![]() Once you’ve minted an NFT, you determine the starting price and how much in royalties you want to receive. If your NFT sells, however, you’ll be charged an additional “gas fee” which tends to fluctuate greatly. Once you’ve chosen your platform, the cost of minting an NFT will typically range anywhere between $70 - $100. Then, you’ll need to do some research on NFT marketplaces to choose the right platform based on the kind of digital assets you plan on selling. What does the process look like for creating (or ‘minting’) an NFT, and how much will it cost you?įirst, you’ll need to have ETH (the cryptocurrency used for all transactions on Ethereum) and set up an ethereum wallet. If you’re a graphic designer, you might be wondering how you can start turning your digital creations into sought-after NFTs. ![]() Ultimately, NFTs allow digital artists to create scarcity for their creations, track future sales on that artwork, and share in the future value created. With NFTs, this royalty is automatically collected and distributed on every sale through the decentralized blockchain. The concept is similar to royalties with the main difference being that NFTs can be automatically tracked and reconciled using the blockchain with no third-party required. NFTs allow digital artists to create value and scarcity for their creations, track future sales on that artwork, and share in the future value created. As the original creator of the digital asset, you get a cut from every future sale of that NFT. However, when you sell a digital file through an NFT, you continue to make money long after that first transaction. ![]() Traditionally in the art world, once a physical piece is sold, the artist no longer receives revenue from its future sales. The original portrait is considered to be a non-fungible asset as it is unique and can not be interchanged. Of course, a Mona Lisa print does not hold the same value as the original portrait. There is only one original Mona Lisa housed at the Louvre-but there are thousands of prints for sale on the market. A classic example to illustrate non-fungibility is the famous Mona Lisa painting. Unlike currency, non-fungible assets are unique and can not be interchanged. The value of a $100 dollar bill will stay the same if you exchange it for five $20 dollar bills. Non-Fungibleīefore diving further into how NFTs work, it’s worth understanding the difference between fungibility and non-fungiblity.Ī fungible asset is an asset that can be exchanged (or substituted) with similar assets of the same value. The more hype this piece of digital content gets, the more value the NFT accrues. When you buy an NFT, the digital content can still travel freely through the internet, but you own the “real” original file. Simply put, an NFT, or Non-Fungible Token, is a unit of currency stored on the blockchain that contains a unique digital file (e.g. Let’s get straight into it! What is an NFT? But what exactly does it mean, and as a designer, why should you care? In this article, we explore what NFTs mean in the context of digital art, plus, what it takes to make money with NFTs. You’ve probably heard the term NFT, or Non-Fungible Token thrown around a lot lately.
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