Some Blockchain technology experts and crypto market activists believe that NFTs will make a bigger market than cryptocurrencies, and somehow they are the future of Blockchain technology.
What is NFT (Non-Fungible Tokens)?
NFTs are digital artworks on a unique Contract Address that will be registered on all participant nodes on the chosen Blockchain network, the technique we are witnessing on the cryptocurrency networks we used to name the Blockchain ecosystem or Network. [read more…]
Not only images, animations, music tracks, and more could be considered as NFTs. For Example, Jack Dorsey’s the first tweet on Twitter! Or a digital version of Banksy graffiti.
What is necessary to join an NFT creating platform, regardless of what platform the user chooses, are two essential steps:
1) An authorized crypt wallet
Which we recommend MetaMask here. When an NFT artist wants to create an NFT, they need to have a wallet to connect the chosen NFT platform to their Wallet.
Most NFT projects today work on the Ethereum network, and the best Ethereum wallet for interacting with decentralized applications is MetaMask which fortunately is free. This Wallet could be available on different OSs (operating systems) such as IOS or Android.
Please keep in mind that you want to download this Wallet try to find the downloadable application from the origin, such as the MetaMask official website or reliable App stores, such as “App Store” or “Google play”.
2) Users needs to pay some Crypto to the platform they want to join
There are two required payments to mins an NFT; first, the platform the NFT artist wants to join and the transaction fee.
The platform fee depends on the platform that the NFT artist wants to create their NFT and the network fee, which depends on the network which the platforms work through the Blockchain Network. Etherume transaction fee is high, but most platform blockchain platforms work based on the Athereume blockchain network, Fees, but rarely some platforms are working with other networks like Binance Network, which seems more reasonable…
Please keep in mind that creating an NFT does not mean that the NFT artist can sell the NFT quickly; it is better to consider the platform fee, which the NFT artist pays as a long-term investment!
- Create an NFT on a specific platform and offer them to sell on the NFT market places!
- Buy and accordingly put them for sale on NFT Market Places.
Each of these two methods has relevant challenges; In the first method, the risk is usually less. If the audience of this article asks why the answer is: the only fee they are paying is the platform costs and the transaction fees if someone finds their NFT attractive to purchase and offers to buy the listed NFT.
The second way is to buy a pre-created NFT and put them to sale, and market participants much keep in mind that they must pay a higher price to buy an NFT hat they did not create themselves.
How to mint an NFT on the “OpenSea” platform?
- First, the user must Go to the official site of Open sea at Opensea.io and click on the “Create” button at the top of the page.
- Second, click on the “Sign In” button, which requires the user to connect their pre-downloaded wallet (The MetaMask) with the least amount of deposited crypto, mostly ETH.
- Third, the user must edit their profile, which they can choose a pic for their profile and choose a username.
- Fourth, after the user creates their profile, the platform leads them to create a collection.
- Fifth, on the newly opened page, the user can enter an artwork, including a photo, a painting, a music file, or any other type of artwork, choose a name and add a short description for the collected (NFT) and click on “Create” button.
The Sixth step is to repeat this procedure to create new NFTs by clicking on “Add New Item.” please remember that once the user wants to create an NFT, they only choose one file to collect an NFT. The whole process is the same, and the user can continually create several NFTs in their collection segment on “the OpenSea” platform.
As is shown in the image mentioned above, all steps from A to Z are as coming below;
1) Drag the artwork you want to create an NFT from the location stored in the performing device into here.
2) In this blank field, The NFT artist must enter the name of the future NFT here.
3) Here a link appears to the NFT page on the Opensea site.
4) NFT artists can write a short description of the minted NFT in the fourth blank field.
5) If the NFT artists have any extra features, they can add them; however, it is unnecessary to add anything here.
6) By activating the “Unlockable Content” check box, the NFT will only be observable to the owner or to the person or the party who has purchased the NFT/Token.
7) The last thing NFT artists should do to present their artwork, which is now converted to a unique digital asset that we use to call NFT from now on, is clicking or tapping on the “Sell” button.
The pricing method is up to the owner or the NFT artist. NFT artists can fix the price or bid it against the highest suggested price. After selecting the sales method by clicking the “Post Your Listing” button, the Metamsk wallet will open and ask the NFT artist to make a transaction on the Ethereum network to put the NFT for sale.
At this stage, NFT artists have to pay the Ethereum network fee from the deposited amount of Ethreuem in the MetaMask wallet.
Creating an NFT is not a difficult procedure at all. If the NFT artist is not a celebrity (Paris Hilton or Jack Dorsey) or their NFTs do not have any special features, it is hard to convince people or find someone interested in purchasing that NFT. As a newbie who is not famous, considering that this investment brings back revenue to the investor, it is an initial point, but a little luck might help them sell their digitalized artwork.