By Lucas Ofubu
NFT Stands for NON-FUNGIBLE TOKEN.
An NFT is a cryptographic token, but unlike cryptocurrencies such as bitcoin and many network or utility tokens NFTs are not mutually interchangeable, i.e. not fungible.
It can be likened to be a digital certificate of authenticity.
So, we see how historical items and art works are sold at auctions with a receipt stating that they are genuine. Well, that’s the purpose NFTs serve for digital items.
What Digital items can be NFTs
- Graphics interchange Format (GIFs)
- Source codes
- Game items
- Any other file format that can be certified as one-of-a-kind
Your NFT can be purchased, collected, sold or destroyed. Thanks to blockchain technology, the pricing history can be seen by anyone with internet connection.
The process of creating an NFT is called “MINTING”.
When you turn your work into an NFT, you’re creating a token on the blockchain that will be attached to the content for life.
By now, you should know that songs, digital art, memes and even start ups can become NFTs.
How to start creating NFTs
Do you know that with a Crypto wallet, some ETHEREUM and good internet connection, the magic can happen?
You don’t need to know so much about the crypto space to create an NFT.
Check out the 3 Easy steps below:
Set up a crypto wallet. Coinbase, metamask and rainbow wallets are recommended.
Buy some ETHEREUM.
You need some ETHEREUM(ETH) because of the payment of fees needed to turn content into an NFT.
Connect your wallet to an NFT Marketplace.
An NFT MARKETPLACE is like EBay on the blockchain. It’s a place where buyers and sellers of NFTs hook up to do business.
I’ll recommend RARIBLE for any beginner but listed below are some NFT Marketplaces:
- Atomic Assets
- Known Origin
- Axie marketplace
- Treasure land
- NFT Showroom
- Arkane Market
- Decentraland Marketplace
- Nifty Gateway
As soon as you finish creating your profile on the NFT Marketplace, “MINTING” can start. Once you finish minting, anyone can see the NFT and bid for your NFT.
Don’t forget to promote your listed NFT. It is very important. Building a healthy community to push the value of your NFT will be very useful too.
Welcome to the world of NFTs
Leonard Da Vinci painted the Mona Lisa and the universe attached so much value to that piece of art.
Your next big cash out might be from your own NFT.
Feel Free to ask your questions in the comments section.