In recent years, non-fungible tokens (NFTs) have become a popular topic in the cryptocurrency world. NFTs offer a unique and exciting way to create digital collectables that can be traded or used in games and applications. If you’re new to the world of NFTs, don’t worry! This blog post will introduce you to what NFTs are and how you can create your own. We’ll also discuss some of the best ways to sell your NFT creations to interested buyers.
So whether you’re a seasoned veteran or just starting, this blog post aims to give you a better understanding of the world of digital assets.
What is an ‘NFT’?
So what the hell is an NFT? Well, it stands for non-fungible token. In the blockchain technology world, a fungible asset is something like Bitcoin, which can be divided into smaller units and exchanged for other assets of the same value. A non-fungible asset, on the other hand, is unique and cannot be divided or exchanged for other assets of the same value. So an NFT is a digital asset stored on a blockchain and is unique and not interchangeable with other assets.
Some examples of NFTs include digital art, music files, and in-game items. These assets can be bought, sold, or traded like any other asset, but they hold a certain amount of value to the owner because they are unique.
The unique nature of NFTs also helps to prove ownership. Because each asset is stored on the blockchain and is linked to a public address, it can be tracked and verified that the asset belongs to the holder. This is especially useful for digital artwork, as it can be used to prove authenticity and ownership.
In the world of Web.3, NFTs are king!
What makes an NFT valuable?
It’s tough to say what makes one NFT more valuable than another. It depends on what the market is willing to pay for it. Like with any other asset, there are a lot of factors that can affect the price of an NFT.
The creator’s reputation, the popularity of the work, the buzz around it, and even the timing of the sale can all play a role in how much an NFT goes for. So it’s really up to the market to decide what an NFT is worth.
That said, a few things can help make an NFT more valuable. If it’s part of a limited edition, or if it has some utility attached to it, those things can help increase its value.
NFT artists use Instagram and Twitter to promote their work and create a community. By sharing their work on social media, they can reach a larger audience and connect with other artists. Additionally, they can use hashtags to connect with people interested in the same topics.
As a result, they can build a following of people who appreciate their work and are more likely to purchase their art. Furthermore, by creating a community on social media, NFT artists can provide support and feedback to each other, leading to better art overall. Building a strong community and following via social media creates further demand for your work.
Examples of the most popular NFT collections on Opensea
Bored Ape Yacht Club is one of the most popular NFT collections. The collection includes a variety of animals, including apes, monkeys, and tigers. Bored Ape Yacht Club is known for its unique designs and beautiful colours. Bored apes are now commonly used as people’s profile picture on social media.
Crypto punks are another popular NFT collection. The collection includes a variety of punk-themed characters, including a skull-faced punk, a mohawk-wearing punk, and a punk rocker. Crypto punks are known for their edgy designs and dark colours.
Mutant Ape Yacht Club is the third most popular NFT collection. The collection includes a variety of mutated animals, including apes, monkeys, and tigers.
How and where can I buy NFTs?
Firstly, you will need to create a digital wallet. Two of the most popular wallets to purchase NFTs are MetaMask and a Coinbase wallet.
A MetaMask wallet is a digital wallet that allows you to store, send, and receive cryptocurrency. MetaMask also enables you to access decentralized applications (dapps) on the Ethereum blockchain. To use MetaMask, you need to install the MetaMask browser extension on your web browser. Once you have installed the browser extension, you can create a MetaMask account and add Ethereum to your MetaMask wallet.
Coinbase is a digital currency exchange that allows you to buy, sell, and trade cryptocurrencies. Coinbase also has a crypto wallet that will enable you to store your cryptocurrencies. You can use Coinbase to buy, sell, and trade Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. Coinbase also has an NFT marketplace where you can buy, sell and trade NFTs.
Once you have a digital wallet, you can purchase NFTs on various NFT popular marketplaces. The most popular NFT exchanges are Opensea, Nifty Gateway and Rareable, which all have NFT listings.
How can I create my first NFT?
You can create and mint your first NFT out of anything you want. All you need is a file of what you want to mint (Jpeg, Gif, MOV, MP3 etc.), and you’re good to go.
Minting an NFT is simple: you pay a small fee (called a “gas fee”) to mint the NFT. After that, the NFT is yours, and you can do whatever you want with it. Sell it, trade it, or keep it forever. It’s up to you. The only limit is your imagination.
So if you’re interested in minting your first NFT, here’s a quick guide on how to do it.
First, you’ll need to find a minting service that supports the type of file you want to use (such as the Opensea marketplace). Second, you’ll need to create an account on the minting service and deposit some Ethereum into your account.
Finally, you’ll need to upload the file you want to mint and pay the gas fee.
After that, your NFT will be created and added to the minting service’s blockchain. You can then sell or trade it on various NFT exchanges.
A quick word related to Ethereum and the high gas fees
The Ethereum blockchain has become the go-to platform for minting non-fungible tokens (NFTs). However, minting NFTs on Ethereum comes with a high gas fee. When you mint an NFT, you have to pay a gas fee to mint it.
Paying gas fees associated with minting NFTs can be pretty high, sometimes costing upwards of $100. This can deter many people who want to mint their own NFTs. However, there are ways to mint NFTs without paying high gas fees. You can use an alternative blockchain such as Polygon, which lowers fees paid when minting.
How can I sell an NFT?
If you’re looking to sell an NFT, a few different options are available to you. One option is to sell your NFT on an online marketplace. There are several other NFT marketplaces that you can choose from, and each one has its own rules and regulations.
You’ll need to create an account on the marketplace and list your NFT for sale. Some more popular NFT marketplaces include OpenSea, Rarible, and Super Rare. Once someone purchases your NFT, the marketplace will handle the transaction and transfer the funds to you.
Another option is to sell your NFT directly to a buyer. This can be done by creating your own NFT website, online forums, or chat groups to buy and sell NFTs. You’ll need to find a buyer interested in your NFT, agree on a price, and then complete the transaction. Alternatively, you could create your own website to sell your NFT collection through.
A smart contract is a fixed price contract associated with an NFT that automatically pays out royalties to the creator based on sales. The minimum price and royalty percentage can be specified in advance, making it a great way to ensure that you are fairly compensated for your work.
When minting your NFT via a trusted marketplace such as Opensea, you will have access to set up the smart contract associated with your NFT artwork.
When creating a smart contract, you will need to specify the address of the NFT that it is associated with. This will ensure that the contract is only triggered when the NFT is sold. The smart contract should also include the creator’s address so that they can receive their royalties.
Finally, you will need to specify the minimum price and royalty percentage you are willing to accept. Once the contract is created, it will remain active until the NFT is sold or you decide to terminate it.
In this post, we’ve introduced you to the world of NFTs. We’ve explained what they are, how to create them, and the different ways that you can sell them. We hope that this gives you a better understanding of what NFTs are and how they can be used.
If you’re looking for a more in-depth look at creating and selling NFTs, contact us to discuss your project.