A GIF file recently sold for $ 600,000. If this comes as a shock, it may be time to reconsider your definition of visual arts and explore the world of crypto and NFT.
Digital art is experiencing a renaissance and, in this article, we cover everything you need to know to create and sell your own art on the blockchain.
What is an NFT?
NFT stands for Non-Fungible Token. It’s a strange term that I don’t like to say out loud, but you can think of it as a digital certificate of authenticity. In real life, classic works of art, antiques, and other historical items are often sold at auctions with a receipt that confirms they are genuine.
The historic Nyan cat was turned into an NFT and sold for $ 600,000
NFTs serve the same purpose, but for digital objects. They enable the certification of GIFs, videos, JPEGs, MP3s and almost every other file format as a unique specimen. This technology enables a new kind of “ownership” for digital files that was previously not possible. Like physical items, NFTs can be bought, collected, sold, and even destroyed. Thanks to the blockchain, they have a transparent transaction and price history that is visible to anyone with an internet connection.
The process of turning your work into an NFT is called “imprinting”. This refers to creating a new token on the blockchain that will be attached to this content forever. When an artist mints a new NFT, they add a built-in commission (usually 10-30%) that they receive every time the work is resold in the future.
This meme about NFTs could easily be sold as an NFT
The technology is still in its infancy. This is a great time to experiment with the medium for your own work as the market for and demand for digital art continues to grow. One rule that should go without saying is to avoid converting copyrighted content or assets into NFTs.
What do I need to create NFTs?
You don’t need extensive knowledge of crypto to create an NFT. However, it does require a few tools to get started, such as: B. a crypto wallet and Ethereum. If these terms are not known, that’s fine. You can have everything set up from your phone in just a few minutes.
In this section, I’ll be providing step-by-step instructions on how to set up a crypto wallet, purchase ETH, and connect your wallet to an NFT marketplace.
Set up an Ethereum wallet
The first step in your NFT journey is to create a digital wallet to safely store the cryptocurrency used to buy, sell, and create NFTs. The wallet also allows you to securely log in and create accounts on NFT marketplaces.
There are hundreds of platforms out there that provide free wallets for storing cryptocurrency, and all of the options listed below are guaranteed to work with most major NFT marketplaces and blockchain apps.
The Coinbase wallet is a great solution for beginners
Coinbase is one of the largest online cryptocurrency exchanges today, and its wallet is a great option for those new to the world of virtual money. Coinbase was the first platform I bought cryptocurrency on, and I’m ready to see how easy it is to get started here.
The Metamask wallet is available as a browser extension and mobile app
Metamask is a wallet used by more than a million crypto enthusiasts around the world. The wallet can be easily connected to most crypto apps and NFT marketplaces and is available both as a browser extension and as a mobile app for iOS and Android. Metamask also makes it easy to buy crypto so you don’t have to use other apps to buy coins.
Rainbow is a relatively new wallet designed specifically for Ethereum assets. That means you can’t store your Bitcoin here, but that’s not a problem for NFTs. I like the beautiful design of this wallet and the way it is easy to showcase your NFT collection.
Can my content be an NFT?
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