The non-fungible tokens known as NFTs are becoming increasingly popular today among cryptocurrency enthusiasts. Contrary to expectations, a significant portion of the crypto population is unaware of how or where they can buy or sell them.
NFTs are managed on blockchains and as they are special crypto assets, these blockchains do a good job of keeping track of the ownership and record of the assets.
Intangible assets, such as art, collectibles, music, and many others, can be digitized as NFTs. There has been a more than 50% surge in the use and sale of NFTs in the past year, moving from about $200 million to more than $380 million, according to NonFungible.com, a site that provides real market data and analysis on the NFT world.
As a novice, you can easily create an NFT. Determining which blockchain to use to host your NFT is the trickiest part. There are several favourites, such as Ethereum, Solana, and WAX.
You can immediately buy the native currency of the blockchain you have chosen at a crypto exchange like FTX once you’ve crossed the hurdle of indecision. This example will be based on Ethereum. To buy ETH with a selected trading pair, fund your FTX wallet with Tether or BTC.
A $50 to $100 Ethereum wallet, and a wallet supporting one of the three ERC standards, are required for the process. The example will be based on ERC-721.
Trust Wallet and Metamask are both ERC-721 compatible. In the next step, you will need to fund your ERC-721 wallet with your ETH from FTX. Once this step has been completed, sign into OpenSea.io on the app that holds your ETH, connect that wallet, and create a collection of NFT.
In the event you decide to create a series of content, this collection will become an album or folder for whatever media you develop.
That’s all there is to it! Your collection now has the ability to include any media item you want, and you can list them on your favourite marketplace for sale or auction.