What is NFT? How to mint NFT or buy NFT easily?

By  ShC    181 - 19 December, 21
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Something crazy and amazing is happening around the world which will make you think "What is happening?". You might be hearing news from friends or reading news like "An autographed tweet or just a painting by Beeple is selling in millions as an NFT". People are buying lands in metaverse for millions of dollars, isn't this crazy? and you're still wondering what is NFT and might be curious now.

 

Initially, I also didn't know what is NFT? or what is NFT in crypto? or How to buy my first NFT? Then I spent days doing my own research, learning about it and understanding what an NFT actually is.

 

What is NFT? or What is NFT in crypto?

 

NFT is Non-Fungible Token, a distinctive data stored in a digital form or blockchain which can be sold and traded. Any Art, Music, Videos, Virtual lands in Metaverse is an NFT. NFTs require a digital ledger or digital account book or blockchain to provide a public proof of ownership. NFTs can be sold and traded on digital marketplace.

NFTs are not mutually interchangeable.That's why they are not fungible. All Bitcoins and Ethereum are fungible, traded for one another. Each NFT may represent a different defined asset and thus each NFT may have a different value.

Some famous NFTs on OpenSea are CrytpoPunks, BoredApeYachClub, Clone X - Takashi Murakami, Adidas Originals Into Metaverse and many more.

 

How do NFTs work?

 

Most of the NFTs are in the Ethereum blockchain. Ethereum Blockchain stores more data, that’s why ETH is mostly used in NFTs.

 

NFT Applications

 

Digital Arts - Digital arts are the first form of NFTs because of blockchain functionality of giving unique signature which defines its proof of ownership.

 

Games - Yes! In games, such as a sword, character, or a land which are in the hands of users.

 

Music - Music can be sold and traded through Blockchain. It’s like giving the musicians an opportunity to publish their work as Non-Fungible Token.

 

How to mint an NFT or buy NFT easily?

Download a Crypto Exchange App

The very first step in minting your NFT is to create an account on any Crypto Exchange. Some Crypto Exchange are Coinbase, Binance, Kraken and many more.

You need an account to sell your NFT and exchange that crypto with another or to get your cash out. So, go get an account first.

 

Buy your Crypto such as Ethereum

 

Buy Ethereum on your Crypto Exchange app. Ethereum blockchain has the majority of the NFTs minted on it.

As suggested, use Ethereum to buy or to sell your NFTs.

Now the question is where to buy or sell your NFTs. For buying or selling NFTs you need a marketplace for NFTs which is known as NFT marketplace. So far, Opensea is the best NFT marketplace for buying or selling NFTs.


Get a Crypto Wallet

A Crypto wallet is needed on Opesea. There are many crypto wallets. Crypto wallets such as MetaMask, Coinbase Wallet, Fortmatic, WalletConnect and many more are available.

Metamask is famous among other crypto wallets and it’s easy to set up your account. You can also buy Ethereum on MetaMask. However, due to the commission fees, it is not recommended.

You can get an iOS app or an Android App but MetaMask has a Browser plugin for Google Chrome or Brave. After installing you can store your ethereum or ethereum based tokens.

Now you’ve to connect your MetaMask account with OpenSea.

After connecting your account you can buy or sell your NFTs.

 

Send Ethereum into your Crypto Wallet

 

Now it’s time to load some ethereum into your crypto wallet.

After purchasing your Ethereum you’ve to send it to your crypto wallet. For that you just have to follow some steps.

To send Ethereum into your Crypto wallet, goto your Crypto Exchange send option. 

You’ll need to enter your public address of wallet and how much ethereum you want to send. Public address is like your bank account.


Mint an NFT on OpenSea - NFT marketplace

To mint an NFT on OpenSea, go to create page, select any digital asset such as an image.

You’ve to give a name to your NFT.

Write a brief description about your NFT and leave other options as default.

And then create your NFT and damn, your NFT is up on OpenSea. 

 

After your NFT is minted, you can put your NFT on sale on OpenSea, but now the seller has to bear a burden of gas fee and OpenSea will charge 2.5% commission fees when your NFT will be bought.

 

BAYC
 
 

NFT Collection

 

Now that you know how to mint an NFT, you might be wondering about some famous NFT collection. For eg., BAYC has 10000 unique NFTs. NFT collection can be of many NFTs depending on the creator of the NFT Collection.

Anyone can create their own NFT collection, you just need some cool and unique ideas for that and a great road map.