If you've read anything about bitcoin or cryptocurrencies, you may be familiar with non-fungible tokens (NFT). But what are NFTs exactly?
NFTs are essentially tokens created on a blockchain like Ethereum that confirm the assured ownership of special digital assets. Being the owner of the copyright for a digital work is comparable to being the owner of the copyright for a physical object.
For instance, if you were to purchase an original canvas painting done by a well-known author, you would get a receipt for the purchase as well as a statement from the artist attesting to its authenticity. If any further copies were offered for sale, they would be duplicates of the original and would be worth less than the original. NFTs operate similarly, but solely with digital goods.
The very first tweet to be published on Twitter is among the greatest illustrations of an NFT. Jack Dorsey, the CEO of Twitter, sold the tweet via NFT for $2.9 million. Sounds absurd, huh?
Although it may seem impossible, digital assets and NFTs are becoming more and more common. You may benefit from them as well by purchasing or promoting digital assets.
The most popular NFT sold in November 2021, according to OpenSea, a marketplace for buying and selling NFTs, was CryptoPunks, which are 24x24 8-bit-style pixel art pictures of misfit males and ladies, each one unique.
Here’s an example:
It's absurd to believe that these works of 8-bit digital art could sell in large quantities, but the fact is that there are collectors out there who are buying up the whole archive of CryptoPunk images. The scarcity of some NFTs is one of the factors contributing to their high demand. One copy of a digital item may be all that the creator sells. Others have a finite quantity and are therefore collectible goods.
10,000 CryptoPunks are still available as of the time of this writing, but once more, collectors are snapping them up as rapidly as they can.
Another well-liked collection of 10,000 distinctive avatars in digital art that people are purchasing is Bored Ape Yacht Club.
NFTs, however, are much more than just works of art. NBA Top Shot offers officially licensed films from the NBA and WNBA of some of basketball's most memorable moments. For instance, a top-notch film of Lebron James's on-court actions during the LA Lakers' game versus the Toronto Raptors on August 1, 2020, is available for purchase. Or the clip of Detroit Pistons' Derrick Rose scoring the decisive basket against the New Orleans Pelicans in 2019.
The memorabilia owned by William Shatner is another excellent illustration of an NFT. A collection of the well-known actor's personal items, gathered over the course of his 60-year career, was just made public. Within 10 minutes of making this collection of pictures available for purchase, he had already sold 120,000 NFTs. Imagine how wonderful it would be to have a copy of these images.
NFTs are being used by certain artists and performers to sell merchandise, premium concert tickets, and other things.
As you can see, NFTs may be used to represent a wide range of things, including sports, event tickets, domain names, collectibles, trading cards, music, and much more.
Using the use of a cryptocurrency wallet app like MetaMask.io, NFTs are purchased with digital currencies. You may purchase, store, transmit, and exchange tokens using MetaMask, which functions as a middleman. You may buy NFTs with it by connecting to blockchain-based applications.
So far, we've mostly discussed what NFTs are and the many kinds of products you can buy. Let's now discuss how to build digital assets that can be sold as NFTs.
You may produce digital goods to sell to collectors, other digital creators, and more if you are an artist, graphic designer, musician, marketer, or basically anybody else. You can receive royalties for copies of your artwork or other works in addition to the original.
It's all about scarcity, as we said before, so you may decide whether to sell the original digital content or just a few copies of it.
The procedures are the same no matter what you intend to produce and sell as an NFT. They are described below.
Creating & Selling NFTs
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Produce the item you intend to sell an NFT for. Digital images, digital artwork, collectibles, music, video, virtual reality objects, etc. are all examples of this.
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Invest in cryptocurrencies. With this money, you will pay the "gas fee" necessary to "mint" (create) an NFT of your work. You may accomplish this in a number of places, but for the sake of this post, we're utilizing the Ethereum blockchain. We won't declare the price of Ether (ETH), the cryptocurrency used by Ethereum, because it is subject to change. Tomorrow's price may be different.
You'll need a digital wallet in order to purchase Ether. You are guided on how to achieve it in Step 3.
- Establish a virtual wallet. In this pack, we'll focus on MetaMask as it has already been highlighted and is highly recommended. So, visit MetaMask.io and download the application—either as a mobile app or a browser extension, depending on which you choose to use. Although we personally prefer the browser extension because we have a larger viewing area, the decision is ultimately yours.
A new wallet and seed phrase must be made, as instructed. Accept the conditions by clicking "yes" to confirm. Password-protect your account and go through the security checks. Your account has been created at this time.
You'll need to add some money (ETH) to your wallet after you've set it up. Simply choose "Buy" then "Buy ETH with Wyre" to do this. After that, you'll be sent to a site where you may purchase Ethereum using either an Apple Pay or debit card.
- In order to mint and sell your NFT, you will next need to connect to a marketplace. There are many different markets available. To assist you, we've provided a list of resources in this post. However, we are utilizing OpenSea for our needs because many people who purchase and trade NFTs strongly suggest it.
When you have your wallet, select My Profile from the OpenSea icon. Sign in and adhere to the prompts in your wallet.
After that, select Create > My Collections > Create New Collection. For your collection, give it a name, and a description, and upload it.
After that, click New Item and proceed as directed. A supplementary walk-through page on how to complete everything has been produced.
You will be obliged to pay the gas price we stated earlier when you publish your first listing. For your wallet, this charge generates a personal trade smart contract that enables you to receive money. No matter how many products you want to sell, you simply need to pay the one gas fee. If you request payment in a currency other than ETH, there is only one exemption to this rule. If so, you could also have to pay a minor gas cost the first time.
That’s the basics of selling digital assets as NFTs.
Buying NFTs
Buying works very similarly again you just need to have a wallet and add funds to it. After connecting to the marketplace of your choosing, you would look for NTFS to purchase.
NFTs can be obtained for nothing, for a little fee, or for thousands of dollars. Some are offered for sale via auction, while others have a predetermined price and a "buy now" option.
Even though the item is free, you could still have to pay a gas cost for the transaction. These costs vary according to how active the marketplace network is.
It's always a good idea to make sure you have enough ETH or money in your wallet to pay the price of the item and the fees before you decide to make a purchase so you can act swiftly if you come across a rare item.
You may use your cryptocurrency wallet to access the NFT once you've made a purchase. It will remain there until you decide to sell it.
Final Thoughts
Now that you know what NFTs are and how they operate, you may plan, produce, acquire, and trade Non-Fungible Tokens using the tools and resources we've given.
Remember that after setting up your NFT, you still need to promote it to get people to see it, just as with any other product you would want to sell. Yes, people will browse the market, but to reach as many people as you can, you must advertise your NFTs elsewhere.
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