Can I Create My Own NFT?

NFTs have revolutionized the financial market. The individual tokens that are closely connected to digital creations fascinate not only investors, but also creators. Not long ago, auction house Christie´s sold a digital collage by artist Beepl for an equivalent of almost 70 Million USD in cryptocurrencies. That makes Beepl one of the few artists, whose artwork brought in a fortune during lifetime. This and many other examples show that the old-fashioned investment in fine art or collectibles works great in combination with the modern blockchain technology.

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What Does NFT Mean?

NFT is an acronym and stands for non-fungible token. Other than normal cryptocurrencies, NFTs are individually connected to their owner and to specific digital items such as video games, certificates or art. Even though they differ from digital currencies like Bitcoin or Ripple, the NF tokens are transferred via blockchain. In 2017, the large part of Ethereum´s transaction volume was transferred in correlation to NFTs. An NFT represents the value of digital art. Learn more about it on https://nftexp.io/blog/nft-coin-token-difference.

How to Make Your Own NFTs

If you plan to get your creations out there, NFTs can be a good opportunity for you. It is possible to create something and tokenize it. As soon as the digital creation is listed on the marketplace, it can be invested in by purchasers. The actual monetary value of your creation is verified if an investor agrees to pay a set price or takes the highest bid on it. If that happens, your artwork manifests the value of the designated token.

Set up MetaMask

In order to create an NFT, you need to set up MetaMask. MetaMask is a certain crypto wallet that is supposed to hold non-fungible tokens. The wallet can be easily set up either per mobile app or per Chrome extension. Opening it is free, but make sure to remember your wallets seed phrase. You´ll need that if you should ever have to recover your wallet. While the actual tokens remain on the Ether blockchain, your MetaMask wallet holds the keys that represent your ownership.

Tokenize Your Art

In this step, you upload your digital artwork to OpenSea, an NFT platform. You should decide, how many pieces of a certain file you want to sell – while limited editions and collectibles bring in a lot of money, it can be better for new artists to create turnover by heightening the number of pieces. If you´re done, find a retail price.

List on the Marketplace

Your art can only be bought if it´s listed. In order to get OpenSea to feature it on their marketplace, you´ll need to allow them to do so. Also, you´ll have to pay a so-called gas fee via blockchain – another thing you need your wallet for.

Other Ways to Profit from NFTs

NFTs work both ways: It´s not only the artist, who can celebrate lucrative sales. The buyer, too, get something lucrative in exchange. The NFT is a store of value for him. That especially goes for rare collectibles and items created by popular artists.

So instead of creating art, you could also invest in pieces created by others.

Popular NFTs

The most popular NFT is the above-mentioned Beepl collage. But there are so many examples for collectibles that have gone over the digital counter for quite a big amount of money. CryptoKitties is a game where NFT investors take care of unique cats and even bred them. Every single cat is an NFT and brings a fortune to its breeder. NBA baseball cards are another entire NFT market.

The Future of NFT and Tokenization

Experts think that we are still at the beginning of a blockchain revolution. The decentralized databases could change the bank system, the health system and many other aspects of everyday-life. It is likely that the tokenization of digital property, too, is a development that will open new possibilities. The world is digitalized – and so will art be: a whole new epoch.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes