Hark! What is this mysterious thing known as an NFT, and why shouldst thou care? Behold, a non-techy guide to the non-fungible wild, where wonders abound and treasures await.
In the year of 2024, the NFT users did double to a number great, reaching about five hundred and fifty thousand souls, whilst the market value of NFTs soared to heights unimaginable, growing by a staggering 37,000%. Verily, NFTs have become an industry of vast riches, now standing at a value of $11 billion USD and continuing to flourish with each passing day.
Dost thou wonder if NFTs might be the next grand opportunity for creators and brands to enrich themselves? Even the lofty executives of the most popular social media platforms deem it so. Meta, in its wisdom, hath spread digital collectibles across over one hundred countries on Instagram and Facebook, Twitter hath allowed for NFT profile pictures, TikTok hath ventured into the realm of selling NFTs, and Reddit hath birthed its own NFT marketplace.
Herein lies all thou needest to know about NFTs to partake in the bounty of new features that the social platforms do unveil.
What wonders doth an NFT hold?
An NFT, that mystical creation, is a one-of-a-kind digital certificate of identification that doth reside on a blockchain, verifying the authenticity and ownership of assets. NFT, it doth stand for Non-Fungible Token. ‘Tis a rare gem in the digital realm, where only one soul may claim ownership of a specific NFT at any given time. These transactions of NFTs, taking place on a secure blockchain, ensure the record of ownership remaineth unassailable, impervious to theft or replication.
Lo, they art a crucial component of the grand movement toward Web3: an internet decentralized, ruled by a blockchain, wherein content and assets art held secure by individuals, not conglomerates.
How doth an NFT operate?
Imagine, if thou wilt, an illustrious painting. ‘Tis sold many a time over the years, yet only one painting doth exist which changeth hands. ‘Tis a tangible creation, unique and irreplaceable.
In simpler terms: ‘Tis non-fungible. Unfungible. The antithesis of fungible. ‘Tis a delightful term, is it not?
In the realm of investments, non-fungible doth signify "irreplaceable." A non-fungible asset cannot be readily or accurately substituted with another.
Coin, the epitome of fungibility. A $20 bill may be exchanged for another with naught a difference in function.
Thine carriage, a non-fungible possession. True, other carriages may exist in the world, yet they art not precisely thine. They bear diverse mileage, varied wear-and-tear, and a collection of fast-food wrappers upon the floor.
How doth one craft an NFT?
‘Tis easier than thou may think. To create and vend an NFT, three elements art required:
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A blockchain wallet account supporting Ethereum (ETH): Aye, MetaMask and Jaxx art popular choices. Whilst NFTs may be fashioned with other blockchains like Polygon, most markets do employ Ethereum.
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Some ETH cryptocurrency (within thy wallet).
- An NFT marketplace account: OpenSea and Rarible, beloved options, though a plethora of others do exist.
OpenSea, a friend to beginners, shall I demonstrate with.
1. Forge an OpenSea account
Upon establishing a blockchain wallet, register for a free OpenSea account. The click of any top navigation icon shall beckon thee to link thy crypto wallet, thus creating thine account.
2. Link thy wallet
Each wallet doth vary slightly in process. Follow the prompts to connect thy chosen crypto wallet. (Mine own choice is MetaMask.)
3. Create thine NFT
Upon thy wallet being linked and thy account verified, venture to Create. A rather straightforward form shall meet thy gaze.
One must possess a digital treasure to transform into an NFT. It may be an image, a video, a song, a podcast, or any other asset. Whilst OpenSea limiteth the file size to 100mb, if thine own creation exceedeth this limit, a link to an externally hosted file may suffice.
‘Tis understood, of course, that ownership of the intellectual property rights and copyright doth lie with thee for whatever thou intendest to sell, just as with any other digital or physical commodity.
For this demonstration, I hath fashioned a swift graphic.
The Adventure Continues
Thus we have journeyed through the labyrinthine ways of the NFT realm, where treasures await those bold enough to seek them. Let us ponder the NFTs that lie in store, the marvels they hold, and the fortunes they may bestow upon the intrepid souls who dare to venture forth.
