NFT NFT everywhere. NFTs are revolutionizing digital art and collectables, and it’s just the beginning. By this time it’s safe to say, NFTs are here to stay.
After years of cryptocurrency proving to be the next generation of assets, Pakistan recently banned all sorts of cryptos. Though behind on the cryptocurrency curve, Pakistan has taken lead in embracing the even more complex NFTs. So let’s explore how to get into the NFT game today!
What exactly are NFTs?
A few years ago, movies after being released in cinemas could be easily accessed through online sites for free. With the advent of platforms like Netflix, the digital ownership of movies, series and songs is much more defined and easier.
There is no way to explain NFTs completely in a few words. Trying to put it simply in reference to the aforementioned example, NFT is a digital asset that showcases your work in a digital form and lets you claim ownership of it and trade it.
NFT can be anything ranging from digital art, pictures, videos, gifs, collectables such as signed posters, in-game products, memes and even text.
They are basically a blockchain entry that identifies the authenticity of a digital object since it holds hold particular information about the owner.
It lets buyers have a digital collection where each item can be traced to its original issuer. NFTs provide a certificate of ownership of a digital object for the buyer, which also protects its value for future transactions.
However, NFTs can only have one owner at a time. The unique data of NFTs makes it simple to confirm ownership and exchange tokens between owners.
Why should one make an NFT?
- It protects digital businesses from fraud.
- It allows artists and content creators to retain their full copyright.
- Makes digital trading easier and more transparent.
- Generates revenue streams for digital pieces.
- Makes it easier to differentiate original from replicas.
And more importantly, Why do people buy NFTs?
- Get legal ownership of a digital piece you love.
- Keep it as an asset, only to sell it at a higher value.
- In the near future, your NFT worth would define your value.
How to sell an NFT?
Yes, we get it. NFTs are the next big thing, but how to get started?
STEP 1: Select a blockchain
A few things to keep in mind before listing your first NFT. It is preferred to start off with a picture or video as per many publications. Secondly, most NFTs are sold on Etherium ETH Blockchain. It is better to use Ether when dealing with NFTs.
STEP 2: Choose an NFT marketplace
There are dozens of platforms that let you sell NFTs across a wide variety of blockchains. Choose the platform based on the blockchain you’re using and the requirements of your digital product, your project and you’re personal preference. There exist enough platforms to cater for every unique need. A few widely recognized ones are mentioned:
- Solana-based Solsea
STEP 3: Set Up an E-Wallet
Wallets are the applications used to store your cryptocurrencies, as well as any NFTs you buy. When you link your wallet to an NFT marketplace, it lets you make sales and purchases.
- Metamask: It is widely supported by Ethereum-based applications.
- Coinbase: a preferred choice if involved with all cryptocurrencies.
As you download their app, setting up your wallet is a simple follow-the-instructions process. And trust me on this, you better not lose your password and secret phrase. The recovery is almost impossible and you’d end up losing your precious cryptos.
Once you’re done you would have to connect your wallet to the NFT marketplace you plan to use. It gives a good number of compatible wallets options. Be careful of unexpected pop-ups asking to enter wallet information, scams are everywhere.
STEP 4: First-time Payments (or a way to avoid them)
Pay Gas Fee
To sell your first NFT, you’ll need to enable the platform to sell items from your account. This requires a blockchain transaction, so you’ll have to pay a gas fee. This is a first time only fee, as you make the transaction from you’re wallet, you’re good to go.
Lazy Minting System
What if you pay the gas fee, and no one buys your item. Does all money go to waste? Avoiding this situation, some NFT platforms like OpenSea and Rarible propose lazy minting.
Lazy minting lets you create an NFT and put it up for sale without writing it to the blockchain, thus no fee is required. When someone actually buys it, the fees for writing your NFT to the blockchain will be bundled with the fees to transfer it to the buyer.
STEP 5: Listing NFT on the marketplace
Though there are quite a few marketplaces, we’d go through the listing method for two of the most popular ones.
How to list an NFT on OpenSea?
- On OpenSea homepage, hover over the profile icon on the top right to select My Profile.
- Click Sign in and follow the instructions on the screen to set up your account.
- Ir redirects to the account page, hover over Create in the top right and select My Collections. (you can list a collection of NFTs or one NFT)
- Under Create new collection, select Create and enter the details for your collection.
- Click on Add New Item and upload metadata. (Metadata includes image, video and audio file)
- Name your NFT.
- Press Create!
And by following these simple steps your first NFT is listed.
How to list an NFT on Rarible?
- Rarible asks you to define if you want a single edition NFT (owned by one person) or a multiple-edition NFT (can be purchased and owned by multiple people).
- Upload item by using File Button. (add preview image if asked, for videos and other items)
- Select selling method. As you press Put on Marketplace, you’d be presented with 3 options,fixed-price, open for bids or timed auction. Select your preferred one.
- After paying the gas fee or opting for lazy minting, Give your NFT a name.
- You can add properties to your NFT using advanced settings.
- After proofreading, select Create Item.
Your NFT is listed! Note that an NFT can’t be changed once up on sale, so do your double-checks beforehand.
STEP 6: Market your NFT
Once your NFT is up, waiting for someone to miraculously come across it, like it and buy it is stupid. Like all other forms of art or any product for that matter, you’d have to market your NFT.
One way is to build a community of people who share the same interest as you. This makes it easier to find the target audience and market through word of mouth. The other way however is to spend money on marketing to make noise in order to bring in people.
NFTs and Pakistan
The most expensive NFT traded in Pakistan up till now is the infamous ‘Friendship Ended With Mudasir’ meme by a Pakistani creator that was sold for 20 Ethereum tokens — equivalent to $51,776.
An NFT focused platform Alter, operating in Pakistan has been receiving an overwhelming response not only from Pakistan but all over the world. Alter aims to enhance the value of creators in Pakistan, bridge the gap caused by lack of public relations and provide a platform to showcase their art.
However, Alter is not the only NFT focused platform in Pakistan. Oval NFT is another startup that helps businesses to strategise and implement the launch of NFTs across the spectrum from brands, artists and content creators to institutions, real estate and the public sector.
Since it is the initial stage for NFTs, there’s a lot of uncertainty and speculations. Investing in it right now might make you a millionaire or all your investments goes to waste. The NFT you bought might be worthless tomorrow or could even be priceless as if owning one of Picasso’s originals.
So, the risk is there and the concerns are real. A smart strategy would be to keep investing small amounts into NFTs. Test them and evaluate their performance while being on the safe side.