The NFT industry has taken the world by storm. And, to be completely honest, itās pretty confusing! There are so many things related to it – pricing, selling, buying, creating, minting, and more. And the thing is, you canāt avoid it anymore. What if this is the future of our reality? Donāt you wanna be a part of it?
For this reason, weāve decided to cover the entire thing in one place. Everything about NFTs and all you need to know about them. In this guide you will learn everything there is to know about the virtual takeover. At the end of this guide, you will be a connoisseur of the NFT!Ā
Reasons to Be a Part of the NFT Industry:
– NFTs are giving so much more power to content creators worldwide
– You get uniqueness and proof of ownership of exclusive digital media
– NFTs allow artists to connect directly to their audience without a middleman
– People are making an insane shit-ton of money from them, and we wanna know how!
Things Youāll Learn in this Guide:
- What Are NFTs
NFT stands for non-fungible token.Ā
But, what does NFT mean?
So, ānon-fungibleā means something that is unique and you canāt replace it for something else. For example, a dollar bill is fungible – you can replace it with 4 quarters or 100 cents! Also, a bitcoin is fungible since you can trade one for another, and youāll have pretty much the same thing. However, an NFT is completely unique – nothing has the same equivalent value to trade it. For example, trading cards! If you trade your one-of-a-kind trading card for a different one, youāre gonna end up with a DIFFERENT ONE.
An NFT is a token that represents ownership of a specific, one-of-a-kind unique item – like art, collectibles, or even real estate. It is a digital asset that represents real-world materials like art, music, in-game items, videos, and so much more.
In more technical terms, they are cryptographic assets on a blockchain with unique ID codes and metadata.Ā
WHAT YOU NEED TO KNOW
– NFT stands for non-fungible token
– They are UNIQUE cryptographic tokens existing on a blockchain
– NFTs can be used to represent artwork, real estate, individual identities, property rights, and so much more!
– Basically, anything digital could be sold as an NFT!
Yes. So, what is a blockchain? Letās put it this way. A blockchain is a decentralized archive that records the origin of digital assets. Everything on the blockchain can NOT be modified or changed. In other words, it is a database that stores encrypted āblocksā and chains them together.Ā
Everyone has access to the blockchain in real-time since the data is distributed NOT copied nor transferred. It is the most secure, tamper-proof technology ever which is why cryptocurrencies use them. Including the Ethereum blockchain that NFTs are a part of. Thereās a ton of programming talk which you can read more about here. But, all you need to know is that most NFTs are a part of the Ethereum blockchainĀ
How do NFTs work?
An NFT can have only one owner at a time. So, the person who buys them gets exclusive ownership rights. People create or āmintā NFTs from digital – weāll get more into that below. But, basically, NFTs are like ETH coins that have extra information stored in them. This is because they both belong to the same blockchain but just behave differently.
So, letās talk about cash money, shall we? How much is the NFT industry worth these days? Usually, a global industry appeal comes from one thing: MONEY. Therefore, this means that the NFT industry HAS to be worth a lot. Right?
Weāve referenced Dappās 2021 Industry Report to get a better idea of what the year ahead is gonna look like. The year 2021 is the year that really introduced the WORLD to NFTs and kickstarted the industry. Although, they were created back in 2014! A lot of things contributed to the NFT BOOMING – including the Metaverse. Near the third quarter of the year 2021, the industry experienced a market explosion with $10.7 BILLION in trades. Looking at the bar graph below, itās pretty evident that the industry isnāt slowing down at the moment.
So, are there other benefits to owning an NFT? You ARE paying a shitload of money for it! The least they can do is provide some elite benefits! Well, luckily for you, there are! Of course, these are benefits you get ASIDE from the obvious money-making. Weāre talking about things other than reselling your NFT for more and MORE money!
And, some of the benefits of owning an NFT include:
– Boosting your social media account cred and rep (depends on how much your NFT is worth)
– Some NFT purchases allow you to be a part of some of the most elite clubs in the world
– IRL events, club memberships, different business deals
– Playing games that use these NFTs as the character. Some NFT collections will launch play-to-earn games!
And, in some cases like Nikeās Flying Formation auction, you get a free exclusive sneaker! Every sneakerhead that joined the event got a limited-edition Tinker Hatfield Ducks of a Feather Air Max 1. Get more info about the $500K+ auction here!
In this section, weāre going to explain exactly how to make money with NFT art. Where are the best places to buy NFTs, the best places to sell them, and more? Weāre even gonna talk about creating your own NFT and how much money it costs in the next section.
Learning how to make money with NFT art comes down to picking a resale platform. People conventionally sell their NFTs on marketplaces that have different processes and properties. They kinda work like sneaker resale platforms, but with some tweaks! A lot of them also use auction systems where people put in bids for the NFT. Weāll explain more about it all, just keep reading!
So, hereās how to sell NFTs – the basic process to make money from NFTs includes:
– Picking a resale platform
– Uploading your work into the marketplace
– Turning your work into an NFT (minting – continue here)
– Sell it!
Therefore, technically speaking, you will need to create a digital wallet to store your cryptocurrency in! Some of the most popular digital wallets include Metamask, Binance, and Coinbase! Follow the instructions below to learn exactly how to buy NFTs, how to sell NFTs, and more!
The key to learning exactly how to buy NFTs or how to sell NFTs is the marketplace. Because letās face it, how else are you gonna market virtual items? The thing that makes a difference between the platform would be the fees, asset selection, and features. The same way you would pick out a sneaker reselling marketplace to buy or sell kicks! You can check out the list of the top 10 NFT marketplaces below.Ā
Make sure to visit the links to check out the different transaction fees. You should also check out the different cryptocurrencies and crypto wallets they support as payment methods. Also, once you check them out, youāll see that each website caters to specific audiences. So, find the one that suits you the best! And if you wanna learn more details about the best NFT marketplaces, click here!
Another way to buy or sell NFTs is through NFT online auctions where the highest bidder buys the artwork. This is particularly for collectors and people who have a SHIT-TON of money! This is the space where celebrities and A-listers mostly join. So, how do NFT auctions work?
Well, NFT auctions work pretty much the same way as regular auctions do. They set a price for the digital artwork, and when they reach it they set a 24-hour countdown. After that, the auction house will close off new bids. And, usually, for every new bid that comes within the last 15-20 minutes, the timer extends another 15-20 minutes. The auction ends when there are no more bids.
The seller of the digital artwork sets the minimum price – AKA the reserve or floor price! This is unless theyāre using a Dutch auction where you start off with a HIGH price. And then, the price starts to go down with time. You can find these types of auctions at Christieās, Sothebyās, OpenSea, and a lot more. The first NFT auction on Christieās featured Beepleās collage that sold for $69 MILLION! But, thatās not the only thing you should know! What about gas fees? And we do NOT mean for your car!
But, what are Gas Fees?
Another part of NFT transactions is gas fees! Since all these marketplaces run on blockchain networks, there are gas fees required for the transactions. Aināt nothing for free! The cryptocurrency depends on the blockchain that your NFT marketplace of choice runs on. However, in most cases, the gas fees will be in Ether!Ā
You have to pay gas fees to create, buy, and sell NFTs online – to fund a transaction! You measure gas fees in Gwei: 1 Gwei equal to 0.000000001 ETH. Gas fees increase or decrease depending on the traffic or the supply and demand! When the demand for the Ethereum network is high, gas fees increase. And vice versa. In short, it is basically like filling your car with gas to reach a certain destination! Click on the links below for tools to help you monitor current gas fees!
– Rarible Analytics
– NFT Gas Station
So, learning how to make an NFT is called minting. In other words, how to mint NFT or what is minting NFT! Because creating the actual NFT design all comes down to your creative skills. We canāt teach you how to be creative, thatās on you! But, we can teach you how to turn your digital artwork into NFTs! Follow the steps below to learn how to mint NFTs:
- Make sure you have a crypto wallet with enough Ethers to pay for possible transactions (Mintable offers 50 free offerings in the first go!
- Open the NFT marketplace of your choice
- Go to the āAdd New Itemā button
- Connect your wallet & complete your profile
- Upload your file and fill in the name of the NFT
- Enter a description and the works
- Click āCreateāĀ
At the end of the day, weāre sneakerheads here! And weāre got only one thing on our mind: botting! So, weāre sure that youāve wondered about NFT bots. Whatās the verdict? Can we find the best NFT bots like we can find the best sneaker bots?
Well, NFT bots are definitely in action! Some bots came out with direct contract minting and sniping for NFT marketplaces. Of course, thereās no such thing as copping in bulk like sneaker copping! Itās only a matter of time anyway. Just like the surfacing of the first sneaker bot came from a limited sneaker release. NFT bots will come with the hype! Heck, there are all-in-one bots already on the job like Breeze AIO, Platinum AIO, and probably a lot more to come.
Finally, weāre gonna talk about NFT whitelists. Whitelists are lists of community members that NFT creators make that reward them with minting at reduced prices. Sometimes they even reward free minting! In other words, it is a VIP list that gives you ābenefitsā or āperksā like early access, reduced prices, free minting, or early access. They also prevent āgas warsā that drive up transaction fees.Ā
How to get Whitelisted
To get whitelisted for an NFT sale, you have to follow one rule: Join the Discord servers of the NFT projects you are interested in (check their Twitter). Not only that, but try to engage with other members on the server and show your interest! Basically, be a pick-me person!
Most Expensive NFT Sales
10. XCopyās A Coin for the Ferryman ā $6.034m
9. Beepleās Crossroad ā $6.6m
8. CryptoPunk #7804 ā $7.6m
7. CryptoPunk #3100 ā $7.67m
6. CryptoPunk #7523 ā $11.75m
5. CryptoPunk #5822
4. Beepleās HUMAN ONE ā $28.985
3. Clock ā $52.7m
2. Everydays: the First 5000 Days ā $69.3m
1. Pakās āThe Mergeā ā $91.8m
That concludes the ONLY inclusive, complete guide on the NFT artwork. At this point, you should have mastered the whole NFT game – from zero to NFT HERO! But, we have to ask – how long will the NFT bubble last?Ā
The value in the NFT is in the people and how long they keep it going. As long as people keep respecting the essence of the non-fungible token alive, the hype will be there. In other words, as long as creators make one-of-ones, the value of NFTs will be maintained.
However, there are lots of things we donāt know yet. There are still no rules, regulations, or laws truly protecting the Metaverse, the virtual world, and the people in it. Weāve already had a bunch of lawsuits come out – including the Nike x StockX suit! Also, if something happens to the Ethereum blockchain, what will guarantee your NFT investments? Some experts are calling it a bubble, others are calling it the next form of monetization. So, perhaps this fad is here to stay! Weāll have to wait and see!