NFTs have been dominating headlines this year, with a whole list of celebs and artists cashing in on the crypto-craze from Grimes to Kings of Leon, Jack Dorsey, Chris Torres, Azealia Banks, Steve Aoki and Paris Hilton to name a few. More recently brands like Time Magazine, Taco Bell and the NBA have also made NFT drops while Beeple, a previously unknown artist, sold the world’s most expensive NFT – a collage for $69.3 million.
The increasingly popular sale of non-fungible tokens or NFTs has contributed to a crypto-art market, currently valued at over $100 million and growing. But what is an NFT and how is it used? An NFT or non-fungible token is a type of cryptographic token which represents something unique like an artwork. It is a digital certificate for intellectual property stored on the blockchain. Non-fungible tokens are therefore not mutually interchangeable, unlike cryptocurrencies such as bitcoin, and many other network or utility tokens that are fungible.
These unique crypto assets have been around as early as 2012 when Bitcoin Colored Coins first emerged. These coins were satoshis (small fractions of a bitcoin) coloured in with unique information that could tie the coins to real-world assets like property or art. At first, coloured coins were used to create and trade artwork like Rare Pepe digital cards on Counterparty, a trading platform developed on the Bitcoin blockchain but, eventually, these coins paved the way for the development of new non-fungible token standards.
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NFTs can represent any tangible or intangible item including, artwork, video game stock (such as skins, currency, weapons and avatars), music, collectables, domain names, tokenized real-world assets such as real estate and cars to racehorses and designer sneakers, virtual land, exclusive photos/ footage and more.
How to Mint and Sell an NFT
Minting an NFT and selling it is a relatively easy and straightforward process. Before you start, decide which blockchain ecosystem you want to mint and sell your NFTs on. While there are a few blockchain ecosystems you could work with, Ethereum is currently the leading blockchain service for NFT trading.
Each blockchain system has a unique NFT token standard. For example, if you mint NFTs on the Binance Smart Chain, you can only sell them on platforms that support Binance Smart Chain assets. Meaning, you won’t be able to sell your Binance NFT on a popular platform like OpenSea – an Ethereum-based NFT marketplace.
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Since Ethereum has the largest and most popular NFT ecosystem, we’ll take a look at how to mint artwork, music or videos on the Ethereum blockchain in just a few easy steps:
Minting Your Item
- First, you will need to purchase ether (ETH) via a trusted exchange platform.
- Once you have purchased roughly R750-R1500 in ether (ETH), you will need to create a crypto wallet that supports ether (ETH) and ERC-721 (the Ethereum-based NFT token standard) with a platform like Metamask. Load your Metamask wallet with the ETH you just bought.
- Now, sign up with an Ethereum-based NFT trading platform like OpenSea – currently the largest and most popular Ethereum-based NFT marketplace with no gas fees.
- After creating your profile on OpenSea, connect your ETH-loaded Metamask wallet. Clicking the blue “create” button on OpenSea will take you to a screen that will prompt you to connect your Metamask wallet. Once you have entered your Metamask wallet password, it will automatically connect your wallet with the marketplace. You may have to digitally sign a message in your wallet to prove you own the wallet address.
- Next, click “create” in the top right corner and select “my collections.” From there, click the blue “create” button.
- Upload the content you would like to mint as an NFT. OpenSea creators also have the option of selling locked content that can only be viewed by the purchaser.
- Once you’re finished, click “create” at the bottom and sign the authorisation prompt in your wallet to confirm the creation of the NFT. The item should appear in your collection on OpenSea.
Selling Your NFT
- To sell an NFT on the marketplace, locate the item in your OpenSea collection, click on it and select the “sell” button. This will take you to a pricing page where you can set the conditions of the sale, including whether to auction it or sell at a fixed price.
- While Minting NFT’s on OpenSea is free, some Ethereum-based platforms charge a fee known as “gas.” Ethereum gas is a fee charged to mint a new NFT to the marketplace. The cost of gas depends on network congestion. The higher the number of people transacting over the network, the higher the price of gas fees.
- Creators and content sellers have the option to programme in Royalties on the sale of their NFT. Royalties allow NFT creators to earn a commission every time the asset is resold. These Royalties could create lifelong passive income streams for artists and content creators due to smart contracts.
- To program in royalties and to select which ERC-20 token you’d like to receive for selling the NFT, click on the “edit” button next to the collection image on OpenSea and sign the prompt using your wallet. Then scroll down and edit your preferences, list your NFT to the marketplace and voilà! Happy selling!
Purchase your Ethereum with Revix
If you are working with an established and reputable crypto platform like Revix, you can invest in both ready-made crypto Bundles and individual cryptocurrencies. These include Bitcoin, Ethereum, USDC (a “stablecoin” fully-backed by the US dollar) and a physical gold-backed token called PAX Gold which provides legal ownership of an ounce of gold through the Revix online platform.
Signing up with Revix is easy and secure. Here’s how to start in three easy steps:
- Register your FREE Revix account here: https://bit.ly/3tJagQ0
- Make your first cash deposit
- Purchase your ether (ETH)
Revix brings simplicity, trust and great customer service to investing. Their easy to use online platform enables anyone to securely own the world’s top investments in just a few clicks.
Revix guides new clients through the sign-up process, to their first deposit and first investment. Once set up, most customers manage their portfolio, but can access support from the Revix team at any time.
For more information and to sign up, please visit www.revix.com
This article is intended for informational purposes only. The views expressed are not and should not be construed as investment advice or recommendations. This article is not an offer, nor the solicitation of an offer, to buy or sell any of the assets or securities mentioned herein. You should not invest more than you can afford to lose and before investing, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary.
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