How to create and sell NFT tokens?
Currently, non-fungible tokens (NFT) are used in the sales segment of collectibles and digital art, games, paintings, applications and other artifacts. In fact, the technology can be applied much more widely. With the help of tokens, it is possible to restrict or expand the user’s access to information or establish the owner’s rights to the acquired digital asset. You can check here this on the profile company’s website.
NFT tokens are a great opportunity to protect the copyright of digital art. For a long time, in the open spaces of the network, “authors” had a rather vague concept. Simply for the reason that everyone could copy the object and sell it under their own logo. Blockchain technology has fundamentally changed this approach. Today, any young developer can link their art to tokens and not lose their authorship even in the case of commercial replication. These are amazing features and guaranteed protection against plagiarism.
blockchain use case in payment. The technology is built to be secure, transparent, and nearly impossible to hack. With blockchain, we can transfer money internationally in seconds with low fees and without involving a third party. This means that you can send money to your family member in another country without having to pay the hefty fees that banks charge. Blockchain also reduces fraud, since transactions are recorded on a public ledger.
Today, blockchain-based platforms allow you to trade and invest in digital art with new quality and guarantees. The thing is that a picture, video or photo can increase or decrease its value over time, thus creating an imbalance in value on which an investor can earn. At the same time, the developing infrastructure for the exchange and generation of tokens makes it possible today to exchange the latter for a traditional digital currency.
How are NFT components created?
The peculiarity of tokens is that they are not interchangeable. This means that each token is unique and is not subject to differentiation in smaller denominations. For example, if a $10 bill can be split into two 5s, the token cannot be split within its value. This makes it different from other digital coins such as cryptocurrencies.
At the same time, the token can be sold or exchanged at the discretion of the owner. At the same time, the owner can establish his own rules for using the asset to which the token is linked. For example, the new owner will be able to profit from the further sale of the asset, but with a fixed margin, or, conversely, use the item exclusively without commercial profit. Today, there is still no one hundred percent guarantee of compliance with the transparent rules of the game, but the potential of the blockchain-based system has already attracted capitalization in excess of $ 2.4 billion. This means that the number of blockchain users is constantly growing, and in the future, the percentage of capitalization will only increase.
To create your first token and then sell it, you will need to perform several actions:
Account in the ETHEREUM blockchain
Today, other systems are also available to users, such as OpenSea or Ropsten. But Ethereum is the very first player in the digital asset registration market. In the future, the amount of some mandatory payments will depend on the chosen blockchain: service fee, percentage of each transaction made, and so on. Moreover, Ethereum is not the cheapest system. But a large number of users and stability of work compensate for the additional financial costs.
To register in the system, you will need an electronic wallet, it is best to use the “native” and proven MetaMask application. If you already have this wallet, the registration procedure will be successful, if not, create it.
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The following remains as unchanged requirements: filling in information about yourself, accompanying the digital asset with a brief and detailed description, advertising banners as posters for the items being sold. In theory, the system can skip the user and not require you to fill in personal data about yourself, but for a trusting relationship, you should not only provide information with personal data, but also connect social networks.
Generation of NFT tokens
After registering a digital asset in the Ethereum blockchain, the generated tokens will become available to the user, which he can put up for sale or exchange. It should be noted that tokens are tied to an asset only after the verification procedure for uniqueness. If your item is unique and registered on the blockchain, the system will link a token to it and you will be able to manage the asset by managing NFT components.