NFTs are the new wave in the digital arts world and crypto space at large. People are investing so much into digital arts, collectibles and punks and selling them for so much more!, its crazy right? Just when we thought we’ve seen it all, Jack, the Founder of twitter sold his first tweet for $2.5 Million Dollars!. Beeple – an artist sold his work to a collector for $ 67 million dollars. Not only that, a 12 year old kid made nearly $400,000 dollars from NFTs in less than 9 hours. I understand this might be too much for you, so take a deep breathe, relax, let dive in.
What are NFTs?
NFT stands for non-fungible token.
“Non-Fungible” means it’s unique; therefore it can’t be replaced with any other thing. NFTs are simply tokens we can use to represent ownership of assets, which means we can tokenize things like art, music collectibles etc., these unique assets can only be owned by one person in the blockchain. NFTs can be anything digital, like; Digital art, Music, drawings, punks, etc). The idea of non- fungible tokens started way back in 2012, ever since then it has been evolving into amazing projects with endless possibilities.
How are NFTs made?
You must have heard the word “minting” a couple of times. Minting simply means the process of adding your artwork/content into the blockchain as a public ledger. So basically, the addition of NFTs to a blockchain is known as minting. Minting NFTs improve control over intellectual property in the art sector. It also helps in creating a worldwide opportunity for artists and creatives as it exposes their creativity to the world.
Processes involved in Minting NFTs
- Create the asset
- Create a Non-Custodial Wallet.
- Purchase Ether/or any token that the blockchain you’ll mint on supports.
- Transfer the funds you bought to the wallet.
- NFT Market Selection
How to make money with NFTs
Anyone can make money buying and selling NFTs on platforms called market places where NFTs can be traded. You can make “cool money” as an artist (minting your works on the platforms), a collector (buying artworks from artists/other collectors) or both in these market places.
Here are some market places where NFTs can be created, bought and sold.
- SuperRare (com)
- Rarible (rarible.com)
- Opensea (opeansea.io)
- Foundation (foundation.app)
- Nifty Gateway(niftygateway.com)
