For years, creatives and artists have struggled to protect their intellectual property. But with the rise of blockchain technology and non-fungible tokens (NFTs), creatives are finding a new way to authenticate and validate their works.
Even better, they can sell NFTs for thousands, if not millions of dollars. So what is an NFT? How does it work? And how do you start making money creating NFTs? Read on to find out!
A Non-Fungible Token (NFT) is a tokenized representation of a digital or physical object. Like all cryptocurrencies, they are stored on blockchain technology.
They have identifiable attributes and therefore cannot be replaced or substituted with other tokens. The information regarding the NFT is stored on the blockchain using smart contracts once the asset has been verified by a third party.
NFTs are often associated with digital art, as they were inspired by the crypto kitties app. While numerous crypto artists use NFTs to assign value to their work, almost anything can be assigned an NFT. Nonetheless, digital artworks, melodies, animations, and movies are considerably more likely to have their own NFT. Other financial staking products, like NFTs, can also be used to represent video game riches. Because crypto art and NFTs aren’t confined to a single format, the sky’s the limit when it comes to innovating a new NFT.
What platform should I use to create NFT?
Rarity. Not that of the collector’s item, but rather the fee structure. Personal preference and the blockchain you wish to utilize play a role in selecting a platform to mint your NFT. Your NFT will be generated as a BEP-721 token on the Binance Smart Chain. This protocol is currently compatible with most wallets, exchanges, and projects across the BSC ecosystem. It’s usually ideal to use a platform with a marketplace you’re acquainted with if you want to exchange your token quickly thereafter. This method makes sure that the executable code for the NFT token is not transferred to a separate location after minting it
