There is a lot to tell about NFTs. You want to know what? Make sure to watch this video!
00:16 What is an NFT?
NFT stands for Non-Fungible Token.
I suppose you can think of it as a digital certificate of authenticity.
In real life, classic works of art, antiques and other historical items are often sold at auctions with a receipt certifying that they are genuine.
NFTs serve the same purpose, but for digital items.
01:23 Can my content be an NFT?
We’re living in the wild west of NFTs where almost anything goes.
Digital art, songs, memes, recipes, and even entire startups are currently listed for sale on NFT marketplaces. There are currently very few restrictions as to what kind of content can be “tokenized” and turned into an NFT.
02:20 Why is there such a thing as NFTs?
Collecting valuable items has been something of all times.
Now the blockchain technology also has the opportunity to not only create coin coding, but also collectable coding. One great example is Cryptokitties (https://www.cryptokitties.co/) . The fun part is, using cryptocurrency, you are able to purchase a digital kitten, and breed them and if you do well, even sell them again.
04:05 How do I get started with my own NFTs?
There are 3 steps in this process.
– Step 1: Set up an Ethereum Wallet
The wallet allows you to safely sign in and create accounts on NFT marketplaces.
There are hundreds of platforms that provide free wallets, but to give you an idea of the apps, you have Coinbase wallet, MetaMask and Rainbow.
– Step 2: Purchase a small amount of Ethereum
On most major digital art marketplaces, there are fees associated with turning your content into an NFT. And therefore you’ll need to purchase some Ethereum (ETH) to cover the costs of creating your first NFT.
The easiest way to get started is by choosing a certain amount of money you are willing to invest and purchasing exactly that much Ethereum.
– Step 3: Connect your wallet to an NFT Marketplace.
Once your wallet is setup and you’ve purchased some ETH, it’s time to choose a marketplace where you want to create an NFT and list your work.
For creators just getting started with NFTs, I’d suggest listing your work on Rarible.
Rarible is one of the most accessible sites for creators and collectors looking to get into NFTs.
06:21 Creating your own NFT
Once you’ve created your wallet, and found your marketplace, it’s time to get busy with making an NFT. And this process isn’t that hard, but then again, there isn’t one way to create it. If the file you create is supported by the marketplace where you’re listing the content, then it’s going to work as an NFT.
07:25 My views on NFTs.
With crypto, any idea can be monetized directly.
And so long as the creator’s identity can reliably be tied to the work, it presents the most direct way to reward someone for things others enjoy. Plus, the works can be resold on a secondary market, with proceeds continuing to accrue to the artist.