Tokens have been on the market for at least 10 years. They have been heard about before, but within a year they caused a sensation and a noise of unique information. All this is due to the presence of influencers who started publishing digital works labeled as NFT, and definitely related to marketing. What are tokens, how to create them, where to buy and sell?
According to the website Benchmark.pl, the history of NFT coincides with the year 2012, when experimental Colored Coins will become the main units of bitcoin. They could represent many resources associated with multiple uses. They can be used as coupons, company stocks, logo badges or collection items. Then there were the Rare Pepes memes or portraits of CryptoPunks. Then came 2017, where NFT’s CryptoKitties were used as signs confirming the adoption of the virtual cat. During the game’s premiere cryptocurrency boom, players were trading pets for digital currencies.
You may be wondering: what will be the future of Fintech – metaverse, NFT and blockchain
What is NFT?
It has been mentioned many times, but it is worth remembering exactly what digital tokens are. A non-functioning token is a type of cryptographic record in a blockchain. A blockchain is a decentralized, virtual database that is currently hacked by thousands of independent entities that write on it. This means that the transactions currently registered there are irreversible.
See: Blockchain – what is it and how to use it?
What can an NFT token be?
Token is a digital work that is stored using blockchain technology. Can be:
- virtual avatar,
- items (in games)
- collector cards,
- writing, tweet,
- document, title deed,
- link to page,
- source code,
- sound file.
The most important feature of tokens is that they do not change and are unique. This means that they are unique or limited.
How is NFT prepared?
According to beincrypto.com, the process of tokenizing digital assets usually involves a gas fee because it is done with the help of Ethereum. The process of creating an NFT file is no different than uploading a file to a streaming platform, but the price of gas, which changes over time, is problematic here, and you should at least follow the exchange rate before making any transactions until second generation Ethereum. is created.
– To create and spend NFT, you need some Ethereum (ETH) to cover the cost of a cryptocurrency wallet and gas like MetaMask. NFT can be created and sold for free using both Ethereum and Polygon blockchains – we read in the article.
Such payments can be avoided by selecting the appropriate platforms on which tokens can be sold. However, you need to choose a specific market where you can spend your tokens. Here, too, you must have a crypto wallet, as it will be used to collect fees related to transactions around the platform.
Take a look here: What is a Tokenization Platform? How to use it?
Where to buy and sell NFT?
You need to have the right tools to sell or buy NFT. Cryptocurrency exchanges and special platforms for token trading are used for such transactions. Most NFTs can be purchased with pre-purchased cryptocurrencies. To do this, you need a self-protecting wallet or special software.
– The world is changing and at some point it will be easier than it is today. The current situation is that if we want to get NFT in the simplest way, then we need to set up a cryptocurrency account, a wallet, for example, in MetaMask, which is such a browser extension. We need to have an account in a browser or mobile application extension, which is a gateway for us to markets where you can buy NFTs like OpenSea. – says Bartosz Bilicki, CEO of Smartverum.
It is the most popular platform Open sea, designed for inexperienced users. Anyone interested can cope with this, but this is a platform that we must be especially careful when choosing a token.
It is the next platform Raribleoffers digital art, computer graphics, audio and video files. At Rarible, we can also issue our own tokens for free, but sales are already charged with a commission. Sales participants settle their accounts on special platform tokens, ie RARI.
It is another platform dedicated to verse trading SuperNadir. As the name suggests, it is a place where we come across ultra-rare works of art. It is a platform for real topic professionals and art connoisseurs. Every creation at SuperRare is the result of a special, original activity and tokenization of digital artists.
and Coinbase, which is a cryptocurrency exchange, however Coinbase NFT It’s something like OpenSea. In the same way Crypto.comUntil recently, it was only related to cryptocurrency, and today, invited people can sell NFT there. Its promotion should be based on the type of inaccessibility known from the Clubhouse phenomenon. Snoop Dogg has recently become the face of all major meta-worlds and digitalization projects, resulting in his presence on kripto.com.
How to create NFT for free – at a glance?
We need to install the wallet in MetaMask. Then connect it to the given platform. On the platform, we will find a function that is responsible for creating the token, but for it to be free, we must choose Polygon, not Ethereum. Then we have to describe our NFT, confirm its creation, and that’s it. We can sell it later. This is possible thanks to lazy drums. We will meet, for example, on OpenSea and Rarible without paying for gas.
Also check: Virtual popular experiences – NFT and metaverse are still on top