NFT or Non-Fungible Tokens are cryptocurrency assets that represent a wide range of unique objects, both physical and virtual as real estate or digital art. NFTs are unique – like real works of art, NFT uses the blockchain to identify its authenticity, so you can tell the difference between a replica or a replica. They are essentially blockchain entries and allow collectors to have a digital collection where everything can be traced to their original publisher. CryptoPunks and CryptoKitties are the two most popular NFTs.
NFTs provide a certificate of ownership of digital material for the buyer, which also protects its value for future transactions. A report by Coindesk states that artists can sell their art digitally to a global audience that will allow them to not only get a bigger cut in profit but program realms as well. Gamers can also become owners of in-game products and even earn money from them. It states that most NFT tokens were built using two Ethereum token standards – ERC-721 and ERC-1155.
Partner Elon Musk Grimes recently sold digital art as NFTs, earning $ 6 million (approximately Rs. 43.76 crores) selling short images and videos, which have garnered a lot of market attention.
How to make and sell digital art NFTs
There are several types of NFT that have their own configuration process. In case you want to set up digital art NFTs, here’s how you can do so through one of the most popular online markeplaces, OpenSea.
The first step is to set up a digital wallet to store NFTs and crypto. OpenSea recommends MetaMask and its wallet extension for Google Chrome.
Next, go to OpenSea and scroll over to the profile icon on the far right to select it My Profile.
Then click sign in and follow the on-screen instructions to complete setting up your account.
When you are done, you should see your account page and scroll over it Create top right and select My Collections.
Fo Create a new collection, select Create and enter details for your collection.
When your collection is complete, click on it Add New Topic and you will be asked to upload metadata that includes an image, video, audio file and then name your NFT.
Finally, click Create and your digital arts NFT is set up.
You can now list your collection for sale on OpenSea but keep in mind, first time sellers have to pay a gas fee – the cost of Ethereum blockchain trading – before listing anything.
OpenSea is one of the most recognizable NFT markets today, but other major ones include Rarible and SuperRare, and allow artists to discover new audiences, and earn some money. from the cryptocurrency market.
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