How to create, sell, or buy NFTs 

What are NFTs, and why do people sound so smart when they talk about them? Non-fungible tokens, but what does that even mean? And why would someone even buy NFTs since they are already up there on the web for all to see? 

The rise of blockchain technology, and consequently cryptocurrency and others such as meme stocks, God help us all, can be given the credit. It has made it possible to verify digital transactions from the source to the destination, with a very low chance of corruptibility, and a myriad of other benefits. We have covered how blockchain achieves this and how the world can benefit from its boom here. 

So, if cryptocurrency and NFTs are built on the same infrastructure, what is the difference? Simple, crypto currencies are fungible, they are alike and of equal value, and can be used as currency. Every piece, or piece of code rather, is the same as the other, and it is quantifiable.  

NFTs, as the abbreviation suggests, are non-fungible, meaning that every piece is completely unique, verified by the very blockchain that secures crypto transactions. It is essentially a digital asset. 

With that said, how does one create, sell, and buy NFTs 

Creating and Selling NFTs 

The first step would be to buy some Ethereum, or any other cryptocurrency whose blockchain supports NFTs. 

Artists or creators need only do three things after that: Create a piece of digital art, mint it, and put it up for auction. The piece could be a photograph, 3D model, a sticker, or even an autographed Tweet.  

Minting essentially means turning that collection of pixels into a unique entity verified by the blockchain in use, most commonly Ethereum, creating an NFT. 

While most NFTs are supported by Ethereum blockchain, other blockchains such as TRON have also implemented their own versions of NFTs. 

What you will need: A cryptocurrency wallet, a cryptocurrency to go into that wallet, and fund your NFT, and a digital art piece.  

You then need to link your crypto wallet to an NFT marketplace. The top NFT marketplaces include OpenSea, Rarible, SuperRare, and Foundation to name a few.  

With these ingredients, you will be able to upload and mint your digital art piece. 

As an artist, keep in mind that people don’t just buy NFTs for no reason. Some simply want to support the artist; others just want to be able to say that this piece is theirs and no one else. Still others expect, or at least hope, that the value of the digital asset will appreciate over time, and the two things that contribute to that are scarcity, and public desire.  

Some artists create wholly unique pieces that collectors would love to get their hands on, like the 5,000-piece collage by Beeple, the most expensive NFT sold to date, at nearly $70 million. 

Other artists create hundreds of commonly themed, code generated sets and sell them as collectables, such as the Bored Ape series. 

Whether it is a single piece, limited additions, collectable, sets or anything else, people will buy the most unexpected things, so if you are considering selling a piece of your art then go for it.  

Buying NFTs 

Learning how to buy NFTs is much simpler.  

Just own the cryptocurrency in question, in most cases, Ethereum, and bid on the piece you fancy. If you get it, you will have supported an artist and possibly scored yourself an appreciating digital asset. All you need is a wallet and a marketplace that accepts the token you are paying with. 

The blockchain, however secure, does not protect people from themselves or others. Artists have had their art sold by others who have nothing to do with them, and that money is now gone forever, while buyers have been tricked into buying absolutely nothing but a hard lesson. 

The current NFT marketplace, much like that of cryptocurrency, is fraught with schemers, scammers, and swindlers.  

Those looking to make a quick buck or become millionaires overnight, or those who have not done their research may find themselves prey to such people. 

Whether its meme stocks, cryptocurrencies, or NFTs, before you go pouring your hard-earned money into the cyber-sphere do your research and read as much as you can by as many opposing opinions as possible before making a decision that should ultimately come from you. 

Although a general rule of thumb would be “only invest what you are willing to lose,” many still do go overboard and regret it. But hey, as young as the tech is, who knows what the future will bring.