Digital space has evolved in this decade. People’s interests and investments are the main reason behind this prosperity. Digital marketing is now worth billions of dollars. It has made history as no other business has made this profitable. Digital space is not a single and unanimous platform. It has significant sub-divisions and ways to offer services to users.
One of its major sub-branch is NFT. These non-fungible tokens have gained substantial attention and possibly people’s investments. One thing that attracts them the most is its unique name. A similar question pops up in everyone’s mind, “what is NFT?” Years ago, only experts could explain the answer. However, this term has become immensely popular that anyone can explicitly tell about NFT.
Here is its simple explanation for beginners. NFT is like a painting that the artist has created using different softwares. Years ago, people used canvas to showcase their aesthetic skills and artwork. Nowadays, artists use NFTs to exhibit their skills. Moreover, people buy those paintings or NFTs for millions of dollars. Apart from this, people create audio and visuals and sell them as NFTs.
Characteristics of a valuable NFT
Not all NFTs are valuable and worth buying. Moreover, only experts can distinguish valuable NFTs from the rest. However, some characteristic features decide the worth of the NFT.
Practicality
When you aim to buy something, you will look for its practicality and application. Similarly, NFT buying also follows this rule. Every investor should evaluate its utility before buying. An NFT with high practicality is worth buying. Look for its usage in various fields. Currently, NFTs designed for gaming has a higher utility.
Rarity
The NFT, unique and rare, carries more value and worth. Although every NFT is different from the others, some are unique and distinguishing. This way, people are tempted toward those NFTs that seem rare and unique.
Ownership history
It is another criterion to determine a valuable NFT. Mostly, NFTs owned by celebrities or influencers have high prices than others. People want to own their favorite celebrities’ NFTs. As a result, those NFTs are sold at a higher price.
How to mint your NFT
Sometimes, people are tempted to create their NFTs rather than buying. Many people have a creative mindset with innovative ideas. That’s why they want to mint NFT for themselves. Creating your own NFT is not a complicated process. Generally, people require 15 to 20 minutes to complete the task. Here is a list of guidelines one can follow while minting an NFT.
Connect your crypto wallet
The first step is to connect your crypto wallet with a minting website. You can create a wallet if you don’t have one. Mostly, every website has an icon that enables the users to connect to the crypto wallet. Minting the NFT is a high-energy consuming process. Therefore, the NFT marketplace charge fee for gas supply. Moreover, you can pay the amount in the form of cryptocurrency.
After connecting the wallet using the QR code, complete your profile on the specific website. You can add a profile photo, description, additional links, etc., to briefly describe yourself.
Ensure funding of your wallet
Selling the NFT requires funding in the form of ETH if you are using OpenSea for minting an NFT. Hence, you need to fund your wallet by buying cryptocurrency and depositing them in your wallet. As explained earlier, NFT requires high consumption of electricity. The NFT creator pays this surplus amount through cryptocurrency.
Moreover, different NFT markets allow users to buy coins using credit cards. Hence, it is a simple step and eligibility criteria for minting an NFT.
Creating the art
After finishing your portfolio, you can upload different files. A box appears for uploading the file. This way, you can upload your artwork. Moreover, add a suitable title and description to give recognition to your artwork.
At this stage, you can also designate a specific royalty percentage. Hence, you can get a share of each secondary sale in the market after specifying the percentage. Usually, the percentage varies from five to 10%. Click the Finish button to mint your NFT.
Listing your NFT
After uploading the file, the next step is to enlist your NFT in the selling list. The website will completely guide its user to accomplish the step. Additionally, the creator has to pay the fee for enlisting his NFT. Moreover, the creator should choose the pathway for selling. In other words, a person should decide whether NFT follows the fixed priced or auction selling.
After enrolling your artwork in the list, you should track your progress. You should know different competitors in the market. Further, you should evaluate how well your NFT is progressing in the market.
Conclusion
NFT has become a powerful tool as people sell their simple artwork for millions of dollars. Therefore, if you have a creative mind, step into this platform as this market is flourishing at a rapid pace. Further, people speculate that soon it will take over the digital space.
