This is a quick 101 of some NFT basics, designed to help those Pieple who are newer to the NFT world get caught up to speed.
If you’re here, you’re probably interested in minting your first NFT, or maybe you’re just curious about what Pieland is baking up! In any case, we’ve got you covered with this article!
What are the benefits of NFTs?
NFTs are digital assets (e.g. art, music, collectibles) living on the blockchain. The cool thing about NFT technology is that you are the original owner of an authentic piece of art, and your ownership is verifiable through blockchain technology. By using this technology, transactions are more secure and transparent than ever, as ownership is easily verifiable.
But this is so much more than owning an image or a JPEG. NFTs expand creativity to a new and innovative plane with global accessibility. Once our Pies are out of the oven, anyone can buy one and become part of the Pieland community.
What can I do with an NFT?
This varies depending on the NFT, but here at Pieland, by being the owner of one of our NFTs, you’ll have exclusive access to the whole Pieland universe. Think of your Pie as the key to that universe, which comes with a range of benefits for holders — games, rewards, and other perks for being a part of our community.
Important Terms
We want to go over a few specific and essential terms you will see used across our community and blogs, as they are standard terms in the NFT space. You may be familiar with some of these, but hopefully this provides some insight!
Blockchain: The blockchain is a public, digital ledger, which exists across a network of computers. Transactions that occur on the blockchain are verifiable by the network, not unlike verification by a notary. NFTs, and our Pies, are verified as original by the network that makes up a blockchain.
Ethereum: Ethereum is the most widely used blockchain in the NFT space, and where our project will launch here at Pieland. Ethereum’s native cryptocurrency token, Ether (ETH, or Ξ), is used to mint, purchase, trade, and auction NFTs.
Traits: These are specific characteristics that make up your NFT. Sometimes these can be randomized, adding varying levels of rarity and desirability. For example, here at Pieland, you might be dished up a Pie with a cool hat, a Pie with a cute companion, or maybe a Pie that has already had a bite taken out of it!
Utility: Utility refers to the ways in which an NFT provides more than what is on the surface. This could be exclusive access to private memberships and clubs, giveaways, merch, etc.
Whitelist: You’ll come across this term if you hang around the space. The whitelist is exclusive access to mint an NFT from a project before anyone else (a “pre-sale”). Pieland will reserve only a certain amount of spots for our whitelist, and that ensures buyers the opportunity to mint before the public sale. You can join us on Discord and follow our socials to track when whitelist spots become available.
Drop: A drop, or launch, is when an NFT is first released for public sale. At Pieland, we haven’t formally announced the date for our Drop, but we will do so in the near future!
Mint: When you mint an NFT, it joins the blockchain and is authenticated as an original work. When our pies are fully baked, you’ll have the opportunity to mint one for yourself.
So, now you’ve got an idea of the basics of NFTs and what makes them so interesting! Keep an eye out for Pieland’s launch in early 2021. To learn more about where our Pies are headed, you can read this article that we’ve served up. If you have any more questions, or want a piece of the Pie, feel free to join our Discord community, or reach out to us on Twitter.
If you still have questions about the technology behind NFTs, we recommend this video series:
https://www.youtube.com/watch?v=SSo_EIwHSd4
