How to NFT?
What is an NFT?
A non-fungible token (NFT) is a non-interchangeable digital asset created on the blockchain. It represents real-world objects like art, music, virtual lands, collectibles, videos, GIFs, images, and in-game items.
NFTs are used to “reify” digital assets. Simply — so that the files can be protected from copying and unauthorized use in the same way that we protect property.
NFTs are a ground-breaking notion in the crypto space. They enable artists and content creators to easily monetize their works, without having to rely on galleries and auction houses. This means that artists no longer need to turn to intermediaries to sell their wares. Instead, they can sell them directly to the consumer in the form of an NFT and get paid for what belongs to them.
As far as NFT buyers/owners are concerned, what’s noteworthy is that they can enjoy the uniqueness of the acquired NFT. Plus, given that non-fungible tokens are based on the blockchain, it’s possible to track their entire history. This provides better transparency as well as provenance and verification of their authenticity.
How to create NFT?
These days, you can come across multiple NFT marketplaces that will help you create your NFT art pieces and join the big game. As of today, the leading and most widely-used of these are OpenSea, Rarible, Mintable, Foundation, KnownOrigin, AtomicMarket, BakerySwap, Portion, Nifty Gateway, and NBA Top Shot.
You can use a host of formats for NFT artworks, including images, audio, videos, and even 3D models. Remember that you’ll have to consider crucial parameters such as accepted NFT file formats and sizes. The maximum file size is 40MB, though the platform’s admins recommend keeping it to 20MB to ensure faster load times.
When you are done, you can decide on the percentage for royalties. Specify the percentage — it is possible to set a fee up to 10%. Then provide the payout address where you wish to receive those fees.
How to draw attention to your NFT?
No matter which marketplace you use for selling your NFTs, you should use the strategies that have been followed by experienced digital artists. They will give you some insights into how to promote your digital NFT artworks on NFT marketplaces and make them more visible.
1. Post the info about your NFT on Twitter and Instagram for showcasing your NFT artwork and allowing users to share their feedback about your NFT.
Also, it is possible to create a robust community and network of artists who can interact with and promote each other.
2. Use appropriate hashtags. You can increase your chances of being noticed by collectors and other artists.
3. Share your digital works via Discord and Reddit. You can join different crypto galleries that have chat rooms with restricted access.
How to sell NFT?
To sell your NFT, you will have to specify the price and type of auction as well as other parameters.
Also, if the listed item was minted via a custom contract, you might need additional approval to trade the NFT on your behalf.
To date, Ether and ERC-20 tokens remain the most popular cryptos you can sell your NFTs for. However, some platforms support only the native tokens of the blockchain that they have been built on.
How to buy NFT?
If you’ve set your sights on acquiring NFTs, here are the steps you need to follow:
- Choose the marketplace where you will buy NFTs from
- Choose the type of wallet you need to download and connect with the chosen marketplace
- Buy the corresponding supported digital cryptocurrency from a crypto exchange and fund the wallet
- Look through the chosen marketplace listings and select the NFT that you wish to obtain
- Take part in the auction/bidding process of the selected token.
When the transaction has been completed, the NFT item will automatically be transferred to your wallet and its seller will receive the funds. Bear in mind that apart from the actual NFT price you will also have to pay transaction fees.
Friendly reminder: try to avoid any doubtful or suspicious NFT-related activities which might lead to unfavorable consequences.
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