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NFTs

In our previous article, we learned about crypto art. Let’s expand more into that. We know that crypto art is a ‘one-of-a-kind’ art piece because it uses NFTs or non-fungible tokens.


What are NFTs?

NFTs stands for non-fungible tokens. It is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with proof of ownership that is separate from copyright.


NFTs are definitely considered a new up-and-coming technology. The NFT market value tripled in 2020, reaching more than $250 million. Indeed, during the first quarter of 2021, NFT sales exceeded $2 billion.


Image Source: https://www.entrepreneur.com/article/368124


How can you make and sell your first NFT?

Amazingly, NFTs can go on pretty much anything, whether it is a picture, a drawing, videos, gif, you name it. There are very few restrictions about what can be "tokenized" and turned into an NFT.


Furthermore, you don’t need any deep knowledge about crypto to start working with NFTs, all that is required is knowledge about crypto wallets and Ethereum (however, we do recommend looking at our previous articles to learn more about cryptocurrency).


There are 3 steps to make and sell your first NFT:

  1. Set up an Ethereum wallet. This digital wallet will be where you keep all your cryptocurrency safe.

  2. Purchase a small amount of Ethereum. Sadly, on most major digital art marketplaces, there are fees associated with turning your content into an NFT.

  3. Connect your wallet to an NFT marketplace.

And it’s as simple as that! We hope this article has inspired you to make an NFT of your own now, happy NFT-ing!


Sources

https://en.wikipedia.org/wiki/Non-fungible_token

https://www.kapwing.com/resources/how-to-create-and-sell-nft-crypto-art/


Written by Dena Von der Luehe

Edited by Amanda Y