Some weeks back, the social media was on a hot peak as a corper allegedly made 0.3 Ethereum, over 1million in naira after he sold the image of an old man tagged “Baba onilu”
Ever since the heat has not gone down, everyone has concentrated on making money with NFTs. I see many people looking for a image to mint to make millions of naira, just like baba onilu’s image succeeded. The truth is, you need to have a full understanding of how NFT works as its not in any form related to any quick-rich scheme, Ponzi scheme or even crypto trading.
What is NFT?
NFT is simply a non-fungible asset Is a non-interchangeable unit of data stored on the blockchain. It is a form of a digital asset that can be sold or traded. NFT can be anything ranging from JPG, ebooks, music, tweet, artwork, a picture, memes, a skit, videos e.t.c
How NFT works?
In 1500 Leonardo Da Vinci created a painting and in 2016, it was sold for $450m making it the most expensive artwork in the world so far. So you might be wondering why would someone buy artwork for $450m? Human beings by nature like to take possession of things. It’s part of the traits God put in man from inception.
While in school, I have a friend that hates to see similar products of his belongings with another person. He got one black shoe then, and the next day, he went to buy the brown color of same shoe. He claimed he doesn’t want any other person to have that same shoe. It looks stupid right? But that is where the idea of buying and selling of NFT came from.
Today, the Leonardo Da Vinci pictures litter the internet, you can easily do an image search on Google, and you have saved to your phone gallery. In as much as everyone has it on their phone, the original person that bought the artwork has the license to the painting.
So why can’t I just save any image or video online and use it for NFT? Let’s make it more understandable.
If you are in the US, you are provided with SSN, in Nigeria, you have BVN or NIN. These are also non-fungible tokens backed by the government. This means you are a non-fungible token to the government, Not more than one person has access to the unique ID.
That’s the same way NFT works. When you mint an NFT and you get a buyer for it, it is marked with a unique ID certificate of ownership and the name of the buyer is inscribed as the Bonafide owner of the NFT.
I have lectured you up on how NFT work? Don’t be in a haste minting your first NFT with the hope of making millions in a few hours. No, it does not work that way, it’s not a quick get rich scheme or any other Ponzi scheme.
You are not just selling an NFT, the idea is that; anything you are minting should have a reasonable story built around it. Before you can convince a buyer to buy your NFT, it must have a good value and story that will prompt its sale.
Minting your first NFT!
Now you understand how NFT works and once you have something of value to sell, the next thing to mint your first NFT online. the process is not hard. But before we proceed, they are some things you need to put in checks before you mint your NFT.
1. A crypto wallet: you need to choose a wallet that is compatible with the blockchain network where you want to mint your NFT. NFT runs on the Ethereum network and you can use a popular Ethereum wallet called MetaMask. You can go to https://Metamask.io to install the browser extension for use.
2. You need to create an account on open sea. Go to https://opensea.io go to profile and it will prompt you to connect your wallet, select MetaMask from the list
Accept the wallet permission and the terms and conditions and your wallet will be linked successfully to your open-sea
3. Fund your wallet: NFT runs on the Ethereum network which has been known for its high charges. Don’t worry about the fees yet, there is always a way around that. But for the sake of this post, you need to fund your wallet with a little token to complete your minting process. It is popularly known ln as a gas fee
Once you have these 3 requirements, you are just a step away from minting your first NFT.
Creating an NFT collection on Open sea
Once everything is successfully linked, it’s time to create our first NFT on open-sea
1. Go to your profile and select “My Collection” from the drop-down and select “Create a collection” it will show up a logo image, featured image and the banner.
2. Complete the boxes that redirect to social networks, descriptions, and categories.
3. Next select the blockchain where you’d like your new item from your collections to be added by default, choose Ethereum? You can also go for the polygon.
4. Now select the payment tokens to be used to buy and sell your items.
How to mint your First NFT
- Go to your collections and click on “Add item”
- Upload a payout desired Art ranging from image, video, audio, 3D models e.t.c
- Provide a name, link and description
- Customize features such as properties, levels and statistics
- Next, choose if it’s an explicit content or unlockable content
- Choose the copies that can be minted, click “Create” and your new item will appear as a new NFT in your collection.
That’s is basically how to mint your first NFT, you can also watch this video below to have comprehensive knowledge of how to go about minting NFT.
FAQ
How do I start buying NFT?
Here’s a step-by-step guide to making an NFT purchase.
- Purchase Ethereum on a crypto exchange
- Transfer your crypto to a crypto wallet.
- Connect your wallet to an NFT marketplace.
NFT where To Buy?
The Best NFT Marketplaces Reviewed
- Crypto.com – Overall Best NFT Marketplace
- NFT Launchpad – Fast-Growing NFT Platform with Exciting Collections
- Binance – Low-Fee NFT Trading Platform
- OpenSea – Top NFT Marketplace with Huge Asset Selection
- Nifty Gateway – Best NFT Platform for Rare Drops
- GameStop – Upcoming NFT Platform for Blockchain Gaming
- DraftKings – Popular NFT Marketplace for Sports Collectibles
- Rarible – Leading NFT Art Marketplace
- WAX – Widely-Used NFT Marketplace with Over 140,000 Assets
- Foundation – Premium NFT Marketplace for Exclusive Art
Why are NFTs so expensive?
NFTs range in price from a few dollars to a few million dollars. Their price is determined by supply and demand, and since they are each unique, the supply is limited, so excessive demand can drive the price of popular NFTs to whatever someone is willing to pay for it.
