Did you know that some creators sold Bored Ape’s digital asset for $3066? What? Yes. And they auctioned the entire Ape Yacht Club NFT collection for $210000.
Did you know the exciting side? The Bored Ape NFT alone was listed for $248000 for
resale. That’s a pretty good amount.
We are talking a lot about NFTs. But, what are these NFTs? Why would someone pay such a
hefty amount to purchase a digital art form of a monkey? So, how come Snoop Dogg NFT Whale With Collectibles Worth Over $17 Million?
Read this article until the end to learn about the viral fever of NFTs.
Table of Contents
What is NFT?
A Non-Fungible Token or NFT is a form of an irreplaceable digital asset providing a
certificate of ownership to its digital owner. How are these NFTs designed? NFTs are based
on a system of coding known as a blockchain. What is NFT | How To Create And Sell NFT (Non-Fungible Tokens)
NFTs work on a similar technology as Cryptocurrency. However, NFT has some distinct
properties, which makes it non-replaceable.
Did you know about the early history of NFTs? No? In 2012, a paper by Meni Rosenfield
introduced the concept of ‘Colored Coins,’ which was a bit similar to Bitcoin.
The idea behind ‘Colored Coin’ was to devise a new way of investing in tangible world assets via the ‘token’ element to make it unique.
In May 2014, Kevin McCoy, a digital artist, sold his first NFT, Quantum, on the Namecoin
Blockchain. Quantum is a distinct digital form of an octagon that typically changes its color
and transforms in a manner that resembles an octopus.
It was in 2017-2020 when NFTs gained prominence. However, non-Fungible Tokens and
Cryptocurrency have a promising future, and we call it the future of investment.
Features of NFTs:
- They are non-exchangeable and are based on blockchain technology.
- It is a form of digital asset collectively in art, music albums, hyperlinks, tweets, etc.
- Each NFT is distinct and hence, cannot be forged or allegedly replaced.
On the other hand, you can easily learn to earn money with different 5 ways to Monetize your Digital Art with NFT here.
How To Create NFT
Knowing the features of NFTs, there might be a question in your mind as to how you can create such non-fungible tokens sold at such high value. How to make NFT?
Well, before creating an NFT, you need a few things. The following are the requirements for
forming an NFT:
- A Crypto wallet: to begin with trading in NFTs, you need a crypto wallet as NFTs are
based on blockchain technology. - Crypto coins: You need a few coins to pay the initial fees and begin trading.
Ethereum is the most commonly used Cryptocurrency to trade in Non-Fungible
Tokens. - Some assets to sell: After creating an account and paying the fees, you must also
have some help to trade in the form of NFTs.
Trading a digital token is easy as it conducts an immediate transfer of ownership. Thus, to
create an NFT, you need to link your crypto wallet to an NFT trading application. Then, you need to set up an account, list yourself, and pay the initial transaction fees. You can then begin selling your assets and create a digital infrastructure to transfer ownership of your creatives.
There are a few websites that can help you trade freely as well. Likewise, a few websites
can help you with your crypto wallets. What are they? You can use Metamask and
Trust wallet to pave a more straightforward way to create a crypto wallet.
Furthermore, opting for a platform to strike your NFT is essential to creating a Non-Fungible Token. Therefore, it would be best if you always chose a forum or an interface you are familiar with. That will help you trade freely, and you won’t have to change it explicitly.
How to sell NFTs?
Non-Fungible Token allows a safe NFT marketplace for digital artisans to sell and promote
artwork. Furthermore, it provides the artists with royalty and hefty payments, which happen in natural form.
How do you sell NFT?
Follow these steps to create and sell NFT:
- Before starting to sell NFTs, you need to have a crypto wallet to make a transaction.
- Set Up the digital wallet to make and receive the payments.
- Add some crypto coins to your wallet.
- After that, you need to connect your crypto wallet to an NFT account.
- Sync your NFT file to sell. It can be GIF, PNG, JPEG, or MP3. MP4, hyperlinks, etc.
- Next, you need to develop an auction for your sale.
- After setting up the auction, put a clear description of your NFT.
- Now pay the basic fee to sell your NFT.
- And directly transfer the digital ownership of your item.
Should you invest in NFTs?
One of the biggest questions while studying the hot topic of NFTs is: should you invest in
NFTs? For example, did you know that with the advent of NFTs, people started virtual
purchasing land holdings?
But is it possible to purchase tangible assets virtually? Yes. Non-Fungible Tokens and
Cryptocurrency paved the way for recent developments in investment avenues.
Undoubtedly Non-Fungible Tokens are creating a hot buzz in the world of investment. It is a
safe digital avenue for investment via digital tokens. NFTs create a secure value for the
investors to put in their money. Moreover, it is a highly liquid investment via which you can
transfer ownership anywhere.
Above all, the investment in NFTs is likely to grow shortly. Because it has ample scope,
investment in Non-Fungible Tokens will gain prominence with digital currency regulation.
So, what are you waiting for? Invest in the best investment avenue and keep earning the
best revenue for your investment over the years.
There are numerous NFT marketplaces to invest in. You can go with OpenSea, Larva Labs/Crypto Punks, and Axie Marketplace. But, before entering the NFT marketplace, make a sustained choice of what kind of digital assets you wish to create, buy, and sell. Afterward, fund your pocket with the appropriate digital coins to work the best for you.
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