Buying cryptocurrency is a new trend in the market, it seems like the whole world is buying them. For the last few years, crypto has been growing tremendously.
Now more than the currency, everyone is talking about NFT(Non-Fungible Token). If you are familiar with the cryptocurrency space, you might be somewhat aware of Grimes getting millions of dollars for NFTs or the Nyan cat being sold as crypto art. The NFTs are clearly accepted by open arms.
But what is an NFT? How does it work? In this article, you will learn everything about NFTs and also the process of making NFT within 10 minutes.
NFT in 10 minutes? Yes, you can read it right! Using some easy tricks, you can make an NFT in less than 10 minutes. So here we go!
What is an NFT?
NFT is a Non-Fungible Token. It does not make it clear enough, Right? Then read more to know everything about NFTs
The word Fungible means that something that can be mutually interchangeable or replaceable by another. Primarily these are the blockchain-certified copies of real-world that are unique and cannot be copied. These are Non- Fungible; therefore, they can not be replaced hence the art remain authentic and original. Zora, Gateway, and Nifty are platforms where you can buy or sell your digital art.
If we talk about cryptocurrency, it is a fungible asset that can be divided in a bunch of ways and can have an unlimited supply to it. The NFTs can be used as payments or store values.
How does an NFT work?
When artists create digital work, it works like their asset, the NFT helps them to gain profit from their work. For example, This is the era of social media and memes, so it can be a significant source of income when a creator creates a meme. The NFTs provide valid and authentic content in the form of digital assets with valuable quality.
Things that were sold as Non-Fungible Tokens
The people are paying like crazy for digital art. It is said that NFTs are an evolution in the digital art world. We have a list of a few things that were sold as NFTs:
Grimes video Art
Deadmau5 music and video clip
Nyan Cat Meme
NBA virtual trading cards.
NFTs Vs. Cryptocurrency
It becomes important to distinguish between cryptocurrency and non-fungible tokens. They are both based on blockchain technology but the key difference between them is that Cryptocurrency is Fungible, it can be exchanged by Bitcoin for another Bitcoin. And for NFTs, it is tied to one asset, thus can not be replaced.
How to make an NFT within 10 minutes
If you are a digital artist, you might be keen on creating NFTs for your art. There are many platforms that can help you in the process. The process is simple and we are here to guide you.
Things to keep in mind
There are a few things to keep in mind before creating an NFT. Here are they:
Presently the popular blockchain for non-fungible tokens is Ethereum Blockchain.
You must need to have a cryptocurrency wallet for the process
The popular platform to sell or buy art is Open Sea.
Read and learn about the risks before.
NFTs within 10 minutes
Create an Art
The very first step to making an NFT is to create artwork. It is not important that the art must be an image, it can be anything: music, video, memes, a 3D model, or audio. The created art is to be uploaded as an NFT to the website named, OpenSea.
OpenSea supports a range of files like JPG, PNG, WEBM, MP3, and many more.
It is important to download MetaMask if you have not installed it already. Metamask is a secure Ethereum Wallet and is free. You can easily install it from chrome. Make sure to write the password in the notes or a piece of paper.
Create an OpenSea Account-
It is easier to create an OpenSea account, and you just have to link your Metamask Account to it.
Creating the Non-Fungible Token
Click to “ Create” on the Upper Right Corner and Upload your artwork. You need to write a name and a crisp description of your artwork. You can also add an external link for the promotion.
And you are Done! Indeed an easy Process.
Pros and Cons of Non-Fungible Tokens
Now that you have good knowledge about the Non-fungible tokens and the process to make them within ten minutes. We thought to make you aware of its advantages and disadvantages.
Pros of the Non-Fungible Token
The creator remains the owner of the art.
They are non-fungible, therefore, can not be replaced or erased.
They include a smart contract, which means when the NFT is sold in the future, the creator will get a certain profit percentage.
The main reason for the artist to be involved in NFTs is to make money and many of them are doing it successfully by selling them.
The biggest benefit of the NFT is that it gives creators full copyright to their art.
They are blockchains, thus you can be sure of the security.
Cons of the Non-Fungible Token
It is not even a thing to mention that every technology comes up with disadvantages down the line. So here are some disadvantages of NFTs.
There is no true value of NFTs.
Just because someone owns the arts doesn’t mean it can not be copied. The images can be copied and the GIFs can be reposted several times.
Although the NFTs are secured, several reports of the technology being stolen or some security breaches.
This year has seen rapid growth in the blockchain space. Public companies are investing a good amount with digital assistance. The prediction says it is a good time for artists to grow and earn. We have told you the most precise way to create your own Non-fungible token. Now create your own NFTs, use them, connect with people, and build your future.
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