We’re sure that by now you’re quite familiar with what an NFT is and why they’re surrounded by an ever-present coat of hype. But how do you actually mint one as a content creator or buy and sell an NFT as a collector?
Perhaps you’ve done a bit of googling on the topic and felt somewhat daunted. Well, that's okay because dabbling in crypto-related things is often sold as being simple by crypto fans, unfortunately, that's not always the case. Getting into NFTs comes with a few technical hurdles that need to be overcome. But don’t worry! After reading this blog, you’ll be well on your way into the impressive and vast world of NFTs.
First and foremost, before you mint, buy, or sell an NFT, you’re going to need to have a cryptocurrency wallet that is supported by the major NFT marketplaces, like OpenSea, Rarible, SuperRare, Binance NFT Marketplace, Nifty Gateway, and many others. Most of them support a variety of wallets. However, MetaMask, an Ethereum web-based and mobile wallet is the typical go-to solution for NFT and crypto enthusiasts.
Once you have Metamask installed in your browser, you’ll need to acquire some cryptocurrency to pay for gas or transaction costs associated with minting or creating an NFT. You’ll most likely need Ethereum, since that's what most NFTs are based on. MetaMask provides a few options within the wallet to buy Ethereum. However, you’ll probably need to register an account on one of the various cryptocurrency exchanges like Binance, Coinbase, Gemini and buy some Ethereum to later transfer it to your MetaMask wallet.
As soon as your Metamask wallet is loaded with some cryptocurrency, you can navigate your way to any of the aforementioned NFT marketplaces and connect or create an account using MetaMask. You’ll likely see a button or some indicator for connecting your wallet. Bear in mind though, that some NFT marketplaces, like The Foundation are invite only.
All of the previously mentioned NFT marketplaces are rather easy to use when it comes to actually creating an NFT. Currently, you can use them to make NFTs out of artwork, music, virtual land, digital collectibles, videos, and real-world tokenized assets if you’ve got them. On these marketplaces, minting an NFT or creating a collection is a simple process of really going through a few input fields and providing information about your NFT, customizing certain aspects of the mint, like the quantity, Blockchain to be used, extra content to be unlocked on purchase, etc. Some platforms, like Rarible, also allow you to either put your NFT up for a fixed price, timed auction, or allow bids from multiple collectors.
Once you’ve made all of your selections and provided the necessary data, you can proceed with minting and immortalizing your NFT on the Blockchain.
Buying an NFT is a rather simple process. Like creating one, it requires you to have a cryptocurrency wallet, some crypto, and be connected to one of the many NFT Marketplaces that offer unique digital items.
Let's take OpenSea for example. The top navigation bar of this NFT Marketplace lets you access the OpenSea Marketplaces and even select specific categories of NFTs to browse from like art, music, domain names, virtual worlds, trading cards, collectibles, sports, and utility. You can also apply various filters to your search on all of the marketplaces and for example view items that are currently being auctioned or fresh on sale for you to buy and become an NFT collector.
All NFTs that you purchase using an NFT Marketplace will be stored in the wallet that you have connected to the platform. After you’ve made your buy, you’ve become an undisputed owner of a unique digital item whose authenticity is backed by the blockchain.
What's more, is that you can do with it as you please and even resell NFT items from your collections or simply stash them away in hope of an investment appreciation. The process for which is by the way nearly identical to that of buying them and involves the same marketplaces.
The NFT industry is quite frankly just getting started. With major brands and celebrities releasing their collections, NFT Marketplaces becoming more sophisticated and user friendly, it would be misguided to assume that NFTs will lose their appeal any time soon. It's worth adding here that the possibility of what can be an NFT is limited only by one's imagination. In other words, the growth and depth of this industry is uncapped.
It seems almost impossible to imagine a future world where NFTs aren’t constantly intertwined with our lives to some degree. So, if you’re wondering if now is a good time to get into an NFTs, consider that you’d be getting into the industry while it’s still young, as a collector or content creator, it’s an absolutely great time to start your relationship with the world of NFTs.