NFTs for YOU — 1
If you have been reading and following news about NFTs then we are assuming either you are an expert in NFT or you are still trying to figure out what is the buzz around NFT.
In this article, we will dissect the buzzword — “NFT”. Through this, you will get a clear understanding of what does NFT mean for you and how as an artist/brand you can capitalise on NFTs to get revenue or create brand value.
What are NFTs in simple language?
The full form of NFT is Non-Fungible Tokens. It sounds like technical jargon, right?
Well to put it in simpler terms “Fungible” means any goods/products etc which are interchangeable with the same kind of product. Take an example of a $100 bill where if you have a $100 bill and I take it and replace it with another $100 bill you will have the same amount with the same value.
The opposite of Fungible is Non-Fungible which means it can’t be replaced. When we convert any into a digital item and store it in a blockchain that can’t be replaced it’s called a Non-Fungible Token.
NFTs are digital files that are stored in a Blockchain which becomes a digital ledger and the item can be traded online using a cryptocurrency just like a physical item. To give you an example if you are buying an antique item you have a hard time finding out the proof of ownership and all the owners who had owned the item, however in NFT since it’s on the blockchain which works as a ledger you can find the entire details of ownership and have a clear record of ownership.
Types of NFTs
If I have to classify NFTs in broader terms there are primarily two types:
a. Physical NFTs
b. Digital NFTs.
Physical NFTs are nothing but Digital NFTs which has a physical asset associated with it. You can use the NFTs to get some ownership in real life ( IRL). For example: if you buy an NFT of Cricket that can act as a ticket to matches at the stadium or it gives me access to physical merchandise of a team/player, that’s a Physical NFT.
For Physical NFTs you still need to buy them on the blockchain using cryptocurrencies like Ethereum, Solana etc.
Digital NFTs are nothing but digital files which is there on the blockchain and don’t have any physical asset associated with them.
How can you create NFTs or Mint NFTs?
You must have heard of the term — Minting NFTs. It’s nothing but when you list your digital piece on a blockchain and make it ready for purchase.
So what are the steps you need to follow to Mint your NFTs? Let’s go step by step;
- The first and most basic thing, you need to have a digital file ( audio, photo, video etc) that you want your NFT to be created. Ensure it’s not copyrighted.
- Once you have your digital file ready, chose your marketplace, where you would like to sell it. There are many marketplaces like Opensea, foundation, Sloika, SuperRare, etc. where you can mint your NFTs and sell it.
Let’s take the example of minting on Opensea, which is one of the marketplaces for NFT on the Ethereum blockchain. - You need to create your Wallet like Metamask/Coinbase to access the cryptocurrency on the blockchain and get access to the NFT Marketplaces like Opensea.
- Once you have your wallet ready you need to load Ethererum on the wallet. For that, you need to buy Ethereum using INR or USD from any cryptocurrency exchange site like Binance/WazirX and load it into your wallet.
- Once you have a wallet loaded with Ethereum, you can upload the NFTs in the marketplace, pay the GAS fees and start minting your NFTs.
Till here, we have learned theoretical knowledge about what is an NFT and how one can Mint an NFT. In the next article, we will get our hands dirty and learn more about NFTs with examples and how you can mint NFTs with screenshots! stay tuned!
Tanayesh
Team NamasteyNFT
