11.19.2022. Your Art. Your Music. Your Video Clip. Your Collectible. Your Digital Content. Your Ownership. Stamp It With An NFT Ownership Token!! To Declare and Certify That's Its Yours Forever. Author. Creator. Owner. On The Publicly Accessible Blockchain. For Others To Verify And See.
Others May Copy or Print Your Digital Content. It Will Never Be Theirs! Your Original Will Always Be Yours Forever.
Your NFT Ownership Token Will Be Permanently Linked To your Art Piece. You Can Sell Your Art Piece By Selling Your NFT Token To It. When The Buyer Buys Your Art Piece, The Buyer Gets Your NFT Token and So Now Owns Your 'Mona Lisa'! Anyone Can Verify It On the Publicly Accessible Blockchain That The Buyer Owns It Now.
"If you’re an artist or influencer, it may be worth it to create your own NFTs for your fans. YouTuber and professional boxer Logan Paul made over $5 million in 1 single day by selling 3,000 NFTs for 1 Ether each...Another more recent example is the Nelk Boys selling 10,000 MetaCard NFT Passes to fans, raking in over $23 million in sales in less than 24 hours. "
"Although anyone can create an NFT, that doesn’t mean you can make money selling NFTs. Tons of NFTs made by random people never sell or sell for extremely low values. For an NFT to have value, the media needs to have some sort of significance. NFTs often gain value from the artist’s reputation, going viral on the Internet, or the historical significance of the media."
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NFTs take digital ownership to the next level with the help of the blockchain.
Instead, NFTs have value because of the media attached to them –– the most common forms of media on NFTs today are art and music, but NFTs have the potential to tokenize any real world asset.
NFTs are typically Ethereum blockchain-based tokens, and they’re used to authenticate digital ownership of whatever asset is attached to the token. Ethereum's blockchain can be thought of as a shared global database and virtual machine. A blockchain token is a uniquely identifiable piece of data whose existence is permanently carved into the chain.
Non-fungible tokens make it possible for artists to release their work digitally without the risk of counterfeits. Sure, you could copy the image file from someone else’s NFT. You could also print out a copy of the Mona Lisa, but neither of these pieces would be considered authentic.
You can think of NFTs as an authentication method for digital media and ownership.
Although NFTs can be expensive, you’re paying for more than just a JPEG file. The token gives you ownership rights to the piece you receive, and you’re able to sell your NFTs on marketplaces like OpenSea and Nifty Gateway. Saying that NFTs are just JPEG files is the equivalent of calling a Google image of Van Gogh's The Starry Night the real thing.
Similar to traditional artwork, the value of NFTs comes from ownership of the "original".
Creating an NFT is a surprisingly easy process. All you need to do is make an account with a marketplace like OpenSea that lets its users create NFTs. You don’t need to know how to make an ERC-721 (NFT) token or have any experience with blockchain for that matter.
Although anyone can create an NFT, that doesn’t mean you can make money selling NFTs. Tons of NFTs made by random people never sell or sell for extremely low values. For an NFT to have value, the media needs to have some sort of significance. NFTs often gain value from the artist’s reputation or the historical significance of the media.
NFTs clearly benefit artists who produce digital media. Before NFTs, it was extremely hard to verify the authenticity of digital media, as anyone would be able to copy and paste the file.
Non-fungible tokens make it easy to buy and sell digital media online. These tokens use the blockchain to make it easy to verify authentic artwork and digital ownership.
NFTs can make collectibles like trading cards more interactive and engaging.
There are many types of NFTs, but the most popular categories are art, music and collectibles. i.e. digital media’s
Right now most NFTs are used to sell digital art and collectibles. This may be a fad or it could be the new form of exchanging collectible assets ranging from trading cards to artwork.
Non-fungible tokens are commonly ERC-721 tokens on Ethereum’s blockchain. Unlike ERC-20 Ethereum tokens, ERC-721 tokens each have a distinct value. Since each NFT holds its own value, they can’t be exchanged for one another like normal cryptocurrencies. Because of this, NFTs act more as a form of authentication than a form of exchange.
NFTs aren’t exchangeable for each other, so they don’t act like normal cryptocurrencies. Instead, non fungible tokens are unique tokens used to verify the authenticity of digital media. In the future, NFTs could be used for tokenizing real world assets, making transactions of these assets more efficient and transparent.
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NFTs certify digital ownership and authenticity, stored publicly on the blockchain for quick verification. As implied by the term 'non-fungible', NFTs cannot be exchanged or traded at equivalency with each other. As a result, every NFT is unique and irreplaceable, adding scarcity to the digital world.
If something is fungible, it is easily replaceable. Oil is fungible because any 1 barrel is just as good as the next, but a 1 of 1 Mickey Mantle rookie card is not just any baseball card — it’s irreplaceable or non-fungible.
By tokenizing non-fungible assets, important details about the asset are digitized with the token, writing them in stone on the blockchain.
NFT Tokens are held in wallets. Wallets have their own unique addresses. Wallet addresses are on the blockchain, which is a large publicly accessible database. So anyone can verify digital ownership.
NFTs were first launched on the Ethereum blockchain, but other blockchains including Solana and Binance Smart Chain now also support them.
OpenSea and Rarible are the leading platforms for NFT creation. While Rarible dominates total sales figures, OpenSea provides more related services, including the ability to create your own NFT webstore powered by the OpenSea exchange. Both platforms allow users to upload their art and create collections without any technical blockchain knowledge required.
NFTs are powered by a blockchain - typically Ethereum’s blockchain. Using a blockchain comes at a cost, a network fee called gas, that you’ll likely need to pay in order to tokenize your art.
Rarible requires artists to mint their NFTs on the blockchain (on-chain) during creation. This means repeated smaller costs. If you’re planning on selling a couple NFTs for huge prices, Rarible is likely your best bet. On the other hand, if you want to create a multitude of cheaper NFTs, you’ll want to use OpenSea’s Collection Manager.
OpenSea Collection Manager allows users to pay a one-time fee for establishing a new collection. From that collection, an unlimited number of NFTs are able to be created and stored off-chain by the OpenSea centralized team until a sale is made. At this point, the buyer will pay the gas fee associated with the transaction, and your NFT will be placed on the chain and transferred.
Most NFT traders make (or lose) money by buying an NFT they think is undervalued and then selling it when they can get a good profit. This is harder than it may look because the NFT market can seem quite irrational on the surface.
If you’re an artist or influencer, it may be worth it to create your own NFTs for your fans. YouTuber and professional boxer Logan Paul made over $5 million in 1 single day by selling 3,000 NFTs for 1 Ether each. Clearly, NFT FOMO is at an all-time high. Another more recent example is the Nelk Boys selling 10,000 MetaCard NFT passes to fans, raking in over $23 million in sales in less than 24 hours.
The blockchain is revolutionizing art and collectibles as we know them, but this is merely the beginning. Tokenizing art pieces, music, collectibles, etc gives each their NFT token and proves your digital ownership. Tokenization.
NFTs appear to be here to stay. Which NFTs will stand the test of time and hold their values is another question. Each NFT collection has its own value proposition, but at the end of the day, they are only worth exactly what someone is willing to pay.
Most of the NFTs ever created will become essentially worthless given enough time. On the other hand, some will become ever more valuable and desired.
Maybe your NFT will become the next Mona Lisa!
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