NFT, here’s how to create, buy and sell them
NFT, here’s how to create, buy and sell them
NFTs have become one of the hottest crypto trends of 2021, with overall sales growing 55% as early as 2020, rising from $ 250 million to $ 389 million. Non-fungible tokens (NFTs), are unique collectible cryptographic assets, have been around since 2012, when the concept of Bitcoin Colored Coins first emerged. These coins were simply satoshi — small fractions of a bitcoin — marked, or “colored” with distinct information that could link the coins to John Doe’s real-world New York assets. “ For the most part, however, colored coins have been used to create and trade works of art such as “Rare Pepe” digital cards on Counterparty, a peer-to-peer trading platform built on the Bitcoin blockchain.
This paved the way for the conception and creation of new non-fungible token standards, a set of blockchain building blocks that allow developers to create their own NFTs. Whether it’s a GIF or an image, it’s a relatively simple process and doesn’t require extensive knowledge of the crypto industry.
Before starting, however, you will need to decide on which blockchain you want to put your NFTs. Ethereum is currently the leading blockchain service for issuing NFTs, but there are several others that are becoming increasingly popular, including Binance Smart Chain, Flow by Dapper Labs, Tron, EOS, Polkadot, Tezos, Cosmos, and WAX. Each has its own separate NFT token standard, specific services and wallets, so you cannot sell an NFT hosted on one network across a different network.
As ethereum has the largest NFT ecosystem, we assume you want to operate there. You will therefore need an ethereum wallet that supports ERC-721 (the NFT token standard based on ethereum), such as MetaMask, Trust Wallet or Coinbase Wallet and possess ethereum for a minimum share between 50 and 100 dollars, Once these requirements are met, it will be It is possible through various platforms, such as OpenSea, Rarible or Mintable, to connect your wallet and upload the chosen image or file that you want to transform into an NFT.
To sell your NFTs on a marketplace instead, you must first locate them in your collection, click on them and find the “sell” button. Clicking this will take you to a pricing page where you can define the terms of the sale, including whether to run an auction or sell at a fixed price. Listing NFTs on a marketplace sometimes requires a fee to complete the process, although that’s not the case with all platforms.
If, on the other hand, what you want to do is buy, then first you will have to know which wallet to download to connect to the platform and buy NFTs, with which cryptocurrency you will finance the purchase and above all know if the NFTs you want to buy are sold at a specific time. The most popular NFT markets in 2021 are definitely OpenSea, Rarible, SuperRare, Nifty Gateway, Foundation, Axie Marketplace, BakerySwap, ShowRoom NFT and VIV3.
