So, What are NFTs?
It’s called Non-fungible Tokens.
And I know you have heard of it a lot in news, twitter, newspaper, etc
But what’s it’s History, Design, Benefits, and How you can Create your own NFTs.
𝐋𝐞𝐭’𝐬 𝐃𝐢𝐯𝐞 𝐢𝐧!
An NFT is a digital asset that represents real-world elements like art, music, in-game items, and films. They’re bought and traded online, often using cryptocurrency, and they’re usually encoded with the same software as many other cryptos.
The First Ever NFT sold was by Kevin McCoy who minted his Non-fungible token “Quantum” in 2014.
Well so, that’s how this started.
And the Most 𝐄𝐗𝐏𝐄𝐍𝐒𝐈𝐕𝐄 𝐍𝐅𝐓 ever was made by Beeple,
which was a collage of digital arts that sold for $532 Million!
How does that sound to you? Wait. There’s one in particular that you should know.
Jack Dorsey, co-founder of Twitter, sold his first tweet. (Twitter’s first ever tweet) for $2.9 million as an NFT in March 2021.
Also the NFT below is called Bored Ape Yacht Club NFT Sold for $2.85 million in ETH on January 30th 2022
NFTs are non-replaceable unique digital assets. You can’t replace it.
The person who buys it has the full ownership of the NFT.
It is done through Blockchain by digital ledgers (which stores the information)
𝐄𝐱𝐚𝐦𝐩𝐥𝐞 : If you buy any painting or anything, you are buying a replica of it.
But In case of NFTs, you’re buying the rights of the virtual digital asset like paintings, artworks, audios, visuals, etc.
Let’s make it simple so that any 5 year old can understand.
I’m Dominic. Okay so I’m the Real One, so I’m the NFT,
and my friends having my photos are like they own a replica version of me, not the real me.
𝗪𝐡𝐚𝐭 𝐢𝐬 𝐢𝐭’𝐬 𝐕𝐚𝐥𝐮𝐞?
NFTs are regarded as a new chapter of the digital age.
It’s being valuable as Cryptocurrencies,
you can imagine the craze as the NBA selling their matches clips as NFT!
Now the Question is 𝐇𝐨𝐰 𝐝𝐨 𝐭𝐡𝐞𝐲 𝗪𝐨𝐫𝐤?
They are a lot like cryptocurrency but unique. Blockchain ledgers contain the information of who owns the NFT and who sold it and when. It records data information.
NFT resigns the authenticity to claim any digital asset.
𝗪𝐡𝐚𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐛𝐞𝐬𝐭 𝐰𝐚𝐲 𝐭𝐨 𝐛𝐮𝐲 𝐨𝐧𝐞?
In order to buy NFTs you will need to establish a digital cryptocurrency wallet.
You can use sites like opensea, coinbase, binance, etc.
Most of the NFTs are ethereum based.
𝐃𝐢𝐬𝐚𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞𝐬 𝐨𝐟 𝐍𝐅𝐓
As we know physical arts cannot be digitalized and the price value isn’t fixed.
When you purchase one of these non-fungibles, you’re not necessarily purchasing the copyright to the art.
It affects Environment as mining requires lots of energy.
𝐈𝐬 𝐢𝐭 𝐒𝐀𝐅𝐄?
not yet, maybe in the future.
There’s a lot of fake marketplace going on. Hackers make the same NFT owning sites.
They can trick you and which can cost you. As you can see.
𝐇𝐨𝐰 𝐭𝐨 𝐃𝐞𝐬𝐢𝐠𝐧 𝐚𝐧 𝐀𝐫𝐭𝐰𝐨𝐫𝐤 ?
You can use Canva, Blender, Adobe Spark Post or any Graphic Designing App
𝐇𝐨𝐰 𝐭𝐨 𝐂𝐫𝐞𝐚𝐭𝐞 𝐲𝐨𝐮𝐫 𝐎𝐰𝐧 𝐍𝐅𝐓
→ Step 1 : Use Opensea it’s easy simple and free.
→ Step 2 : sign in with your wallet if you don’t have one you can create using metamask or any site.
→ Step 3 : Approve your wallet with Opensea
→ Step 4 : click on Create an item add to a collection
→ Step 5 : Choose blockchain. Use Ethereum though you will be charged Gas Fee for minting, to avoid the charge I advice you use Polygon by so doing the charge will be on the buyer as VAT
→ Step 6 : Now, Click 𝐂𝐑𝐄𝐀𝐓𝐄
𝐂𝐨𝐧𝐠𝐫𝐚𝐭𝐬 𝐲𝐨𝐮 𝐣𝐮𝐬𝐭 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐲𝐨𝐮𝐫 𝐍𝐅𝐓!
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