NFT's are all the rage right now, but what are they? Lets start with some basics!
NFT is an Acronym for Non Fungible Token.
Made in the US
What is a Non Fungible Token?
An NFT is a unique digital token that is backed on the block chain. The topic has exploded recently over the internet. The owner of the NFT claims ownership of a digital asset (JPG, PNG, MP3 or MP4) which it is associated. Artists have been selling NFT art through NFT Trading Platforms recently for a whole lot of money. Here is an example.
In my understanding, if you own the token (NFT) you own the asset which it is attached to. You could use this ownership for personal use or to further license to another. You can't trade these tokens in for another token but you can transfer them to another person/crypto wallet.
Why are NFT Tokens so expensive / popular?
NFT artists are using the Ethereum (ETH) and other Crypto currencies to buy and sell NFT artwork. Until now it has been hard for digital artists to make great profits from their art, but this might change the game entirely!
Sure, anyone can pull up a clip or a gif on YouTube, but what people are after is the ability to show ownership over a certain digital asset with the NFT attached.
On the blockchain, there is a a decentralized record of every transaction. There isn't a real need to audit the transactions rather the ecosystems and infrastructure that make up the blockchain itself. With ownership of the NFT, you can prove ownership of the digital art through the record of these transactions.
How do I make and sell my very own NFT Artwork?
There are platforms out there that make this very simple for a beginner trying to sell their own art work. Rarible is the easiest one we've found so far. We (novices) were able create and list our First NFT Artwork in a matter of minutes. I'm about 99% sure you need an ETH wallet to connect to in order to list anything on Rarible. Once connected you can post anything that has a PNG, JPG, MP3 or MP4 format. Once you have tackled the task of depositing your first ETH into your crypto wallet, you almost there. Connect it to Rarible and your ready to begin listing / buying NFT Art!!
Looking into Opensea.io (A platform to create, buy and sell NFT's) I realized that my token (the one I created and listed with Rarible) was available for sale here for sale. By searching "Iris" and clicking on the Rarible filter within Opensea.io I found my own listing. Have you used Rarible but prefer to use another platform? Please leave a comment below.
Still Time to Bid!
It's not to late to bid on OUR FIRST NFT! We have our first child on the way and we're going to begin making a college fund using all the money raised by this new venture! We appreciate all the support.
JOIN THE NFT Marketplace Group on Facebook
Are you looking for a place to browse some NFT ART? For Artists and Collectors alike, Join The NFT Marketplace Facebook Group.
Artists - List NFT art for FREE
NFT Collectors - Find NFT Art and negotiate bids with the artists before committing to the purchase.
Please let us know if you think this was helpful by leaving a comment in this blog post!
Make sure you know what you're getting into as there are hidden fees associated with buying/selling/exchanging of Crypto currencies and NFT's in the methods mentioned. When this was post was first released the ETH transactions are very high due to the high demand. I'm not an expert on Crypto currencies, NFTs, NFT Art, Blockchain or any of the related. I am not affiliated with any other companies than Transient Craft - A Sustainable Clothing Company (transientcraft.com). This is simply an opinion piece.