A Comprehensive Guide to NFTs: Top 10 Collections in June 2023
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NFTs have gained significant attention and popularity in recent times. The market cap of NFT is $3,134,512,252.50. It has a sales volume of $3,134,512,252.50 with a dip of 22.31% since last week.
Here’s a step-by-step overview of the NFT market:
What is an NFT (Non-Fungible Token)?
NFTs are unique digital assets built on blockchain technology, like Ethereum and other blockchain networks.
Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are non-fungible and represent ownership or proof of authenticity for a specific digital item, like artwork, music, collectibles, virtual real estate, and more.
Related: Marketplaces to mint NFTs
How do you set up a wallet?
To participate in the NFT market, you’ll need a digital wallet that supports Ethereum-based Non-Fungible Tokens. Popular wallets include MetaMask, Trust Wallet, and Coinbase Wallet.
Install your chosen wallet extension or mobile app and set it up by following the provided instructions. Create a strong password and make sure to store your wallet’s recovery phrase safely.
- Buying Ether (ETH):
- Most NFT transactions occur in Ether, the native cryptocurrency of the Ethereum network. To purchase NFTs, you need ETH.
- Use a cryptocurrency exchange like Coinbase, Binance to buy ETH using fiat currency (e.g., USD, EUR) or by exchanging other cryptocurrencies.
- NFT Marketplaces:
- NFTs are primarily bought and sold on various online marketplaces. Some popular NFT marketplaces include OpenSea, Rarible, SuperRare, and NBA Top Shot.
- Explore these marketplaces and choose the NFTs you want to buy.
- Research and Due Diligence:
- Before purchasing an NFT, do thorough research on the artist or creator, the authenticity of the work, and the terms of ownership.
- Consider factors like the artist’s reputation, scarcity of the NFT, uniqueness of the content, and potential future value.
- Making a Purchase:
- Once you’ve found an NFT you’re interested in, click and view its details, including the price and any additional information provided by the creator.
- If you decide to proceed with the purchase, make sure you have enough ETH in your wallet to cover the cost.
- Connect your wallet to the marketplace and follow the instructions to finalize the transaction.
- Storing and Managing NFTs:
- After purchasing an NFT, it will be stored in your connected wallet under the NFTs section.
- You can view, manage, and transfer your NFTs from within your wallet.
- Engaging in NFT Communities:
- Participate in forums, and social media platforms related to NFTs to learn from others, discover new artists, and stay updated on the latest trends.
- Engaging with the community can provide valuable insights and help you navigate the dynamic NFT landscape.
- Selling or Trading NFTs:
- If you decide to sell your NFT or trade it for another, you can list it on the marketplace of your choice.
- Set a price, define any additional terms, and follow the marketplace’s instructions to list your NFT for sale or trade.
TOP 10 NFT COLLECTIONS THIS WEEK
- BoredApeYachtclub: The average price is 45.36 ETH with an estimated market cap of 441,582 ETH.
- MutantApeYachtclub: The average price is 9.4836 ETH with an estimated market cap of 186,582.34 ETH.
- Mineablepunks: The average price is 241.93 ETH with an estimated market cap of 87.92 ETH.
- Dreadfulz: The average price is 122.87 ETH with an estimated market cap of 6,757.69 ETH.
- Azuki: The average price is 14.85 ETH with an estimated market cap of 144,657 ETH.
- Opepen Edition:The average price is 1.0547 ETH with an estimated market cap of 10,564.8 ETH.
- Milady: The average price is 3.3868 ETH with an estimated market cap of 41,279 ETH.
- PudgyPenguins: The average price is 5.1559 ETH with an estimated market cap of 41,703.38 ETH.
- DeGods: The average price is 8.6774 ETH with an estimated market cap of
- CaptainZ: The average price is 8.9228 ETH with an estimated market cap of 80,156.98 ETH.
Remember, the NFT market is still evolving, and it’s important to approach it with caution. Ensure you’re aware of the potential risks, such as high transaction fees, market volatility, and the possibility of counterfeit or stolen NFTs. Stay informed, do your research, and exercise discretion while participating in the NFT market.
