How To Make Your NFT and Earn: A Guide for Beginners
Everyone wants NFT: Gen Z brands and buyers. In total, the entire world spent $2 billion to buy NFTs in 2021. According to a study by the Currency platform, by 2030 the global value of the NFT industry will be estimated at $3.5 trillion. Seriously thinking about creating your own art object? Here’s a guide: how to do it, what to do, how much it will cost, and who will buy it?
What Is It?
NFT means Non-Fungible Token, which cannot be replaced by another. Here is money, for example, which is fungible. You can exchange one $100 bill for another, and it won’t lose value. But that won’t work with art. You can’t sell a reproduction of the Mona Lisa for the price of the original. The real picture is unique, and her copy will never come close to the original.
It’s the original that people want to see and dream of owning. It’s the same with the NFT. It can’t be hung on the wall or touched, but it can be owned in the digital space. Its copy is worthless, although it looks exactly the same if someone decides to take a screenshot.
Geeks and people who are deep into crypto-art are usually very confused about NFT. Be prepared to hear that it’s a promo issued for a piece of information about a work that confirms its authenticity. By and large, it is. An NFT is a digital asset that contains the artwork and all the information about it. But it’s easier for people on the outside to say that the NFT is the art object itself: picture, audio, video, 3D models, and text.
There are even NFT tweets – for example, Twitter founder Jack Dorsey received $2.9 million for his first post on the platform – and memes. Remember the Doge meme with the surprised Shiba Inu dog? PleasrDAO bought it from NFT for $4 million.
Why would anyone shell out that kind of money for a picture on the Internet? It’s profitable. If you bought an artist’s work, and he became more popular and increased in value, you can get more profit if you resell his picture. Young artist Jayden Stipp sold his work Forever Colored for $30,000, but a month later, reselling it for twice as much.
How to Make an NFT
Let’s take an example: you have drawn a design for an online casino using Paint. What’s next?
Select a Marketplace
The process of buying and selling NFT takes place at special marketplaces, of which there are many on the web. One of the largest is OpenSea, which in January this year was a record $3.5 billion. There is also a platform Nifty Gateway, where celebrities often trade in digital art – that is where Grimes received millions of dollars for her work.
Synchronize the Marketplace With Your Cryptocurrency Wallet
Registering to the Marketplace requires a cryptocurrency wallet – and not an empty one. To publish an NFT picture or accept a bid in an auction, you have to pay. You can be charged $70 to publish your work. You can create a cryptocurrency wallet with the help of special apps – for example, download Trust Wallet on your smartphone.
Finish the Job
When you have chosen a marketplace, the picture should be minted (from English – minting), that is to create its token. To do this, you only need to upload the image to the platform, after which it will generate the NFT.
Swap the Work
That is, put it up for sale. You can choose to sell – auction or open-ended, set the price and currency.
What It Takes to Sell Your NFTs
Many young artists are still cautious with NFT: the investment in the creation of one object – about $100 in real money. And there is no assurance that they will buy your work. There is an opinion that only a famous author can get rich in NFT. However, other experts disagree. Anyone can become famous with NFT, the condition: the artist must have a community that is ready to buy his work.
