Non-fungible Token Cheatsheet 101
4 Steps To Turn Your Creative Work Into An NFT
INTRO: WHAT IS AN NFT?
How can art be an NFT?
NFTs can be GIFs, tweets, virtual cards, images of physical objects, video game skins, virtual real estate, avatars, songs, videos, and digital art. Each NFT is an authentication of the asset and ownership through a smart contract on the blockchain.
An NFT (non-fungible token) is a type of new content that will become more popular due to innovation and adoption. We’re all familiar with paintings and limited edition art prints. We’ll use how an original painting can be turned into a printed image and then an NFT art as an example:
- NFT art — An original painting (first generation) can be photographed as a printed image (second generation) and the digital image turned into an NFT art (third generation).
- Limited edition NFT art — Similar to a limited edition art print, an NFT art image can be the same image in a limited edition; each NFT art is a unique token on the blockchain.
What are NFT characteristics?
NFTs are digital proof of ownership — NFTs prove when you bought an item from whom and who the current owner is, all on a publicly available ledger called a blockchain. Here are some more NFT characteristics:
- Non-fungible tokens (NFTs) — Are unique items and not interchangeable. NFTs are unique cryptographic tokens on a blockchain and cannot be replicated. On the other hand, Cryptocurrencies are fungible tokens as one Bitcoin or Ethereum is not different from another Bitcoin or Ethereum.
- NFT digital certificates — Includes GIFs, tweets, virtual cards, images of physical objects, video game skins, virtual real estate, avatars, songs, videos, and digital art. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded.
How do we create an NFT value?
NFT value depends on many factors, each of which contributes to the overall value of the NFT differently. These factors help determine whether it is worth investing in an NFT or not:
- NFT utility — The value of an NFT is dependent on how it can be used. Two major categories where NFTs have high utility value are game assets and tickets. For example, the value of an NFT ticket is the price of an event ticket.
- NFT ownership — The value of an NFT stems from the creator and provenance of past owners. Like physical art, the NFT value increases if it was issued by a famous artist or a company with a strong brand value, and is affected by the status of its past owners.
- NFTs create scarcity — For otherwise infinitely available and replaceable assets, even when the physical art is destroyed, you can still have the original in a digital form.
STEP 1: REGISTER AND BUY CRYPTO ON AN EXCHANGE.
How to Get Started With Buying Crypto
USA & Global: Start with as little as $25 and pay with your bank account or debit card. Join over 68 million people on Coinbase.
STEP 2: SET UP AND TRANSFER CRYPTO TO YOUR WALLET.
How to Get Started With MetaMask for NFTs on Opensea
NFTs are powered by a blockchain – Ethereum or Polygon blockchain for MetaMask. You will need to set up a wallet on MetaMask.io.
Then pay for a network fee called gas to tokenize your art and list your NFTs on the marketplaces.
How to Get Started With Polygon Wallet for NFTs
Most NFTS are on the Ethereum 1.0 blockchain, but the gas fees could be high. Ethereum 2.0 launching in 2022 will help lower high gas fees. ?
Set up Polygon to solve the pain points associated with blockchains for NFTs, like high gas fees and slow speeds, without sacrificing on security.
STEP 3: CREATE YOUR NFT ART & SELL ON MARKETPLACES.
Create Your NFT Art With Free Software
Generate your NFT Collection and deploy it to a blockchain for images, gifs, and videos. Deploy to Ethereum or Polygon:
GoArt turns your photos into NFTs using creative filters. Create an NFT-ready photo from an existing photo in seconds:
Create, sell, and explore unique digital art using SketchAR – an innovative drawing mobile app:
Decide on file type. OpenSea accepts JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF.
Decide on the file size. OpenSea’s limit is 100 MB.
STEP 4: REGISTER AND TOKENIZE YOUR ART ON MARKETPLACES.
How to Get Started on OpenSea, the largest NFT marketplace
Getting Started With NFT Marketplace (Learn how to create an account, set up your wallet, and what you can do on OpenSea):
https://support.opensea.io/hc/en-us/sections/360011539774-Getting-Started
OpenSea supports NFT trading across multiple blockchains. This guide explains how to use our Polygon marketplace to create and sell NFTs:
https://support.opensea.io/hc/en-us/articles/4404029357587-How-do-I-create-and-sell-NFTs-on-Polygon-
Artists can receive royalty fees every time the digital piece is sold or traded, up to 10% on Opensea, set on Collections for Ethereum or Polygon.
Uploading an NFT to the blockchain is “minting,” and it’s a simple step. Upload your NFT into your wallet and add details like the description. You can add properties, levels, stats, supply, or leave parts of it locked until it’s been purchased to your NFT to make it more attractive.
You can also mint on Manifold.xyz which enables web3 creators to have true creative ownership, preserve on-chain provenance, and interoperate with all major NFT marketplaces, including Opensea. See below as Opensea allows creators to import existing smart contracts.
Liquid Bitcoin for NFTs on Raretoshi Marketplace
NFTs exist beyond the Ethereum blockchain. Raretoshi is an NFT marketplace that enables artists to sell rare digital art for L-BTC (pegged bitcoin on Liquid), benefiting from lower transaction costs and the ability to get paid in bitcoin. Bitcoin layer-2 is the future, and Raretoshi is proof that Bitcoin’s features can be extended with additional layers.
Register for Raretoshi for rare digital art, the first NFT platform that uses the Bitcoin Liquid Network:
Nifty Gateway for NFTs with Payment Options
Nifty Gateway NFTs are stored in a secured wallet on its platform for retrieval of NFTs to ensure they are never lost. NFT payments include debit card, credit card, Gemini Balance, prepaid ETH – all without the hassle of signing transactions and calculating gas fees.
https://niftygateway.com/about
BONUS: MORE RESOURCES FOR ARTISTS AND CREATORS.
Marketing for NFT Art
Marketing is the most important part of getting your NFT project off the ground. Market your NFT project through social networks and influencers.
Promote your Discord and Twitter along with regular Twitter Spaces for live chats. Get started on Twitter.
The Art Party has free downloadable guides to grow your true fans and to grow your Facebook Group to 1000s of members.
Artists are selling limited edition digital art with NFTs. With multiple copies of an image, song or album, each token associated with the transaction is unique. Here’s how it works.
How to promote your NFTs with 10 free and paid ways.
NFT Art from Banksy, Street Artist
Like an original one-of-a-kind painting, an NFT can be a digital art asset with both utility and ownership. Value is based on the demand for its ownership of the art item, especially for a famous artist.
For example, Banksy is a famous street artist whose identity remains pseudonymous to avoid arrest for his graffiti murals.
Once something is sold or even physically destroyed, you can still have “the original” in a digital form. An original Banksy, which was burnt and destroyed in a live streamed video, has been sold via a digital token representing the work for $380,000.
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