Questions about Ethereum and blockchain technology

What are NFTs?

NFT stands for ‘non-fungible token’. They are unique bits of data that are stored on a blockchain and that are not interchangeable. Similar, in a way, to how LTDs are unique and all have their own number in Habbo.

 

The key advantage of NFTs is that they can be used to track ownership of digital items. That is, with NFTs you can actually own digital art, collectibles or any other type of digital item. In addition, there cannot be two identical NFT objects; all NFTs must be unique. Sometimes NFTs are also used as keys to exclusive chat groups and even games. And it’s widely expected that there will be more and more new applications that utilise NFTs in the coming months and years.

 

A lot of NFTs – most of them at this stage, actually – are part of the Ethereum blockchain. A blockchain is a specific type of database, one that differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together. The data isn’t stored on a central database, it’s stored on many different machines in an almost unhackable, decentralised manner.



What will the Habbo Avatar NFTs look like?

The NFTs we will release are unique, randomly generated avatars. One way to see them is as bits of digital Habbo merchandise. In the same way as if you bought a Habbo T Shirt in real life, you own that T Shirt. The only way someone else can own the T Shirt is if you sell it to them or give it to them. In the same way, Ethereum and blockchain technology in general ensures that you have total ownership and control over the digital items, or NFTs you buy. This exclusivity is what makes NFTs valuable as a product.

 

We’re investigating the possibility of making the Habbo Avatars available to use by their owners inside the game as avatar ‘skins’. To find out more about this, read our FAQ about NFT Habbo avatars.



What is Ethereum?

Ethereum is a popular form of cryptocurrency, and it differs from others because it allows for more than just the exchange of the currency itself. Ethereum also allows for the storage of special metadata and identification codes that make it possible to distinguish between each NFT, making them entirely unique and almost impossible to fake or hack.



Will I need Ethereum in order to purchase one one of the Habbo Avatar NFTs?

Yes, the avatars will be purchasable from a new, purpose-built ‘Habbo Avatars’ website. To buy one, as well as the right amount of Ethereum (yet to be decided), people will also need a crypto wallet called MetaMask.



How do I get Ethereum?

Ethereum is available from a number of different places on the internet. However, we strongly advise that unless you know what you are doing, you have an existing crypto wallet that you are comfortable using, and you know the risks associated with cryptocurrency and the tendency of its value to fluctuate, you do not try to purchase Ethereum.



How do people get a crypto wallet?

Crypto wallets are free – there are many different types available. The one that’s needed to buy NFTs from our upcoming website is called MetaMask. One very important thing to note is that we will never ever ask for your MetaMask password or the seed phrase. It is crucial that you will never give that information to anyone or store it digitally anywhere that can be seen by others, particularly on the internet.



Why can’t I just buy one of the Habbo Avatars with real money? I don’t want to have to buy Ethereum to buy one.

The Habbo Avatar NFTs we intend to make available are part of the Ethereum blockchain. This means that buyers need to use Ethereum to claim ownership of the avatars we will be releasing. 



How much will the Habbo Avatars cost in Ethereum and in real money terms?

It is yet to be decided how much they will cost in Ethereum.

 

Once the price is decided, there are a number of very good websites that provide accurate and up to date information about how much money Ethereum costs in a number of different currencies. Ethereum’s value fluctuates a lot so it’s impossible to know the specific, real money cost of the Habbo Avatars.



Can I buy one of the Habbo Avatars from the secondary market?

Yes, you’ll be able to find avatars that owners are selling, for example, on OpenSea.

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