NFTs are a unique phenomenon of the digital world once they come into existence and are suddenly worth millions and even billions of dollars.
This phenomenon occupies a large place in the world of finance. If you are curious about how to create NFTs and become popular and why it is even worth the game, read the article.
What Do NFTs Stand for and Can I Try to Create One?
NFT stands for a non-fungible token — a token that can’t be exchanged for another because it is one of its kind. To explain the phenomenon better, let us draw a parallel with physical art: one picture cannot be exchanged for another because both are incomparable and possess unique value.
NFTs can be either a part of the Ethereum blockchain or, more rarely, the Solana blockchain. Any digital file and item can become an NFT. The exciting thing is that, although the image itself can be right-clicked and copied, NFTs can’t: the ownership right isn’t prone to copying. This is the same as buying a piece with Picasso’s print and his original painting: they can’t compare. So, the flex of ownership remains with an author or NFT owner.
Do NFTs Require a Lot of Money to Create?
There is no exact answer to the cost of designing and starting to sell your own NFTs. The cost mainly depends on the fees at a particular marketplace site and gas fees.
Let us take Ethereum blockchain as an example to bring a little more clarity and swipe confusion away. An NFT author will be charged at least 70 USD to secure the new token and nearly 200-300 USD as site fees. Still, you can be lucky to find a platform with no fees.
Can minting NFTs be completely free? Well, yes, it can, but this is true only for the platforms that support ‘lazy’ minting. This means that only metadata for the future NFT is generated (without being officially minted), and the NFT gets finally minted only when a user buys it. Here also belongs the gas fee: it is passed to the buyer. This might be a plus for anyone wanting to kickstart their career as an NFT artist and spend as little as possible but be careful since the gas fee can be an unpleasant surprise to whoever buys the token. Are you ready to pay the price of missed sales and narrow up audiences? Saving money like that is a no-go.
Where Are NFTs Sold?
All NFTs and NFT collections are sold at specialized marketplaces such as OpenSea and SuperRare. These marketplaces are often significant for both selling and promoting digital art. Creators can tie their marketplace accounts with crypto wallets and, in such a way, make necessary transactions and buy NFTs with Ethereum or Solana coins. To secure a token, you will need to pay nearly 70 USD. To know more about promoting your own NFT collections, visit blockchain nft development and use their services to get famous.
Read also: 7 Reasons to Consider Investing in NFTs