What are NFTs?

What are NFTs?

A beginners guide to NFTs and Crypto Art for artists looking to join the blockchain world.

First Things First, What is the hell is an NFT? What does NFT stand for?

Well, it stands for Non-fungible token. Non-fungible means that it’s unique and can’t be replaced with some thing else. For instance, a bitcoin is fungible — exchange one for some other bitcoin, and you’ll have precisely the identical factor. A one-of-a-type buying and selling card, however, is non-fungible. If you traded it for a extraordinary card, you’d have some thing completely one of a kind.

Anyone can view the item, only the buyer of an NFT has the official status of being its owner.

Although they’ve been here since 2014, NFTs are gaining notoriety now because they’re turning into an increasingly more popular manner to shop for and sell virtual artwork. An amazing $174 million has been spent on NFTs since November 2017.

For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.

They also get exclusive ownership rights. That’s right: NFTs can have only one owner at a time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT’s metadata.

If you’re still reading, you might be wondering: can I make an NFT? Well technically, absolutely everyone can create a piece of artwork, flip it into an NFT at the blockchain (a method referred to as ‘minting’) and put it up for sale on a market of desire. You can even connect a fee to it, a good way to pay you on every occasion someone buys the piece through a resale.

Much like when shopping for NFTs, you need to have a Wallet set up, and it needs to be stuffed full of cryptocurrency. It’s this requirement for money upfront that stops many artists from joining this frontier.

In the post, I’ll explain how to make a Crypto Wallet from scratch and go about minting your first artwork on the blockchain.

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