You have probably lived under a rock if you have not yet heard about NFTs. After some great pieces of art were sold for huge amounts, McDonald’s’ dropped their big Mac and fries NFTs followed by more brands joining in. Eventually, the NFTs hype took the world of digital assets and art by storm.
NFT can solve world problems by reflecting ownership of unique assets in a physical or virtual realm. As some incredible profit-making examples steered the trend, digital artists spotted a new opportunity to amplify the popularity of their art pieces and their earning opportunity via NFTs.
If you are an artist amazed at the matchless potential of NFTs, looking for what they are and how to create a non-fungible token, you have reached the right place.
Non-Fungible describes assets with distinct properties that are not exchangeable for other items having a different set of properties. Unlike fungible assets that are defined by their value, these are defined by the properties that set them apart. For a layman, the best example to describe a non-fungible asset would be furniture and for a fungible asset would be 1BTC.
So, in simple terms, if you have some assets in form of arts, any collectibles, real estate, or anything else with very distinct properties that you wish to tokenize, NFTs let you do that. NFTs can have a single certified owner at a time and while the record of ownership stays on a blockchain network, it can’t be wiped off or modified. Besides, no one can replicate an NFT that already exists on any blockchain network.
Step 1: Pick the artwork that you wish to tokenize
It can be anything that has unique properties – painting, text, music, GIF, video, digital collectibles, or any other form of art digitally reproduced in a multimedia file format.
Step 2: Choose the desired Blockchain network
Choose a suitable blockchain network on which you would prefer to create your non-fungible token. The popular blockchains in the bracket are Binance smart chain, Ethereum, Polkadot, Tron, EOS, Tezos, etc. Currently, Ethereum and Binance smart chain are the most preferred networks and most marketplaces are based on those blockchains.
You would have to choose this very carefully as if you create your token on Ethereum, you would require a wallet service supporting Ethereum and you can only sell on the platform that supports Ethereum based assets. The same goes for all blockchain networks.
Step 3: Get some crypto, as you would be required to pay the minting fee
When you have chosen the blockchain network, you would have to get some cryptos in your wallet to pay the minting fee. You would be required to have cryptocurrency that your minting platform supports. The cost of minting a non-fungible token is highly volatile. So, you must have cryptos at least worth $100.
Step 4: Find yourself a suitable marketplace
When everything else is sorted, all you would need is a suitable marketplace where you can create and sell your NFT. Find the marketplace based on the blockchain network that you have chosen. For Ethereum, popular ones are Rarible, Opensea and Mintable. Similarly, different blockchains have different marketplaces and different procedures on how to create a non-fungible token.
Step 5: Create your NFT
Fill in all the required information and follow the minting workflow as the platform leads you through it. After you are done creating, open the unique, newly minted NFT and click the sell button. Now decide and choose whether you want to sell at a fixed price or at an auction, the tokens that you would accept as payment and everything else that you require to fill before starting the sale.
Most marketplaces have an existing community where you would find thousands of people interested in your artwork. So, good luck on amplifying your earning opportunities with non-fungible tokens.
The trend of tokenizing the digital arts with NFTs and trading them is going viral. According to a report by Nonfungible.com, the worth of the NFT market leaped 3X and reached around $250 million.
So, what are you waiting for? Follow the steps mentioned above and get ready to earn huge passively.
At Antier solutions, we are doing our part in supporting the growth of the million-dollar worth NFT sector by offering development services for building NFTs, NFT trading markets, and wallets. Besides, we are also providing comprehensive advisory and consultancy solutions to help you understand how to make a non-fungible token and how they work.
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