What are Non-Fungible Tokens (NFT's)?

Non-Fungible Tokens

A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.

In simpler terms, when you mint an NFT, it is recorded on the blockchain, and any subsequent transfers to another party is also recorded on the blockchain allowing everyone accessing the blockchain to see who currently owns the NFT. Artists can also have the option of choosing to add a royalty payment as part of the fee for subsequent sales.

For example: If <insert name of artist> mints a token and lists on the marketplace for 1 ETH with a royalty rate of 10%. On the first sale of the product, the marketplace fee (let's say 5%) will be deducted. The artist will net 0.95 ETH on that first sale. If the buyer than resells it for 2 ETH, the artist will receive 10%, netting 0.2 ETH. The creator will earn 10% of all subsequent sales.

NFT Marketplaces

An NFT marketplaces is a a platform that allows people to mint, list, buy, sell, and trade NFT's. One of the most popular marketplaces is Opensea. This marketplace is rather popular because it allows you to mint your tokens without paying fees for every token you mint using a method called "lazy minting". When you create your account, you will be required to pay a gas fee in order to initialize your account. Afterwards, you can mint and list as many NFT's as you'd like without paying any fees.

How to start minting NFTs?

If you'd like to start minting NFT's you'll first need a digital wallet. Opensea and Rarible (another popular marketplace support many different wallets. Personally, I prefer Metamask or Coinbase.

Then, you have to connect your wallet to the market place. Fortunately, both the Metamask and Coinbase Wallet mobile apps allow you to access Opensea and Rarible using the built-in browser. Once you access the site on your browser, its only a matter of logging in using your wallet.

Click Here to create a Coinbase account and receive $10 in free bitcoin when you buy or sell $100 in crypto.

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