NFT Guide; What They Are and How They Work
To begin, let’s define “NFTs.” This new technology appears to be the rage in the mainstream media. And don’t worry about getting started because it, too, is just getting begun. However, there is always some advantage to being early. Just like starting a new business, it’s always better to get started when there’s an IPO. So that you don’t miss out on the benefits as it evolves and grows.
Here it is, a basic definition of an NFT. NFT stands for Non-Fungible Token. They are one-of-a-kind and non-transferable digital representations of art — photo, video, text — that live on a blockchain, mainly the Ethereum blockchain, which is the most popular. NFTs can also be found on the Solana and Polygon blockchains, which offer lower gas fees.
NFTs establish ownership and affirm the rarity or scarcity of a digital asset, implying that each of these digital assets is distinct in its own right. Each of these NFTs has its registration number, akin to a house address or a car registration number.
NFTs are linked to a smart contract on the blockchain, which is publicly visible and immutable in perpetuity. According to DappRadar, a worldwide app store for decentralized applications, the global market for NFTs surpassed $50 billion in 2021.
This immutability and scarcity distinguish NFTs and, as a result, provide asset value.
“Minting” refers to the process of creating this smart contract on the blockchain. Anyone with a vision and determination to be an elite in the NFT community may do this wholly and entirely.
But where do you begin? That is the multimillion-dollar question.
How to Mint Your First NFT
Let’s get started.
To begin, you will require:
- A cryptocurrency e.g. Ethereum, Polygon, or Solana, but for this discussion, let’s stick with Ethereum.
- A wallet for storing ETH and interacting with metaverse-based platforms. MetaMask is mainly used.
- Access to an NFT marketplace.
It is pretty simple to obtain the cryptocurrency Ethereum. If you have any Ethereum in your Binance wallet or any other exchange. It’s plain and easy to understand.
Once you have some ETH, you will transfer it to your MetaMask wallet. If you don’t have one, download it. (You can easily find instructions on doing this on the internet.)
MetaMask is a cryptocurrency wallet that uses software to communicate with the named blockchains. It gives users access to their Ethereum wallet via a browser extension or mobile app, which may subsequently be used to interact with decentralized services like Opensea, an NFT marketplace.
DO NOT LINK ANY UNKNOWN WEBSITES TO YOUR MetaMask WALLET. DO NOT CLICK ON ANY UNSURE LINKS, AS YOU MAY LOSE YOUR ETH.
The final step is to connect your wallet to a marketplace to begin minting and ideally selling your NFTs. Opensea and Rarible are two of the most popular markets utilized.
All you need to start minting on Opensea is a meta mask wallet. OpenSea is a peer-to-peer marketplace for non-fungible tokens and crypto collectibles. It includes collectibles, gaming items, and other blockchain-backed virtual commodities. Anyone on OpenSea can purchase or sell these products via a smart contract.
Here are a few steps to get started on OpenSea:
- Set up your wallet. After you’ve configured your preferred wallet, link it to OpenSea by clicking the wallet symbol in the top right corner.
- Assemble your collection. Set up your collection by clicking My Collections. Set a secondary sales charge, add social links, descriptions, and profile photographs.
- Upload your NFTs. Upload your work (picture, video, or 3D art), give it a title and description, and then personalize your NFTs with properties, metrics, and unlockable content.
- Put them up for sale. Select from auctions, fixed-price listings, and declining-price listings.
Here are a few steps to get you started on minting on Rarible;
- Go to Rarible.com, sign up, then connect your wallet (i.e., MetaMask).
- At the top of the page, click the blue CREATE button.
- Choose whether you want to mint a single NFT or several versions of an NFT.
- Upload your image, video, or sound file here.
- Enter a price, a name, a description, and any royalties.
- Select ‘Create an Item’ from the drop-down menu.
- Your wallet will request that you sign and pay for gas. Gas prices can be high; thus, it’s worth it to time the minting of an NFT.
When selling your NFTs, finding the correct “Community” is essential. If no one knows who you are, it will be challenging to purchase your NFT. Many people hear about the money floating around and decide to get in without conducting their research into meeting people and interacting with them in meaningful ways. You might get lucky and capture some ETH flying around, but in the end, the community is a more dependable technique.
Twitter is a fascinating community for anyone looking to get started with NFTs. Join Twitter and follow artists whose work you admire, retweet it, leave honest comments under their posts, reach out to them in the DMs, enter Twitter spaces, and gradually gain the confidence to speak in those same spaces. Most people are friendly and eager to share their knowledge and experience with you.
Finally, your work will strike a chord with enough people to increase sales.
You don’t need 5000 followers to make an effect; only a handful who enjoy your work and are interested in joining your community. Be humble and patient, since what is yours will find you.
To summarize, NFTs are a relatively new field with many new terminologies that cannot be discussed in a single article. You should read a lot more articles, watch YouTube videos, and spend a lot more time in Twitter places. Use social media for educational and inspirational purposes.