Unlike cryptocurrencies, the world of non-fungible tokens is not created but evolved. Tokenizing a real or virtual asset means different things to different users. Everyday: The First 5000 Days, for instance, is a digital artwork which is a collage of 5000 digital images that Mike Winkelmann created and posted for 5000 days in a row.
In 2021, this NFT was sold for $69.3 million. The Clock, on the other hand, was essentially a digital clock that counts the number of days WikiLeaks founder Julian Assange has spent in Belmarsh Prison, London. The NFT was used to fundraise for Assange’s legal proceedings and was sold for 52.7 million.
If you are getting started with NFTs, this article will serve you as a guide to this unique class of digital assets. I will tell you how you can tokenize your assets and turn them into an NFT. Without any further ado, let’s get started.
What are NFTs?
NFTs can be defined as unique digital assets that exist on a blockchain. They represent ownership and authenticity of a virtual or real-world item. Each NFT has a unique identification code, which is created from metadata.
This uniqueness makes NFTs non-interchangeable (non-fungible). The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded.
Generating an NFT
The process by which NFTs are created is called minting. While an NFT is minted, the information of the underlying asset is encrypted and recorded on a blockchain. To do this, you need an NFT platform and a cryptocurrency wallet.
Create the Asset
Unless you already have an asset like a piece of artwork, you need to first create it. For starters, you can use a meme, gif, or painting. Make sure that you have intellectual property rights for the image or asset you are converting into NFTs.
Choose a Marketplace
You can sell your NFTs on platforms like:
Set Up A Wallet
If you are using OpenSea, click on the user icon on the top right and go to the ‘profile’ section. Here you will find the option to link your Ethereum wallet. If you don’t already have one, use Metamask.
Mint Your NFT
On OpenSea, click ‘create’. On the respective fields provided, upload the image or video and the details of the same. Hit ‘save’ and then hit ‘create’. Your NFT is now being created.
Sell Your NFT
Click on ‘account’ and go to ‘my collections’. From your created collection of NFTs, choose your desired collection and hit ‘sale’. You can sell your tokens at a fixed price or opt to put them up for auction.
Conclusion
Creating an NFT or an NFT collection is easier than most people think and than to competition, it’s getting increasingly cheaper to list your NFT on an NFT trading platform. However, creating the artwork, or whatever is the underlying asset, is the tricky part.
