What is an NFT?An NFT is a form of digital art or asset that is powered by Ethereum smart contracts. These collectible items are unique since they cannot be replicated or exchanged.
Furthermore, they are non-divisible. This means that someone cannot buy a fraction of an NFT, like when buying cryptocurrencies. You have to buy it in all its entirety. The blockchain maintains ownership rights and one would typically buy an NFT with Ether Tokens.
Perhaps one of the most popular NFTs is the digital artwork by Beeple that sold for a record $69 million in March this year. The artwork called ‘Everydays: The First 5000 Days’ features a collage of evolving digital shapes and sceneries. Beeple otherwise known as Mike Winkelmann, was named “among the top three most valuable living artists.”
Then there is CryptoPunks. These are pixelated characters that have unique attributes. Besides the 10 000 human Punks, there are also aliens, zombies and apes. The largest sale of a CryptoPunk was in March 2021 when Punk #3100 fetched $7.58 million.
Until recently, only crypto whales were able to get their hands on these NFTs.
How to create your own NFTAnyone can create or mint their own NFT. Whether you’re an artist or designer looking to create and sell your own NFT or an avid collector. Here are 3 easy steps to get you going:
1. Pick your artwork
An NFT can be a digital painting, music, a video and even text. It is literally anything that can be reproduced as a multimedia file. It can be as unique as you want!
2. Create your masterpiece
Once you’ve decided what your NFT will look like, it is time to create your masterpiece. You can create an NFT either on the Ethereum blockchain or via an NFT marketplace. Currently, it is easiest to create an NFT on the Ethereum blockchain using Alchemy.
Make sure you have atleast $100 worth of Ether on hand to mint your NFT since the price can fluctuate. Simply log onto your AltCoinTrader account, and buy Ethereum with ZAR. Transfer the tokens to your MetaMask wallet and connect the wallet to the Ethereum blockchain.
However, if you don’t want to pay for the minting of an NFT, various marketplaces like OpenSea allows you to mint an NFT for free. You will still have to connect a wallet to create an account.
3. Sell your NFT
Once you have created your masterpiece, it is time to put it up for sale. You can choose to sell it for a fixed price or at an auction, as well as the royalties you want to receive from the sale.
In conclusion, an NFT should be scarce, indivisible and unique in order to be successful. Trying your hand at creating and selling an NFT is well worth it. You never know, you might become the next Beeple.