About NFT?
Currently, everyone is talking about NFTs. But do you really understand what NFTs are? Do you know how to create, buy, or sell NFTs?
If you are wondering about the answers to these questions, you are definitely in the right place. At Pep, we will talk about NFTs from scratch and direct you to create your own NFT. So, you can also sell your own NFT in the marketplace and earn huge sums of money.
What is an NFT?
NFTs are non-fungible tokens that are unique and cannot be replaced with anything. Bitcoin is fungible, while a one-of-a-kind trading card is non-fungible. NFTs are digital assets. Anything that has a digital existence can be converted into an NFT. You can have digital ownership of your assets and even sell them in the market. This is the current power of NFTs, where plenty of people are making millions by selling their artwork in the NFT marketplace.
NFTs can be a graphic or any digital image, video, music files, or anything. NFTs have a unique existence globally that makes it difficult to be copied, and if an owner wants, they can limit the ownership to a single person only. Some NFTs are created to make them available to multiple people. On the contrary, some NFTs are very limited; only a handful of copies are made available.
NFTs solve ownership issues
Every artist faces an issue of copyright, and NFTs completely solve this problem. The best thing about NFTs is that everything is recorded on the blockchain. The ownership of every digital asset is traceable on the network, and it cannot be altered by any chance. As the entire history of the NFT is on the blockchain, it is traceable and immutable.
Why you should produce NFT as an artist or designer
Currently, the NFT market is booming. NFTs are digital assets that are consistently incrementing in value. Artist all around the globe has been earning huge sums of money and you can easily become one. Digital creators are getting a good amount for their hard work.
step-by-step procedure for creating your own NFTs
With this process, you will be able to mint your own NFT and sell it in the market.
Step 1 – Create your digital artwork for minting your NFT
The first step is to intentionally create your work or collection of works using design software or take pictures of your physical artwork and get them on your computer. if you succeed in creating an image or GIF compilation of works that are creative, then there is a high chance of it going viral.
Step 2 – Setup Cryptowallet
The second important task is to set up a crypto wallet to handle Ether (cryptocurrency). There are different crypto wallets available online for trading and managing Ether. Among all the others, the most popular one is MetaMask. The main reason is its security and easy accessibility on all the platforms. You can easily access MetaMask from your Android or iOS devices. On top of that, the MetaMask extension very easily integrates with your browsers.
TIPS: You will be given a password of 12 letters. You need to record your 12-word seed phrase while setting up the wallet. If you lose this phrase, you might lose everything from your wallet. It is better to write it down on paper and store it someplace safe or create a digital copy and keep it in places you can remember.
Step 3 – Selecting a Marketplace
The next step is to select an NFT marketplace to market your NFT art and sell it. There are various NFT marketplaces to choose from, some of the widely used are OpenSea, SuperRase, BakerySwap, etc. Recommended one to use on this platform is OpenSea, the bigger and most used NFT marketplace.
Step 4 – Minting your NFT
Mint simply means placing your digital artwork in blockchain technology. You can create a single work or create a collection in OpenSea with an appropriate name. You can add as much digital art as you want to this collection.
Step 5 – Selling and Marketing your NFT
After going through the 1st to 4th steps your NFT work is ready for sale. In order to list your NFT on the open market, you need to pay some more fees or allow OpenSea or another organisation to sell for a percentage. This is again where your crypto wallet comes in.
You still need to work a lot towards marketing your NFT in order to get potential buyers. The best way to market your NFT is to use Facebook and Twitter ads and other social media platforms with these, you can target the right people on social media and get better results.