15.6 C
New York
Saturday, September 23, 2023

How To Start with NFTs?

Must read

Non-fungible tokens in a simple way are the digital assets with the acronym as NFT such as illustrations, pictures, or clips of music.

You can also consider them as a limited-edition batch of digital assets that anyone can hold and has a great value. The way you see limited edition art in a museum, you can consider NFTs just as expensive. The value comes from the rarity and protects the digital rights of the art.

For example, the first logo that was formed via computer can have a huge value now and anyone can clone it. But to protect the identity, you can use NFT technology to safeguard the digital rights and sell the ownership without any hassle. All the records of transactions are stored using blockchain technology showing the provenance of any asset. 

Currently, the NFT market is serviced heavily by the graphics of apes and other digital avatars. It is a young and quickly growing technology where we are going to witness the rise of multiple untapped sectors. For photographers, it is indeed a great opportunity to show their skills and collect artwork. 

Below are the 3 things to keep in mind while proceeding toward your NFT:

Choose your blockchain: 

NFTs are stored upon blockchain technology. Though there are multiple host blockchain technologies, you cannot consider all of them legitimate. That’s because many dead projects are also present in the market where you will get trapped and won’t get any value. Some of the most popular blockchains are Ethereum, Binance, and Solana. 

Once you decide on the technology, you have to purchase the cryptocurrency of that particular exchange. For this many exchanges are available. Also, you need a wallet which can have the capability to sync your crypto wallet with web 3.0 such as Metamask. 

NFT websites: NFT websites are the ones where you can buy and sell the NFTs. There are exclusive prices for the NFTs, and you can also choose your price. However, to maintain legitimacy, there are only invite-only options to post on these websites. Now since the technology used is blockchain, you also need a cryptocurrency wallet.

Your wallet needs to have enough balance to handle the cost of minting NFTs and cover the cost of energy used in the transactions of a particular blockchain like Ethereum. You can also make this charge to be paid by the buyers as this is a variable one as per the time of the day. 

Group Images with a fee: 

 NFTs are efficient when they are in the form of collections, so you can easily create your album and put it for sale. Currently, the successful assets are collections of more than 10,000 different digital assets such as the graphic design with a particular theme. You can also pull out a few images of a specific genre.

Tip: Try not to create what is already popular in the market. Taking a unique angle will help in creating buzz or making your collection more unique. 

What to do after creating your NFTs?

What not to do us a “rug pull”, which means abonding the idea and giving your buyers a jolting, negative experience.

Others create a strategy to build community with their holders including social media, discord and IRL events.

You can donate them to the social causes in association with Metagood. It is a philanthropic company using NFT for charity. The cofounders believe in changing lives with collective and positive action using modern technology and shaping future generations. 

Metagood was founded by NFT and crypto veterans, Amanda TerryBill Tai and Danny Yang. Yang is a Harvard graduate and founder of Maicoin and Blockseer. Maicoin is Taiwan’s largest cryptocurrency exchange while Blockseer is a blockchain analytics company. In September 2021, Metagood dropped its first NFT collection, OnChainMonkey. It’s a free-to-mint 10-k PFP collection.

Learn more about Metagood here: (https://www.metagood.com/)

Find OnChainMonkey on Twitter (https://twitter.com/OnChainMonkey)

Find OnChainMonkey on Instagram (https://www.instagram.com/onchainmonkey/)

Find OnChainMonkey on YouTube (https://www.youtube.com/c/OnChainMonkey)

Join OnChainMonkey’s discord here: https://discord.com/invite/ocm

- Advertisement -spot_img

More articles

- Advertisement -spot_img

Latest article

- Advertisement -spot_img