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What is NFT? All You Need to Know

What is NFT

People have started to buy and trade images on the internet. Yes, you read that right! No, they are not crazy! So, why are they doing that? Well, it’s all because of the latest cryptocurrency trend called the NFT. You may have heard of the term. It’s because this phenomenon has become extremely popular among people. And everyone, including music artists like Eminem, Justin Bieber, and Steve Aoki have all become a part of this trend. In fact, the Academy Award-winning rapper Eminem recently purchased a Bored Ape Yacht Club for over $400k.

There’s no doubt that NFTs have taken the world by storm. And it’s anyone’s guess how big this trend will become in the future. However, there are still some people who don’t know about this concept. If you are one of them, this guide is for you. So, read on!

nft

What Is NFT?

People are making a lot of money with NFTs. But what is an NFT? Well, they are cryptographic assets on the blockchain that have unique metadata and identification codes that distinguish them from the others. They can not be exchanged or traded at equivalency like cryptocurrencies.

An NFT has different use cases. For example, they can be used to represent physical assets like artwork and real estate. They can also be used to connect artists with people. Moreover, they can simply transaction, eliminate intermediaries and create new markets.

What Does NFT Stand For?

NFT is an abbreviation for Non-Fungible Tokens. The majority of their market is centered around collectibles like sports cards and digital artwork. Considering how this trend was picking up popularity, a new platform emerged called the NBA Top Shot, where fans of the sport can get non-fungible tokenized NBA moments in the form of a digital card. You won’t believe that some of these cards have been sold for millions of dollars.

Understanding the Concept

Cryptocurrency works like physical money. It’s fungible. Hence, it can be exchanged or traded. For example, one Bitcoin or Ethereum is always going to be equal to another unit of Bitcoin or Ethereum. This is what makes crypto a safe medium for transactions. However, NFT changed this. How? Well, it happened because each token is irreplaceable and unique. This makes it impossible for one token to have the same value as another. In addition, they are extensible! This means that you can combine or “breed” two NFTs together to make a third one that will be totally unique.

What Is NFT Art?

NFT is a digital representation of an asset. And this asset can be art as well! This token that you get will be like having a certificate of authenticity. Plus, it will be recorded on a blockchain. You will get these tokens in the form of a jpeg.

The NFT craze began when two projects went mainstream, and they are none other than Crypto Punks and BAYC. Both of them were launched in the batch of 10,000.and then people started to trade them as collectibles.

Also, you should know that an NFT can easily be minted or registered on the blockchain. It can be anything from random characters from different games that you like to an image of fruits and vegetables.

How to Create NFT Art?

Creating an NFT art can be a complicated process if you are not familiar with how blockchain works. Also, if you don’t have any graphic designing experience and have never worked with Adobe tools like Photoshop, the process can become even tougher. But if you are familiar with both of those things, here’s what you got to do:

  • Think about the concept of your project
  • Choose the platform. It can either be OpenSea (Ethereum), MagicEden (Solana), or CNFT (Cardano).
  • Build a strong community
  • Create your artwork
  • Decide the supply
  • Launch the project

Following these five steps perfectly will allow you to sell your collection of NFTs to the public. Also, keep in mind that building a community is not simple. This is a step where you will have to focus on marketing. You should be active on both Twitter and Discord.

Plus, when it comes to the concept, you can think of something creative. For instance, if you are offering an internet service, you can create an NFT to market your business by building text art that says Fastest Internet Speeds in the World in different yet catchy styles and colors. It’s just an idea!

How to Buy NFT Art?

Buying an NFT is super simple. All you have to do is visit the secondary market and purchase an item(s) of a particular project that you are interested in the most. There are different marketplaces of each and every blockchain. For instance, Ethereum has its own secondary market called OpenSea. Let’s now see how you can buy an NFT on that platform.

  • Get an ETH-compatible wallet like Metamask.
  • Add some ETH to the wallet.
  • Launch your favorite web browser and visit OpenSea.
  • Connect your wallet to the site. You can do that by tapping the icon on the top right.
  • Once it’s connected, go to My Profile.
  • You can then start browsing the projects that you like.
  • Prices will range from hundreds to thousands to even millions.
  • Select an NFT that you want to purchase.
  • Once you buy an NFT, ETH will be deducted from your wallet.

There are a couple of other marketplaces apart from OpenSea which you should know about. They are called intable and Rarible. Also, remember that when you are buying an NFT, there will be a fee that you will be required to pay. Moreover, do remember that you should consider looking into different high-speed internet plans as opting for it will make sure that your transaction goes through smoothly.

How to Sell NFT Art?

Selling an NFT is just as easy as buying it. Let’s see how you can do that on OpenSea.

  • Launch the browser and visit OpenSea.
  • Click the top-right icon and then go to Profile.
  • Hit Sell. This option will be located on the top right side.
  • You will now be on a listing page.
  • Here, you will be able to select the type of sale and the amount for which you are selling.
  • If you are successful in selling the item, you will be paying a small fee to the platform.
  • When you have selected an item to sell, you will be asked to sign the transaction.
  • You will just have to confirm it, and the NFT will be listed for sale.
  • Once the listing is complete, a pop-up window will appear that will confirm that the item is now listed.

Do make sure that your internet is working fine when you are trying to list an item for sale. If, in case, you are having a problem with your connection, call Spectrum, or whatever your ISP asap to resolve the issue.

Some Famous NFT Examples

When it comes to NFT, there are many popular projects that have surfaced over the years. Let’s have a look at some of them:

  • Bored Ape Yacht Club (Ethereum)
  • Azuki (Ethereum)
  • Clone X (Ethereum)
  • Mindfolk (Solana)
  • Solana Monkey Business (Solana)Portals (Solana)
  • ClayNation (Cardano)
  • Boss Cat Rocket Club (Cardano)
  • Pavia (Cardano)

Conclusion

The concept of NFT is still very new. And although a lot of people are slowly becoming aware of it, you can expect people to ask you questions about it just like they ask: what is metaverse? Now that you know what NFT is and how they work, will you be minting a project soon?

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