NFTs have become the latest blockchain craze. While creating an NFT is a highly attractive opportunity for many artists, the process of creating and selling an NFT can be quite complex. Cappasity is currently getting ready to release an update that will make the process of creating an NFT both simple and enjoyable.
Non-fungible tokens, or NFTs, have been around since 2012, but this year they have become the latest and biggest blockchain trend. Thanks to artists like Banksy, who converted their art into NFTs, and pop artists like Grimes, who made the technology mainstream, over 500,000 NFTs were sold in March of 2021 alone, totalling more than $85 million in sales.
NFTs are now used to represent any intangible or tangible item virtually, such as:
- Art (digital or physical, including real-life performances and installations)
- Tokenized real-world assets (anything from a pencil to a mansion)
- Virtual land
- Virtual items within video or computer games: weapons, avatars and skins.
Purchasing an NFT grants the owner a certificate of possession of a digital object which protects its value for any future transactions. With NFTs an artist can sell their art virtually to a broad audience, allowing them to make profits and manage royalties from their artwork.
While making an NFT is quite an attractive opportunity for many artists, the process of making an NFT is not very straight-forward. Here are the steps needed to make an NFT:
- Choose a blockchain system you wish to use for your NFT. While most NFTs at the moment are created with the Ethereum blockchain, a wide range of other blockchain systems are available and are becoming more popular for creating NFTs. The list includes Tron, Tezos, Cosmos, WAX, EOS and others. Each blockchain platform has its own NFT token standard, compatible wallet services, and marketplaces to list the token.
- Create a crypto wallet for the chosen cryptocurrency. The most used crypto wallets for Ethereum (the blockchain with the largest ecosystem for NFTs) are MetaMask, Coinbase or Trust Wallet. You must have at least $50 to $100 in ETH (Ethereum) in order to create an NFT.
- Choose an NFT marketplace and create a profile. The most popular NFT marketplaces at the moment are Rarible, Open Sea and Minted. Each platform has its own guidelines on how to create, post and sell NFTs, as well as different fees for transactions.
- Create your NFT on the platform. It can be a photo or video. Each NFT must have a name, a logo of the artwork and a brief description. Some platforms allow users to include unique attributes, such as passwords or access to specific services to increase the uniqueness and scarcity of the NFT (and increase its price).
- Most platforms require a fee, called “gas” on Ethereum-based platforms, which is an amount of ether needed to execute a specific function on the blockchain. The cost of gas varies depending on network congestion; the busier the network, the higher the cost.
As you can see, the process of creating an NFT requires research and time. You should be a technical expert to do this! But if you would like to create your own NFT of an artwork, or of any physical object, Cappasity is here to help. In the near future you will be able to simply digitize an object of your choice with Easy 3D Scan or the 3DShot app — and Cappasity will take care of the rest.
But why use the 3D format for NFTs, you might ask? Try to envision intellectual property protection for a sculpture or a complex art object with NFTs, as they are today. Do you want the possibility of interacting with those objects, or do you want to just look at a flat picture? The answer is obvious. This is where the Cappasity platform comes into play.
At this moment, Cappasity is actively researching the NFT market and is getting ready to come out with an update for the Cappasity platform, which will allow users to create NFTs in a matter of minutes! Stay tuned and follow us on Instagram, Twitter or Facebook for more news on immersive content!