Lately, you may have come across news of major NFT trades such as:
"The user posted a tweet to Elon Musk for sale for $ 7,777"
"Resale 130 NFT for $ 130,000"
"NBA NFT collectibles sold for $ 2.50 in 30 minutes."
While NFT is not new to the crypto market, it has been gaining traction in the past couple of months. According to nonfungible.com, the NFT market volume reached $ 179,371,130. To get into this market, start by understanding what NFT is.
Crypto natives are beginning to understand the value that NFTs bring to authenticating an original work of art. In addition, renowned digital artists like Beeple are discovering what NFT is and how they are opening up a new business model for artists beyond commissions.
What is NFT
NFT stands for Non-Removable Token. Interchangeable objects mean they are identical and interchangeable. For example, a $ 1 bill can be exchanged for another $ 1 bill. This makes the US dollar a fungible asset.
An irreplaceable object is unique. Its properties cannot be reproduced. For example, the painting "Mona Lisa" is a one-of-a-kind work of art. Since Leonardo Da Vinci created only 1 painting of the Mona Lisa, it cannot be replaced.
NFTs are also one-of-a-kind because they cannot be split into parts. You can have 0.003 BTC, but you cannot have 0.003 NFT, only 100% of the portion.
NFT is a blockchain token. A token is a digital asset that resides in the blockchain system. Like cryptocurrency, it can be traded or used to gain voting rights on a blockchain platform. For example, the MKR token allows its holders to vote on the direction of the platform. Please note that MKR is interchangeable because 1 MKR can always be exchanged for 1 MKR. So what do Irremovable tokens look like?
Since Leonardo Da Vinci created only 1 painting of the Mona Lisa, it cannot be replaced. Source: unsplash.com
To understand NFT, think about how people collect items. There is a market for baseball cards, postage stamps, and old money. Imagine a baseball card that was only issued in 1 quantity. This would make it very rare. Since there is no other such card, it cannot be replaced.
Ideas for NFT
NFTs don't have to be art. It might as well have its own usefulness. Take a look at some ideas for creating an NFT:
1)Influencer Support Tokens
2)Discount coupons for shops
3)2D images: static or animated
4)3D images
5)Items for video games
6)Title deed for real estate
7)Video
8)Blog articles
How to create an NFT?
First, choose your token standard. Basically, it is a system of rules that defines the token. Right now, there are 2 main token standards: ERC721 and ERC1155.
ERC721 is the Ethereum blockchain token standard. ERC1155 is the token standard for the Enjin blockchain. ERC1155 is more complex because it has a class property. For example, if you have multiple digital baseball cards, the baseball card is a class. This is how you can specify how many cards you want to send or receive.
Next, plan what NFT media you want to create. This can be 2D art, 3D art, a static model, an animated model, or a game item for players. Make sure the file is hosted in a public URL and the filename must end with the appropriate extension.
For example, “PaySpaceMagazineToken.jpg”
The creation of the NFT is technically called its coinage. Let's see how to mint NFT on ERC721:
Install a wallet with NFT support, on my own I can recommend the Gigaland platform, leave a link to it: https://gigaland-platform.com/?World
Be sure to download the wallet.You will need it in the future creation of NFT
Register with the Mintable app to create an ERC721 smart contract.
Connect your Ethereum wallet to the Mintable system.
Create a smart contract. Name the contract to indicate which items you plan to mint. We might as well call it “PaySpace Magazine Tokens”.
What is the symbol of your contract? It looks like an exchange and crypto ticker: GME, BTC, ETH, TSLA. In our case, it will be “PST”.
Batch mining is optional. This allows you to mint multiple NFTs in one go.
Enter the web address where your file is published.
Fill in up to 3 lines of metadata. These are your token properties. For example, our PaySpace magazine token will include properties such as Color: Red, Size: Large, Shape: Circle.
Choose if you want to use the Mintable API. This will allow you to get more custom properties for the metadata. It also allows you to quickly put your NFT up for sale on a market called OpenSea.
Some properties such as title, category, and description can also be filled in.
Pay 2 fees. One fee is charged for creating a smart contract. Metamask gas fees are expensive because it deploys a smart contract on the blockchain. The limit is 3,500,000 gwi. Make sure nothing has changed or the transaction will fail. The second fee is charged for processing the transaction. You can easily set this value to at least 1 GW, but it will take 1-2 hours to process.
Once you confirm the creation, a smart contract will be created.
How to sell NFT?
Like any other marketplace, NFT has its own marketplaces. Please note which token standard is supported by the marketplace. You will need to create an account there and connect your crypto wallet. If you've created an NFT on Mintable, you can easily list it for sale on OpenSea.э
Thank you all for your attention, John was with you