What are NFTs and what do you need to know about them?

NFT seems to be a common word nowadays, however, what does it mean? Is it true that some people are making money with them? Don't be left behind and learn everything you need to know about NFTs here.

It´s time for the NFTs.  NFTs have become more and more common in the digital world, and step by step, we´re all becoming familiar with them.

However, you are likely reading this article, and you still aren't familiar with NFTs and do not know how NFTs work or what the word NFT means. If this is your case, don´t worry, you can continue reading this because we are about to explain what an NFT is, how NFTs work, what is the value of NFTs and we will also tell you everything you need to know to make your own NFTs and sell them.

What does NFT mean?

Red dice that read NFT

NFT is an acronym for Non-Fungible Token. A non-fungible token is then what we commonly know as an NFT. The NFTs have the characteristic of being digital and can be from works of art, audio, photos, or any kind of image encrypted with a blockchain.

But what does it mean to be a non-fungible token? There are fungible properties and non-fungible properties. A fungible property can be exchanged and has a set value, for example, money. A non-fungible property, on the other side, can not be substituted.

An NFT, as a non-fungible token, is a digital file that can not be replaced, like a piece of art. In this way, any NFT you find on the web is unique. A token is a unit of value assigned to a business model such as cryptos.

What makes NFTs unique

3D illustration of a gallery with the logos for NFT, bitcoin and a random picture to represent art

The NFTs cannot be exchanged for another even if they have the same value in cryptocurrencies since each one has a code that makes them unique and that allows them to be traced directly to their creator.

We can sell every NFT. Therefore if you decide to buy an NFT you can be sure that you are acquiring a unique piece that is the equivalent of getting any piece of art. Can you imagine having Monalisa in your gallery? Well, having an NFT in your possession is equivalent to being a unique work.

NFTs value

Staircase with coins with the NFT logo and Bitcoin going up to represent value of criptocurrency and NFTs

The value of the NFTs is the value that each person wants to give them. The creators of NFTs value their NFTs most of the time based on the crypto with which they offered them. There is no maximum price for an NFT. Therefore an NFT can be sold at whatever price its creator deems.

NFTs can also be auctioned. In this case, the buyers are the ones who assign the value according to what is offered. There are those who have come to pay amounts of around 260.000 euros.

Just as each NFT is unique, the value of an NFT is also unique.

How to make an NFT?

Illustration of a digital circuit with the NFT logo

Now that you know what an NFT is, what makes them unique, and their value, you probably think that only those who are experts in programming code can make NFTs and sell them.

It is false. We can all do NFTs.

To do an NFT, you must first differentiate the creation process from the marketing process. Making an NFT is not the same as putting it up for sale. Some create collections of NFTs that they never sell and only display on websites.

Making an NFT is easy. An NFT can be any image, photograph, or drawing. If you can master design tools, you can use them and then offer your jobs as NFTs. If you are not an expert in design, you can help yourself with applications like NFT generator art.

Websites or apps that help create NFTs are easy to use as they help you design your collections or turn a conventional photo into an eye-catching piece that grabs everyone's attention on the web. Another of the best sites is The AB factory.

NFTs sell

Illustration of coins with NFT logos and Bitcoin going through waves to represent their value

Selling your NFTs is not complicated either, although you have to follow a series of easy and simple steps.

The easiest way to sell an NFT is through the biggest websites dedicated to offering and trading NFTs.

Two of the top sites for selling NFTs are OpenSea and LastKnow.

OpenSea

OpenSea is probably the most popular website for buying and selling NFTs. The advantage of using OpenSea is that it is easy to use. OpenSea charges a commission for NFT trading of 2.5% of the total percentage of the sale. The commission charge applies once the NFT it´s sold. OpenSea also proposes a minimum sale price that will give you a reasonable profit margin.

To sell your NFTs on OpenSea, the first thing you have to do is create an account that allows you to manage cryptos. The most recommended to link to OpenSea is Metamask.

Metamask is a virtual wallet that allows you to handle cryptos and handles Ethereum (ETH). We recommend this virtual wallet because OpenSea´s blockchain is Ethereum.

 Once you link your Metamask wallet, you can upload your NFTs and bid them either in a direct sale or through an auction.

After you have uploaded your NFT and it has bid, all you have to do is wait for it to sell after that, you will have sold your first NFT.

Last Know

Another marketplace, where you can put your NFTs up for sale is Last Know. Like OpenSea, Last Know is also very easy to use. In the case of Last Know, it is also necessary to link a wallet that allows you to handle cryptos.

 Infinity Wallet

Infinity Wallet is the one that we recommend you use if what you want is to offer your NFTs in Last Know. This wallet will allow you to manage different cryptos in the same place.

Last Know and OpenSea work in very similar ways. Here you can also bid directly or by auction. Collections are usually the most eye-catching as they offer a variety of NFTs for users to choose from.

Conclusions about NFTs

Illustration of NFT logo on a scale to show its changing value

Something important is that you must be very clear that no matter how elaborated or non- elaborated your NFT is like any piece of art, the users are the ones who give it value.

NFTs are a new way to create unique pieces of art that you can sell in the digital world. NFTs are also the easiest way to trade properties in the metaverse, and you can find them on different platforms and in all digital worlds.

Dare to take a step forward in the digital world and take action. Anyone can create NFTs and put them up for sale. You don't need to be an expert in design or programming to be able to create your NFTs. You only need to take your computer to start your adventure in the digital world through NFTs.

Maybe yours is the next big NFT and, it could be your NFT that sells for €260,000 or more.

If you liked this article, share it with your friends and tell them that they too can be creators of NFTs.

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Full-stack developer with a good understanding of business challenges. Not only am I an expert in my field, I know what business needs in a competitive digital world. I am eager to work on all kinds of projects.

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