The NFT thing and “How to’s”.
Believe or not the world has become such an interesting place to live today and I know it sounds weird to hear this from a 20 year old college student but believe me its true.
Everybody knows there is a lot of ways to make passive income from different fields on internet without college degree or any kind of validation today and “NFT” is just one of them.
So, what is NFT’s then?
NFT , is a digital asset that can represent anything such as music , tweet ,a photograph or an artwork in a jpeg form or a physical asset.NFT stands for ‘non-fungible token’. When something is fungible, like a dollar bill, it is equivalent to, and can thus be exchanged for, any other dollar bill. In contrast, a non-fungible token is a unique asset in digital form that cannot be exchanged for any other NFT. This means that every NFT is a ‘one-of-a-kind’ item. NFTs are transferred from onw owner to another using blockchain technology, which creates a digital trail from seller to buyer that verifies the transaction. This encodes the unique ownership rights to the buyer (new owner).NFTs became a popular investment in 2021, even though they’ve been around since 2014. As cryptocurrency investing exploded, so did the idea of taking certain digital assets and selling them to investors to buy online.Even various platforms like Instagram and Facebook(META) are preparing to step into NFT world .
The most common blockchain NFTs use Ethereum ERC-20 tokens. The ERC-20 token is what the blockchain uses to issue a smart contract on the Ethereum blockchain. NFTs can also be purchased with Polygon, Solana, and Polkadot cryptocurrency.NFTs have opened up a new door for artists, companies, and celebrities to monetize their assets. Artists are able to create a library of digital assets to market to a new wave of investors and collectors. Celebrities are creating assets that capitalized on their celebrity brand identity. Some NFTs are selling for thousands, even millions of dollars.
How to invest in NFT ?
Buying NFTs requires due diligence on the part of the investor or collector. You need to first find an NFT that you feel are going to grow in value and that you have an interest in investing. You can research NFTs by perusing the various marketplaces where they hold sales and auctions. You can also join NFT Discord and Telegram chats, so that you can learn what others are saying about existing NFTs and new releases.
You cannot buy an NFT without a cryptocurrency account. This means that you first need to purchase the cryptocurrency needed for the transaction through a brokerage company such as Coinbase (NASDAQ: COIN) or Robinhood (NASDAQ: HOOD) and then link the cryptocurrency wallet that stores your cryptocurrency to the marketplace on which you decide to make the NFT purchase. Such as ‘OpenSea.io’ marketplace.
Pay attention to release dates as you want to make sure that you are able to purchase the NFT. Some new releases with a lot of buzz may sell out very quickly.
How To Create an NFT ?
Firstly, you need to consider the subject and format of your NFT, it can be whether collectibles or one of a kind artwork of your own in jpeg form.
Second of all, you can create any type of NFT you want whether the limited edition that have limited availability or normal one which will be available for everyone to see.
https://opensea.io/, is a marketplace that you can create and sell your NFTs. Also the most famous one in the various platforms such as,
- “Rarible”
- “SuperRare”
- “Foundation”
- “MakersPlace”
The process is quite simple.
First, you will need to sign up for an account , authenticate your crypto wallet and install the extension (if you are using chrome) of your choice, one of which,
- MetaMask
- Coinbase
- WalletConnect
- FortMatic
Then you can go back to OpenSea and click on the “Create” button and upload your one of a kind Artwork or “Collectibles” that you created in appropriate form.And you are ready to mint your first NFT.
Then you will have to provide the details of your NFT and set the time in which the NFT will be minted.You can set the price for your NFT by selecting a price in $ETH.
And finally you are all set to create your first NFT. You have to wait until it is created and minted.After all of that you will see your NFT.
Important Tips before put your NFT on sale!
1-Build a community.
Many of the NFT owner/creators are using “Discord” servers for reaching potential clients in a way that building a community, before auctioning their NFT collection.
2-Share your link early.
Unfortunately, like every other thing on this planet nft has a price for the creator, of course. And this is called “gas fee”.Let me explain the situation like this, Imagine you are an artist in the physical world and you want to auction off your artworks. See what you need to open an exhibition, a gallery! and of course there is a price point for leasing a gallery. So we call this “gas fee” in virtual world.Let’s say you put your artworks up for auction for a couple of days, you need to pay certain amount of price for holding your collection in there.That is why share your release date and link early to your potential buyers (your community) on Discord,Twitter (many of the NFT people are using twitter as well for building a community)or Instagram, so that you don’t lose extra money.
3-Get set up early!
I know this is third but most important tip for this topic. In the digital world especially on NFT side the river flows so fast! And you have to keep up with it in a very short time or you can miss some fun. You have million information on internet to start something new use your time wisely and don’t procrastinate your earnings.And of course Get set up early!
Good Luck!
And also, you can check out my collection as well, if you want to support :)
