A Must-Read Guide to Everything NFT

When they popped onto the scene, NFTs were quite like crypto. Not everyone knew what they were about, but everyone had heard of them and had some idea that they were valuable. A lot of people hopped onto the train. While many people would remember them as the avatar of an ape, there’s a lot more to it. Not only are they valuable commodities, but they’re a rabbit hole into an exciting market that’s given more power to artists while providing a great way of making money for the average person. Here’s everything to know about NFTs. What’s an NFT? NFT stands for non-fungible token. It links to various digital or bodily objects on the blockchain, acting as proof of purchase and possession of the object. NFTs can be used for images, music, videos, and more. They can also be used for various bodily properties like a car, a yacht, or more. Essentially, NFTs allow you to make, buy and even market some products through a verifiable method on the blockchain. How NFTs Work Here’s how NFTs are made and promoted: Picking an asset for promoting as the NFT. Adding the item to the blockchain through minting creates the NFT. The NFT is now proof of possession of the item, representing the material on the blockchain. You can either keep the NFT, sell it, or trade it for other NFTs in an auction or in a marketplace for NFTs. Buying and Selling an NFT Getting A Crypto Wallet A crypto wallet is a device or software that you can use for keeping and transferring digital assets. You have hardware and software wallets. The former is recommended for keeping more valuable assets, while software wallets are great for minting and short-term trades. Software wallets are computer programs you keep on your device, connected to the internet, making them more vulnerable and less secure. Cold wallets or hardware wallets are similar to hard drives and USBs for storing data from your PC. It’s common for people to use it for storing crypto and NFTs. Considering they’re isolated from the internet, they’re much safer than software wallets. Head to a Marketplace Now, the question is whether you want to mint an NFT and have it up for auction or whether you want to mint multiple with different pricing. For the latter, most people tend to head to OpenSea, LooksRare, and Rarible. If you plan to mint 1/1 NFTs, head on over to sites like SuperRare, Foundation, and Zora are your best bet. You need to pay a bit for minting, requiring you to pay a gas fee or transaction cost for minting. Do your research about royalty costs. Minting an NFT New NFTs are made through “minting.”  It allows you to associate a set of data, which is the NTF, with an object. Ensure that you have the copyright and intellectual property rights of the item you mint. You have to upload the file on the marketplace of your choice, to associate with [...]

By |September 8, 2022|Illustration|

What is an NFT? NFTs Explained

Non-fungible token (NFT) is a term you might hear on the news, social media or when someone from the crypto scene talks to you. But what is an NFT? It’s nothing complicated, and actually, non-fungible tokens are just another way to describe digital assets. But no matter what you call them, they do share some common ground as well as points that set them apart. […]