We’ll work with you to develop a true ‘MVP’ (Minimum Viable Product). We will “cut the fat” and design a lean product that has only the critical features.
Chances are you are reading this article because you saw a news headline that says NFT creators and holders will be the next millionaires. We know that sounds interesting, especially when it goes a bit further to talk about the amount a Bored Ape Yacht NFT or a digital land was sold a couple of weeks before. The bad part is that it makes you feel left out. How on earth did you miss out on selling simple JPG files for thousands of dollars or millions potentially?
Do not beat yourself. There are several millions of people like you thinking the same thing out there. In fact, the NFT craze took the world and even the most ardent believers in digital currencies by surprise. I am sure the first creators of digital arts on platforms like OpenSea did not anticipate the ensuing blast or expect to sell their simple digital art for thousands or millions of dollars in ETH, but so it happened.
There are also stories of Gen Zs and Gen Alpha's who made a fortune overnight off selling NFTs. How cool is that? We mean to them, of course, and not the older baby boomers who spend an entire day sore and bitter about a kid who has just made more money than they will make in the last half of their career. Oh yeah! You can add their pension and it still amounts to nothing before millions of dollars made by some kind in one day from a JPEG, or worse still, a cartoon piece of property in a game.
NFTs quickly became the talk of a handful of investors who had so much money that a potential loss, from buying these arts will not sink their boat. Well, some of them also got some insider information, and it was tenable because packs of Pokemon cards bought by people many years back were already selling for thousands of dollars in the real world. Let us not talk about the traditional art world where an art piece has sold for millions of dollars, with a pack of billionaires bidding higher each time to add the art to their collection.
NFTs fulfill nearly all 6 criteria that qualify a thing as an asset. Although a multimedia file does not seem like it, NFTs are transferable, they are a store of value, they are liquid, at least for the time being, they can yield a return over time since the holder can earn royalties, and they are transferable. NFTs also have limited supply when compared to fiat currency which may be another reason for the spike in the value of the asset class. Another reason why a vast majority of people became interested in an art piece as an asset class, is that the new generation is growing to the point where they will have to control wealth, in what has been described as the biggest asset transfer in the history of humankind. These Gen Zs and Gen Alpha's are not really interested in holding bars of gold or diamond.
These new desires lead us to a new kind of asset which is NFT artwork, digital art, or NFT art, depending on how you want to call them. NFT artwork is the desire of the new generation of humans that spend much of their lives in the digital world. To these humans of the digital world, digital art has as much value as gold or diamond, and they are ready to exchange their hard-earned money for NFT artwork. There is also a huge shortage of collateral, termed the global asset shortage which has existed since the global economic crisis of 2008. As economies continue to go deeper in debt and mint currency to settle these debts, the value of these currencies will continue to depreciate.
In this article, we will go deeper and try to offer a step-by-step guide on how to create NFT artwork or create an NFT art. We will explore digital art to the best of our knowledge and offer some useful insight into getting started with creating your NFT art or building an NFT marketplace. Mind you, we have discussed much on NFTs in previous articles, but we think this article adds more to what we have said already and is crucial to diving into those digital art galleries. Artists will benefit from the NFT creation process on Ethereum which we shall look at in detail, and also a bit on how to buy NFT and sell these digital assets. Ready to read on? Let's go!
The NFT craze got even more intense when organizations like Sotheby, an American organization founded by the British in 1774, more than a century ago launched their NFT collection. It may amuse you to know that they actually launched a collection of JPEG ape images, each selling for thousands of dollars. Now you may want to think again if you consider that Sotheby has been in the jewelry industry long enough to ignore whatever is not important and which again should be an eye-opener to everyone that NFTs are not a joke.
Digital assets is a broader term that includes NFTs and anything of value that is stored digitally. NFTs themselves, are non-fungible tokens which means they cannot be exchanged, one for another like bitcoin or other cryptocurrencies. The non-fungibility of NFTs is perhaps the most difficult feature for newbies to understand. What it simply means is that a house or a dog which are real assets in the real world cannot be swapped at a constant ratio such that one dog is the same as another or one house is the same as the other.
Non-fungibility is the reason NFTs are taking the digital space by storm because with bitcoin or fiat currency, you can exchange one bitcoin for another bitcoin without losing anything. A bitcoin is a bitcoin anywhere but a piece of digital art of NFT art is not the same as there are features of one that is not the same as the other. Another unique feature of NFT is that its unique digital identity. The identity helps verify that the NFT is unique and owned by the original creator. Thanks to the blockchain, it is also possible to track the transfer of the asset from the original creator to a new holder which means NFTs can be safely transferred, and most NFTs also allow the original creator to earn from each transfer or sale of the asset creating a perpetual reward chain for digital artists and who can now live or plan their finances based off their digital artwork.
According to the Ethereum Foundation, NFT is an economic term used to describe things that are not interchangeable and can exist in the real-world such as a piece of land or a piece of furniture. You cannot interchange NFTs because they have a unique property that sets one apart from another. As the world becomes more digital, NFTs will be the new class of scarce and unique assets allowing its holders to prove ownership.
So, NFTs are a type of digital asset that represents ownership of a unique item, such as a piece of art or a collectible. They are often built on top of smart contracts and use the Ethereum blockchain to verify ownership and authenticity. To get started with Solidity development for NFTs, you will need to familiarize yourself with the Ethereum ecosystem and the basics of solidity development.
On today's internet, a digital copy of an mp3 file or a JPG is the same as the original copy. With NFTs, the original copy of the asset can be stored on-chain such that one copy of the asset is different from the other and simple copies stored on a mobile device are not authentic even though they potentially offer the same content.
In the current web, centralized institutions like Spotify and Facebook or Twitter control the serves where digital art and other assets of value such as music are stored. With NFTs, these assets are stored on a decentralized blockchain, and owned by one person, which is the original creator, such that anyone can verify the real owner of the asset in question.
Another contrast between NFTs and today's digital assets is that most of these assets are on platforms created by the owner of the assets or a third-party company. These assets cannot exist elsewhere. They are hosted and stored in servers belonging to a company and are only accessible via apps created or on the website of these companies. NFTs are accessible everywhere granted the platform is compatible with the native chain of where the NFTs were created. Cross-chain compatibility is also a core feature of most blockchains at the moment which means the ownership f of the asset can be verified anywhere. You can also trade an NFT art on every NFT marketplace which makes NFT art more useable and with access to the global liquidity available on any NFT marketplace. You can also think about NFTs as digital certificates of authenticity. Just like art collections have been sold in an auction with certificates of ownership, NFTs are digital forms that possess digital forms of these certificates.
NFT also rewards creators fairly and commensurably for their work. Most music platforms front themselves as the provider of the market for the sale of digital artworks or NFT art which is not true. Digital art NFT offers creatives direct access to the NFT market which is the global NFT market where they can sell the products of their labor as NFT art and retain 100% of the reward. In newer instances, you can create NFT art and use this art as collateral for decentralized loans. NFTs are digital art with a wide array of use-cases ranging from unique digital artwork to fashion, in-game items, an essay, a digital collectible, a domain name, and event tickets. They can also be digital files of any kind, created through minting and registered on the blockchain. We will now discuss NFT creation and the minting process for creating NFTS remember we said this will be a step-by-step guide? We do hope that you are still reading as everything here will be kept as simple as possible.
The level of complexity in NFT creation varies with the blockchain you wish to use for NFT creation. Creating an NFT on Solana, for example, doesn't just require you to have a Solana-compatible crypto wallet or cryptocurrency wallet. Aside from having the Solana cryptocurrency wallet, you must know how to move funds from crypto exchanges into such wallets because it is advisable to use new crypto wallets for creating new NFTs if you have not created one before.
The same principle applies to the creation of NFTs on the Ethereum blockchain which attracts a lot of fees at the moment so you have to think about this before doing it. On average, it will cost you at least $100 to create an NFT on Ethereum. The high gas fees are the reason why a lot of newbies and even OGs in crypto are moving to more efficient blockchains like Solana to mint their NFTs. After all, they are all digital arts. The truth, though, is that the NFT market on the Ethereum blockchain is the largest and a lot of buyers are a bit conservative when it comes to having these arts.
The first step is to get your art designed. The process can also be complicated when you are creating your own NFT. The truth is that you have to be a digital artist or hire one to jump this huddle. NFTs were originally meant for real creators but that doesn't mean you have no business with NFTs if you are not an artist yourself. If you can't create art, you can hire an artist to do it for you or use some of the AI tools available on the internet, although some of them are paid. Most NFT marketplace only allows you to list collections, and even though a collection is not a set criterion for your platform of choice, it somehow goes a long way to show the amount of work you have put into creating the art in the first place.
After you have created the NFTs as pieces of digital files, it is now time to get them on the blockchain. It is conventional to build an audience on crypto Twitter or elsewhere to create an initial demand for your NFTs. There are now millions of projects out there so if you must stand out, you must put in some work. Some of the fortunate NFT millionaires mentioned at the beginning of this article actually built websites and nurtured their community, creating a trend for their collection. An NFT collection can consist of a few digital collectibles or an audio file, and some of these pieces of art can be digital painting and other digital creations represented in digital form.
Building your community and minting your non-fungible token go hand in hand. You must know that most cryptocurrency exchanges do not allow you to sell NFT just like you sell tokens like Bitcoin. In the best case, they have separate sections of their website that work as independent NFT marketplaces. The reason why you build a community for your non-fungible-token is for the first sale, and for subsequent sales. The community will be the driver of your NFT craze and play a crucial role in how much you sell NFTs later or the value of your digital files with time.
The next important aspect on your part to creating your first NFT is creating your NFT app to register your NFT on-chain. Get ready to pay Ethereum gas fees if you would like to have your NFTs on Ethereum. It is at this point that you also set the purchase price, which is a fixed price for which you are willing to let go of your valued pieces of art. Your NFT application works like a website that you can send your community members to so that they can see your NFT. It consists of a back end, a front end, and the NFT smart contract which this data is integrated to. The front end is usually loaded when a user first uses the NFT web app. The front end sends requests to the smart contract to know the metadata of the NFT. The metadata is usually too large, so it is best to store a pointer on the blockchain. When the request is sent, the backend sends the metadata that contains the image URL.
The actual process is deeply technical and involves some codes in solidity which is out of the scope of newbies and of this article. Also, keep in mind that if you are minting a collection of several NFTs you may want to use the ERC1155 standard, which is the standard for minting NFTs that can be bought and sold as multiple parts. If you have done all these, then bravo! You have completed the biggest steps required to create NFT artwork. The digital wallet used to pay fees on Ethereum can vary according to your preference but metamask wallet is the most popular Ethereum wallet among NFT artists on Ethereum. The fees are required to pay miners verifying the transactions as you mint NFTs and getting your digital file out there. Next, we will talk about the forms of NFT artworks.
There are several forms of NFT artworks you will find on NFT marketplaces. Although most NFT marketplaces are less concerned about these forms, they can sometimes be a key factor in the value of the NFTs as some NFT collectors by NFTs simply because they like how they look. Some of the most popular NFT across NFT marketplaces are animal form NFTs like the Bored Ape Yacht, and mutant ape Yacht. This series of NFT collections have inspired a line of animal-based NFTs on several NFT platforms. Some are warrior-themed animals, while others are simple non-fungible tokens designed to be cute-looking.
Another form of NFT artwork is the punks, which you may find on the Twitter profile of popular celebrities. Punks are pixellated images of faces adorned with popular culture characteristics related to modern American music and gangster culture. At the time of writing this article, the original crypto punks which were first sold on Ethereum are worth around $5.3 million. It is the second most popular NFT collection in the world.
The next form of NFT artwork is cartoon NFTs which could be anything, but these cartoons mean a lot to followers of these projects. Some simply like the cuteness of the cartoons, while others place some historical significance on digital pieces of art. Cartoon NFTs are also themed and some of the most popular ones are bunnies which denote highlife and clubbing, as well as pet cartoons of the most popular pets across the supporting community. Some in-game NFTs are made to be cartoon NFTs too.
The next form of NFT artwork is the real paintings converted from real-live forms to digital forms. Some museums have sold a part of their collections as NFTs and even today, digital artists are still painting arts and issuing buyers exclusive rights to the physical copy as well as the digital copy. There have been partnerships with ancient museums in Italy to issue NFTs on the Binance Smart Chain along with a certificate or an autograph of ownership. These partnerships also preserve history as the museum can keep the art for the buyer and earn royalties for every sale.
Creating a new NFT mare not be enough for entrepreneurs who are willing to invest and take the risks in the cryptocurrency space. Having your own new NFT is great anytime, and it remains a good market for your foray into the NFT space. Unlike crypto exchanges, an NFT marketplace does not require an order book to keep track of sales. Transfer of assets is simply recorded on the blockchain.
The first step to building or deploying an NFT marketplace is to hire developers who are skilled in the relevant technology and language. It is possible to find an NFT developer who can create the complete non-fungible token platform but there may be more that require specialized developers to achieve NFT development. So even though you are a developer, you may need help later on as the traffic on your platform increases.
The most popular technology stacks are UI/UX design and front-end development. If your want to sell art, you must give your users the feel of the highest sense of aesthetics. You can only achieve this through a flawless and friendly UI/UX design. The next part is the backend, and then for the smart contracts, you need a solidity developer or other developers who are versed in the native language of your preferred blockchain. You also need to consider the ease of use features such as filters and search bars to save your users time. If you have all these on the ground, you can simply learn from the existing platform and launch the next big NFT platform.
With combined decades of experience working in the decentralized space, our blockchain developers are all you need to take launch your NFT Collection. We know the hype has been on, and it may seem like everything is gone for good when it comes to NFTs and digital collectibles at some point. Experience has shown, however, that the next generation of millennials and gen Z will be most interested in owning digital properties. You can trust our blockchain experts to help you transform your art ideas into digital collectibles.
Rejolut is a seasoned NFT and blockchain development company with years of experience and passion for excellence. If you are wondering how to get started with building your NFT platform or creating NFTs, you can bank on us for the most efficient marketplaces and collections. Rejolut also has experience working on diverse blockchains and deploying projects of high complexity. Over the years, we have written thousands of lines of codes in front-end, backend, and related technology stacks. Our results have made us known across the blockchain space and we are a key outsourcing consultant for some of the most popular companies in the cryptocurrency space. If you are looking forward to building anything in the NFT space or crypto space, you can trust us with the job and accurate execution of your ideas.
NFTs quickly became a topic of discussion among a select group of rich investors who were in a position to weather the potential financial fallout that may result from the acquisition of these assets including the risk of incurring a loss of capital. NFTs satisfy a significant portion of each of the six criteria that must be satisfied in order for anything to be regarded as an asset. NFTs are tradable, act as a store of value, are liquid, at least for the time being, and have the potential to provide a return over time due to the fact that the holder has the ability to receive royalties. Despite the fact that a multimedia file does not seem to be any of these things, it is possible that it may be. Additionally, NFTs may be traded with other people. It does not appear that any of these things are true with multimedia files. You can develop a crypto exchange with us as we have experts in this field.
Congratulations for getting this far, in this article we started with an overview of the NFT space and why non-fungible tokens are hot at the moment. We went further to explain fungibility and NFTs and why NFTs are a better asset class than those we have at the moment and those we have used in the past. We explained the demand for a new class of asset by current and future generations who are at the brink of receiving the wealth baton. We also got our hands a bit dirty about minting NFTs which is pretty simple. There, we talked about the requirements and the important things to keep in mind to avoid unnecessary costs or failed minting processes. Lastly, we looked at the forms of NFTs with a hint on why these forms may be attractive to buyers. You can read other articles about NFTs on the Rejolut blog, and we hope to help you build a project soon.
NFTs, or non-fungible tokens, became a popular topic in 2021's digital world, comprising digital music, trading cards, digital art, and photographs of animals. Know More
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A lot of things are possible with NFTs. The digital asset class has been raging and booming over the last year.
NFTs are the future of the internet, and whether or not people are willing to pay for NFTs.
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