Cryptocurrencies have revolutionized the fintech space and the way transactions are carried out between individuals. Ethereum, Bitcoin, Dogecoin, and others have gained wide acceptance in the United States, India, Nigeria, and other major economies around the world.
Crypto and blockchain systems aren’t quite done when it comes to innovation. The non-fungible token (NFT) is the next step in the crypto space and has created another avenue for creators of digital assets such as works of art, songs and the like to exchange their work and gain recognition from Their efforts.
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What are Non-fungible (NFT) tokens
Non-fungible tokens (NFT) are works of art recorded on the blockchain.
Anything can be an NFT, really, as long as the digital version can be uploaded to the blockchain. The excitement has been that NFTs are a way to sell digital art, but tokens can also be music, video clips, and seemingly virtual kittens, we’ll get to kittens later.
A token is non-fungible if there is only one. An original painting by Leonardo da Vinci is non-fungible because there is only one original. Bitcoin, Ether, and 5 sets of the same fabric are fungible because there is no original. 1 bitcoin can be exchanged for another, ditto with Ether and any of the clothes from the previously mentioned set.
Since the tokens are all virtual, they can be sold to anyone on the blockchain from anywhere in the world.
How do you hit the NFTs?
Now on to the most interesting part, how to create an NFT?
NFTs can be issued on many blockchains, but the Ethereum blockchain is the most popular right now. Other blockchains used by NFT artists include Cardano, Polkadot, Bitcoin Cash, Binance Smart Chain, EOS, Tron, Flow, WAX, Tezos, and Cosmos.
The ethereum blockchain is where the majority of NFT action takes place, so in this article I will be referring to this blockchain as well. The first step is to have a crypto wallet in which you can store ether. Since you are working with the ethereum blockchain, all necessary payments will be made using ether.
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Then you will need a non-custodial wallet to store your minted tokens. A portfolio is non-custodial if it is not in the custody of another company. For this wallet class, you can create one with MetaMask or Trustwallet.
Since a non-custodial wallet is not anchored by any company, your secret key is your responsibility. Losing it will mean losing your assets forever, unless you get them back.
Once your wallet is in place, the next step is to hit your chips. There are a number of platforms that can be used for this, including Rare, Opensea and Monnayable.
Here’s how to use Opensea
Of open sea, select the “create” option and connect your MetaMask wallet. Opensea does not support Trustwallet and only accepts Authereum, BitSki, Fortmatic and a few others. The typing platform will tell you how to connect your wallet and ‘sign in’ to complete the process of connecting your wallet to Opensea.
Tokens are created in collections on Opensea, so you need to create a new one on the My Collections page. You can then add multiple non-fungible tokens to your collection. To add a token, open the collection and modify it by selecting the “Add a new item” option.
Type the name, external links, and the correct properties for the token you are creating.
Finally, download the high quality file of the digital artwork that you render in NFT format. Once this step is completed, you have successfully created your own NFT and can proceed to sell it.
To sell your NFT, you can set a price, auction it, or bundle it with other NFTs to sell it all at once. The price can be set in ETH (ether), DAI, or USDC. DAI and USDC are stablecoins that are always worth one dollar, that is, 1 DAI = 1 USDC = $ 1.
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Here’s how to use Mintable
Like Opensea, Mintable is another online typing app that lets you create your own NFT. Of redeemable, create an account and choose the option “start selling”.
You can either create a new article or add NFTs if you already have them in your portfolio. For each new NFT to be created, details such as the list title, the list subtitle, and a description of the content.
NFTs can be created from GIFs, images, audio files, video files, documents, domain names, virtual worlds and lands, etc. Once created, tokens can be listed on any of the NFT marketplaces including Opensea, Mintable, collectables.io, Cryptopunks, and Si rare.
Steps at a glance
- Prepare your design or digital work
- Put together an ether wallet with ether of course
- Configure your non-custodial portfolio
- Create an account with Mintable, Opensea or another typing platform for NFTs
- Upload your digital asset and set prices and other details
- Seriously, that’s it.
The concept of NFT is that it is a unique work owned by someone. When sold to someone else, other copies can be minted and sold. This means that the token will not be non-fungible, as duplicates exist, however, the original copy of it can only be owned by one person on the blockchain.
Once the NFT is sold, the new owner is registered on the blockchain with the details of all transactions relating to that NFT.
Fees and charges …
Some NFT keystrokes will charge you a “gas” fee per token you create. Opensea only invoices gas costs on the first NFT created allows you to let buyers of your NFT pay the costs of the next token. Fees can range from $ 2 to $ 32 and more.
NFTs are gaining momentum, and big tech is in the middle, of course. Crypto.com has just announced the launch of its NFT platform dedicated to delivering unique content from popular artists, musicians, athletes and sports. Works by people like Lionel Richie, Aston Martin, Snoop Dogg and others will be available on the platform.
Twitter CEO Jack Dorsey auctioned off his first tweet as an NFT on a Valuables by Cent website to the highest bidder for $ 2.9 million. It was bought by Malaysian businessman Sina Estavi and the proceeds will be donated to charity, according to Dorsey.
Do you remember the kittens? Yeah, well, a game called cryptokitties allows users to buy and sell virtual kittens as an NFT. In 2018, someone on the blockchain bought one of the kittens for $ 170,000.
In Nigeria, the wave is also spreading. Digital artist James Osinachi creates designs and auctions hemlines on websites where people bid in the ether. His designs currently sell for almost 20 ETH per piece, with his highest sale to date being 20 ETH for the artwork, Resignation.
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