Non-Fungible Tokens (NFT) is the latest buzzword in the crypto market these days. While it sounds daunting and elusive but on diving deeper, you realize that this technology or concept is something that normal mortals can fathom.
So first of all what is NFT?
As the name suggests these are tokens that are non fungible. EASY! I know you all must be wondering by now where this is going, so let me break it down for you further. So basically in the Blockchain world we have a concept of tokens. These tokens get generated along with other parameters that form a “Block” on the Blockchain. These tokens are uniquely assigned to the block that they are part of. Now when anything is created in a blockchain it gets an identity that is unique to only that particular entity. NFT uses this concept and attaches a unique token parameter that cannot be replicated on the chain. Now this gives the birth to the NFT concept. NFT can be anything under the sun. People have used funny memes, random sounds, pixelated gifs and god knows what, as NFTs, under the garb of art.
So now that you know the basic concept of NFT the next step is to own one. To do that there are many platforms out there that help you from creating and managing your NFTs.
You might need to create your account on such platforms to get started. Mostly creating an account entails normal stuff like supplying details like email, name etc. The tricky part is that you will have to associate your Etherum wallet with your account as well. So to do that you will need a “Metamask”. Don’t fret, this is not a physical mask to keep COVID at bay! Metamask is a tool that helps you connect your ethereum wallet on a browser as an extension. This will help in making the transactions on the NFT platform as easy as 1,2,3.
Once set, you may start building your NFTs. What you need to create as an NFT is your own perogerative so I'll assume that you have a concept in mind. All you need is a digital file for your art like .png, jpg, mov, gif etc. Once you upload your file on the platform a token is generated which gives your creation a special “uniqueness” in the world of Blockchain. You will have to spend some GAS to generate the NFT and put it on the network. This can be thought of as a “tip” paid to the valet to bring your German to you while you stand in a swanky 5 star hotel lobby. Getting carried away with my wishful thinking here!
So once this is done then you would need to upload your “work of art” to your account and set some important parameters. The most important one would be the moolah it would be bringing you. So set the price (in ethers) or any other options that the platform offers.
Some of the other options that you might want to control is the royalty. Yes that is correct, you can actually get royalty for a gif that you created if it gets resold on the platform.
And you are set to sell your NFT art.
