What are NFTs?

NFTs are a new cultural phenomenon that have been making headlines throughout 2021, with some creators making millions off of them. 

NFTs, or Non-Fungible Tokens, are digital assets whose ownership record is stored on a blockchain (a type of decentralized financial ledger.) They cannot be exchanged with one another, like cryptocurrencies, where each coin stores equal value. NFTs are unique and can be sold or exchanged as a way to prove ownership over a certain digital file.

Each NFT is a one-of-a-kind art piece in the digital realm. No matter how many copies exist, there will only be one original with an authenticity certificate. As ownership and transaction details are stored on the blockchain, anyone can easily verify the authenticity of a piece, while creating a false ownership certificate is nearly impossible. 

Selling art as an NFT has plenty of benefits for the artists or creators. They earn money every time their NFT piece is sold, and they don’t have to rely on art galleries or other institutions to exhibit their artworks or broker the sale. With just a few clicks and at almost no cost, buyers across the globe can view and purchase NFTs.

How to Create NFTs

1. Pick an asset to certify

   Non-fungible tokens can represent any digital file. It can be a digital painting, a text, a piece of music, a video, a meme, a GIF or even a tweet. Make sure that you own the intellectual property rights to the item you want to turn into an NFT.

2. Choose the blockchain

   After selecting the unique digital asset, you need to choose the blockchain technology you’re going to use for it. The most popular is Ethereum. Other options include Tezos, Polkadot, Cosmos and Binance Smart Chain.

3. Create a digital wallet

   You’ll need some cryptocurrency to cover your initial investment in NFT.  A digital wallet gives you access to your digital assets. 

4. Choose your NFT marketplace

   Some of the most popular NFT marketplaces include OpenSea, Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Nifty Gateway, Mintable, and ThetaDrop. You'll need to do some research to find a platform that's a good fit for your NFT. After selecting your NFT marketplace, you'll need to connect it to your digital wallet. 

5. Upload the asset and set up the sales process 

   Your chosen marketplace should provide you with a guide for uploading your file to their platform. At the final stage, you decide how you want to monetize your NFT. You can sell it at a fixed price or set an auction.