by Maria Angelica Nunag April 01, 2022 6 min read
Themetaverse is the future. This tsunami of virtual reality and non-fungible assets has taken the world by storm. What started from the digital trade and ownership of art, GIFs, Videos, Sports highlights, and Music has crossed over to virtual gaming spaces and the emergence of digital fashion.
With an almost alien lingo, it seems difficult and almost impossible for ordinary, non-tech savvy people like you and me to understand. Harnessing the power of our discord community of thought leaders, fashion ninjas, and NFT enthusiasts, we created a beginners guide - a dictionary if you will, of everything you need to know about NFTs so you can decide whether or not this is a worthy purchase for you. Let’s start with some basic vocabulary:
Airdrops are gifts that you can claim just by visiting a website, signing up for an experience, or purchasing a digital asset. These gifts are usually cryptocurrencies, tokens, or non-fungible tokens sent to web3 wallets by brands as an added value to their NFT projects.
A blockchain is a system of records, called blocks, in which transactions such as NFT trade made in cryptocurrency are recorded chronologically and publicly. These records are stored on several computers that are linked, making the information impossible to alter. The blockchain provides an ideal platform for ensuring the traceability and transparency of data and events - reducing the potential for fraud.
Cryptocurrencies are digital or virtual currencies that use cryptography to secure transactions and verify the transfer of assets. They can be used as an alternative currency, such as Bitcoin, or they can serve as a form of digital money, such as Ethereum, or they might also be used to serve other functions, such as being a "store of value" or being used to pay for goods and services.
As with the prices of goods in the market, in the NFT universe, a floor price is the lowest price one can spend to purchase an NFT from a collection or project. It is the lowest assumed value of the asset. For beginners, it serves as a great entry point to joining valuable projects. Given their lower price, these tokens may not be of high ranking compared to rare and more valuable ones.
To “sweep the floor” is to mass purchase NFTs at floor prices. Often caused by a spike in interest, momentum, or anticipated value for the token. These floor sweepers can then earn profits by flipping or selling these NFTs above floor prices.
The “Fear of Missing Out” has novices jumping from one bandwagon to another. Avoid getting swept by the hype and making purchases just because everyone else is. Do your research with diligence and only invest in projects you truly believe will moon.
This refers to the transaction fees paid to miners in the blockchain network. When demand on the network is high such as, during the mint of a new NFT project, gas fees are higher than normal.
When you mint a new digital token, you record the asset's information on the blockchain, converting it into an official digital commodity that can be bought and sold.
Non-fungible tokens (NFTs) are digital collector items or assets — like art, GIFs, music, tweets, video game skins, designer sneakers, or video files — that are unique and cannot be exchanged for another. They are similar to artworks, in that many copies can be made (in this case, digital copies), but the original is often the most valuable. The benefit of owning an NFT is that you can sell it to others and potentially make a profit.
Skins are digital pieces of clothing for a persona that you play in an online or virtual game.
The third generation of the internet. The term refers to a vision of the internet where apps and other online services are decentralized and built on top of a public blockchain.
Mooning in NFT refers to the prices of a token skyrocketing. Wen Moon is a term used when people wonder when their NFT holdings will take off.
A whitelist is a list of people who are allowed to participate in an NFT launch on an early and exclusive basis. There are tons of benefits to getting into a whitelist, aside from guaranteed access to the mint of NFTs before it becomes available to the public, you’re also rewarded with discounts for participating and engaging with projects early on. Oftentimes, rare tokens are also offered during this sale period. With lesser people on the platform trying to mint the NFT at the same time, you also pay lesser gas fees or transaction fees.
“It’s like a membership pass, so the value comes from other people assigning value to it,” says Humphrey Yang,personal finance expert behind HumphreyTalks.
The popularity of NFTs started from the bullish run of Bitcoin and Ethereum in the past year. With investors flocking to the crypto market, it became easy for them to dive into crypto-based NFTs. With thought leaders like Elon Musk and even celebrities like Snoop Dogg and athletes like Stephen Curry riding the hype - everyone’s excited to be a part of the new talk of the town.
Take the Bored Ape Yacht Club, for example. When you see personalities like DJ Khaled, Steve Aoki, Post Malone, and Josh Hart buying one, owning one NFT from the limited amount of Bored Ape Collections gives you access to exclusive parties with these celebrities. It’s the limited access to these real-world experiences and the community around it that gives an NFT project its value.
The first step is to purchase crypto from exchanges like Coinbase, Kraken, eToro, or Paypal. Most NFTs can be purchased with Ether (ETH) but always double-check with your chosen marketplace - some might require a different currency.
Next, transfer your crypto to a digital wallet. Take Metamask.io for example. You can install this extension to any browser, follow thesteps to set up your account and in just a few minutes, you've got yourself a wallet.
Now, all you have to do is connect your wallet to numerous NFT marketplaces such as OpenSea.io, Rarible, or Foundation. Browse through collections of digital art, music, or even fashion pieces and buy the ones that speak to you. And there you have it, you just got yourself your first NFT!
It's 2022! The time for digital fashion has dawned and is here to stay. From big brands to start-ups evolving to capture the new generation with immersive online experiences and non-fungible tokens, one can only imagine how this will change the landscape of fashion.
Nike Purchases RTFKT
What do you think of flexing futuristic sneakers in the Metaverse? What if I told you, you can wear them in real life as well? Such epic innovation was made successful by RTFKT - now a part of the Nike Inc. family.
The project mooned in early 2021 after collaborating with "Fewocious", popular crypto artists, who designed 3 virtual sneakers for them. These NFTs were auctioned and sold to the highest bidder with the holder having the exclusive right to redeem physical copies of the sneakers. The hype surrounding the launch thanks to their Snapchat and social media marketing efforts has led to 600 pairs of sneakers sold in under 7 minutes with revenue amounting to USD3.1 million.
Louis Vuitton Revolutionizes the Gaming Realm
The fashion powerhouse celebrated 200 years in 2021 with the launch of Louis the Game. The adventure-based game is an homage to Sir Louis Vuitton and his journey as a 14-year old man.
Through collectible postcards, accessories, and other memorabilia, players learn about the history of the brand in a fun and engaging environment. You can also personalize your character with different colors and prints unique to Louis Vuitton.
This move is geared toward making an impression on Gen-Z consumers - allowing them to immerse in the LV universe without making any purchase.
AKINGS Takes Digital Fashion to the Moon
From New York to the Moon! AKINGS’ new NFT Project is the future of luxury streetwear fashion. Crowned as the king of stacked skinny jeans, AKINGS founder Alan King (IG: @alanking, Twitter: @AlanKing.eth), is bridging the gap between fashion, gaming, and technology.
These NFTs are not your ordinary digital wearables, they're tickets to an exclusive community both in the virtual and the physical world. One card will give you access to NYFW, modeling opportunities, yacht parties, and other private events.
In the Metaverse, you can style your characters in virtual cities and various games with AKINGS limited edition garments. Powerups and special maps will be made available exclusively to our community with random airdrops sent to your digital wallet.
Much like stockholders, cardholders will be a part of an esteemed board helping to decide where funds are used to invest, reward or collaborate.
If you think that's where the fun ends, you are sorely mistaken. If you reach a certain rarity level, your card can be used to redeem certain real-world garments delivered right to your doorstep. Even more special, extremely rare items are made to your measurements.
The mint date is coming real soon. Get whitelisted and be one of the first to join the strongest fashion community in the universe. Join our Discord to learn how. We can't wait to welcome you to the home ground of Kings.
With AKINGS, the Moon will be your palace.
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