Non-fungible tokens (NFT) are one of the biggest technology trends of our time. Almost every day we come across headlines that another digitized piece of art was sold for 5, 10, or 15 million dollars!
The high price tag has become an incentive for the creative community development: netizens strive to repeat the success of artists, musicians, and ordinary crypto enthusiasts who even sell memes and avatars for huge sums.
Today we will try to find out why people are ready to shell out a fortune for such “art” and whether anyone can make money on it.
NFT fever: what's the reason?
The main essence and value of non-fungible tokens are in their name – all assets are unique. Thanks to the ERC-721 standard, such tokens cannot be counterfeited, replaced, or split into parts.
Regardless of the technical component, NFT is used to prove the ownership of an object. It can be not only an image, soundtrack, game loot, or character, but also real estate.
Today, the CryptoPunks collection of digital avatars from Larva Labs is extremely popular. Earlier, the image of a monkey in a cap was sold for 140 ETH, and this is not a record transaction amount for crypto punks. For example, on May 12, 2021, nine rare characters went to the highest bidder at Christie's. How much did that cost? $16.9 million!
Investing in unique digital assets is a risky business, but potentially successful, because a painting bought today for $25 could be worth $20,000 in five years if the market trend continues.
Here comes the question: can I create my own NFT? You definitely can.
What can you sell for NFT?
Anything. Pictures, arts, tracks, text, video, 2D models, that is, any digital product claiming to be unique.
For example, DJ 3LAU put up his album for sale and received $11.6 million for it. And the famous artist Beeple raised $69.3 million for a painting consisting of all the images he painted for 5,000 days in a row.
Actress Lindsay Lohan sold her face art for $17,000. And the American Youtube blogger Paul Logan recorded 3,000 videos in which he unpacks new cards with Pokémon, and earned $3.5 million.
As we said, any attempt at self-realization can stand behind the NFT token.
How can you create an NFT token?
The launch of the NFT token itself doesn’t take long if you already know what exactly you want to convert. Once you have prepared the desired object file, follow our instructions to create a non-fungible asset.
Voila! You now own a non-fungible piece of digital art.
And that means you can start selling it. To verify the NFT and put it up for auction, you need to pay about $50. The cost may vary depending on the transaction fee, but now some artists are selling their art objects very quickly for quite a lot of money, so the commission is well worth it.
Where and how to sell an NFT image?
You can sell or purchase NFT objects in blockchain marketplaces, or on specialized portals about art or games. Besides Opensea, Niftygateway and Rarible are also popular. There are also closed platforms, on which you can trade only after passing a kind of casting, for example, Async Art and SuperRare.
Can someone get NFT for free?
You can get a unique asset for free, not only by creating it.
For example, the popular Coingecko.com website gives you the opportunity to earn NFT with Candies Bonus Points. To earn them, you need to visit the "Rewards" section every day. Having accumulated a certain number of Candies, you can get a unique NFT asset or even a collection.
Moreover, non-fungible token draws are often run by influential members of the ecosystem. Mostly they are developers and founders of NFT projects, who ask, for example, to retweet their blog articles. Therefore, if you are keenly interested in this field, find the founders of NFT platforms and try to participate in their giveaways.
Today, the question of non-fungible tokens prospects is still unclear. Experts say that one of the potential ТАЕ use cases is the storage of unique documents on the blockchain: diplomas, certificates, and patents, which will help eliminate the risk of forgery.
Moreover, NFT will be able to influence in some way the formats of creating and distributing content, as well as change the business model of interaction between creators, consumers, and distributors.
But even despite all of the above prospects, NFT technology is still very young, and the volume of this market is not huge. However, given the potential of unique tokens, you can be sure that their story is just beginning...
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