Everything You Need To Know About NFT(A Step-By-Step Guide) 2023
This blog post will teach you everything you need to know about NFT. In recent times, many people have made money by NFT. just turning their work into an NFT and selling it for Ransome and making a lot of money from it. you too can if you follow this write-up.
What is NFT
NFT stands for Non-Fungible Token. They are interchangeable units of data that have been stored on the blockchain, they can be sold and also be traded. They take the forms of digital artwork, music, and videos. Photos, real estate as well as domain names. Websites such as Rarible and open sea serve as a marketplace for NFTs.
There is a difference between fungible tokens and non-fungible tokens, in that fungible tokens can be exchangeable while non-fungible tokens are not exchangeable. Fungible tokens are exchangeable because of the value of the money and not their unique properties. In a fungible token, you exchange an asset that you own with another asset that is of equal value to that of your own.
Examples of fungible tokens include: Currency and Bitcoin Let’s take for instance in the case of currency that you have $100 and you are been offered 2 tickets of $50 in exchange for the $100, this now means that you have already exchanged your asset which is $100 with another asset which is two $50 dollars ticket which is of equal value with your own(that means the value is the same). In bitcoin, you can exchange 1 Ethereum for 1 Usd.
The value of NFT
One may begin to ask why an ordinary photo or video clip can be sold to make so much money. Well, this is because NFTs are unique and also non-fungible .they have one unique owner at a time except the NFTs have been sold to another person which is when the ownership has been transferred to another person.
NFTs are been secured by the Ethereum blockchain, which makes ownership of The property to be protected. at times people may copy or screenshot the artwork they use and also hang it in their houses or offices but the original property remains unique and irreplaceable.
The artworks have been bought and sold alongside a digital certificate of ownership, all of these are what add value to NFTs. Recently beeple artwork was sold for $69 million. reason being that the buyer did not just buy it because it is a picture but because of the value in the pixels.
What are the things that make NFT art valuable?
The following factors are to be taken into consideration while determining the values of NFTs:
Utility: This is how the piece of artwork can be useful to you in such a way that it convinces you to make a purchase. The artwork you are purchasing should be able to show you how it can be of value to you.
There should be satisfaction you have derived after you have gotten the item you want. you can ask yourself, is this worth the price that it is been sold for?
2. You should be able to know the value behind the creator of the item you are purchasing.
3. You should be able to know what other piece of art from the creator you are buying the artwork is selling for.
How to create an NFT
Anyone can create an NFT. be it an artist, musician, or photographer. they are all capable of creating an NFT and then offering them for sale. With the help of the blockchain, one can create anything and then turn them into NFTs.
The process of creating an artwork and in turn turning them into NFT is called minting. You can create your NFT on the open sea. The open sea is been considered the largest market for buying or selling NFTs.
you can create NFTs on the open sea using two blockchains: Ethereum and polygon. Ethereum makes use of what is known as the gas fee when you are purchasing or selling your NFT. the gas fees are known to be high and sometimes fluctuate but this depends on the site you are using. while polygon is free. You only pay when your NFT has been sold.
To mint your NFT; 1. Go to Opensea.io
2. Click on the create button in order to get started
3. Now, you have to connect your wallet to Open sea
4. The next thing you have to do is to upload the file you want to create an NFT with
a) in uploading the file, you have to name it and then add a description to it.
b) Then add your item to collections, properties, levels, stats, and also unlockable contents
5. After this has been done, choose a blockchain you would like to mint your NFT with. It’s either you choose Ethereum or polygon.
Note: I will advise you to choose a polygon because a polygon is gas-fee-free.while Ethereum uses gas fees.
6. Lastly, click on create button and your NFT will be created successfully.
Conclusion
NFT gives a lot of money to people that are into it. In this blog post, you will learn everything you need to know about NFT. do well to read through this article in order to grab all that is written there. I hope you find this write-up very useful in your NFT journey.
