The skyrocketing NFT prices and sales transactions have excited people around the globe, which is the reason artists, celebrities and the up-and-coming are trying their hand at creating and selling NFTs. Some get into the market simply for the love of creating and sharing their NFT art, while others are attracted by the monetary possibilities NFTs offer.
Since it became popular, NFT and its market have broadened the economic possibilities in the digital world. NFT stands for non-fungible tokens: digital items like memes, photographs, music files, artwork and the like.
It serves as a digital certificate, as the data of these objects are stored on the blockchain through a process known as minting, which also includes recording the project overview, its attributes and ownership. Because NFTs live on the blockchain, its ownership and all recorded data about them are immutable.
Anyone who wishes to create and place their item on sale should first search for an NFT marketplace that suits the asset. Marketplaces or NFT platforms have similarities, but they are all different when it comes to the minting fees they demand—some may be higher than others, and the transaction speed may be different. A few also allow NFTs to be stored on their blockchain forever.
One should also look at the blockchain they use. For example, some of the most popular blockchains utilized for NFTs are BSV, Solana and Ethereum. Beginners who want to create NFT art should be aware that the use of blockchains also has an environmental impact.
Marketplaces also have different specialties in terms of the products or their purpose—some are geared towards charitable purposes, some sell sports collectibles, while platforms like FabriikX focus on “expertly curated content from top creators within arts, sports and music, as well as NFTs from the best creative minds in our community.”
After choosing the right NFT marketplace for your work, the platform will prompt you to open an account and a digital wallet, as cryptocurrencies are often used in these transactions. You can now mint, exhibit and price your NFT art or product. Creators, sellers and buyers should also keep in mind that since cryptocurrency is used, the asset is pegged to the value of fiat currencies like dollars or pounds. The value of cryptocurrencies fluctuates, so it is important to be well-informed about the topic.
Once your NFT is sold, the amount will be transferred to your crypto wallet after a verification process. NFT transactions are transparent and trackable, though both parties of the sale should take the time to check if the process is successfully completed, or if the transfers are made to the right person.
Creating NFT art which is interesting enough to catch the eye of buyers will require talent and skill. On the other hand, selling them requires patience. It is definitely a good thing that there is a vibrant community of NFT collectors actively searching for new items on the market daily.
Aside from having the basic requirements, such as paying the minting fee and opening a digital wallet, trading NFTs is quite an easy process. Of course, in any market whether online or in the real world, there are risks to be wary of. And one must be careful in checking the legitimacy of the site itself and the identity of the creators and buyers.