Ever heard about NFT and Blockchain?
Most of us here have seen the buzz around NFT lately and have been wondering how it works. I believe we are all here to learn and I’m also open to learn cos I’m very sure there are people who probably knows a lot about NFT here. An NFT is a unique digital asset. NFT stands for Non-Fungible Token.
Can’t I Just right click Save the JPEG?
-well yes. You can screenshot (right click save) an NFT, but this does not give you the ability to buy and sell the NFT on the blockchain. It can’t replace the original. For example Pokémon cards can be copied, but only the originals are rare. And can be sold for $50k+ The same can be said about NFTs.
NFT is any digital asset that is minted on the blockchain, all transactions take place on the blockchain. Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. Just like other crypto which is also a digital assets, NFT are being transacted on the blockchain. Blockchain is a new technology that is already gaining massive adoption due to the decentralized features it offers. This means that any transactions on the blockchain takes place without the need of a third party, no one is in control. Well, that’s not the topic for today. Anyone can create, buy, sell or trade an NFT.
What is minting: in crypto, minting means generating new coin, but in regards to NFTs, is the process of taking a digital asset and converting the digital file into a digital asset stored on the blockchain. Making it officially a commodity that can be bought and sold.
How to mint your own NFT: You can make any art and upload (mint) on opensea for sale (you can watch a YouTube video for that) note that you’ll need some ethereum as gas fee to mint your NFT on opensea. It is easy to post an art on opensea for sale but getting them sold is very difficult. You have to connect with other digital artist and collectors to get your NFT sold, you can be lucky enough to see who is willing to purchase it.
Easy way of Making money from NFT: Trust me, there is no easy way to make money, everything requires hardwork, commitment and consistency. There are ways from making money from NFT aside creating your own arts. There are several NFT project that comes up daily. You probably would have heard of Bored Ape or Cool cat which is been sold for thousands of dollars. You can mint on any NFT project. Minting is usually done on a project’s website or minted through the projects smart contract on etherscan. After minting your NFT, nobody can mint that specific NFT. They would have to buy it from you on secondary (opensea,Looksrare). You can mint an NFT from any project art collection. After minting, you become the sole owner of the art and you can sell or hold. The price at which you sell is determined by the hype around the project, how much people are interested in purchasing the art. The greater the demand, the higher the price.
This is similar to buying a crypto coin from a project, or buying a shares from a company. Making profit from the shares or crypto you purchase will depend on how interested people are in the company. Supply and demand play a huge role in the crypto space. In NFT; supply = the art collection ( can be any number, bored ape arts is a 10,000 collection)
I hope this helps someone here.
