Interested in NFT's? Here’s how you can make and sell your very own NFT

NFT’s have been here for quite some time though it has only become extremely popular in the past year. Some people have even named 2021 as the ‘Year of NFTs’. Even if you still have no idea what they are, there’s no chance you haven’t seen or heard about them online especially the very popular ‘Bored Ape’ NFT.  Digital art was the first type of NFT which is quite popular even today but, anything and everything including tweets, emojis and memes can also be sold as an NFT. With the popularity of NFTs rising each day, here’s a guide on everything you need to know about NFT’s including - how to make, sell and buy them in Dubai.

What is an NFT?

‘Non-Fungible Token’ or NFT is a blockchain based tokenization of any collectible item or art piece, that can be used to certify digital ownership and authenticity. As the term ‘non-fungible’ suggests, NFTs cannot be exchanged, traded, or erased which makes each NFT unique and irreplaceable. Most people often get confused but, when you buy a piece of digital artwork that is authenticated by an NFT, you are not actually buying the digital asset of the artwork instead, you are simply purchasing a digitally authenticated note which states that there is only one owner.

NFTs are a good solution to discover ownership over an object that can otherwise easily be reproduced. Compared to other forms of art, digital art is easy to duplicate- you can just download a copy. NFTs cannot be destroyed as they are recorded on a blockchain just like the way cryptocurrency transactions are. Most NFTs use the Ethereum blockchain, but there are other blockchains such as- Solana, Tezos, Flow etc.

What is an NFT Used For?

People who are interested in Crypto-trading or like to collect artwork are usually the ones who are interested in NFTs. Besides that, it has some other uses too like-

• NFT is a form of digital content. Content creators can see their profits being raised by NFTs which helps creators have the ownership of their content over to the platform, they might use to publicize it.

• NFTs can provide a lot of benefits to video game players. Normally, in an online game, you can buy items for your character, and that’s all you can do. With NFTs, you can retrieve your money by selling the items once you’re done with them.

• NFTs help to provide your domain with an easier-to-remember name. This works like a website domain name, making its IP address more memorable and valuable, usually based on length and relevance.

How to Make and sell you own NFT:

Open Sea is the leading platform for NFT creation. Though there are many other platforms, Open Sea is the most popular one. Here is a step-by-step process on how to create your own NFT on Open Sea:

1. Set up MetaMask: The very first thing you’ll need to do to create your own NFT is to set up a software wallet. This wallet can hold your NFTs, and you’ll need it to pay blockchain gas fees. Make your way to metamask.io where you can create a MetaMask wallet for free.

2. Tokenize your art or other assets: Once you’ve created your MetaMask wallet, you’ll now be able to create your own NFTs. Go to opensea.io and click on the Create button in the menu bar. You can connect your MetaMask wallet with OpenSea and make your NFT. You can them create a name for your NFT collection, click on the Add New Item button. And you are now ready to upload the file you want to tokenize and give it certain properties to distinguish it from the rest of your collection. To create a digital art NFT, you can use any of the popular digital art software like Photoshop, Illustrator or Procreate; you can export it to your device and then upload it in your NFT collection. Determine how many copies you want of each item, then set a retail price.

3. List it on the marketplace: To sell your first NFT, you’ll need to enable OpenSea to sell items from your account. This will require a blockchain transaction, so you’ll have to pay a gas fee. Send some Ether to your MetaMask, and you’re good to go. You’ll only need to pay this fee the first time you create an NFT collection.

Once you’ve given OpenSea permission to sell your NFTs, anyone can find and purchase them on the OpenSea marketplace.

NIFTY Souq is the MENA regions first NFT marketplace where you can find artists, buy their NFTs and make your own NFT and sell it too.

If you like to buy NFTs to crypto trade or to collect art and support artists, you can buy it from Open Sea or other NFT marketplace platforms. The initial steps remain the same, once you’ve found an NFT you want to buy, you just click on it fill in your credentials and complete the transaction process after which the NFT is yours and it will be stored in the ‘My collections’ section under your Open Sea profile.

The future of NFTs:

NFTs in recent times have completely revolutionized art and collectibles, but this is just the beginning. Keeping the popularity of NFTs today in mind, we can very clearly say that it is here to stay. Though whether it will stand the test of time is a different question.  Each NFT has its own unique value but ultimately, they are only as worth as what someone is willing to pay for them. The sudden spike in NFTs has resulted in most of the collectible items to be extremely expensive. Because of which, they will essentially become worthless overtime. Whether NFTs will be remembered for years to come like iconic art pieces and artists, or whether it will be forgotten just like any other trend, guess we’ll only know when the time comes.