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For a long time there has been talk of NFTs, something that It has become a trend that even celebrities brag about.because they are involved in large sums of money.
Crypto assets, blockchain, tokens and digital collectors… It is the most used terminology in this universe. If this virtual language is strange to you, get ready because apparently you are going to continue hearing about this topic, and for that reason, We welcome you to the digital world dominated by blockchain technology.
In attention to this, about this rising marketwe will dedicate ourselves in this article to offering you some basic, medium and advanced concepts that will help you understand this ecosystem of the modern economy.
What is an NFT or Non Fungible Token?
In our beautiful Spanish it translates as Non-Fungible Token (TNF), and it is the name given to a digital asset, except that it is impossible to explain it. In more exact words, no two are alike. it is unique and irreplaceable, it cannot be divided and in many cases it is characterized by being very rare.
For you to be more clear, it is the counterpart of a fungible good like a Bitcoin. Technically, the NFTs are immersed in the category of cryptographic tokens. Due to all these characteristics, many sectors, especially art, have felt persuaded, thus giving rise to crypto art.
Types of NFTs
really a NFT it can be whatever you want, as it has been applied especially in digital collectibles, crypto art and video games. Any digital object can be a Non-Fungible Token as a: GIFs, songs, items from online games, archive and other items. In other words, it is an information package that is protected in the block chain, and business is being done with them. Among the most expensive NFTs are: CryptoPucks, Meebit, Bored Ape Yacht Club and Beeple.
Most tokens differ by standard codes: BEP-1155, ERC-721, BEP-721, ERC-1155. This information is important for you to know when choosing a wallet, not all are compatible with these NFTs. So you have an idea, on Ethereum blockchain: ERC-721 and ERC-1155, while in BSC: BEP-721 AND BEP-1155.
Benefits of buying an NFT
Every day there are more people interested in this topic, because they see the NFT market as a modern way of investing. Many acquire a digital property that they estimate to sell triple its value. Many people are motivated to see that Beeple’s piece offered at Chistie’s house was auctioned for 69 million dollars and who paid for them does not get anything physical, as has happened with many virtual elements.
Regularly people who think about buying NFTssee the scarcity that this acquisition implies, that is, it is very striking to own an authentic, indivisible and rare object.
On the other hand, their value over time makes them collectible, making it something like a game of chance. This world is for the risky and you will earn what the market has at that moment, you can get the idea that these Marketplaces are the bag of NFTs. The advantage of selling this product is that it depends on your demand you can get up to 10 times the initial valueso there is many possibilities for you to earn good money on the Internet dedicating yourself to trading NFTs.
How to know if an NFT is worth it?
When entering this world you must consider certain criteria or factors when evaluating a unique asset:
Project
You should take your time to assess what kind of project catches your eye, the ones that spark your interest. This is also decisive to choose the platform to obtain it. There are new (newly issued) and used (reselling) NFTs. It is important to invest in something that you like, without forgetting that to buy NFT you must find them cheap.
Author’s reputation
Investigate the origin of its creator, You will find this information in communities (Discord, Twitter or YouTube). It is better to bet on a well-known author, especially since the NFT it could become a collectible which would increase its cost, and if the project has many fans it is another indication that you could have a good sale.
Similar collections
A Collection NFTs it is more attractive and interactive by what makes them tradable assets, and their value is subject to tangibility, usefulness and rarity. We recommend you Rarity.tools because it is widely used look out for upcoming NFT collections.
NFT Network
you find them in Specialized marketplaces for buying and selling NFTsthe most popular is OpenSea.io.
Additionally, use tools that will allow you to better select the tokens:
Nansen.ailcy.toolsNFTBank.aiCryptoSlam.io
NFT support
NFTs are mostly based on the Ethereum network, but you should also know that all projects open a page to ensure their legitimacy. This must be well structured so that it does not generate suspicion of fraud. All relevant information from the founder to associations must be contained here. It is not advisable to believe in a project for which there is no reliable information online.
What do I need to create an NFT?
any user you have the opportunity to be an NFT creator and enter the world of tokenizationjust like posting on a social network.
Consider this to better organize yourself:
An idea
First think about your talentif you are a musician then you can coin a song, if you are a painter, obviously a work of art or elements that you consider to be a collectionhere there is no limit to creativity and originality.
A file or document
Once you have your project in mind, it’s time to shape it. NFTs have several formats: MP3, GIF, JPG, and many more. It can be a tweet, an essay or even a domain. You can use photoshop as the software to design your NFT’s and at the same time you can help yourself with Reddit NFTs. Creating an NFT takes the same procedure as a media fileonce ready you must tokenize the NFT and this is achieved when you list or mint it on an NFT platform.
A project that supports the NFT
You must pay the “Gas”, you will do this by making a connection with the crypto wallet you have. Lhe majority prefers the hot wallet, MetaMaskyou find it as a Firefox or Chrome extension or download the mobile app.
All the ways to make money with an NFT
More than a fad, the interest of fans for NFTs is to profit from them, if you want to enter this marketplace we present these alternatives:
with your own collection
Start selling NFTs of your authorship on some network, for example, from the Binance NFT market:
- go to the page FeaturedBinance.
- Click on create “Create an NFT”.
- proceed to upload the audio, video or image.
- When describe your NFTsmake sure to click on the collection “Collection type”.
on this platform you can choose auction or fixed price and duration to start offering your creation. public on the page “NFT asset”.
Selling Third Party NFTs
You won’t earn as much money as the creator would by monetizing their NFT themselves, but by auctioning other authors’ works you can earn a hefty percentage or commission. Many manage to work in this way, try to start like this to familiarize yourself with this ecosystem and then you are encouraged to create your own tokens. Also in the NFT card game exchange sector you can apply the rent.
Speculating with NFTs
It uses the same mechanism as buying and selling currencies when the rate suits you, here it is the same with NFTs. Buy with your wallet, wait as long as necessary or when the market tells you that you can sell it to have higher profits. The business is that it is revalued in the future.
What are the best blockchains to host an NFT?
Because how valuable NFTs arethese have become the target for hackers, that’s why you have to think about secure forms of storage for the tokens, there are two alternatives: Software (hot wallets) and hardware (cold wallets) wallets. MetaMask is the most used hot wallet to store NFTdespite this, being connected to the Internet, the user runs the risk of being a victim of hackers.
If anyone gets the opening sentence (seed) from your wallet, you can be stripped of your expensive token. Thus, we recommend the second optionuse hardware wallets to have your digital content more than secure, since it is offline (offline). It is a device similar to USBwhich we use to save information from our computer.
Below we recommend these devices to host crypto assets:
Ledger NanoX
has the attribute of store thousands of cryptocurrencies and NFTs, you can store up to 100 apps. This wallet also supports Cardano tokens. Only you will be able to access your collection via the recovery phrase and private key.
CoolWallet
His design It was designed to be carried along with your credit and debit cards, very few like CoolWallet S They are waterproof and have Bluetooth connectivity. On the other hand, it is compatible with the most popular cryptocurrencies.
Safepal S1
It is totally autonomous since it does not have any connection mode (Wifi, Bluetooth, USB) with the purpose of keeping the cryptocurrencies more secure. Your only way to access them is by scanning QR codes through the built-in camera and six buttons.
KeepKey
It is another solution to store and protect the Cryptocurrencies you have (Dash, Ethereum, Bitcoin and Doge, among others) and you can change them directly from this unit by Shapeshift. With this crypto wallet you can also back it up by putting together a 12-word sentence. Another feature is that it is one of the cheapest.
Trezor Model T
Satoshi Labs Hardwarewhich is famous for to be the best wallet of this type and most used to protect several cryptographic currencies such as: Ethereum, Bitcoin, Litecoin, ERC20 and Dash, among others. It offers protection to your assets, because on its screen you will be able to see transaction data and confirm them.
Best NFT buying and selling platforms
Learn about the most used networks to trade digital assets on the blockchain:
HicetNunc.xyz
It is a platform compatible with the Tezos blockchain. Its design is minimalist and very easy to use. A plus point compared to ethereum is the cost to upload a NFT, the price is much less than 100 dollars.
OpenSea.io
It has more than 20 million NFTs and about 250 thousand users. You need an Ethereum wallet to sign up. It does not charge commission for the creation of an NFT, but it does ask for 2.5% of what you get when you sell your digital property. The good thing about this platform is that you pay only once gas feein case you plan to upload more than one NFT.
SuperRare.com
If art is your thing, SuperRare is for you because only single edition pieces are offered. Artists must prove that their work is legitimate. Its interface supports functions and tools such as a social network, allowing users to interact with the authors of the NTFs.
Rarible.com
It’s found within the most popular NFT marketplacesthat’s why it couldn’t go unnoticed on this list. rare is very similar to OpenSea, only that additionally it also charges the buyer another 2.5%, that is, keeps 5% commission for each transaction. For each purchase/sale you accumulate tokens called RARI.
NiftyGateway.com
Exclusive for sellers who are recognized artists and musicians. NFTs are named “Nifties”, which go on sale every three weeks. If you are interested in buying at NiftyGateway there are auctions and raffles that you can take advantage of, because generally the price of NFTs is high.
mintable.app
For a user who is just beginning to get acquainted with this world, it is excellent. Enter the platform to create your user, start uploading the article with your name and publish it for sale. the good here is that you can choose to pay gas fee or not. If you choose the free way 5% will be discounted when you manage to sell the NFTwhile the other option will be 2.5%.
Foundation.app
Very similar to NiftyGateway in the sense that it is artist marketplace, only that known and emerging converge here. This is also based on the Ethereum blockchain. To sell in Foundation you must wait for their invitation after sending your request with your arts. According to the platform, since its inception in 2021, its creators have managed to earn more than 40 million dollars.
Marketplace.AxieInfinity.com
In this game (Axie Infinity) you create pets called Axies, the rarer they are, they can increase their value for being a unique digital asset. East gaming metaverse is built on the Ethereum blockchain. You use the MetaMask wallet to make the transactions.
NBATopShot.com
By his name you will know that it hooks sports fans. from this market users market digital historical moments of an NBA game. Vendors can mint for free, but for each sale you must pay 5% to NBA Top Shot. To buy you can do it with a credit card or cryptocurrencies.
Venly.io
This market is for gamers, there are more than 200 thousand registered players who create, sell, buy collectible tokens. Venly is a peer to peer NFT marketplace and wallet provider. You can auction or put a fixed price on your NFTs.
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