NFT beginners adventures

NFT beginners adventures
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The NFT has become a very important digital standard in the market, thereby establishing its beginning to establish new economic practices.

At first, the whole NFT thing might seem confusing to most marketers (and the general public). How is it possible that a JPEG file can sell for hundreds of thousands of dollars or even more?

As we will see, persuading someone to buy an electronic product for $100 necessitates a detailed strategy that includes a well-thought-out funnel, market research, marketing techniques, clearly detailed content, and occasionally just plain luck.

That is why it may appear unbelievable to us that simple photographs can sell for more than six figures on the internet.

So you’re not alone if you don’t understand how NFTs work. When Tiktok was first starting out, it seemed unusual to all of us, though some more than others, and it’s safe to say that NFTs are here to stay.

NFT beginners adventures

That’s why marketers need to know the basics of NFTs and start thinking about how to market such a new product and enter the industry.

So what is NFT?

A Non-Fungible Token, or NFT for short, is a non-fungible unique token with a unique, distinct intrinsic value. It can be music, text, images, 3D objects, or everything can be sold using NFT.

Each such NFT token is unique, and it is proof of the owner’s ownership of this product. The buyer (or author) of an NFT token can dispose of it at their own discretion, and information about this is recorded in the blockchain.

Believe it or not, the NFT market is booming. According to NFT Stats: NFT market insights, trends, and top-selling NFTs, an average of 50,000 NFTs are sold every day, resulting in a $136.2M trading volume. Every week, the greatest NFT projects sell for millions of dollars, with the highest-selling item fetching $69 million at auction.

Digital is a rapidly growing industry, and within it, a slew of new activities have emerged, all of which serve as a reminder of the power of innovation, particularly when it comes to learning about concepts like the well-known NFT.

The dialogue that NFTs have currently had in the art world has been increasing in the last two years worldwide. Ultimately, it is a medium that is motivating artists to adopt blockchain technology to power their art. The fact that digital insiders and auction houses are embracing the digital world as a result of the epidemic has caused a surge from which a new branch of the art market has emerged.

NFT minting

In general, we refer to digital assets when we talk about them. NFT minting simply refers to creating it on the blockchain.

What could be an NFT? Basically, everything we have and own in the digital space. It can be a tweet, a digital piece of art, or even a music album, but the most successful ones we’ve seen in 2021 have been art collections.

With the help of blockchain technology, artists from anywhere in the world can reach art collectors and sell their work securely. The best part about this is that anyone can create and learn how to sell NFT art.

But the process of tokenizing a digital asset, or minting NFTs, incurs a terrible gas fee. Most of them are created on Ethereum , so we will talk about minting on Ethereum. But the popular network has a big disadvantage when it comes to gas transactions and fees, generally high gas fees. 

While the process of minting an NFT is not much different than uploading content to a streaming platform, the gas fee is not an insignificant amount and can fluctuate over time. I recommend checking the current prices of Ethereum gas fees on Etherscan before minting and executing trades.

To mint and craft, you’ll need a cryptocurrency wallet, like MetaMask , and some Ether (ETH) to pay for gas fees. However, in this guide, we will show you how to create and sell NFTs for free using the Ethereum and Polygon blockchains, We will talk more about this in my next blog.

What do you get when you buy an NFT?

For some NFTs, the benefit is simply owning a digital asset that they believe will rise in value in the same way that buying shares would. Like Twitter co-founder and CEO Jack Dorsey, who turned his first tweet into an NFT and sold it for $2.9 million.

For other NFTs, the benefit may be access to an online community, in-person events, physical products, or anything else that aligns with the creator. For example, a content creator could use NFTs as “vouchers” so their followers can attend their main public appearances with access to the green room, have the creator join their podcast, or even have a virtual live outing. for one hour with question and answer sessions.

If the value of this NFT were to increase, the person who bought it could sell it for a profit and give the utility (access to the keynote, podcast interview, or Q&A) to another of their followers.

If you take a screenshot of an NFT, does that mean it’s now yours?

The short answer is no.

And that is exactly why NFTs are so valuable. You can have a screenshot of an NFT as a protector on your phone but unless you own the original, you will not earn money from the transactions and the increase in value.

You are more than welcome to enjoy NFTs, just like you are more than welcome to enjoy the Eiffel Tower. But that doesn’t mean you own the building. The blockchain verifies that you are not the owner, despite all the photos you may have.

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