What Are NFT's and How To Create Your Own
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I seriously love crash coursing on topics. I learned my lesson about not doing this back in 2013 when I started with bitcoin and totally didn't understand it for about 2 years. While crash coursing NFT's I was actually surprised that they have been around for nearly three years already! It's only recently they have been hitting headlines and getting attention for works of art.
In this article I will be going over what NFT's are and how you can create your own!
NFT or Non-Fungible Token is a digital certificate of authenticity. Think of it like real life works of art, antiques and other such items that are sold at auction and come with a receipt certifying that they are genuine.
A NFT is the same thing, in which GIFs, Videos, Jpegs, MP3s and other formats can be certified on the blockchain as one of a kind or a limited run. This offers a new kind of "Ownership" for digital files that was previously not possible.
NFTs can be purchases, collected, sold and even destroyed just like real world items and have a full transparent transaction and pricing history visible to anyone with a internet connection.
The process of turning your own work into an NFT is known as "minting" which is creating a new coin on the Blockchain that will forever be attached to that piece of content.
When an artist mints a new NFT, they attach a built-in commission somewhere around 10% - 30% there they will receive any time that work is resold in the future.
How Do I Create A NFT?
This is subject to change as new marketplaces are being launched and there's always differences between each marketplace. Cardano I still believe does not yet have a marketplace for it's hard fork on March 1st which allows for NFTs. Primarily the network used is Ethereum however HIVE also has a NFT marketplace which I'll go over below.
When adding your NFT you will pay a fee think of it like an art gallery and to post your works you have to pay a fee to the gallery however but also you need to pay to create the unique token identifier on the blockchain. This can at the moment come at a high cost due to Ethereums congestion on the network.
When you create your NFT you also have options such as commission rate, direct sale or auction style fortmat.
Ethereum
- You will need an Ethereum wallet with some Ethereum in it. This wallet will be attached to the marketplace and be how you get paid when your art sells or a commissions from on person to the next.
Some options are
Coinbase
MetaMask
Rainbow - Connect your wallet to one of these NFT marketplaces
MarketPlaces For Ethereum
Zora.co
- Invite Only
- Images, Video and Audio Files
app.raible.com
- Ok rating
- Easy to setup and get started
Superrare.co
- Digital artists only
- Only accepted by application
NiftyGateway.com
- Application Only
- Primary focus music artists
Opensea.io
- Easy to setup and use
- One of the first
Hive
As far as I know there is only one marketplace and it is by application only.
NFTShowRoom.com
- New
- Uses the Hive block chain
- Easy to setup with keychain
As more blockchains roll out support for NFTs it will be important to note that no works of art should be found on more than one blockchain it is looked down on.
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https://twitter.com/bitcoinflood/status/1367920737684701186
I'm hoping to use the Hive NFT platform, paying Eth gas fees gives me angst. Great write up on the topic!
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Yeah the high fees on Ethereum are killing smaller creators but its not so bad for those very large purchases you have been seeing. I'd recommend starting out with Hives first since you're most likely familiar with it.
Have you looked into the WAX blockchain for NFTs? I have seen multiple games, corporations and even individual artists making their own NFTs. AtomicHub, which on WAX, has made NFTs fairly easy for airdrops and viewing.
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I haven't do you know of any marketplaces that use Wax?
Here is the most well-known NFT market for the WAX blockchain. NFTs from games such as Alien Worlds and Splinterlands are here: https://wax.atomichub.io/
There is a second NFT market on the WAX blockchain but not used as often. I used it for Kolobok, a game on the WAX blockchain: https://wax.simplemarket.io/products
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NFTshowroom is super easy to use. 5 hive for the first and 1 hive for each additional copy you want to mint. The approval period can be kind of slow. Wax seems to pretty easy as well. I am not sure of the current fee. I don't have any wax in my wallet over there.
Mintable is easy and also free. Although, they may require you to set up a store and that will cost you some ETH. It's a one-time fee.
FTR, I have sold one on NFTshowroom. The Hive went right into my account.
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Yay! 🤗
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This type of market is incredible, the price of some works tend to be exaggerated, but there are some willing to buy them
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