Whether you are new or old to the crypto world, I will break down NFTs in the most precise form possible. It took 11 years before most people accepted bitcoin, but for NFTs and other concepts related to cryptocurrency, their acceptance level will take a shorter time since bitcoin has already paved the way and cleared most doubts.
In its simplest form, NFT stands for Non-Fungible Token. But before we go too far, you need to know that NFTs are not cryptocurrencies. Instead, they are a one-of-a-kind type of asset that just one person can own. NFT is so unique that it opens many doors in art, gaming, technology, and even real estate and people. The most considerable potential of NFT is that it helps to prove authenticity and ownership.
To put it into perspective, let me start by showing you the difference between a Fungible token and a Non-fungible token.
Imagine you have $100 with you, and I also have $100 with me. Then someone collects the money from both of us, asks us to close our eyes, then asks us to open our eyes, then asks you to pick your own $100. Any of the two $100 notes you select has the same value as just any other $100 note you will find elsewhere. It is the same with the Rand or Euro or even Bitcoin. Anywhere you get to in the world today, a bitcoin is a bitcoin. And a Rand is a Rand. You can break them into 1000s or 100s or even 10s. If you have 1 bitcoin. You can shoose to send 0.003. and the person will the value of 0.003. NFTs are different
What Makes NFT Special?
Take a good look at this picture here.
This picture is unique and is not interchangeable. The question now is. Why should anyone pay millions of dollars for this artwork when they can easily view it or duplicate it.
The answer is simple. Once you buy it, you become the new ‘original’ owner. So think of it as a house. If I build a house, it is my house. But the moment I sell the house to you, you instantly become the new ‘original’ owner of the house. So anyone who looks at the house is now looking at your house, not Hanna’s house.
Asides from authenticity and ownership, NFTs are still the best way to earn cryptocurrency over time without actually investing in it. It is just like owning a store and allowing people to pay you only through cryptocurrency on a global level.
Apart from artworks, another excellent example of NFT is a website. Remember when Facebook introduced its own cryptocurrency – Libra coin? Well, they made a mistake. They forgot to buy the website before the announcement. So an intelligent guy bought the website and sold it back to Facebook for millions of dollars instead of a few hundred dollars. Getting interesting, right?
Why Should You Be Interested in NFTs?
- Unique – This is the first feature of any NFT – unique. Like I mentioned earlier. It is a one-of-a-kind asset, and you cannot make another NFT with the same token number on the same smart contract. Meaning there will only be one of that token verified by the Blockchain, and anyone can see.
- Copyright – yes, your NFT can have commercial copyright.
- Rare – we already highlighted that NFTs are unique and cannot be copied, making NFTs rare. So let’s say you buy that art piece I showed you above; it is safe to assume that you would be the only person in the world to have it, and as the new owner, you can choose to resell it for any amount you like at any point in time. For the gaming industry, they can make as many as 100 NFTs for a game, meaning you would be one of the few people in the world to have a collectible item that can be resold in real life or in the game
- Collectible – so I used described NFTs as a collectible item in my last point. A collectible refers to an item that the price can only go up over time since they are rare. Buying them to resell means you can make thousands, if not millions of dollars in the nearest future.
- Downloadable – if your NFT is on a platform like the Mintable.app, only the current owner of the NFT can download the file attached to it.
- Immutable – immutable means no one can ever make a change to it. So no one can change the metadata on the token. No one can remove your image or the name of the token. In fact, it can never be removed from the Blockchain – this helps to increase the value of NFTs
- Resellable – You can always resell your NFT. A few weeks ago, a famous artist sold his work for $69 million (69 million dollars). You read that right. So why shouldn’t you resell your NFT? In fact, there are stories about people who bought NFTs for less than $1000 but sold them for over $20,000 in just one trade.
How to get into the world of NFT
- Step 1: Get an Ethereum wallet and fund it (this is required for you to interact with an Ethereum application)
- Step 2: Find a marketplace. (some marketplace you check include https://Mintable.app, https://opensea.io, https://superrare.co, and https://rarible.com) They are the top NFT marketplace.
- Step 3: Start minting NFTs (this is the moment you have been waiting for)
How to mint NFT
If you are any creative ideas or if you are a content creator for artwork, graphic designs, 3D models, videos, PDF, research – it can all be turned into an NFT using platforms like Mintable.app. Since Mintable is the most flexible and has the most possibilities, I will focus on how to mint NFTs using the Mintable.app
Once you open a new account on Mintable, you can start minting NFTs for FREE. This platform offers three options for minting.
- Your own store
- Mint in Mintables store
- Gasless minting
- Your own store: this is like starting your NFT store online. Here, you create the smart contract on the Blockchain to be the only person who owns and controls it. Owning your own store comes with an initial investment of $100 to deploy the smart contract (let’s just call it the money you need to start your online business). After the first initial $100, you can start mint hundreds of NFTs for as little as $10. Using your own store also means you decide where to store your data
– Most Flexible: Let Mintable handle it
– Decentralized but no batch minting: Data is on IPFS
Complete control: Your own servers or other locations you can pick
- Mintable’s store: using Mintable’s is like having a partnership with Mintable. This helps you to save cost on transaction fees. Also, you don’t have to pay the initial investment of $100 to deploy your smart contracts to the Blockchain. Using Mintable store is free, and you can mint thousands of NFTs in a single transaction.
- Gasless: this is the best way to get involved in minting since you can mint directly on Mintable’s store without needing to submit a single transaction, meaning no transaction fees from the Blockchain. You can visit https://mintable.app/gasless
Minting the NFT
Before we go deep into how mint, it is crucial you know what minting means. Minting refers to the process of creating your unique item and making it available for sale on the Blockchain.
So how do you mint? Start by uploading your item on the Blockchain, fill in all the necessary details (this includes name, price, and other values) and you click sell.
Mintable has huge file limits, 3GB for the private unlockable file and 200MB for the preview images.
If you have heard of DeFi and NFTs, but you are lost on how you too can jump into this financial revolution. Here is your opportunity. Don’t miss it. Jump into the comment section, tell me your thoughts, you can also join my free Facebook group, my free Telegram group and my Clubhouse to learn more
So have a lovely day ahead friends. See you in the next post.