each node also changes. So for some reason, each node connects to each other and creates blocks. Each block is linked to the previous block. This creates the blockchain as we know it.

Questions answered by the blog:

  • What is Main Network?
  • What is Test Network?
  • How Does the Ethereum Main Network Work?
  • How Is The Blockchain Formed?
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Genel NFT

What is Ethereum?

Ethereum Is The The Power Source of Decentralized Applications

Ethereum is a technology that fuels the cryptocurrency ether (ETH) and thousands of decentralized applications.

What is Ethereum?

Ethereum is a huge technology that hosts global payments, digital money and many applications. Users can also earn money by creating content from this technology, buy in NFT, etc. can do many operations. Wherever you are in the world, if you have internet, you can always access the system. Ethereum aims to decentralize products and services across a wide range of use cases beyond money. It aims to create programs and custom entities that manage user actions.

If we are to consider this situation for Bitcoin, we can explain the difference with this example that Bitcoin network behaves more reserved and works for its own but Ethereum aims to allow users to do whatever they want or build on its Network. Multi-step computing functions in Ethereum are called “Smart Contracts”. Larger structures of many smart contracts are called decentralized applications (dApps).

what is ethereum

To give an example, Amazon is a platform where users, sellers, buyers, etc., transactions are stored in databases, constantly updated and linked to inventory as a result of shopping, through a website. Amazon is in the role of intermediary and technology officer here. This is exactly the role he wants to create in his Ethereum, that he wants to enter.

A Fairer Approach

When we look at today, if you want to open a bank account, the bank you apply will look at your situation with other banks and show you an approach accordingly. It restricts you, does not look at your current situations. Ethereum’s decentralized finance (DeFi) system will never restrict or discriminate against you. You can send, receive, borrow, earn and transfer money with just an internet connection. Just this system we can say that it makes most users sympathize with Ethereum.

What are the Differences Between Ethereum and Bitcoin?

There are certain transactions you can do in the Bitcoin network. However, the Ethereum network has a much wider horizon than the Bitcoin system. You can produce countless different software, new systems and new altcoins. The Ethereum Blockchain system works more systematically and faster than the Bitcoin blockchain system. 1 Bitcoin blockchain is formed in 10 minutes, while the Ethereum blockchain is formed in 15 seconds, so the confirmation process is much faster.

How Do I Buy Ethereum?

The purchase of Ethereum, contrary to popular belief, is very simple and can be purchased without the need for technical knowledge. For this, opening an account on exchange sites such as binance, creating a wallet and making the purchase.

What is Etherscan?

Etherescan is a blockchain explorer for the Ethereum network. It allows you to search through transactions, blocks, wallet addresses, smart contracts, and other data.

How Do I Use Etherscan?

To use Etherscan, you will first need a wallet address, then a transaction ID, contract address, or other identifier.

Who is the Creator of Ethereum?

The creator of Ethereum is Russian-Canadian Vitalik Buterin. Inspired by the decentralized money Bitcoin, he believed that it was possible to have a wider application than Bitcoin. However, other important figures of this community are: Gavin Wood, Jeff Wilke, Joseph Lubin and Vlad Zamfir.

Questions answered by the blog:

  • What is Ethereum?
  • How Do I Buy Ethereum?
  • What is Etherescan?
  • How Do I Use Etherescan?
  • What are the Differences Between Ethereum and Bitcoin?
  • Who is the Creator of Ethereum?
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Genel NFT

What Is Gas Fee

What is Gas?

Gas is the unit of measure that calculates the transaction money you have to pay when you perform each transaction. Since computing resources are required for each transaction, each transaction has a fee. In summary, gas refers to the transaction fee required to execute the transaction on Ethereum.

What is Gas Fee?

Imagine that every vehicle needs gasoline to move. We also need to give the measured gas fee to transact on the Ethereum network so that our transaction can be done. Gas fees are measured for each transaction. However, if you do not want your transaction to slow down in case of traffic on the Ethereum network, you can speed up your transaction by increasing the gas fee a little.

How is Gas Fee Calculated?

Although the gas fee calculation seems complicated, it actually consists of a simple logic.

Each block has a base price, which is the reserve price. You can have your transaction done in standard time with a suggested priority fee or you may pay more gas fee to be performed faster transactions.

what is gas fee

Why Is Gas Fee Variable?

As the demand for Ethereum is high, gas usage is quite high. In addition, the gas fee for each transaction may vary. However, users add the extra gas fee, which we call tip, to speed up their own transaction. All of these reasons are responsible for the volatility of gas prices.

Questions Answered by the Blog:

  • What is Gas?
  • What is Gas Fee?
  • How is Gas Fee Calculated?
  • How Can I Speed ​​Up My Transactions on the Ethereum Network?
  • Why Is Gas Fee Variable?
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Genel NFT

NFT Platforms Alternate to OpenSea

There are many notable NFT Platforms took their places beside the biggest platform OpenSea, which we all know. There are more than one platform as an alternative to OpenSea. Let’s examine these NFT Platforms Alternate to OpenSea.

What are OpenSea-like Platforms?

Super Rare

This platform, created with the Ethereum blockchain, is among the best selling sites. Super Rare is a kind of site that will attract the attention of art enthusiasts and artists. This site, created by artists, reaches the owners of the artists’ works at a fixed price or through auction. To enter this site, you must connect your Meta Mask wallet.

Binance

Binance, which has won the trust of the public among crypto exchanges, does not break its tradition as an NFT sales site. It also gives users the chance to win NFT in surprise boxes. It is very simple to dig and sell NFT, but it must be said that it is paid.

NFT Platforms Alternate to OpenSea

Rarible

Rarible, one of the largest sales sites, seems to have attracted the attention of local users the most. The density of Turkish buyers or sellers is so high, the site is both easy to use and the site has a reward system, fixed price sales and auctions as in some platforms. enough to explain the intensity of its use. In addition, commission is deducted for each nft sold on this site.

Nift Gateway

One of the best NFT sales sites, Nift Gateway, accepting credit cards as a payment method is not very suitable for the fact that digital assets should be decentralized, but we have to say that the site has a large audience. On this site, which is very simple to use, commission is taken from every sale, as in most sites. To log in to this site, you need to link your account to a wallet.

Mintable

Mintable differs from other NFT Marketplaces with a few features, the most liked feature by users is that free NFT is designed and put up for sale. The site does not take any money from the seller until the NFT is sold. But we can say that the commission he receives after the sale is 5%. In addition, it is under your control whether your sale is auctioned or fixed price.

Questions answered by the blog:

  • What are Opensea like Platforms?
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Genel NFT

How to Create a Successful NFT Collection?

It is quite simple to create your own NFT and put it up for sale via any website. However, just selling NFT does not mean that NFT will be sold. There are NFTs worth millions of dollars today, but they are in existence. NFTs, which are usually sold at such high prices, show the feature of being part of a collection. So what makes a collection successful?

Founders / Creators

One of the most important factors to consider for a successful NFT collection is its creators or founders. It is always reassuring to have a creator of a project that is not anonymous and visible to public.. It can be a person or a company, but having a website that everyone can access or knowing their social media accounts is one of the factors that strengthen that project.

If the shares, agreements or new content made by the founder are visible to the public, it will make that collection easier to be adopted by the audience. After all, the last thing anyone wants is a founding team walking away from the project.

Contents

Content is actually the most subjective part to consider when creating an NFT Collection. For a project to be strong, it is also important to understand and see what kind of content will appeal to a wider audience. After browsing through some of the best collections on OpenSea, you can get an idea of ​​the different types and designs that people can enjoy.

Community

For an NFT project, community is one of the most important considerations. The ensemble of a collection can be found relatively quickly. You may encounter two different scenarios when you access a project’s community. The first is an unsafe environment with too many toxic people. The second is a community focused on the future of the project and with a quality environment. In the second scenario, we can foresee that the project will develop continuously in the community.

Road map

When an NFT collection is revealed, the founders share the entire process of that collection with their investors, showing that the project has been well thought out. If an investor buys an NFT from that collection, he can easily understand that his investment is safe because he knows the future developments.

Questions Answered by the Blog:

  • Why is NFT collection important?
  • Can every NFT find a buyer?
  • What should I pay attention to when removing NFT?
  • What makes an NFT collection successful?
  • What is the importance of roadmap in NFT collection?
  • What is the importance of community in the NFT collection?
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Genel NFT

What Is NFT?

What is NFT?

What is NFT? – Popularly known as a non-fungible token (NFT for short), it is a unit of data stored on the blockchain that confirms that a digital asset is unique and therefore not interchangeable. Anything found in the digital world can be stored as NFT. NFTs are mostly produced with Ethereum token standards. However, unlike cryptocurrencies, they are not traded in Ethereum’s ERC-20 standard, but in ERC-721 and ERC-1155 standards.

NFTs that are not mutually interchangeable like regular cryptocurrencies function like a cryptographic token, in other words, they are not interchangeable. NFTs generate cryptographic hashes, a string of characters that confirm that a dataset is unique, when strings against previous records, thus forming a chain of identifiable data blocks.

What can be stored as NFT?

Any imaginable asset in the digital world, including video, image, GIF, message, tweet, can be converted into NFT and stored. The NFT-converted digital asset is uniquely transformed into a dataset, thereby protecting that asset from being used by anyone other than the intellectual property owner.

Why are NFTs valuable?

The fact that all NFTs contain unique information and are easily accessible in the digital world shows the advantages of owning a product digitally compared to a physical product with collectible value. NFTs ensure that all information is available to the previous owner and manufacturer, preventing the making and reproduction of counterfeit products, and maintaining the originality of the digital asset.

Unlike crypto assets, NFTs are not interchangeable. The fact that each is unique ensures that each has different characteristics and prevents two entities from being equivalent.

NFTs also allow artists to protect their original productions and works from being copied. It has enabled the production of digital works by artists all over the world to become widespread, preventing intermediary institutions in physical works, and bringing buyers and producers together. In addition, in the event that a purchased NFT changes hands, it is ensured that the copyright details of the artist are protected and that the producer has a share in subsequent sales. For example, artist Refik Anadol has sold some of his digital works and can take a share as a producer if these works change hands.

what is nft

How to make NFT?

NFT is created by uploading the file to be converted to NFT to an NFT auction market such as KnownOrigin, Rarible or OpenSea. This enables the creation of a copy of the file saved on the blockchain as an NFT that can be bought and resold with cryptocurrency. Even if an artist sells the NFT representing a work, the artist may retain the copyright to the work and create more NFTs of the same work. The recipient of the NFT does not have exclusive access, nor does the recipient acquire the copyright to the “original” digital file.

Questions Answered by the Blog:

  • What is NFT?
  • What can be done in NFT?
  • Why are NFTs valuable?
  • How to make NFT?
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Genel NFT

History of NFTs

It is an undeniable fact that NFTs or Non-fungible tokens are one of the most popular creative content production and investment tools today. Its secure infrastructure, the freedom it offers to artists and the ease of copyright protection have made NFTs much more popular. In this article, we will focus on the history of NFTs.

First NFT

According to sources, the first known NFT was created by Kevin McCoy and Anil Dash in May 2014. This NFT, a video clip called Quantum, was created by McCoy’s wife, Jeniffer, thus beginning a new era. Of course, when an NFT is created, the trade also needs to be performed. The video was later recorded on the Namecoin blockchain by McCoy and then sold to Dash during a live presentation at a conference in New York. This went down in history as the first NFT buy-sell transaction.

McCoy and Dash realized the potential of this technology behind this conference and gave their first name to NFTs as “money-making graphics”, although they are not called NFTs. With the technology it provides, Namecoin has linked a work of art, a non-tradable asset, to a tradable blockchain via metadata. It created an alternative blockchain to the technology of cryptocurrencies with multiple tradable units and no metadata.

First NFT Project

In October 2015, the first NFT project, Etheria, was announced at Ethereum’s first developer conference, three months after the launch of the Ethereum blockchain. However, the vast majority of the 457 Etheria created were not sold until the buying spree on March 13, 2021. In this sale, NFTs initially priced at US$0.43 were sold for US$1.4 million.

The term NFT has come into wide use with the standard ERC-721, which was first proposed through Ethereum GitHub in 2017, after the first NFT projects started. The publication of popular projects such as Curio Cards, CryptoPunks, Pepe exchange cards, which were released at that time, had a great impact on the spread of this term. In particular, projects involving characters and internet memes in popular culture have also attracted the attention of those who are not interested in NFT.

How did the term NFT come about?

The term NFT has come into wide use with the standard ERC-721, which was first proposed through Ethereum GitHub in 2017, after the first NFT projects started. The publication of popular projects such as Curio Cards, CryptoPunks, Pepe exchange cards, which were released at that time, had a great impact on the spread of this term. In particular, projects involving characters and internet memes in popular culture have also attracted the attention of those who are not interested in NFT.

History of NFTs

Increasing interest in NFTs

The success of NFT projects, which initially came with online games, increased people’s interest in this subject. With the increase in similar projects, the NFT market tripled in 2020 and reached 250 million dollars. At the beginning of 2021, it continued its growth with more than 200 million dollars of shopping in the market. With the growth of the market, companies that put NFT in their center started to apply for registration. In January 2022, 450 trademark applications were filed with the U.S. Patent and Trademark Office. There are also influential companies and well-known brands such as NYSE, Star Trek, Panera, Walmart, Elvis Presley, Sports Illustrated, Ticketmaster and Yahoo that have been trademarked on NFT.

At the same time, NFTs produced by artists began to stand out with the sales of a few NFTs in the field of art, whose prices approached the works of art from the old period.

Questions answered by the blog:

  • What is NFT?
  • What is the first NFT?
  • Who invented NFT?
  • What is the first NFT sale?
  • How did NFTs become popular?
  • How did NFTs come about?
  • What is the history of NFTs?
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Genel NFT

What Is OpenSea and How To Use

Cryptocurrencies and NFTs have become very popular as investment tools. The main reason for their preference are the easy accessibility of these investment instruments, fast buying and selling options, and high profit rates. When it comes to NFT, one of the first platforms that comes to mind is OpenSea. So what is OpenSea? The platform, where every user can easily open an account and make their own productions, has become an ideal address for users.

What is OpenSea?

OpenSea is an American online non-fungible token (NFT) marketplace headquartered in New York. At the same time, it is the largest among its counterparts in terms of volume. It contains thousands of projects and hundreds of thousands of NFTs.

Apart from being an NFT marketplace, OpenSea is a platform where NFT is produced and sold. It enables NFTs produced through the tools it contains to be put up for sale in more than one way, and at the same time, it allows you to earn money from future sales even if you have sold your NFTs using only intellectual property and no longer own them, with these tools.

what is OpenSea and how to use OpenSea

History of OpenSea

OpenSea was founded in New York City by Devin Finzer and Alex Atallah on December 20, 2017, when NFTs were just beginning to be heard by the masses and multiple projects were starting at the same time.

After the first pre-seed investment round in 2018, OpenSea raised $2.1 million in capital in November 2019.

In December 2020, OpenSea announced that any user can generate NFTs on its platform for free, allowing anyone to join the platform. In March 2021, OpenSea removed the approval requirement for listing NFT collections, enabling people who entered the platform to produce and sell NFTs faster. After this decision by OpenSea, NFT manufacturers and artists on the platform opposed the decision, saying that the decision would lead to NFT plagiarism, that is, theft of designs.

On September 17, 2021, OpenSea released Android and iOS apps where only users can view and track NFTs. The application does not allow any form of sale or purchase.

In January 2022, OpenSea acquired Ethereum wallet manufacturer Dharma Labs, and OpenSea refunded users approximately $1.8 million after a user interface bug allowed users to purchase more than $1 million in NFTs at a discount.

In April 2022, OpenSea gave users the ability to buy and sell popular Solana NFTs in the Solana beta version of OpenSea. This feature was announced in November 2021.

How do I enter OpenSea?

Simply enter the website to navigate OpenSea and discover NFTs.

To enter OpenSea to sell or buy NFTs, you must first have a crypto wallet. OpenSea currently supports many crypto wallets including MetaMask, Coinbase Wallet, WalletConnect, Phantom and Glow. After creating your wallet, it is enough to connect your wallet by entering OpenSea, to generate and sell NFTs or to buy NFTs.

What is NFT Collection?

Many NFTs listed on OpenSea are listed in collections. Collections with a theme make NFTs more valuable and preferable. As collections become more popular, NFTs in collections can also offer different privileges, while the prices of individual NFTs increase. Some collections offer private Discord servers as an example, while others may provide entrance tickets for a large party or real life business advantages.

How to Buy NFT on OpenSea?

Once you have linked your cryptocurrency account to OpenSea and selected an NFT, it gives the buyer the option to bid or buy directly. It all depends on how the artist who produced the NFT wishes to sell it. If you bid on an NFT you like, the NFT will be sold to you if the highest bid is yours when the auction period ends. However, NFTs offered for sale without an auction are instantly available at a fixed price.

Which Cryptocurrencies can NFT be purchased with?

While Ethereum is the most used cryptocurrency when shopping on OpenSea, currencies such as Solana, Wrapped Ethereum can also be used. Each currency has advantages and disadvantages on both the seller and buyer side. NFTs using Ethereum are relatively more popular and reliable than others, but have high gas fees, while other cryptocurrencies have no or very low gas fees.

Questions answered by the blog:

  • What is OpenSea?
  • History of OpenSea?
  • How to Use OpenSea?
  • How do I enter OpenSea?
  • What is NFT Collection?
  • How to buy NFT on OpenSea?
  • Which Cryptocurrencies can NFT be purchased with?
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NFT Genel

What Is Smart Contract?

When it comes to crypto money, NFT or decentralized economy, probably everyone has their opinion more or less. In order for new technology products like these to emerge, more than one technology actually needs to come together. Blockchain is one of the most well-known technologies, but without the structures we call Smart Contract, the technologies we mentioned at the beginning would not exist.

What is Smart Contract?

Smart contracts, like any other contract we know today, determine the terms of the agreement, its parties and, in fact, everything that makes the agreement a deal. However, the feature that distinguishes smart contracts from others is actually the integration of cryptography and blockchain, which also enables technologies such as NFT and crypto money to exist today.

Smart contracts are not like papers on a desk or in a safe as we know and are familiar with. Instead, they are transactions that run on codes defined on the blockchain.

The most basic feature of Bitcoin is that it makes it possible to transfer money without an authoritative and self-determining “reliable intermediary”. Smart contracts not only support the foundation but also take it forward, securely automating and virtually decentralizing any contract between parties, no matter how complex. It also offers security, reliability and unlimited accessibility as it runs on cryptocurrency blockchains.

What is smart contract

How Smart Contract Works

In fact, smart contracts that work with the If-then principle, which is a simple algorithmic logic, are prepared after the agreement of the parties, that is, a transfer transaction, signed cryptographically and added to the blockchain. Added contracts can interact with other components on the blockchain. This interaction can take the form of initiating, sending, or receiving a transaction.

When the specified conditions in the contract are prepared, smart contracts automatically enable the contract conditions defined in it to be executed.

Why Are Smart Contracts Important?

Smart contracts allow developers to create decentralized applications and tokens that are among the most important content of Web3.0 and today. It is used in many areas from the new financial tools and applications brought by Web3.0 to supply chain and gaming experiences.

With the help of blockchain technology, if records such as title deed, motor vehicle registry and brand registry are kept on the blockchain in the near future, it will be possible to transfer many property rights from one user to another through smart contracts without the need for a reliable third institution such as government institutions or banks.

Questions Answered by the Blog:

  • What is Smart Contract?
  • How Smart Contracts Work
  • Why Are Smart Contracts Important?
  • Is there a connection between cryptocurrencies and smart contracts?
  • What is the link between blockchain and smart contract?