I seriously love crash coursing on topics. I learned my lesson about not doing this back in 2013 when I started with bitcoin and totally didn't understand it for about 2 years. While crash coursing NFT's I was actually surprised that they have been around for nearly three years already! It's only recently they have been hitting headlines and getting attention for works of art.
In this article I will be going over what NFT's are and how you can create your own!
What is a NFT?
NFT or Non-Fungible Token is a digital certificate of authenticity. Think of it like real life works of art, antiques and other such items that are sold at auction and come with a receipt certifying that they are genuine.
A NFT is the same thing, in which GIFs, Videos, Jpegs, MP3s and other formats can be certified on the blockchain as one of a kind or a limited run. This offers a new kind of "Ownership" for digital files that was previously not possible.
NFTs can be purchases, collected, sold and even destroyed just like real world items and have a full transparent transaction and pricing history visible to anyone with a internet connection.
The process of turning your own work into an NFT is known as "minting" which is creating a new coin on the Blockchain that will forever be attached to that piece of content.
When an artist mints a new NFT, they attach a built-in commission somewhere around 10% - 30% there they will receive any time that work is resold in the future.
How Do I Create A NFT?
This is subject to change as new marketplaces are being launched and there's always differences between each marketplace. Cardano I still believe does not yet have a marketplace for it's hard fork on March 1st which allows for NFTs. Primarily the network used is Ethereum however HIVE also has a NFT marketplace which I'll go over below.
When adding your NFT you will pay a fee think of it like an art gallery and to post your works you have to pay a fee to the gallery however but also you need to pay to create the unique token identifier on the blockchain. This can at the moment come at a high cost due to Ethereums congestion on the network.
When you create your NFT you also have options such as commission rate, direct sale or auction style fortmat.
- You will need an Ethereum wallet with some Ethereum in it. This wallet will be attached to the marketplace and be how you get paid when your art sells or a commissions from on person to the next.
Some options are
- Connect your wallet to one of these NFT marketplaces
MarketPlaces For Ethereum
- Invite Only
- Images, Video and Audio Files
- Ok rating
- Easy to setup and get started
- Digital artists only
- Only accepted by application
- Application Only
- Primary focus music artists
- Easy to setup and use
- One of the first
As far as I know there is only one marketplace and it is by application only.
- Uses the Hive block chain
- Easy to setup with keychain
As more blockchains roll out support for NFTs it will be important to note that no works of art should be found on more than one blockchain it is looked down on.