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Educational Purposes Only
We are not financial consultants or legal experts. This information is for educational purposes only. Do your own research and consult experts before purchasing anything.
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Take me to the moon!
Getting into cryptocurrency might seem as complicated as shooting a rocket into space. Martian Bartender simplifies getting started so anyone can get into the galaxy of cryptocurrencies and NFTs.
What are you getting with a NFT?
Ownership
In either case, your purchase will grant you ownership of some token. Whether that be a cryptocurrency token or an nft. You own that token, good, bad, or indifferent. Ownership does grant you access to other benefits. You need ETH to be able to purchase NFTs so owning ETH allows you to purchase specific tokens based on that standard. Owning an NFT can grant you even further benefits such as exclusive access to events, NFT drops, and community invites.
Community Entry
As an owner you now belong to a community. The cryptocurrency, nft, dao, defi, dapp or other communities live to support those that are in it. NFT communities are becoming the next social media meeting places. Like minded people getting together to discuss whatever the community is interested in.
Martian Barflys
For Martian Bartender, our focus will be restaurant and bar with ties to technology and education of the blooming market of NFTs and cryptocurrencies.
Holder Perks
Each project is different, but some NFT projects reward their token holders to keep demand high and the community thriving. This could mean free NFT drops directly to your wallet or early access to purchases. Your token can grow and multiply exponentially, but that is entirely up to the developers and community of the project itself to define what perk, if any, will be given. Secrecy is part of the game here too where all of a sudden you are getting opportunities to benefit randomly as the project founders create exciting ways for the community to benefit.
Unique Art
NFTs are a form of art but I wouldn't call them art. They are more of a pass. A card stating more of who you are and what you like. A dedication to the community. An exclusive group of members enjoying the same perks and conversations. NFT art is just a conversation starter. What did you get? Oh a Super Premium Sidecar! I've never had one of those. Of course there are those projects and people that view it as just art. Buying, selling, and trading as it is just that. You'll have to be your own judge in the communities you get involved with.
The Value of NFTs
Art is subjective
Art is subjective. You might find a piece absolutely beautiful or just average at best. The community and pressure drives pricing on the secondary market, not how cool the art looks. Some artists produce gallery quality art meant to be displayed as art and you as the owner have a physical piece of art and a token to identify ownership of the art. On other projects the token and an image or video is all you would receive as an art piece.
Gaming
NFTs function as great game tokens since in a game you need to access owned items to play the game. New future in games and gaming is evolving fast. Want to play? Then you will need to own and use those tokens in the game.
Holding vs Flipping
Two of the biggest strategies are holding or flipping. Holders want to reap the benefits of future promises or feel the token represents them and don't want to sell. Ownership can be very expensive and holding means that money you spent is stored in the NFT token's value. It could go to the moon or drop to next to nothing. Flippers get in early and often to new drops and undervalued projects where they can come in at a lower price and sell higher again on secondary markets, usually before the reveal.
Holder Perks
Some projects hold lasting value for the holders and gain value over time based on the limited quantity and need/want for the item. Gamers need the tokens to play the game and level up. Other projects invite holders to special events, conventions, or local meet-ups and your NFT serves as your ticket. You can also get early access to new projects and/or get NFTs dropped right to your wallet from the developers. Stake in a movie, cartoon, comic. The list goes on. The beauty is that each project can develop unique perks for the holders and strengthen the community. See Gary Vee's Book Games or Vee Friends for examples of diverse perks and strong community engagement.
Future Actions
Is there a future for the project? Some are one and done. Take the money and run. You'll never see or hear from them again. Fate of the project is left in the community&apso;s hands. Others have detailed roadmaps and white papers explaining their future goals and milestones. Short term and long term projects have seen some unbelievable stories in the past year. You should know before getting into a project how long it will last. Three months or years. Lasting growth for the project means many opportunities for holders as developers reward their loyal contributors to the community.
What are the pitfalls?
Volatility
The cryptocurrency and NFT markets are extremely volatile. Thousands can be made or lost while you sleep. The world is still figuring out how to adapt to cryptocurrency and the future it brings. NFTs can be just as volatile. High trending, popular, and news worthy projects explode just as some unheard of projects do. At one point, no one knew what a Bored Ape was. Now that number is shrinking quickly and prices have exploded. Projects have also been abandoned. Leaving holders with NFTs that have lost all their value and can't sell them because nobody wants them.
Scams
Never ever, ever give out your mnemonic or private key to anyone ever. We will discuss this more later, but the most common scam is getting the user to give up their security codes to their wallet.
Direct messaging(DMs) - As Discord servers and Twitter become the medium for NFT projects communication with their communities, several scammers send fake messages to the members asking to give up certain information or connect your wallet to a certain site because YOU WON! Don't do it. It is a scam. Projects will airdrop tokens directly to your wallet if you won a prize.
Hype
Don't believe the hype. Or Do? Some projects are built by desperate people trying to make money and run. They build and hype up their projects to a certain point and bail.
Math
Sounds weird, but denominations can mislead people. It's only 0.1 ETH, so I'm going to buy it. Not realizing that 0.1 ETH is also more than $300 US. Some people don't have that money to spend and as prices go up spending 10 ETH on an NFT is really spending $30,000. Profits aren't realized until you sell. Only spend the money you can afford to lose.
Doing the research
This section is for people new to cryptocurrency and NFTs. Advanced users can skip to getting started.
Security quick note
Your Cryptocurrency and your NFTs are stored in your wallet(s). These wallet addresses are public since it is on a decentralized network. These are secured by a mnemonic and a private key. In the case of Metamask, they manage your private key.
Don't ever give out your mnemonic or private key to anyone. With these passwords anyone can go into your wallet and take whatever they want. Do not believe scammers trying to steal your stuff. Don$apos;t give out your private keys. EVER.
Other ways to secure your private key is to take them off the network such as a Cold Wallet.
What is a block, blockchain?
A block consists of the data needed for the transaction as well as previous state. A blockchain is where blocks are stacked on top of each other creating a chain of data that is harder and harder to change. Because each block tracks the previous state, a change would have to look back to every block after you want to make the change and change all those blocks as well. Making it way too expensive to do and hence the data is immutable.
Miner and Minters
Miners solve the complex algorithm to validate the transaction and receive a tip for completing as the POW or Proof of Work way of doing things. POS or Proof of Stake will be the new standard for ETH 2.0 and miners will now have to stake their ETH to become a validator and then to be rewarded.
Minters are websites that mint the initial tokens from the smart contract. Usually a stand alone website where the project launches from. From there all sales are mostly on secondary markets like Open Sea
What is gas?
Gas is how much compute power it costs to change an item or make a transaction on the blockchain. Ethereum 1.0 can only handle about 15 transactions a second. If demand is high then the Gas Price will go up which will make it more expensive to make a transaction.
How is gas calculated?
Gas is calculated in WEI times(x) the gas price calculated in GWEI. WEI is a super small fraction of ETH. 10-18 actually. A normal transaction costs 21000 gas times gas price of 65 GWEI = 1,200,000 WEI or about $40.
What is a NFT?
An NFT is a Non-fungible token. A token where the data cannot be altered or changed. Only ownership is changed in most cases for NFTs. A NFT can be art, music, an image, a video, or anything else to denote ownership.
Fungible vs Non-Fungible
If non-fungible means you can't change the data, then fungible is where you can alter the data. There are also semi-fungible tokens as well. When it comes to NFTs most are non-fungible, where coins are fungible because they change everyday.
Decentralization
Cryptocurrency was born out of the want to move away from centralized transactions like banks. Decentralization gives validation of the transaction to the public. Taking control away from any single person or entity further protecting the information. Technologies such as Web3 are bridging the gap between your browser and the decentralized nature of blockchain.
Asset Storage
To be truly decentralized your assets need to be stored not on a single centralized server, but thousands of decentralized nodes. Systems like IPFS create decentralized locations for assets to be stored and accessed. Again all publicly visible.
Security
Can't be stressed enough. Your wallet is full of your money. If you give in to temptation and give up your private key or mnemonic, it will be a very hard lesson to learn. Please. Please do all the research you can on security and be smart about what systems you connect to. There are tons of marketplaces and many more coins plus countless NFT projects out there wanting you to connect. Only connect your wallet to get access when needed or when making a transaction. Martian Bartender will never DM you asking for your private key or mnemonic for any reason. Giveaways have a way of trapping even the smartest people. Again. Never ever give out your keys to anyone. Know what you are connecting to. Review the transaction before confirming. Verify the transaction. Verify your wallet.
Minting
When you are ready to go get a NFT on a launch or drop then you can be in on the mint. Usually a randomly selected token is created by the user clicking the MINT button. Address and ETH change hands and TOKEN is sent to Address as owner. Price and amount allowed to be minted at once up to developer and smart contract. After tokens have been minted and revealed they are visible on markets such as OPEN SEA and can be traded from there.
Drops and Secondary Markets
Minting drops can happen all at once where the community is jumping in and minting the tokens. Other projects mint all the tokens themselves so they can have control of how they are dropped and distributed. Almost all projects go then to a secondary market where the trading happens and the project will usually receive a royalty for the sale plus the market fee. Royalties of 10% are common with markets like Open Sea taking 2.5% of the transaction.
There are trading platforms that will forego the royalty and make the trade for a lesser fee which you can use, but I believe these hurt the entire industry. Royalties are there to do good in most cases and make the company grow along with your token and community.
Crypto Terms
Tokens
ERC-20, ERC-721, ERC-1155 are most common. ERC-20 is the ETH coin token. ERC-721 is the standard for NFTs. ERC-1155 is the standard for multi-token NFTs such as games.
Smart Contract
Code describing how ownership and token information is stored and displayed in the blockchain.
Wallet
Wallet - a digital wallet storing your cryptocurrency and nft tokens.
Network
Network - the blockchain network the transaction takes place on Ethereum Mainnet, Solona, Polygon, etc…
Testnet
Testnet - the blockchain for testing smart contracts.
Fungible
Fungible - asset information can be changed
NFT
Non Fungible Token, the token information cannot be altered, only the ownership
Decentralized
Cryptocurrency was born out of the want to move away from centralized transactions like banks. Decentralization gives validation of the transaction to the public. Taking control away from any single person or entity further protecting the information.
dApp
A decentralized application. Using the blockchain as their database of transactions
Hot Wallet
Private keys are managed by an extension in the browser such as metamask.
Cold Wallet
Private keys are held offline on a usb drive or keycard and inserted only at time of transaction.
Mint
Purchasing and creating a token from a smart contract.
Gas
How much compute power it costs to change an item or make a transaction on the blockchain.
Mneumonic
12 word passphrase that unlocks all access to a user's wallet. Never give this out to anyone. Ever.