The Only Ultimate Guide You Need To Understand How To Design NFT And Crucial Terms Related To It.
Updated: Oct 3, 2022
In my opinion, NFTs are the hottest selling item in the market! Looking on social media, I can tell you that the top-notch designers are getting hefty amounts on their digital arts. You would be more surprised to hear that these hot-selling financial pancakes expect to show growth of 33.9% CAGR by 2030, which is around 211.72 Billion Dollars. NFT's growth continues to be high due to more crypto usage, which explains why it has remained positive even during the pandemic. With the explosive owning of digital artworks, many of us are benefiting, and it goes with the designers. Why are they so popular, and how can they help make you money? We are here with this article to share everything we have on design nft and earning through it. Here, it intends to showcase the following information-
Expand to read the chapters.
The Crispiest Definition Of NFTs.
Who can Sell NFTs?
Creating an NFT.
Mint an NFT.
NFT marketplaces where you can sell them.
Famous NFTs to date and upcoming ones.
What to do with your digital assets?
Is it a part of Greater's Fool Theory?
Conclusive Words.
The Ultimate Guide To Design An NFT.
The Crispiest Definition Of NFTs.
Non-Fungible Tokens this is how it spells. Do you get an idea about the term? Absolutely not, because this is like another question from Physics with no dimensions and information given. Don't you worry when I am here! NFT in simple means blockchain transaction in return for the digital assets. Unlike before, when you were spending all those crypto wallets for buying and selling nothing but a coin, here you can own anything in metaverse like art, games, video clip, or maybe tweet and even sell them for millions. To understand to design nft, let us first go back through the pages of history.
You will be amazed to know that the first design NFT named Quantum was a video clip of McCoy's wife, Jennifer. In 2014, it was made and sold to Anil Dash for just USD 4 in New York City. They referred to them as monetized graphics. In this case, it was a non-fungible, tradable blockchain mark of artwork, game, or anything compared to multi-unit, fungible coins of other blockchain technology.
In light of this, what is the main difference between fungible and non-fungible tokens? So let me be clear here. Fungible tokens are divisible and non-unique. It is just like the 1 Rupee in Kashmir equals 1 Rupee in Delhi or 1 Dollar in Florida equals 1 Dollar in NYC. It does not have different values; for example, 1 BTC= 1 BTC. But non-fungible tokens are unique because they consist of colored coins. They usually have data embedded in them. For every non-fungible token you buy, you will own something in metaverse or reality. It can be art or game or video, or even handicraft.
Returning to the history of these Non-fungible tokens, in 2015, the first design NFT Etheria debuted. Interestingly, the 457 tiles belonging to it went unsold till 2021, when the breeze finally took over. Now numerous companies are dealing in here. Almost 450 applications were registered in the US alone in the year 2022. NFTs are usually divided into six major categories according to the contexts in which they are used most widely: art, collectibles, games, metaverse, other, and utility.
The pandemic has led to a rise in their occurrences if you look at the charts or trends. Maybe the cause behind them is more digitalization, and that's why this fintech just exploded with growth charts.
To emphasize more, let me tell you more about it. Researchers believe it will grow more than even the crypto markets, with the exploitation of decentralized and distributed ledgers. They will gain innovation but with the cost of disruptive impact. By increasing the use of blockchain technology, it is possible to provide digital assets for the creation of scarcity. Of course, it will be difficult for policymakers to prevent fraud and high volatility due to blockchain technology in these design nft.
Who can Sell NFTs?
Now when we know a part of NFT, we can finally think about selling NFTs. The question of the hour is- Who can sell them? It is that simple if you are a writer, artist, gamer, musician, or even an influencer, architecture, and deal with real estate, you can sell your own graphic designs or digital assets and earn Millions.
Creating An NFT.
Man and ladies, what a relief it is to be here when we finally talk about creating an NFT or design nft of your own. Without wasting a further second, let me give you a proper step-by-step guide on creating an NFT.
Step 1 - Pick your art. Now, this art can be a music file, a GIF, video, a game, or even a quote.
Step 2 - Convert your artwork into NFT with Kapwing Studio Editor. You may also use other software. I use it because it is simple and effective.
How to use Kapwing Studio? There are furthermore steps guidance with pictures below.
Go to Kapwing Studio.
Select New Project.
Either upload your art through the Upload Option, or you can create your own through tonnes of options like Element, Pictures, GIFs, etc.
Adjust your video, or you can even add music if you like. It just acts like the power drift or PowerDirector. You can adjust timing and add drop effects as well.
Now just export and download!
I have made my first design NFT below, which obviously you can't find anywhere. Afterward, all you have to do is mint and sell them. We will discuss them below.
Mint an NFT.
Now that you know NFT, converted your art into NFT or design nft of your own, let us mint them so that it can bring you some good luck in finances. Let me tell you the whole process step-by-step, but this time without pictures.
Step 1 - Set up your crypto wallet.
Now you can select any kind of wallet like CoinBase, Opeansea, Metamask, etc. For this article, we will use Rainbow- Ethereum wallet.
Step 2 - Buy Etherium in your wallet.
To list your own NFT, you have to buy some Ethereum coins. You can buy as many as coins you want.
Step 3 - Connect your wallet to any marketplace.
You can use Rarible or CNFT for the transactions. Click on the option, Link Your Wallet. There are several options there. For this, you have to check what type of your wallet you use. Simply, scan the QR code as shown, and you are ready to go!
Step 4 - Once you have connected your wallet to the marketplace, it is time to upload your art in what you have created. Follow the steps as you see them on screen. Describe your art, sale price, and done!
Step 5 - Approve the payment.
The last step is to approve the payment from your wallet. And you can see the bidding, history, everything on your screen.
NFT Marketplaces. Where You Can Sell Them?
There are numerous marketplaces where you can sell your design NFTs. Now that you have known one or two, it is crucial to know the others too. You might be thinking about why to learn them. It is because for the reason that every marketplace has something unique in them so that you can decide better or maybe best for you. Here goes the list:
1. Opensea.
Considered the largest marketplace, Opensea offers numerous design nft or its collectibles like art, music, photography, sports, trading cards, utility, and others. You can buy, sell and discover hundreds of trending collectibles like Cryptokitties, Decentraland, Axies, etc. Don't get confused by these names, as they are just another NFT, or you can say an artform. Like in crypto kitties, you can breed virtual cats, and they will be unique and yours. You can explore more and find your domain of interest to inspire and buy.
2. Rarible.
It is a community-owned NFT where creators design nfts are sold. It may be books, audios, GIFs, music, etc. What makes it fascinating is the rewards that it gives to users. There are 75000 RARI coins dismissed for the users as a gift. Interesting?
It deals in various crypto wallets like Ethereum, Tezos, Flow, and Polygon. Additionally, it has a built-in messenger via which you can connect with others who use it. Moreover, you can make every purchase through NFT carbon negative with their partnership with Nori, which can help you reduce your carbon footprint each time.
3. Super Rare.
It has selected a group of hand-picked artists who can sell their design nft in form of art. Fill out a form on the page if you are interested in selling. It is focused on art and culture promotion. There is a transparent record of who owns the digital collectibles, making social connections efficient. However, all the transactions are through the Ethereum network.
4. BakerySwap.
It is an automated market maker which uses BAKE tokens. Furthermore, it acts as a platform that provides decentralized finance services and a crypto launchpad or NFT marketplace. Its NFT supermarket hosts art, meme, and gamification, and users can earn bonus BAKE tokens through combo meals.
5. Atomic Market.
It is a kind of shared liquidity marketplace that is used by multiple websites. It simply means that when you sell or buy your digital assets or collectible of creators design nft which will make visible in all markets. Powered by eosio blockchain technology, any creator can sell or buy with a complete verification to avoid malicious collections and frauds.
6. KnownOrigin.
The KnownOrigin market lets you discover and acquire rare digital works of art. Creators can use KnownOrigin to showcase and sell their work to collectors who value authenticity. It is secured by the Ethereum blockchain.
There are marketplaces like Portion, Zora, and Mintable that have great features. But this time, you will check them out and let me know what you like about them. For now, if I felt that there are upcoming marketplaces that withstand benefits more, I will update the list.
Famous NFTs To Date And The Upcoming Ones.
The best performing ones among the artists design nft is Axie Infinity Shards (AXS), delivering an investment multiple of 535. Then comes Theta (THETA), which comes with the multiple of 60 times of which you invested, and a renowned venture Peter Thiel, that has an investment multiple of 20.
It is fascinating to know that NFTs yield much higher returns than some IPOs.
The most prevalent design NFT of this time is in artworks and gaming. The most expensive NFT to this time is "Everdays: The First 500 Days" by Beepl, who sold it for 69.3 Million USD. Additionally, three Cryptopunks— a collection of 10,000 unique digital characters generated automatically—went for $11.8 million, $7.6 million, and $7.6 million, respectively; the first tweet went for $2.9 million; and an auction winner picks a name, an NFT with a dance track and music video sold for $1.33 million.
Furthermore, if you are wondering about the unicorns here, let me tell you their list:
Theta ($8.4bn),
PancakeSwap ($5bn),
Axie Infinity Shards ($4.4bn),
Decentrland ($1.7bn),
Enjin ($1.7bn),
Flow ($1.4bn), and
Audius ($1bn).
What To Do With Your Digital Assets?
When you have complete knowledge of buying digital assets and selling them, the next step is what to do with them? You might think that they are other showpieces in the metaverse but let me tell you that they are more than that. Well, with this article, you will know what you can do with your nfts. In brief, there are the following things you can make out of it:
Store them in your digital frames.
Showcase in metaverse museum.
Use them in games.
Resell them for a higher bid.
Keep them in your ipads or macs for a better screensaver.
Promote the art and artists on purchasing nfts.
Show-off among your friends and family.
Think about it, Does it make sense on any point on relying on NFTs?
Is it a part of Greater's Fool Theory?
When we ask about artists created design NFT, the business tycoons or celebrities have different opinions. Indian economists beware the citizens of the trap. Bill Gates in a recent conversation with the news interview, says that it is a part of Greater Fool's Theory. So before proceeding, let us understand the greater's fool theory.
In simple words, for whatever you pay to buy an asset, there is always "some greater fool" who will pay more and buy it from you. It doesn't matter the value of that particular.
Let us come back to what Bill Gates told us about NFTs. He again declared them under the same theory. “Obviously, expensive digital images of monkeys are going to improve the world immensely," he said sarcastically on Bored Ape NFT Collection.
The best example of Greater Fool's Theory is how Elon Musk is utilizing his influencing powers on Twitter to benefit Tesla through cryptocurrencies. Read it here. You see tweet gets hyped up, and people start investing. Through this, he earns more profit comparatively. Dogecoin is a live example and looks at its share prices now. Well, we are not here to discuss cryptos. But NFT works similarly. It has no output, but only some other fool will tend to buy it, and you will get the benefit. However, one can never predict it.
Conclusive Words.
Though design NFT tends to be in trend for now, and you will see a rise in this decade according to the researchers, you can not be definite on it. Additionally, it harms the enviornment in a lot more ways. One single sale utilizes energy as much as you use for a domestic purpose for two years. If you are really wise in making financial decisions, kindly check on it before investing. I am not here to oppose or be in favor of anything but being realistic with my audience is the sole purpose of this article.
Though it is rising at peaks, and some may find it intriguing, remember why we started sustainable practices? What is your turn here? Do you think of an alternative that is least damaging and still worthy? Are you going to invest in NFTs? Do you have plan to design nft of your own? Let me know your answers in the comments! And I will see you another time.