What are NFTs? What do they represent? What elements do they consist of? How do they function among themselves and as a whole? Is it possible to make money through NFT?
How to make an NFT? Is it possible to make more NFT? Is my property protected? What are all the benefits and facilities offered by NFT?
If you have asked yourself any of these questions and did not know the answer, in this article we will explain in detail what NFT is. It may seem complicated at first, but when we simplify things, you will see that it is not very incomprehensible.
More and more people are turning to this way of doing business since all the work is exclusively online. In this way, it leaves an indelible and irreplaceable mark in the digital world, and the possibility of consecutive and regular earnings, for additional information we recommend that you visit digitaleyes.
To explain to you what NFTs mean, how they are used, and what their purpose is, you will need to learn new terms and what they represent. How all elements operate independently, and how they form one compact whole that is always connected.
What is an NFT?
First of all, we are going to start with the term NFT and what does it mean?
NFT or non-fungible token is a digital asset that can not be replaced or substituted by anything else. It has unique attributes, so basically it is a digital asset that exists on the blockchain that represents real-world objects such as art, music, videos, and many more.
You can buy and sell them online using cryptocurrency.
So they are unique, irreplaceable, and verifiable digital things.
First of all, NFTs allow creators and artists to sell their work without anyone in the middle. NFTs eliminate all middlemen such as auctions houses, galleries, and other spaces and they allow original creators and artists to interact and transact with their customers directly.
What kind of elements and parts does NFT consist of?
Minting is the first thing you need to understand so you can get an understanding of which elements and attributes NFT contains. Minting NFT is a process of taking a piece of content, a JPEG, an MP4, an MP3, DOC, and some other file and putting it on a digital registry. In this process, you are recording the stamp of ownership on a blockchain.
What is blockchain?
Blockchain is a software network where computers run separate copies of the same program, computers are linked but no one controls the network. This is called a decentralized network and it processes transactions.
It also keeps a ledger database with records of every single transaction that happens, every transfer, every purchase, and vice versa.
To clarify a bit, a ledger is a book of collections of different accounts in which the account transactions or records.
A ledger is a form of digital book collection that can be sold and traded. Each account has an initial and transfer balance and records transactions whether credit or debit, although they are in separate columns as well as ending and closing balance.
To make NFTs all you need is the right platform as well as a certain payment method that will allow you to sell and buy NFTs. Selling and buying, and all NFT-related activity are done online, through various platforms, and one of the things that set them apart is the gas fees you are required to pay in order to be able to make NFT at all.
One of the most important items and also the most expensive is gas fees. You will have to pay a certain gas fee for all NFTs. This fee represents the cost of the service that enables the activity of the entire network.
These fees are usually associated with other blockchain networks, Ethereum is usually known to have the highest gas fees as it is considered more exclusive. Once you pay the required fees you are allowed to start creating your first NFT.
How to create NFT?
Choose a concept
Several steps are essential to the creation of NFT. The first and most important step is to decide on the concept of your NFT, whether it is art, music, poetry, 3D model, or any other form of a digital asset.
The concept is the most important element because it represents your vision, imagination as well as creativity. Your concept will be different from others because it is subjective, and everyone has a different view of the world and the art around us.
Select NFT Marketplace
There are two types of platforms for NFT artwork and are curated and self-service platforms.
Curated platforms are NFT platforms that allow artists and individuals to mint or create their digital art tokens.
These are usually high-quality tokens that have much higher gas fees than others, SuperRare is a platform that falls into this category. Self-service platforms allow everyone to create their NFT with whatever they want to make, image, audio, video, or combined. OpneSea and Rarible fall into this category. Digitaleyes.market is also a great pick.
Creating a digital wallet
You can view a digital wallet as a normal wallet, this type of wallet is only for cryptocurrencies as well as NFTs you own on a particular blockchain.
One of the most common is Ethereum cryptocurrency, which requires slightly higher gas fees than others. You can make a MetaMask wallet, where your gas fee for creating NFT will range from $ 15 to $ 200, depending on which one you choose.
Creating your collection and art
Before you start creating your art, go to the OpenSea account, where you will see My Collections, and click on it. OpenSea is a platfor that serves as a store and gallery of your digital art, where you will create and customize your collection, name it, describe it and upload an image.
Creating your artistic digital token
Once you’ve finished your collection, it’s time to create your NFT. By clicking on Add New Item, you enable the option to load metadata which includes, visual (JPG, PNG, GIF, etc), audio (MP3, MP4, etc), and 3d files, and gives your token a name.
You can choose between multiple tokens but you have to take into account the gas fees you will have to pay. There are two types of Stand-alone Tokens as well as The Edition Tokens.
When selling and promoting NFT, the goal of owning these NFTs is to have exclusive access to a particular community, where you live in a metaverse, socialize, shop, etc.
This method of business allows you to monitor your earnings, track activities, as well as allow you a certain percentage every time someone else buys your NFT, which means you have lifetime earnings and a percentage of your NFT.
The advantage of this type of business is that everything is happening online, and apart from gas fees, you do not pay any other commissions and the whole profit from the sale is just yours.