Non-fungible tokens or NFTs have quickly made their way to the top of numerous Ethereum based blockchains. Certainly, the cryptology behind NFTs may be tricky. However, prospering off NFTs really isn’t that difficult!
For young digital artists today, this is an incredibly exciting time. For years, digital art has proven extremely difficult to monetize, but now with NFTs nearing mainstream adoption, there’s a whole new market for collectible art. Even better for the artists, NFTs also have a “royalty” feature, whereby the artist earns a fee every time one of their works changes hands.
With that in mind, let’s dive into some of the most frequently asked questions and try to shed light on what it really takes to start minting and selling your own NFTs.
What are NFTs?
As we already know NFTs or Non-fungible tokens have building blocks similar to that of cryptocurrencies like Bitcoin or Ethereum. However, one must not confuse them for the same. While cryptocurrency can be exchanged and is equal to another from the same group, NFTs on the other are uniqure from one another. Each NFT has a unique digital signature thus making it impossible to exchange for another NFT item. Hence, while the more common cryptocurrency is fungible, NFTs as the name states are not.
NFTs are usually held on the underlying process of cryptocurrency, widely known as blockchains. More specifically, NFTs are generally exchanged using Ethereum which records transactions being distributed on the public ledger. Adding on to this, NFTs are essentially exclusive, their unique digital signatures give the owner an exclusive right. And yes, NFTs have a singular owner at a given time. NFTs also allow their owners to store any particular and specific information within them, thus marking how exclusive NFTs are. Thus NFTs are mostly elevated forms of tokens allowing the owner to store anything and not just pay it off as currency.
How to mint NFTs?
One must start by knowing the fact that there are a lot of blockchains other than Ethereum that can mint NFTs. There is plenty of available documentations and numerous applications that might help a person with very little or zero knowledge regarding blockchain coding.
Some of the the most widly used NFT marketplaces today to mint your NFTs include:
OpenSea: This probably remains to be one of the largest marketplaces for NFTs. OpenSea allows any individual to mint their required NFTs in just a matter of time. However, one must have access to a blockchain wallet like Metamask to make full use of this platform. It allows the usage of multiple other blockchain wallets like Coinbase, Trust, Argent, and others.
Rarible: Quite similar to Opensea, Rarible also plays a vital role in blockchain digital transformation which is rather token-based. Rarible also allows you to resale your NFTs. You can mint your NFT and put it up for auction or sale where you get several bidders interested in your piece. Rarible use a minimal token fee in Ethereum ( although, the fees might vary depending on the ETH fees to make a suitable interaction with the application’s contract) and allows you to perform your job in as little as fifteen minutes.
Nifty Gateway: This is yet another source allowing you to mint your NFTs using the authentic and unique digital creation you possess. Every creation in here is authentic and has the digital signature of the creator. Nifty Gateway is an exclusive NFT platform that has taken the blockchain world by storm. The platform blends crypto-technology and collectible artwork to create a rich suite of high-value, tradable assets, bringing a world of new investment potential.
Mintable: This is where you can mint or sell your NFTs. You might mint one at a time or use your existing NFTs available in your wallet.
Binance NFT Marketplace: Binance has just announced that they will be launching their own NFT marketplace in June. The new marketplace will bring together artists, creators, and crypto enthusiasts from around the world.
You can use various currencies to buy NFTs. NBA Top Shot, for example, lets you buy them with a credit card. however, other platforms require you to buy using some form of cryptocurrency.
How to sell NFTs?
Now that we have covered where to mint NFTs, this might be your time to get to know how to make some money off these NFTs. Well, one can sell any number of NFTs that they have reserved in their collection. Although the marketplaces mentioned above each have their own promotional tools, for the most part they all follow the same principales. Once you locate the NFT from your collection that you want to sell, you would want to select the item. As you select the particular NFT you want to sell, the sell option appears. On selecting this option you are mostly redirected to the final page where you describe the conditions ad terms for your NFT and put pricing on it.
The most common marketplaces continue to be ERC-20 and Opensea. ERC-20 or Ether is where you get to manage your NFTs while you sell them. On the other hand, Opensea offers you a certain Royalty Fee which provides you with a commission every time your authentic or original NFT gets sold.
With the noticeable and rapidly increasing demand for the fairly new concept of Non-fungible tokens, we believe this might be considered a good catch in recent times. Big companies and personalities continue to invest in the idea of NFTs. This is also used as a token for the implementation of numerous blockchain solutions.
With that, we feel that we have helped you get a better understanding of NFTs which might, in turn, help you process your potential ideas better.