How to Launch NFT?

In this case, NFT stands for non-fungible token. "Non-fungible" simply means that it is unique and cannot be replaced with anything else. 

 

For example, a bitcoin is fungible, which means you can exchange one for another and get the exact same thing. On the other hand, a one-of-a-kind trading card cannot be duplicated. If you traded it for a different card, you'd get something completely different.

 

 

What is NFT?

 

NFTs are digital tokens that can be used to represent unique item ownership. We can tokenize items like artwork, collectables, and even real estate with them. They can only have one official owner at a time, and the Ethereum blockchain protects them, meaning no one can change the ownership record or create a new NFT.

 

A token that is not fungible is referred to as a "non-fungible token." Furniture, music files, and computers are all examples of non-fungible items in the economy. These items cannot be substituted for other items due to their unique properties.

 

Fungible items, on the other hand, can be traded because they are defined by their value rather than their unique properties. Dollars, for example, are fungible in the sense that one dollar can be exchanged for any other currency.

 

Why are NFTs important?

 

Non-fungible tokens are a step forward from the relatively straightforward concept of cryptocurrency NFTs are a step forward in the reinvention of this infrastructure because they enable digital representations of physical assets. These ideas, when combined with the advantages of a tamper-resistant blockchain of smart contracts, become a powerful force for change.

 

Market efficiency is perhaps the most obvious benefit of NFTs. On a blockchain, NFTs represent digital or physical artwork, removing the need for agents and allowing artists to connect directly with their audiences.

 

They can also help businesses improve their processes. It is possible to streamline the entry and exit processes for jurisdictions by converting individual passports into NFTs, each with its own unique identifying characteristics. NFTs can also be used for identity management in the digital realm, expanding on this use case.

 

By fractionalizing physical assets like real estate, NFTs can also democratise investing. The creation of new markets and forms of investment is the most exciting possibility for NFTs. Depending on its characteristics, each piece of land is unique, priced differently, and represented with an NFT.

 

Also Read | Top NFT platforms

 

How to make/ launch NFT?

 

1. Know about NFT

 

There's no need to feel bad if you've come here with little knowledge of what NFTs are. A friend might have suggested, "Hey, you should sell that picture of your cat as an NFT.” However, it's probably best to have some idea about what you're doing before you go through the process of creating and selling one.

 

Here's a quick rundown of what NFT is. NFTs, or non-fungible tokens, are digital tokens stored on the blockchain. Unlike cryptocurrencies, where each coin is identical (there's no reason to prefer one Bitcoin over another), each NFT is one-of-a-kind and can be sold to prove ownership of a digital file.

 

2. Pick your item

 

Let's begin with the fundamentals. You'll need to figure out what unique digital asset you want to turn into an NFT if you haven't already. It could be a custom painting, photograph, song, collectable video game, meme, GIF, or even a tweet. An NFT is a one-of-a-kind digital item with only one owner. The NFT value is determined by rarity.

 

Make sure you own the intellectual property rights to the item you want to turn into an NFT before proceeding. You could get into legal trouble if you make an NFT for a digital asset you don't own.

 

3. Choose a platform

 

Let's start from the beginning. If you haven't already, you'll need to figure out what unique digital asset you want to turn into an NFT. An NFT is a one-of-a-kind digital item with only one owner. The NFT value is determined by rarity.

 

Before you start, double-check that you own the intellectual property rights to the item you want to turn into an NFT. If you make an NFT for a digital asset you don't own, you could face legal consequences. The fees for writing your NFT to the blockchain will be bundled with the fees for transferring it to the buyer when someone actually buys it,to create an NFT that no one wants to buy.

 

4. Set up a digital wallet

 

You'll need a digital wallet to create your NFT if you don't already have one, as you'll need cryptocurrency to fund your initial investment. Your digital assets will be accessible through the wallet. Metamask, Math Wallet, AlphaWallet, Trust Wallet, and Coinbase Wallet are among the most popular NFT wallets.

 

The MetaMask wallet is one of the wallets widely supported by Ethereum-based applications such as OpenSea, Foundation, and others, and can be used as a Chrome / Firefox extension or an iOS / Android app. 

 

Coinbase also has its own wallet, which is available for most platforms as an extension or as an app. MetaMask and Coinbase Wallet have similar setup procedures.

 

5. Set up the sales process

 

After you've connected your wallet, you'll be taken to the page where you can create an NFT (and if you don't, click the Create button in the upper right-hand corner of both platforms to get there).

 

A collection can be used to create a series of NFTs; on Rarible, you can create one right from the NFT creation screen, and the one you're working on will be added to it.

 

To create a collection, go to My Collections > Create a collection, then to your profile picture in the top right corner of OpenSea.If you don't give an NFT a name, OpenSea will put it in an unnamed collection for you, and Rarible lets you sell an NFT as a single without a collection. (source)

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Risks of NFTs

 

When asked about investing in NFTs, financial advisors argue that the NFT space is fraught with dangers because anyone can create them. To determine whether an NFT is truly worth investing in, a trained eye is required. You should be aware of the risks associated with NFT before drawing any conclusions.

 

• NFTs aren't art, and they're not designed to protect artists

 

In the world of NFTs, a certain amount of success is based on pure luck. One could certainly argue that the same concept holds true in the current state of art, but it doesn't have to. This type of "popular opinion" exists for a reason: many of us are dealing with similar issues in our lives.

 

The distinction between "popular" and "fine" art is that popular art mocks the human experience as we see and experience it today, making light of things we fear and despise, and thus assist us in passing the time. 

 

Supply and demand is a simple concept; if an artist believes that making something silly, cheap, or generic will get them paid, they will rarely try to push the envelope.

 

• Chances of being duped

 

In general, e-commerce has always been something of a gambler's game.The internet becomes a bit like the wild west without a name and a face to trust.

 

When purchasing an NFT, there are numerous ways to be duped: Counterfeit marketplaces Counterfeiters (often impersonating real artists and selling copies of their work at a fraction of what the original is going for) Sellers who are not verified Buyers will be concerned about all of the above, but what about investors?

 

If you're an angel investor, be especially wary of dubious projects and untrustworthy "artists" looking to make a quick buck. But, as in every other aspect of e-commerce where capitalism reigns supreme, someone will always try to undermine it.

 

• You can never truly "own" an NFT

 

Is value, by definition, consumptive? Is an image valuable in the same way that an apple is if it can be enjoyed by millions of people?

 

The apple is only given to one person, and the same can be said for a more traditional definition of art—a single stretch of canvas or a single sculpture given to a single collector. You don't have to be the owner of intellectual property to appreciate it. Who is the "owner" of the artwork, and who is the "creator"?

 

Our final thought is that fun and popular NFT collectables should not be outlawed; in fact, we can't think of more inefficient use of time.

 

Also Read | What is Britcoin?

 

• NFTs are harmful to the environment

 

Cryptocurrency has altered our world in many ways, but one issue that cannot be overlooked is the industry's undeniably negative impact on the environment. The computers that generate the blockchain data are always on and running at full speed.

 

One enterprising duo even went so far as to calculate how much energy these proof-of-work concepts consume. They discovered that mining cryptocurrency is more environmentally damaging than mining copper, gold, or platinum. They also estimated that crypto-mining contributed between 3 million and 15 million tonnes of CO2 emissions to our current environmental situation between January 2016 and June 2018.

 

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