What are NFTs, how can they be created, and how do artists get cryptocurrency with them?
NFT or Non-Fungible tokens are cryptocurrency assets that represent a wide range of unique items, both physical and virtual, such as real estate or digital art. NFTs are unique: As a real work of art, an NFT uses the blockchain to identify its authenticity, so it can distinguish between an original or a replica. They are essentially a blockchain gateway and provide an opportunity for collectors to have a digital collection where each item can be traced back to its original issuer. CryptoPunks and CryptoKitties are the two most popular NFTs.
NFTs provide a certificate of ownership of a digital object for the buyer, which also protects its value for future transactions. TO report by Coindesk claims that artists can sell their art digitally to a global audience that not only allows them to get a larger share of the profits but also the royalties from the show. Players can also become owners of game items and even earn money from them. He adds that most NFT tokens were built using two Ethereum Token standards: ERC-721 and ERC-1155.
Grimes, Elon Musk Partner recently sold digital art as NFT, making $ 6 million (roughly Rs. 43.76 crores) selling pictures and short videos, which has attracted a lot of attention to the market.
How to Make and Sell Digital Art NFTs
There are several types of NFT that have their own configuration process. In case you want to set up digital art NFT, here’s how you can do it through one of the popular online marketplaces, OpenSea.
The first step is to set up a digital wallet to store NFT and crypto. OpenSea recommends MetaMask and your wallet extension for Google Chrome.
Then go to Open sea and hover over the profile icon in the upper right to select My profile.
Then click Check in and follow the onscreen instructions to finish setting up your account.
Once done, you should see your account page and then hover over Create at the top right and select My collections.
Below Create new collection, Select Create and enter your collection details.
After finishing your collection, click Add new item and you will be asked to upload metadata including image, video, audio file and then give your NFT a name.
Finally, click on Create and your digital art NFT is set.
You can now post your collection for sale on OpenSea, but keep in mind that first-time sellers will need to pay a gas fee (Ethereum blockchain transaction cost) before listing anything.
OpenSea is one of the best-known NFT markets today, but other big ones include Rarible and SuperRare, and they present an opportunity for artists to find a new audience and make some money in the cryptocurrency market.