NFT is a digital asset with unique identity that is saved and verified on the blockchain (digital ledger). Each NFT is irreplaceable, which means it cannot be easily exchanged for another asset of similar value. Common NFT assets include images, video, music, GIF and collectibles. NFT is valuable because there is only one version of the asset created. In other words, NFT can only have one owner at a time-no one can change its ownership or cast the same NFT on the blockchain. Given this scarcity, the founders / owners of NFT have the ability to set their own interest rates on their assets.
NFT needs to create digital tokens through a technique called cryptography. In the encrypted world, this token creation process is called minting. Typically, to cast a NFT, you must pay for creating a smart contract using cryptocurrency. Smart contracts are pieces of software code that allow blockchains to store information in a secure and transparent manner. Ultimately, this code manages the ownership and transferability of the NFT.
Anyone with a small amount of money can cast NFT. Today's NFT platform provides tools that allow you to create various NFT and attach unlockable content to your files. Whether you are an artist, musician, collector, entrepreneur, or company, you can use the simple casting tools available in the NFT market to create your own NFT.
Before delving into the nature of NFT production, let's review some popular NFT examples for inspiration.
The NFT is a digital collage of 5000 images created by digital artist Mike Winkelmann (professional name Beeple). It was cast as a JPG document and sold for a record $69.3 million at a large auction house in 2021. The value of this NFT lies in the 5000 futuristic images produced by Beeple every day from May 1, 2007 to January 7, 2021. two。 Rainbow cat GIF
One of the cool things about NFT is that anyone can turn their creation into a unique asset. To celebrate the 10th anniversary of its birth, the creators of Nyan Cat decided to convert the popular GIF into NFT and auction it. Can you guess what won the bid? 300 ethernet tokens! (according to the price of Taifang at the time of this writing, it is more than $950000. )
Bored Ape Yacht Club is the highest-paid NFT collection, with 10000 cartoon apes. This was the idea of four friends who were inspired to use apes as their social avatars, because "ape entry" is a term for people who buy a new NFT regardless of the risks involved. They hardly know that a few years later, everyone from entrepreneurs to celebrities will imitate and spend hundreds of thousands of dollars on their work. (just recently, Eminem bought Bored Ape NFT for $462000. )
Just as collectors spend heavily on cult toys and rare goods, Doge NFT shows how digital scarcity makes iconic creations valuable. In June 2021, the fanatical meme of a smirking firewood dog named Kabosu was sold for $4 million. Interestingly, the NFT investor group that bought NFT now sells its partial ownership, which means anyone can own a piece for as little as $1.
Now let's talk about the meat. Let's look at the basic steps for making our own NFT. Keep in mind that this is not a comprehensive guide. Depending on the tool you use, there are several ways to do this, so use these tips as general guidelines.
These platforms make it easier for new creators to enter the world of NFT. Some require you to verify or write your NFT on the blockchain, while others such as OpenSea and Rarible allow "shortcuts", such as delayed coinage. In lazy casting, you can avoid some fees by selling the NFT instead of writing it into the blockchain, and then pass it on to your buyer (if you buy it). One of the most important considerations for beginners is cost, often referred to as "gas". Each market has its own costs, depending on how you plan to build and sell NFT. For example, OpenSea has to pay a fee to initialize your account, which in some cases can be as high as $100.
After you recharge your wallet, you need to connect it to the NFT platform used to create digital assets. Let's explain the steps you need to take (we'll use the Rarible Marketplace as an example).
When you hear about NFT for the first time, you may find it too complex or impossible to really enter the market. But through some thorough research, diligence and creativity, it is easier to achieve than it seems. Who knows: if you play well, one day you may join the multimillion-dollar NFT club!
The cost of casting NFT usually varies based on Gas fees and site costs. For example, on the Ethereum blockchain, you need to pay around $70 to get tokens. Websites cost about $300 on average, although some sites allow you to list NFT for free.
This is possible if you choose the NFT platform that supports delayed casting. This process generates metadata for NFT without actually creating tokens for NFT itself. When someone buys the NFT, it will be formally cast, and the resulting Gas fees will be passed on to the buyer. Keep in mind that the cost may surprise those who try to buy your work. So while you can avoid seigniorage, you may end up paying the price for missing out on sales and portfolio opportunities.