Though you may not have used cryptocurrency (yet), you’ve probably heard the term before — it’s a form of digital payment you can trade for online goods and services for profit. Specifically, it’s an online system that enables secure payments using tokens as its currency.
There are nearly 16,000 different cryptocurrencies, Bitcoin being the most notable. (In fact, Bitcoin’s price has increased by a whopping 66 percent in the first month of 2021.) Other virtual currencies include Ethereum, Litecoin, and Cardano.
One of crypto’s biggest appeals is its security — all commerce takes place through decentralized technology called blockchain, which manages and records all trades and sales across many computers (making it difficult to hack).
Many of crypto’s biggest supporters believe it is where our currency system is naturally heading and that it’s the safest, most profitable currency option. By removing powerful banks from the equation and selling exclusively online in a secure network, crypto traders believe inflation can become a thing of the past.
Before you can access the products you want to trade with crypto, you need to first exchange real currency for cryptocurrency (similar to how you might purchase tokens at an arcade or chips at a casino). Then, using these digital tokens, you can buy or trade assets on the blockchain.
One of the latest and most popular of these digital tokens is the non-fungible token, or NFT.
What an NFT is
Non-fungible tokens are one-of-a-kind digital assets that can’t be exchanged, as opposed to fungible, replaceable cryptocurrency, like bitcoin. There is no way to duplicate an NFT on the blockchain because thousands of computers protect and maintain its originality, making NFTs ideal for selling and purchasing unique items.
As rare digital assets — think GIFs, tweets, and digital imagery — NFTs are sought-after because of their exclusivity. For example, three original works by digital artist Beeple sold for a total of $81.6 million in 2021, and a collectible video clip of LeBron James dunking in game six of the 2020 NBA Finals sold for $230,000.
What’s more, because people buy and sell them exclusively online, most NFTs come equipped with smart contracts that allow the artist to receive a portion of future sales, making NFTs a favorite among artists in the crypto world.
How NFT trading became popular
How did NFTs become popular among other cryptocurrencies and blockchain technologies? That question has a one-word answer: CryptoKitties.
This blockchain-based game put NFTs on the map by letting players breed, collect, raise, and trade one-of-a-kind virtual cats that can’t be duplicated.
With CryptoKitties, the crypto world went absolutely wild. Traders made a ton of money, and the rest is history. But CryptoKitties was just a brief introduction to the capabilities of NFTs, and the digital collectible market gained traction with a dramatic increase in NFTs sales in early 2021 amid the COVID-19 pandemic.
How to create an NFT
Hoping to cash in on this crypto phenomenon? Here’s how to make an NFT in six easy steps.
1. Choose your piece. It could be a snippet of music, a video, a painting, or something else. It just has to be digital.
2. Buy some ether (ETH). Ether is the currency of the Ethereum blockchain network. Though there are many different blockchain-based platforms, Ethereum is easily the most popular (and the one most NFTs support).
3. Download a digital wallet. To create an NFT, you first need to be able to buy, store, and access cryptocurrency with a digital wallet. MathWallet, MetaMask, and Coinbase Wallet are all great options.
4. Choose an NFT marketplace. The most popular are OpenSea, Rarible, and SuperRare, but it’s important to do research first to find the best marketplace for your NFT (especially if it’s part of a specific industry — like basketball, for example).
5. Upload your art. Once you choose your NFT marketplace, follow its instructions on how to upload your work and turn it into a marketable file, like a GIF or MP3.
6. Start selling and marketing your NFT. First do a bit more research and ask yourself a couple of questions. Do you want to sell it at a fixed price or in an auction? What would you like your royalties to be once it sells? It’s easy to lose money when selling NFTs if you rush the process, so take your time, learn the market, and consider all costs (such as listing and transaction fees) when choosing your NFT price.
How to sell NFTs with Jotform NFT requests
Now that you know what NFTs are and how to create them, you’re ready to make some money from them.
Fortunately, you can use online form builder Jotform to collect NFT requests with easy-to-use and fully customizable forms. (To sell NFTs on a subscription basis, for example, you can use Jotform’s Form Builder to create the perfect form for NFT requests.)
In fact, spiritual NFT collective CardaLordz rolled out its own form for NFT requests with Jotform, allowing its potential buyers and collectors to make online reservations and requests prior to their NFT’s official release. By completing the form, CardaLordz’s clients were not only guaranteed to receive the product they requested, they also had access to special discounts.
Although NFTs and cryptocurrency can feel like daunting subjects, they’re worth investigating and trying out. The third quarter of 2021 alone saw over $10 billion worth of NFT trades. It’s important to use all the resources at your disposal as an artist or content creator, and knowing how to create NFT requests could make a huge difference in your artwork’s commercial success.
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1 Comments:
More than a year ago
This blog is very interesting. I would like to read more such informative NFT development blogs in the future. Thank you for sharing.