(Ep.1)
Technology is advancing every minute. This rapid change requires you to keep up and take advantage of the latest trends.Non-fungible Tokens(NFTs) are one-of-a-kind, verifiable digital assets. They can represent GIFs, images, videos, music albums, and other items.
Anything that exists online can be an NFT.
In 2021, billionaire Mark Cuban, owner of the Dallas Mavericks, sold one of his tweets as an NFT.
We’ve compiled a list of five essential questions and answers to help you advance in the NFT world.
Why Are NFTs So Popular?
NFTs are popular because they are unique. To further understand the hype behind NFTs, you’ll need to picture a scenario. Consider yourself an artist who creates a work of art that no one has ever seen or painted before. You own the artwork, which is unique to you, and you can sell it for a specific price. That artwork has now become a valuable asset to you.
When it comes to NFT, it is similar. You can create digital assets. You make money by selling them online. NFTs show proof of ownership of an item. The records are on the blockchain. If you create an NFT, everybody can view it. You remain the owner of that piece, and you can put it up for sale.
You determine the terms and conditions when you sell your NFT. Whenever a buyer of your asset chooses to resell it, you get a commission.
NFTs have grown in popularity for this reason.
Why Are NFTs So Expensive?
You’re wondering why NFTs are so expensive.
What is the point of spending hundreds of dollars on a random tweet? We can determine the value of an NFT by various factors.
A buyer of an NFT is one of those factors. When you put NFT up for sale, you can sell it at a fixed price or create a timed auction for potential buyers to bid. Buyers make offers as done at an auction in real life. The highest bidder goes away with the piece. Buyers can assign value to whatever NFT they wish to buy. Think of it this way, imagine buying the original Mona Lisa painting from Leonardo da Vinci. You now own the original piece of art from the creator.
It is important to note that many NFTs sell for low prices. We only hear of the expensive ones when people break the bank for an NFT. NFTs are also expensive because they are a new form of technology, and people are still learning how to use them.
How Do I Make An NFT?
Here are the steps to take to create your own NFT.
● Pick your type of asset
● Choose your blockchain
● Setup a digital wallet
● Select preferred NFT marketplace
● Upload Your asset online
● Setup sales process
To make an NFT, you need to decide what type of asset you want to create. It could be a personalized painting, photograph, song, meme, GIF, or even a tweet. After creating your asset, you move on to select the blockchain technology you want to use. In most cases, creators use Ethereum.
Some platforms need cryptocurrencies for your first investment. You would need to create a digital wallet. The wallet would help you receive payments for your work. After you’ve got the first three steps done, you can move on to select an NFT marketplace. OpenSea is a place to start, but you can also do research for other platforms that fit your taste. Now it’s time to show your work to the digital world. You’ll have to upload your files so people can view them.
Finally, you put a price on your NFT or create a timed auction. The opportunity to sell your NFT is here. You cash out by setting up a sales process.
Platforms would guide you to do this.
What Is The Future for NFTs?
NFTs are new. NFTs have the potential to rise in value due to their rarity. Another factor that contributes to the value of digital collectables is their versatility. NFTs can be used for purposes other than art. All these factors may impact the value of your NFT in the future.
What Are Some Pros And Cons Of NFTs?
Pros
● Bragging Rights: When you own an NFT, it’s a big deal. You have the original work to yourself.
● Non-Changing: NFTs are irreplaceable. You cannot change them once you verify and prove their authenticity.
Cons
● Hackers Can Steal It: Unfortunately, there can be a security breach. Hackers can target NFTs.
● You Don’t Have Full Control: If you own an NFT, it does not mean you can control the distribution across platforms. You own the “Original” version of those assets, which gives you the bragging rights.
………….More episode on NFT FAQ will be dropped…………….
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