NFTs are becoming a major part of Crypto, It gives Crypto a plethora of use cases. The idea is amazing and I firmly believe it will play a huge role in Cryptocurriences future and will shape it in part going forward.
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First before we get into the actual step by step instructions lets understand NFTs a little bit better.
NFTs or Non-fungible tokens in relation to this article refers to a token that can be created on a blockchain, this token differs from Fungible tokens like Bitcoin/Ethereum and ERC-20 tokens on the ethereum blockchain and many other currencies. Each NFT is different from the next and even if they appear exactly the same, they are not. From the moment they are created there is a record of it, each transaction is recorded and the validity of an NFT can be easily confirmed. Not only that, records on blockchains are very secure. NFTs create a scarcity and value that makes each NFT different from each other.
Lets take a couple of examples out side of Crypto to compare.
A fungible asset- The Dollar is a perfect example. A dollar can be exchanged from one person to the next and the value will stay the same. I could lend a dollar and be given back an entirely different dollar and it's still the same value and has the same purchasing power. It's widely accepted that this asset is interchangeable with other dollars.
A Non-fungible asset- Lets take a collectible sports card and a fine art painting. These each have value and scarcity. However they are not interchangeable nor can they be reproduced legitimately.
This is the short and simple explanation and these are very in the box examples, however it captures the idea behind it. There is more to NFTs and they are capable of many things beyond these examples.
Lets focus on how to create an NFT and put it up for sale!
I am going to explain you how to create ERC-721/ERC-1155 tokens on the Ethereum blockchain. There are ways to create NFTs on other blockchains but for ease of this post we will stick to creating them on the Ethereum Blockchain.
First you'll need to have an Ethereum wallet with some ethereum in it. To cover to fees related to minting a NFT and gas fees.
You'll need to connect to https://rarible.com/ with Metamask/Formatic/Walletconnect or Walletlink.
Once you've connected you'll want to click on the button on the top right labeled " Create collectible"
Next click on Single or Multiple. (This allows you to either create a 1 of 1 NFT or a 1 of XX) ERC-721 is for single NFTs while ERC-1155 allows for batches of up to 200. Batches with ERC-1155 allow for quicker creation or large amounts and cheaper gas fees.
Upload your Picture/gif or other Art you wish to mint.
Set your preferences. Such as title, description, future sale royalties, and there is even options to include links and other contents for the person(s) purchasing it.
You can set your price now or later.
Create your NFT, pay the gas fee, mint the NFT and sign. Boom! You now have your first NFT!
If you didn't set a price you can now list your NFT for the price you desire. You can send it to a friend or give it away. It's up to you. You are not limited to listing your NFTs on https://rarible.com/. You can list it in multiple places like https://opensea.io/ or https://superrare.co/ and many other marketplaces. (Try a google search, there is lots) It's yours and it's in your wallet until it's a transaction occurs.
Pretty cool right!
I've even started a collection of my own, tho I wouldn't exactly call it art. https://app.rarible.com/poorboycrypto
This might not be your cup of tea, you may not be an artist or may not want to delve into something likes this. However I encourage you to dig into this space. NFTs are already here and it already is being used in many spaces. A major example of this is with blockchain games. NFTs are already being created for items/characters/skins/cars and even virtual land. Essentially anything in games can be turned into an NFT. NFTs provide huge potential beyond games and digital art. Essentially anything that can be transferred can be an NFT. Legal documents, real estate, invoices and more! Our creativity and innovation is our limit.
Well I hope you enjoyed my article and I hope you've learned something about NFTs, at the very least I hope it encourages you to learn more about NFTs on your own.
Thank you.
I have other methods I go over on how to earn Crypto at little to no cost you can view my videos on these video platforms.
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Until Next time, Get claiming!
