We want to make it as easy as possible for you to start your journey in the Metaverse. This is why we offer the BaseMes for free. Except for transaction costs that are imposed by the network itself and that are only a few cents, your journey starts absolutely free of any risks.
NFTs is the abbreviation for ‘non-fungible tokens’. NFTs are unique (therefore ‘non-fungible’) digital representations of assets. Since they are based on immutable blockchains, as long as the respective blockchain exists, the NFT will exist and cannot be altered. Don’t mistake NFTs for JPEGs only. Rather, JPEGs are only the visible outer layer and the value of the more successful NFTs lies in representing physcial objects or embodying access passes to real world events or special communities. Think of those NFTs as some sort of membership card or loyalty program. But one that looks so cool that you glue it to your forehead, or that you can trade on NFT marketplaces and make money with it. Accordingly, your MetaMe is not only a very cool looking avatar. This is just the outer layer. Some stacks represent real world benefits and that’s where it get’s interesting. In the end, there’s no ‘Right Click Save As’ to those benefits as they are immutably bound to the holding of the respective NFT.
Congratulations! Once the NFT has been minted, meaning that the acquisition has been approved by the network and it is registered in the immutable record on the blockchain that you are the owner of the NFT, the BaseMe can be viewed by a third party application. This can be the MetaMask app, if you used the MetaMask app to acquire the NFT (please note that the browser extension does not support viewing the NFT at this time) or OpenSea once you connect your wallet to it. We provide more information on OpenSea below.
MetaMask is the most popular online wallet with over twenty one million monthly users in November 2021. As an online wallet, it allows you to interact with websites and blockchain applications. It is available as browser extensions and mobile apps. You can find a FAQ here: https://metamask.io/faqs/. For the MetaMeShop, we recommend you to use a browser extension as it is generally easier to use.
Transaction fees such as gas are fees that you pay to initiate a transaction on the blockchain. Transaction fees are necessary because of the decentralized concept of the blockchain: There is no central authority such as a bank that owns servers on which transactions are executed and that pays for the operation of the servers (the money for which, of course, in the end comes from their customers). Rather, everyone that initiates a transaction on the blockchain pays the decentralized miners a transaction fee to reward the validation of the blockchain as they need to carry out a number of activities to ensure that the network functions correctly. In general, those activities can be distinguished in proof of work or proof of stake concepts (or a combination thereof), which we won’t dive into now.
Since NFTs on blockchains are decentralized, the files associated with the NFTs should be store decentralized as well, no? We also think so, however, a lot of NFT projects don’t take this into consideration and store the files on their local server, creating the risk that the files are changed after you purchased the NFT. The MetaMeShop stores all files associated with the NFTs in a decentralized way using the InterPlanetary File System (IPFS). You can find more information on the IFPS under www.ifps.io.
Alpha derives from the hedge fund community and means outperformance of insiders. In respect of NFT projects it refers to early and smart information on a project. For instance, you could tell your friends about some information on the MetaMeShop as follows: “Here’s some alpha for you, there’s an upcoming airdrop in the MetaMeShop that has not been disclosed yet, might be smart, to buy a Genesis Pack now.”