What is NFT?
Non Fungible Token known as NFT is non-interchange able digital assets or unit of data stored on blockchains. It can be sold and traded. These assets are real world objects like, music, graphics, and art in games and videos. NFTs are sold or bought online frequently via cryptocurrencies. It is encoded using same kind of programming which is used for the cryptocurrencies. something like bitcoin, Ethereum, BNB, Tether. It is something unique about which no body know except the one who create it. It is like complete new thing to world.
History:
Although they have been around since 2014, NFTs are now notorious as they become a more popular way to buy and sell digital artwork. Almost 174 billion dollars has been spent on NFTs since 2017.
How NFT's Work?
How to Make NFTs?
Below is process to make NFTs and sell them on different Market places.
- Pick Your Item
- Choose your Blockchain
- Setup your digital wallet
- Select your NFT market place
- Upload your file
- Setup the sales process
1. Pick Your Item:
First of all, if you have not already done anything then you need to build a digital asset first it may be a picture, music, custom painting, meme or a Giff or it may also be custom painting. NFT is a unique digital asset owned by a sole owner. No body except the owner know about that NFT.
2. Choose your Blockchain:
Once you have completed the process of NFT creation. Now it's time to choose a block chain for that NFT to sell it. You can choose any of the block chain. But Before you choose any blockchain you must know about blockchain technology. Mostly ETHEREUM is popular blockchain to sell NFTs. But you can also chooose like polkadot, Tezos, cosmos an Binance.
3. Create or setup digital wallet:
Once you have choose the blockchain Now it's time to create a digital wallet to accept cryptocurrencies. If you already have digital wallet which accepts cryptocurrencies then it is good. But if you don't have any digital wallet for cryptocurrencies then you need to create new wallet and buy some cryptocurrencies because most of wallets requires some currency to accept payments or to connect it with marketplaces. The top digital wallets are Meta mask, Math wallet, coin base wallet, alpha wallet and others.
4. Select your NFT Market Place:
You have created your digital wallet now it's time to select an NFT Market Place where you will list your NFT set its price and sell it. You will need to research for NFT plateforms and choose that one which good fits to your NFT. Some of Top NFT marketplaces are Axie NFT Market Place, Larva Labs/Cryptopunk, OpenSea, Super rare, Foundation, Nift Gate way and more.
After selection of NFT Marketplace you need to connect your digital wallet with market place to pay for the mint of NFT and receive payments in case of any sale preceeds.
Note: It is important to note that some market places requires their own cryptocurrencies.
5. Upload your file:
You have selected your marketplace so now it is finally time to upload your digital assets. Each and Every NFT market place has step-by-step guide for uploading the digital file on their marketplace. That process will enable you to convert your MP3, PNG, JPEG, Bitmap, Video, AI or any type of file into Marketplace NFT.
6. Setup the sales Process:
After doing all processes mentioned above finally you need to decide that how you want to mint your NFT. Depending on different Plateforms you can sell it in different ways given below.
1. Sell a time auction: This method will set a time for those who are interested to submit bid for your NFT.
2. Sell it at fix price: This method will set a fix price for the buyers to buy your NFT. It will be set for only the first person who is willing to buy your digital asset.
3. Start an unlimited auction: This method will set an unlimited time to submit bid for your digital asset. and you have control to end the auction time whenever you want. Means when you get a good enough bid you can end biding time and sell it.
NFT creaters can earn millions of dollars by selling there NFTs because NFTs are getting more orders after there popularity. But you should also keep in mind that every NFT creater may be possible, may not sale his/her NFTs. You can loose you minting money also. so if you are ready for loss also then you should start NFT.
I hope you understand that What are NFTs actually, how they work, how created and how they are sold. I have tried to explain my all knowledge about NFTs and told you that how you can make millions by selling your NFTs.
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