How To Make An NFT?
How To Make An NFT?
When the Italian merchants introduced paper money into circulation many decades ago, little did they know that they will be setting a new chain of events that will transform the entire scope of allocation of value and medium of exchange.
Transaction over time has passed through different stages from the barter system, metallic down to fiat currencies with the sole aim to achieve an efficient allocation of value, a measure of value, and a store of value.
The Tech Revolution and Cryptocurrency
The internet breakthrough has brought a significant change in how we transact business in modern time by introducing digital currency such as Bitcoin, Ethereum, Dogecoin, etc., creating a new platform that is independent of the central banking system because this platform is operate using blockchain, which is not under the administrative arm of any central banking system
To better understand how blockchain operates, knowledge of the bank system is essential. To open an account in the traditional bank system, you need to submit to your bank of interest some details that will enable them to create an account for you on their network. The same thing principle applies to digital currencies ownership.
In owning any digital currency, you must open an e-wallet that links to a company or entity that engage in crypto services. Once your account has been clear, you will have unlimited access to receive and send cryptocurrencies.
Image of Sir Alex Ferguson of Manchester United or a Video clip of Kobe Bryant ducking the ball into the basket net at NBA games may not look astonishing to sports enthusiasts. But when it comes to NFT, the value of these contents may be immeasurable when it comes to digital currency.
NFT is an abbreviation for Non-Fungible Token. NFT is built on the same principle of decentralization, just as cryptocurrencies across the world. But the clear distinction between the two is that while Cryptocurrencies such as Bitcoin are fungible, NFT is not. A Fungible asset is those assets whose essential value of the unit is the same as another unit of the same asset, e.g. Crude oil, Bitcoin.
The unique thing about NFT is that they are store on a blockchain, and their authenticity cannot be a challenge, most especially when it relates to assets that have digital features. Before now, the selling of arts, musical, video contents has always been controversial, with claims and counterclaim arising from ownership of the contents.
When you purchase artwork on NFT, you are not just buying the contents. The right of ownership is transferring to you, making you the sole owner of everything that has to do with the contents, a paradigm shift from what is obtainable many decades ago.
How to make NFT
The process of making your own NFT is not as difficult as many people present it to be. All you need is to have access to the right information on the procedure and technicality involved. Once that is settled, you are on the right path to being an NFT investor and Trader.
There are two major brand (OpenSea and Rarible) that dominate this market due to their market share, users on their platform, the volume of trade they carry out. When it comes to the overall sales, Rarible maintains the top hedge, while OpenSea on the other hand, dominate the related services in the area of helping individuals interested in venturing into NFT business set up their web on their platform. The primary factor that attracts NFT traders to these two platforms is their user-friendly policy. Their operation has been made simple to the extent that users don't need to be knowledgeable about blockchain before uploading or engaging in art collections.
Choose Your Content Area
Before you venture into the world of NFT, you must have in-depth knowledge of how the operation takes place before making any form of investment. There are many assets you can invest into that can give you a good return on investment, such as Art, PNG, Audio clip, video clip, Gif, etc. are significant assets you can trade.
The number of assets that you can trade is not limited to one. Still, it is advisable that as a newbie, you should take time to understand the peculiarities of each asset, and once you get all the information you need, then you can get into the ring and start trading.
Choose your NFT Market Place
Easy at this point, don't rush to sign into any market because you need to understand the market you want to trade in. you need to know that the market consists of two major components, namely (self-service platforms and Curated Market.
1.Self-service market: under this market structure, you can upload your contents (Audio, Video, Arts), fix your price and state the royalty you will be paying on each of your assets when you sell your investments.
2.Curated market: unlike what is obtainable in the self-service market, the curated market, the curated market is ideal when it comes to dealing with are high valued digital arts
Create your Crypto wallet
When it comes to digital trading assets like NFT, Bitcoin, Dogecoin and other cryptocurrencies, an electronic wallet is a necessity that you will always need to run your operations. The same applies to NFTs. It is through this wallet that you store your items, pay for your running cost, among many other activities.
Promote Your service on the market
Irrespective of your asset value, you still need to promote your contents on the market. A platform such as OpenSea gives you the platform to sell more effortless, so you don't have to stress yourself of looking for customers. The only condition is that why they provide you with access to a large market; you will have to pay the royalty for facilitating the trade.
How to generate profit from NFT transaction?
Creation: you can earn income by creating your NFTs like digital arts, music clip, video clip. Through this means, you can generate revenue for yourself when you sell to interested buyers.
Scalping: under this system, investors wait for a price bubble to take place. Ones the market get to this stage, the price will skyrocket to a new price level. At this point, those who have assets at their disposal are willing to sell to benefit from the higher price.
BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.
BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts, derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.