NFT’s, What’s all the HYPE about?
What are NFT’s and how do they work?
An NFT is a Non-fungible token, which is a digital asset that represents real-life objects such as art, music, menus, recipes, and video games that are held on the Ethereum blockchain. They are bought and sold online, frequently with cryptocurrency. NFT’s have been gaining a substantial amount of attention due to the fact that they are becoming the goldmine for giving artists a way to buy and sell their art. They are one of a kind, or have a limited number with unique codes to each of them, making each one more valuable than the other. NFT’s that have been created or could be created are recreations of many real life events that have happened or real life objects as explained such as recipes, menus, and food photography.
- Recipes: A chef, or baker could Mint and sell their recipe as an NFT. Even if the menu was already in a cookbook, think of all of the recipes that could be sold as art, from Gordon Ramsey to Martha Stewart, to you! Another plus is not only have you bought a recipe, you could attempt to make the meal as well.
- Menus: Have you ever seen a menu at a restaurant and thought ‘man this would be cool to keep, or immediately wanted to take a picture of it for Instagram or snapchat?”. Making them digital NTfs would open up a whole new open market to not only the digital world but to the restaurant world. If restaurants added a little more pizzazz and artwork to their menus not only would they be admirable they would also become collectables.
- Food photography: Have you ever taken a picture of your food whether it be you are the one that made it or you are at a restaurant eating, and immediately posted it to Instagram snapchat, or twitter, thought man this would be a great post. Well now think of it that you can sell your food photography as an NFT, have it become valuable and make money from your glamorous photography skills. If you are a chef you could advertise your food, plating, and photography skills, while making income.
What is Minting and how does it work?
Minting is a way your NFT’s or cryptocurrency becomes a secure part of the Ethereum blockchain, making it tamper-proof. Once you are a creator of an NFT and have set up an Ethereum wallet that is when you can start minting your NFT’s . The Nft’s you mint will be tied directly to your wallet which means you are in full control, you can manage your funds directly without a middle man.
Why is NFT so valuable?
The main importance of an NFT is the way you can securely exchange and purchase digital art. The platform allows any sort of digital art to be tokenized, making the NFT being locked secure using a decentralized, blockchain. NFT’s are usually created by uploading a file such as digital artwork to an auction market.
- Unlike cryptocurrency being worth the same, for example one bitcoin is worth one worth, whereas an NFT is unique in value and there are only one of each. You cannot resell the original NFT
- An Nft can be worth a lot, depending on how much someone or people are willing to spend on the unique piece of art. Another aspect is the fact of who made the NFT, and how it could benefit you.
How to obtain one
If you have been wanting to jump on this craze and obtain an NFT for yourself here’s a few step in just how to:
1). Create a digital wallet that allows you to store NFT’s and cryptocurrency i.e. (Ethereum, Rarible)
2). You will then need to buy some cryptocurrency in order to purchase an NFT, like Ethereum or depending on which currency your NFT provider accepts.
3). DYOR (Do your own research) on which platform you would like to hold your NFT’s on. You will want to keep fees in mind as you are researching, Ethereum gas fees can be pretty expensive. Most exchanges can charge a percentage of your transaction when buying crypto.
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