As crypto evolves and moves forward the importance of NFTs is clear to many of us. The use cases alone are limited by our imagination and essentially anything digital can potentially be an NFT one day. We just need a few folks smarter than myself to figure out how. There is already a huge industry supporting game related NFTs, art and future applications with legal documents, real estate, invoicing and more. I think it's important to get to know how NFTs work and understand them better. In this article I will briefly explain what they are and how to create your very own NFT ERC-721/ERC-1155 and put them up for sale.
If you prefer to watch and learn. Feel free to enjoy this video.
First lets start off by explaining NFTs and how they work. I won't get to complicated as my understanding is not on the expert level. I am however familiar with it.
NFTs are unique tokens created on a Crypto Blockchain, each "minted" NFT is recorded and each transaction is recorded. What makes this different from a fungible token is it has unique characteristics and values from one NFT to the next.
Lets use examples of each.
A example of a fungible token would be a dollar bill. You and I could trade a 1$ bill and the value and purchase power would be the same, although these 2 bills are slightly different, they are recognized at the same value and interchangeable. An example of non fungibles would be a collectible sports card and a piece of art. Each has a value but they differ from each other, they have scarcity and uniqueness however one can not be interchanged for the other at equal value.
The beauty of NFTs is a digital record is kept on the Blockchain ledger , you can see where it originated and all the transactions that have happened with said item. Easily verifying the legitimacy of the item.
Now lets talk about the simplest way I know to turn a piece of digital art into an NFT.
1. First you'll need a Ethereum wallet with a little Eth and a way to connect it. I use Metamask, however formatic, walletconnect and walletlink are all available.
3. You then press the "Create collection" button on the top right.
4. Decide if your NFT is a single 1 of 1 (ERC-721) or a set 10 of 10 (ERC-1155). FYI the difference between the two fungible ERC is the ERC-721 is a single NFT transaction and ERC-1155 allows for batchs up to 200. This helps reduce gas cost for mass transfers.
5. Upload your image, name it, write a description, decide future sale royalties and set other optional properties. Such as once the item is purchased it will give a link. You can also set a sale price( this can also be done later).
6. Once you are satisfied you simply press create and pay the fee+gas fee, then mint and sign permission and boom! You now have your very own NFT.
7. At this point you can do whatever you like with it. You can keep it, you can give it to a friend or you can put it up for sale right on rarible.com. There are many other marketplaces which sell NFTs and you can also list them on there as well. The NFT is not exclusive to rarible.com. Many of you may recognize is opensea.io or you can try superrare.co as well. Tho this site you have to apply to be able to list your works. (Regular gas fees will apply each time). There are many other places to list your NFTs, I'm sure google has a function that allows you to search the web. ;-D
You're all set and on your way to creating your own portfolio of NFTs.
Well I hope I was able to help some of you to at least check out what NFTs are capable of. I honestly believe that NFTs will play a major role in the future of Crypto and will help shape it for years and decades to come. So if Art NFTs are not your thing I encourage you to at least research and see what other NFT formats are capable of.
I have other methods I go over on how to earn Crypto at no cost right here on Publish0x and additionally you can view my videos on these video platforms.
Until Next time, Get claiming!