What are NFT’s
So as I said NFT stands for Non Fungible Token. But what is Fungibility???
Fungibility is the ability to exchange one thing for another.
Money physical (cash, gold) or digital (bitcoin) are Fungible. Example: If you have $10 and I have $10. If you give me your $10 and I give you my $10. It is the same.
Non Fungible physical items are art or tickets Digital items could be trademarks or a skin in a video game.
These can not be easily exchanged for something else (excluding money). Example. If you have a painting from Picasso and I have a painting from my little sister. If you give me your painting from Picasso and I give you my painting from my little sister, it is NOT the same. One of us is potentially worse off.
Now onto the token part. A token in a signed digital certificate (also known as a smart contract) which is then stored on a secure, distributed database aka the blockchain.
Uses include but are not limited too
- Gaming
- Digital land
- Art
- Collectibles
- Finance
Cool things you can do with NFT’s
- Built in Royalties. Every time your art sells on the secondary market you get a cut. You set a percentage usually 10% but can be higher depending on the platform it is 1–50%
- No one can change any of the information about the NFT, including but not limited to the creator, price, transactions and owners. This information is written in the blockchain which can not be changed.
- Add extra features.
Options for Creating/Minting NFT’s
Rarible
Requires MetaMask (see MetaMask Section)
Costs “gas” to make your NFT can be from $2-$35 depending on the demand for Ethereum
Simple to create lots of “how to’s” on YouTube, but this can mean that there is a lot of products on there. ()
There is a verified option
Can mint single or multiple items.
Have to do your own advertising for your NFT’s.
Have to do your own advertising for your NFT’s.
Set royalties for secondary sales.
OpenSea
Requires MetaMask (see Metamask Section).
The buyer pays the gas cost to mint the NFT when they buy it. Which means it is free for the artist. BUT there is a one-time gas fee you will have to pay.
Opensea is a bit different in that it connects lots of different marketplaces together.
Does take some time to get verified.
Can only mint single items.
Have to do your own advertising for your NFT’s.
Not just crypto art.
Set royalties for secondary sales.
Nifty Gateway
You have to be accepted as a creator to be able to sell on Nifty Gateway.
One advantage with this platform is that they will advises your release, if you are accepted to use their platform.
It is not stated that you need MetaMask but it is a handy thing to have. Users do not need MetaMask to buy items.
They may pay any fees to mint NFT’s but waiting to hear back from them.
The fees 5% +30c for each sale. Maybe other fees but waiting to hear back.
10% royalties for secondary sales.
MakersPlace
Requires MetaMask.
Free to use it is a bit less user friendly then other options.
Fees of 15% for the first sale plus 2.9% if credit card is used.
Fees of 2.5% for secondary sales.
10% royalties for secondary sales.
Async Art
Requires Metamask.
You need to apply and be accepted.
Is a bit more niche but has some cool features like layers and owners being able to change certain aspects of the art piece. Layers details.
10% royalties for secondary sales.
Foundation
Requires Metamask.
Is invite only, you can apply through the #invites channel on their Discord.
Fee of 15% plus the cost of “gas”
10% royalties for secondary sales.
SuperRare
Requires Metamask.
You must be accepted, here is the link to apply.
Was designed to be the best place to find 1 of 1 art. Aka SuperRare
Fees from SuperRare is 15%. There will be “gas” fees.
There is also a 3% fee but this is paid by the buyer.
10% royalties for secondary sales.
Ethernity
New platform has not launched yet and should be launching in early March. Potentially you could contact them through the link and maybe get a gig?
MetaMask Help
Great intro into MetaMask and using OpenSea.
Website for MetaMask
Where to buy Ethereum
Binance “how to”
Website for Binance
Coinbase “how to”
Website for Coinbase $10usd for you and for me
Helpful links
Review of Top crypto art platforms
Getting engagement before your NFT drop
DISCLAIMER
Tim NFT is not a Financial Adviser. All opinions expressed by Tim NFT are for informational purposes only and should not be treated as investment or financial advice of any kind.
Any information is general in nature and does not take into account the readers specific circumstances. Tim NFT are not liable to the reader or any other party, for the reader’s use of, or reliance on, any information received, directly or indirectly, from the article in any circumstances.
The reader should always:
- Conduct their own research.
- Never invest more than they are willing to lose
- Obtain independent legal, financial, taxation and/or other professional advice in respect of any decision made in connection with this article.
