What is NFT? & How to Make NFT in 2022?

What is NFT? & How to Make NFT in 2022?

What is NFT? & How to Make NFT in 2022?

One day, I was surfing through Facebook like usual and suddenly a post caught my eyes.  ‘Friendship ended with Mudasir’, a viral meme from Pakistan was sold for $51,530. I am sorry! A meme? Sold? For $51,530? Who is selling such things which I can download in 2 seconds and more importantly, who is buying all these? Are they dumb?

Needless to say, for the next few days, I was the one who was completely dumbfounded when I was being introduced to NFT. The more I searched for it, the more ignorant I became. What does fungible mean? Wasn’t Ethereum an element from the periodic table?

Let’s find out some basic questions before heading ahead.

What is fungible and non-fungible?

“Fungible” means something can be easily replaced with something similar. One bitcoin is the same as any other bitcoin and one barrel of oil is the same as any other barrel of oil.

“Non-fungible” means unique. A non-fungible token, which I suspect is what this question is referring to, is a unique token, which exists a top a blockchain, to which some piece of digital art or collectible is linked. The NFT derives its value from its uniqueness.

What does Ethereum mean?

Ethereum is the Do It Yourself platform for decentralised programs also known as Dapps – decentralised apps. If you want to create a decentralised program that no single person controls (not even you even though you wrote it), all you have to do is learn the Ethereum programming language called Solidity and begin coding. The Ethereum platform is actually decentralised though thousand computers running it meaning.

Now, let’s start brainstorming about NFT.

Imagine, Mona Lisa. One of the most valuable paintings in the world painted by Leonardo da Vinci. It achieved the highest recorded art to Guinness world  with US $100 Million in 1962 in history. You are an art aficionado and want a Mona Lisa Painting in your abode. You may ask an artist to copy that painting or you can download and print that by yourself. It will probably cost you less than $10. Now, ask this question, why would anyone want to visit the Louvre Museum, Paris just to see a Mona Lisa painting when you can just google it and watch it at home?

Because, It’s non-fungible. There can be a million Mona Lisa paintings around the world. But the Mona Lisa, painted by Leonardo da Vinci in 1503 is one and only and nothing can replace it.

But, Mona Lisa has a material existence. It’s understandable that it has some unique value. But what about digital painting? You can’t touch it, hold it, show it off. You can just download and claim you own this painting and no one will believe you.

The technology that drives NFTs holds the key to understanding why people bother to buy them, let alone spend millions on them. NFTs are data units that are recorded on blockchains and cannot be edited or erased once they have been imputed. When acquiring products like artwork, limited-edition media, and so on, this is very significant.

NFT is possessed in the Ethereum market because of difficulties of its copying. They provide a certain amount of assurance for purchasing a non- fungible (NFT) of real asset. NFT provides a unique quality for their consumers and they are willing to pay more for limited edition items.

Now that you grasp the idea of this NFT, let’s dive into the NFT pool. What is NFT?

An NFT is a blockchain-based data unit that is permanent and irreversible. These are the data units that are used to represent certain assets, whether they be physical or digital. It is said that an asset or object has been ‘minted’ as an NFT when an NFT is sold as a representation of it. A Christie’s auction earlier this year sold an NFT for $69 million, while Twitter CEO Jack Dorsey sold his first tweet for $2.9 million, among other prominent cases.

What are all the things that can be sold as NFT?

Any file like photography,art,music,videos,tweets can be stored easily and identify NFT to reproduce. You can make NFTs from almost anything unique that can be stored digitally and holds value.

Can anyone make money selling NFT art?

Unquestionably. For $20 to $70, Stipp created and sold logo designs for consumers discovered on the social media platform Discord. He changed his astronaut cartoon into an NFT (non-fungible token) on a whim, auctioned it off, and became a blue-chip artist overnight. He’s sold four more works since then, earning enough money to help his parents pay off their house and cars. He invests the rest of his time on the early works of other emerging artists who are eschewing the traditional art market in order to find a steady stream of eager buyers in the realm of cryptoart on the blockchain.

Is there any way to sell my art as an NFT with copyright ? 

What is NFT How to Make NFT in 2022 image
What-is-NFT-&-How-to-Make-NFT-in-2022

It depends on exactly what is spelled out in the NFT sales contract. If you create something own or make digital work.definitely you will get copyright.   NFTs don’t automatically include Intellectual Property rights when sold. But, some NFT sales contracts DO include ownership of the IP.

Should you invest in NFT? 

The future of NFT is uncertain but promising. The impact of digital currencies, cryptocurrencies and blockchain technologies are getting attention from the young generation. When anyone pay for it so it is so necessary to understand the value of NFT and consider proper research as it is with any other form of investment  

In Fact every generation has some or the other kind of special bond with things that are original. The Younger generation especially are quite interested in NFTs and would probably invest in this.People are going to spend more time and money in a virtual environment as acceptance of virtual reality increases. 

Large companies, up and coming startups, banking groups all around the world are entering the space of NFTs, so there’s so much potential in this industry and could possibly rise to new heights.

How Can I Make NFT?

Before turning your item into NFT, you have to make sure of two things.

  • Do you have sole ownership over your digital item? That item can be a picture, video, meme, gif, anything you can possibly imagine. Your item has to be rare.
  • Do you have a digital wallet?

If you have two things mentioned above, you are ready to take off to the world of NFT. You have to buy some cryptocurrencies, for example, ether from the etherum blockchain, etc. Then you will like to do some quick market research to get an ideal platform for selling your unique piece. OpenSea, Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Nifty Gateway, Mintable, and ThetaDrop are the top NFTs marketplace. Follow the guideline of your desired market place to upload your digital file in accurate format. For more details you can do the Cryptocurrency Mining Opportunity | Crash Course from Amaar School.

Voila! You successfully make your item into NFT. You get to decide your monetization process, popularly known as NFT minting. You can sell it at a fixed price or you can set up a timed or unlimited auction. Before deciding your base price, don’t forget to set the price above the NFT sale. The whole process seems hard, costly and confusing. But you need to buckle up and dive into the thrilling and creative future of NFT. 

Some Important Site That Can Be Used To Create NFT

There are some important sites which can be used to create an NFT marketplace .

Opensea declared itself as the largest NFT marketplace and offers non fungible tokens including virtual worlds,trading cards,sports etc. Creators can easily create their own items without knowing a single basis of code.They feature 700 different projects and includes ERC721 and ERC1155 asserts.

Rerible owner holding ERC-20 RARI token and distributing 75,000 RARI every week. The platform places a particular focus on art assets. Creators can use Rarible to “mint” new NFTs to sell their creations, whether they be books, music albums, digital art, or movies. The creator can even show a sneak peek of their creation to everybody who comes to Rarible but limit the full project to the purchaser.

Foundation creates a new creative economy and brings digital creators, crypto natives, and collectors together to move culture forward. Foundation is a specialist platform with conduct by its manipulation of the value of creative work.

 

Author

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Faria Jahin Auntara
Undergraduate Student
Depertment Of Law at University of Dhaka

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