Non-fungible tokens aren’t a novelty in the crypto, they have been gaining large attention over the recent months. NFTs are still booming and gaining ground! The digital art market explodes and developers experiment with a variety of use cases. Various artists, celebrities, and many famous people already got into the NFTs. How about you? Curious about how to earn with Non-fungible tokens? Ready to find out what a Non-fungible token is and how to make money with them? Here we go!
What is NFT
NFT is a blockchain token and it is entirely unique. NFT is an abbreviation and it stands for Non-Fungible which means that they cannot be interchanged with something else. Let us explain this in practice. One bitcoin can be exchanged for another bitcoin, while its value is exactly the same. This means it is fungible. Non-fungible tokens are actually unique pieces of anything that can be digitally sold and cannot be replaced with anything else. People buy the ownership of a unique specific digital asset. In short: There is only one original Mona Lisa painting in the world. All the others are just photos, prints, or recreations: this is what non-fungible is.
Same, NFTs can also be baseball cards. You can’t touch them as they are not physical. It would be a picture file with unique properties.
In NFT we have a wide range of possibilities and today we focus on artists which will be happy to earn some money showing their talent on the internet via NFTs. Let’s describe the simple step you have to follow.
Ideas for NFTs?
NFTs don’t necessarily have to be just art. You can also have the ownership of gaming items, videos, gifs, images, music in the form of NFT. Here are some of the ideas for creating some unusual NFTs: event tickets, support tokens for influencers, discount coupons, 2D images: static or animated, 3D images, video game items, blog articles and many more.
How to create NFT
Firstly you have to choose your token standard. It’s a system of rules that defines a token. There are two mainstream token standards right now
- ERC721
- ERC1155
ERC721 is a token standard for the Ethereum blockchain. ERC1155 is a token standard for the Enjin blockchain, it is more complex because it has a class property. For example, if you own several digital paintings, the painting is a class. That’s how you can specify how many cards you want to send or receive.
Next, you have to choose what kind of Non-fungible token media you want to create. Whether it should be a 2D art, 3D art, or a static model, an animated model. Make sure to host this file on a public URL and make the file name end in its proper extension.
Choose Your NFT Platform or Marketplace
You will have to choose an NFT marketplace to create and sell your NFTs. There are quite a few marketplaces. Most of them are still backed by Ethereum.
Many marketplaces are self-service platforms, including OpenSea or Rarible – anybody can create their NFT there.
Create a crypto wallet
If you still don´t have your crypto wallet, you will need to make sure that you do so. Ensure to set up a crypto wallet that matches the cryptocurrency used by the marketplace you have chosen in the previous step. For minting your NFT on marketplaces like OpenSea or Rarible, you need to have a digital wallet that will store Ether like Metamask.
How to Mint Your NFT
You have to follow your platform’s instructions on how to mint your non-fungible token as each platform operates differently. You will need to follow specific instructions on the site of the platform to begin the minting process. You will next upload your digital asset and depending on your marketplace, you might also set a starting price for your NFT.
For higher success, we are suggesting you promote your freshly minted NFT. Share the link to your NFT on its marketplace across all your social networks multiple times.
Good luck minting your NFTs and selling them for the highest price.
Source: https://payspacemagazine.com
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
