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You have probably heard of Beeple, an American digital artist who sold his NFT piece (a collage of digital images) and made USD 69 million at an auction. And there is similar news of an artwork sold at Christie’s auction house (the first example of an NFT artwork) for USD 131,250. All of it shows what NFTs (non-fungible tokens) can do to our lives.
And if you are searching for ways to create an NFT and begin trading? You’re at the right spot.
But NFTs are much more than just digital artwork and stories of people who made millions and billions out of this new trade.
First, NFT stands for Non-Fungible Token. Here, non-fungible refers to some entity that cannot be exchanged or interchanged. And by its definition, an NFT is an authentication certificate or a digital asset representing the objects in the real world. And by “Token,” we mean the interchangeable item. These items are the ones that you can trade online, such as art, music, collectibles, videos, in-game items, GIFs, etc.,
For example, years of the old tweet can be an NFT, too, like Jack Dorsey (the former CEO of Twitter) used his tweet as an NFT and made millions of US dollars.
To provide a secure ledger for its trade and preserve its uniqueness . Blockchain is the only technology that can do it safely, making it easy for anyone to buy and sell NFTs.
Remember, each token’s value may increase or decrease since it depends on the growth of the NFT market.
Again, making it easy for you to understand, a simple example of a non-fungible item can be a picture of a signed dollar (using unique color ink for the signature).
-No probability of making its copy.
-No other token can replace it.
-No two individuals can own the same NFT.
-It has a unique code, differentiating it from every other digital replica.
-It’s an authentication certificate that gives you its ultimate ownership.
-It can help people verify the right of a digital asset.
It’s a digital era, and an NFT’s purpose is simple — maintaining all digital assets’ uniqueness and authenticity through rightful ownership.
NFTs are those digital assets that are transferable and secured by a digital ledger based on blockchain technology called Ethereum or any other Crypto Cryptocurrencies that are most secure and highly protected by blockchain technology.
Remember, Cryptocurrencies are fungible assets.
Blockchain is a digital ledger or a system that tracks digital information using ultimate security. Neither you nor anyone can hack, change or cheat on such a system that stores all transactional details of your digital assets such as Cryptos, NFTs, etc., within a well-established network of thousands of computers connected worldwide.
NFTs are based on blockchain technology to verify the authenticity and ownership of each digital asset. And blockchain makes it easy to have the right to ownership of an NFT, fixed in a blockchain and making it highly secure.
NFTs relevancy comes from the fact that they allow you to tokenize digital assets – from artwork to real estate, i.e., make money out of anything that can be transformed into an NFT and start trading to make a ton of money just like that! However, it’s difficult as being said.
You can use NFTs to –
Minting an NFT refers to turning a digital file or asset into an NFT (i.e., making a digital file unique using available means and tools) on the Ethereum or similar blockchain. This NFT is stored on a decentralized database, making it possible to edit, modify, or delete. Yes! You can do it.
As mentioned before, people mostly use Ethereum to trade NFTs in the online space.Whatever you do with the blockchain from minting to trading NFTs will cost you a gas fee! This fee can vary depending on your needs.
Now , let's go step by step in the journey of NFT😁
Thorough research would give you a better understanding of available marketplaces online and allow you to find a valid one to sell your NFT.
List of Top NFT marketplaces:-
* Rarible and OpenSea use the “lazy minting” system, i.e., creating NFTs on such marketplaces without even losing your penny!
A crypto wallet is like a bank account that helps you store your NFTs and crypto assets that you create or buy. Besides holding your private keys, a crypto wallet keeps your crypto assets safe and accessible. Such wallets can be both physical and digital.
Here are some most popular crypto wallets:
Once you are over with the second step, it’s time to connect your crypto wallet to the desired marketplace.
For instance, if you’re selling or would want to sell your NFT on OpenSea, kindly visit their website and click “create.” It will redirect you to a new tab containing a list of all popular crypto wallets compatible with OpenSea. Once you have figured it all out, choose the crypto wallet you wish to connect with your OpenSea account. And that’s it! Your crypto wallet gets plugged into the OpenSea marketplace for NFT trading.
Finally, let’s get to the core part — creating your NFT. If done cleverly, it can change your life overnight.
So, to create an NFT on OpenSea, you canfollow the following steps –
Open any web browser and search for the website; OpenSea.
Then, go to → “My Collections” mentioned in the top right corner of your profile → Click on “Create a Collection.”
Now, fill in all the required details and upload the file you want to sell as an NFT. Here, you can select the file format, name your file, mention external links to your social media, and add a description.
Once you have created your first ever NFT for trade, then comes the next part, where you need to decide the price of your NFT so that you can sell it.
There are three basic strategies to set a price tag for your NFT:
Fixing the Price: Here, you give a fixed price for your NFT and put it out there for its sale.
Timed Auction: You can put up your NFT for auction. And the best part is — you’re allowed to decide the duration of your auction.
Bidding: Once you put up your NFT at the online marketplace, it will be open for people to start bidding on your NFT to buy it.
You know what minting is — turning your idea (digital art, etc.) into a digital asset called an NFT so that you can associate a price tag to it and sell it. And for this, initiate a digital wallet it will charge a gas fee to initialize your account.
So if you’re a novice user, you will need to pay for minting your NFT, else no need!
Once you’ve finished working on your pricing strategy for your NFT, then go ahead and list your NFT for sale on OpenSea by clicking the button “Complete Listing.”
You can only list your NFT after signing a few transactions using your crypto wallet. Once it’s over, you will see a screen announcing your NFT is now listed for sale 🎉
In experts’ views all around the globe, listing an NFT on OpenSea can cost you USD 200 — USD 450 if you’re a first-timer. It may seem high since this includes the gas fee you pay to record your NFT on a blockchain. This fee may vary from time to time .
Along with that, the NFTs’ sales are skyrocketing. Sales are up from around USD 41 million in 2018 to a jaw-dropping USD 44 billion and more in 2021. As an entrepreneur, it would be best to invest in NFTs as a creator or a service provider in this industry
🙋Am a self taught Digital Creator , Editor 💻 from India 🇮🇳 , as well as a Technologist and a COD Gamer 🎮. Interested in learning📒 new things always for keeping up with the trend .
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