{"id":417,"date":"2022-02-21T05:00:00","date_gmt":"2022-02-21T05:00:00","guid":{"rendered":"https:\/\/kennysoftstudio.com\/blog\/?p=417"},"modified":"2022-02-14T01:08:19","modified_gmt":"2022-02-14T01:08:19","slug":"what-even-is-an-nft","status":"publish","type":"post","link":"https:\/\/kennysoftstudio.com\/blog\/what-even-is-an-nft\/","title":{"rendered":"NTF: What Is An NFT? And How Do I Cash Out from It"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/kennysoftstudio.com\/blog\/wp-content\/uploads\/2022\/02\/What-even-is-an-NFT-1024x683.jpg\" alt=\"NTF: What Even Is An NFT? And How Do I Cash Out from It\" class=\"wp-image-418\" srcset=\"https:\/\/kennysoftstudio.com\/blog\/wp-content\/uploads\/2022\/02\/What-even-is-an-NFT-1024x683.jpg 1024w, https:\/\/kennysoftstudio.com\/blog\/wp-content\/uploads\/2022\/02\/What-even-is-an-NFT-300x200.jpg 300w, https:\/\/kennysoftstudio.com\/blog\/wp-content\/uploads\/2022\/02\/What-even-is-an-NFT-768x512.jpg 768w, https:\/\/kennysoftstudio.com\/blog\/wp-content\/uploads\/2022\/02\/What-even-is-an-NFT-1536x1024.jpg 1536w, https:\/\/kennysoftstudio.com\/blog\/wp-content\/uploads\/2022\/02\/What-even-is-an-NFT-2048x1365.jpg 2048w, https:\/\/kennysoftstudio.com\/blog\/wp-content\/uploads\/2022\/02\/What-even-is-an-NFT-446x297.jpg 446w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>NFT stands for non-fungible token, which basically means that it\u2019s a one-of-a-kind digital asset that belongs to you and you only. The most popular NFTs right now include&nbsp;<a href=\"https:\/\/fortune.com\/2021\/12\/16\/sothebys-highest-grossing-year-nfts-auctions-millennial-sales\/\" target=\"_blank\" rel=\"noopener\">artwork<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/fortune.com\/2021\/10\/29\/nfts-music-industry\/\" target=\"_blank\" rel=\"noopener\">music<\/a>, but can also include&nbsp;<a href=\"https:\/\/www.nytimes.com\/2021\/05\/24\/arts\/charlie-bit-my-finger-nft-auction.html\" target=\"_blank\" rel=\"noopener\">videos<\/a>&nbsp;and even&nbsp;<a href=\"https:\/\/www.theverge.com\/2021\/3\/22\/22344937\/jack-dorsey-nft-sold-first-tweet-ethereum-cryptocurrency-twitter\" target=\"_blank\" rel=\"noopener\">tweets<\/a>.&nbsp;<\/p>\n\n\n\n<p>NFTs can be individual, or they can be part of a collection, which can also allow their owners to feel as though they are joining an exclusive online community. One collection, called the&nbsp;<a href=\"https:\/\/www.cnet.com\/how-to\/explaining-the-bored-ape-yacht-club-nft-collection\/\" target=\"_blank\" rel=\"noopener\">Bored Ape Yacht Club<\/a>, is made up of 10,000 NFTs that look like drawings of, you guessed it, bored apes. But whoever owns one of them also gets to be part of a new kind of exclusive society, and members (owners of the ape NFTs) include Jimmy Fallon, DJ Khaled, Steph Curry and Post Malone. To own a Bored Ape Yacht Club NFT, you\u2019ll need to pay&nbsp;<a href=\"https:\/\/www.voguebusiness.com\/technology\/adidas-reveals-new-nft-project-with-bored-ape-yacht-club\" target=\"_blank\" rel=\"noopener\">at least $200,000<\/a>.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kennysoftstudio.com\/blog\/what-even-is-an-nft\/#What_is_a_non-fungible_tokenNFT\" >What is a non-fungible token(NFT)?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kennysoftstudio.com\/blog\/what-even-is-an-nft\/#Sounds_cool_right_so_how_do_I_make_one\" >Sounds cool right, so, how do I make one?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kennysoftstudio.com\/blog\/what-even-is-an-nft\/#Selling_an_NFT\" >Selling an NFT<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"what-is-a-non-fungible-token-nft\"><span class=\"ez-toc-section\" id=\"What_is_a_non-fungible_tokenNFT\"><\/span><strong>What is a non-fungible token(NFT)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In economics, a fungible asset is something with units that can be readily interchanged &#8211; like money.<\/p>\n\n\n\n<p>With money, you can swap a \u00a310 note for two \u00a35 notes and it will have the same value.<\/p>\n\n\n\n<p>However, if something is non-fungible, this is impossible &#8211; it means it has unique properties so it can&#8217;t be interchanged with something else.<\/p>\n\n\n\n<p>It could be a house, or a painting such as the Mona Lisa, which is one of a kind. You can take a photo of the painting or buy a print but there will only ever be one original painting.<\/p>\n\n\n\n<p>NFTs are &#8220;one-of-a-kind&#8221; assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own.<\/p>\n\n\n\n<p><strong>YOU MAY LIKE:<\/strong> <a href=\"https:\/\/kennysoftstudio.com\/blog\/what-is-metaverse\/\">What is metaverse and what you need to know about it (part 1)<\/a><\/p>\n\n\n\n<p>The digital tokens can be thought of as certificates of ownership for virtual or physical assets.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\" id=\"sounds-cool-right-so-how-do-i-make-one\"><span class=\"ez-toc-section\" id=\"Sounds_cool_right_so_how_do_I_make_one\"><\/span><strong>Sounds cool right, so, how do I make one?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p>First, you\u2019ll need a crypto wallet.&nbsp;<a href=\"https:\/\/metamask.io\/\" target=\"_blank\" rel=\"noopener\">MetaMask<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.coinbase.com\/wallet\" target=\"_blank\" rel=\"noopener\">Coinbase Wallet<\/a>&nbsp;are two popular crypto wallets, and can be downloaded on your phone or desktop.<\/p>\n\n\n\n<p>After you have your wallet, you\u2019ll need to buy some cryptocurrency, like Bitcoin, Ether, or any number of others. You can buy that through a crypto wallet company using U.S. dollars or another fiat currency.&nbsp;<\/p>\n\n\n\n<p>Now, choose what you want to turn into your digital asset\u2014that could be a JPEG, MP3, GIF, or any other multimedia file type that will be uploaded to an NFT marketplace.&nbsp;<\/p>\n\n\n\n<p>Then you\u2019ll \u201cmint\u201d the NFT, which means that you\u2019ll be publishing your token on&nbsp;<a href=\"https:\/\/fortune.com\/2016\/05\/23\/blockchain-definition\/\" target=\"_blank\" rel=\"noopener\">blockchain<\/a>, a network that structures and stores cryptocurrency. Many NFTs are stored on the&nbsp;<a href=\"https:\/\/fortune.com\/2021\/03\/10\/are-your-nfts-on-the-wrong-blockchain\/\" target=\"_blank\" rel=\"noopener\">Ethereum blockchain<\/a>.<\/p>\n\n\n\n<p>You publish an NFT to blockchain via an online marketplace. The most popular online marketplaces to mint and sell NFTs include OpenSea and Rarible. There are usually \u201cgas\u201d fees you have to pay, something that marketplaces charge users for some combination of making, publishing and selling an NFT.<\/p>\n\n\n\n<p>&nbsp;You\u2019re basically paying the marketplaces for the computer power used to fuel transactions on the blockchain. But sometimes these fees can reach&nbsp;<a href=\"https:\/\/www.businessinsider.com\/nft-investing-crypto-art-what-is-a-gas-fee-explained-2021-3\" target=\"_blank\" rel=\"noopener\">hundreds of dollars<\/a>, so watch out.&nbsp;<\/p>\n\n\n\n<p>You\u2019ll still have to pay a one-time fee to initialize your account on each of those marketplaces, which could cost&nbsp;<a href=\"https:\/\/www.theverge.com\/22809090\/nft-create-opensea-rarible-cryptocurrency-ethereum-collectibles-how-to\" target=\"_blank\" rel=\"noopener\">hundreds of dollars<\/a>. OpenSea and Rarible will&nbsp;<a href=\"https:\/\/rariblecom.zendesk.com\/hc\/en-us\/articles\/360060357031-Miner-fees-Transactions\" target=\"_blank\" rel=\"noopener\">both<\/a>&nbsp;<a href=\"https:\/\/docs.opensea.io\/docs\/10-setting-fees-on-secondary-sales\" target=\"_blank\" rel=\"noopener\">charge<\/a>&nbsp;a 2.5% fee from your NFT sales, although they are still widely used because they&nbsp;<a href=\"https:\/\/support.opensea.io\/hc\/en-us\/articles\/1500006315941-What-are-gas-fees-on-OpenSea-\" target=\"_blank\" rel=\"noopener\">don\u2019t<\/a>&nbsp;<a href=\"https:\/\/rarible.medium.com\/create-nfts-for-free-on-rarible-com-via-a-new-lazy-minting-feature-91cb4b7c68e6\" target=\"_blank\" rel=\"noopener\">charge<\/a>&nbsp;\u201cgas\u201d fees, meaning it\u2019s free to mint the NFT. The buyer pays the minting fee.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\" id=\"selling-an-nft\"><span class=\"ez-toc-section\" id=\"Selling_an_NFT\"><\/span><strong>Selling an NFT<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p>With all that done, it\u2019s time to actually put your NFT out there and hopefully make some money. On most platforms, doing so is as simple as hitting a button that says \u201csell\u201d on whatever NFT you have in your wallet.<\/p>\n\n\n\n<p>The screenshot below shows how it works on Rarible using the MetaMask wallet. Note the Ethereum gas fees.<\/p>\n\n\n\n<p>In practically all cases, you have a few options on how you want to sell your NFT. These usually fall into one of three categories: fixed price, timed auction, or unlimited auction\u2014which Rarible calls \u201copen for bids.\u201d<\/p>\n\n\n\n<p>A fixed price is simplest to explain: you put your NFT up at a certain price and you wait for somebody to pay that amount. OpenSea lets you put a time limit on this price if you want, but other than that it\u2019s the same.<\/p>\n\n\n\n<p>A timed auction is also relatively common: in a certain time span, which you can decide, potential buyers will bid on your NFT. When the time limit expires, the highest bidder receives the NFT. An unlimited auction is an auction without a time limit, the seller simply decides when they have received what they think is the best offer and ends the auction.<\/p>\n\n\n\n<p><strong>YOU MAY LIKE:<\/strong> <a href=\"https:\/\/kennysoftstudio.com\/blog\/the-perfect-valentines-day-campaign-video\/\">5 Tips for Creating the perfect Valentine\u2019s Day campaign Video<\/a><\/p>\n\n\n\n<p>From here the process runs pretty much automatically: the buyer pays what they\u2019re supposed to for the NFT plus some fees, the creator gets their money minus some fees, and the NFT changes hands. The buyer gets a cool little collectible, and you, the seller, gets the start of a cryptofortune\u2014hopefully.<\/p>\n\n\n\n<p>I\u2019m intrigued. Where do I begin?&nbsp;<\/p>\n\n\n\n<p>If you\u2019re still looking to dip your toes into the world of NFTs, artists who have previously minted their own NFTs advise that you start with something that\u2019s fun and meaningful to you.<\/p>\n\n\n\n<p>\u201cMy hopes for the NFT market is for it to become even more accessible for all sorts of creators\u2014artists, musicians, game developers\u2014to be able to share their stories and support themselves on their work,\u201d Amber Vittoria, an artist known for her&nbsp;<a href=\"https:\/\/www.ambervittoria.com\/nfts\" target=\"_blank\" rel=\"noopener\">abstract and colorful NFTs<\/a>&nbsp;that&nbsp;<a href=\"https:\/\/opensea.io\/assets\/0x495f947276749ce646f68ac8c248420045cb7b5e\/53196774904994940286675299401233178648509049658447190950641317452477372563457\" target=\"_blank\" rel=\"noopener\">sell<\/a>&nbsp;for up to $834,000.<\/p>\n\n\n\n<p>&nbsp;\u201cMy advice for folks newly entering the space to sell their creations as NFTs is to not be afraid to ask questions, experiment, and to enjoy the process.\u201d&nbsp;<\/p>\n\n\n\n<p>Another artist named ArinaBB, who has been making NFTs for about a year, added that the rapid evolution of the market can be both \u201ca blessing and a curse,\u201d and that there are some essential safety tips that beginners should be aware of.<\/p>\n\n\n\n<p>\u201cNever click on unknown links even if they seem familiar. Do not download files from strangers,\u201d&nbsp;<\/p>\n\n\n\n<p>&nbsp;\u2018\u2019Make sure you have a basic understanding of how things work before you start investing large sums of money.\u201d<\/p>\n\n\n\n<p>The sale prices of NFTs are rising as they gain in popularity. Consequently, NFT creators can make a lot of money. However, not all NFTs will even sell, let alone make their creator any money, given all the fees involved with minting and selling NFTs. Due to the costs, you need to prepare for the possibility that you could lose money on your NFT creation. The best way to avoid a loss is to make sure you sell an NFT that others will find valuable and set a minimum price that will more than offset any associated fees.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NFT stands for non-fungible token, which basically means that it\u2019s a one-of-a-kind digital asset that belongs to you and you only. The most popular NFTs right now include&nbsp;artwork&nbsp;and&nbsp;music, but can also include&nbsp;videos&nbsp;and even&nbsp;tweets.&nbsp; NFTs can be individual, or they can be part of a collection, which can also allow their owners to feel as though [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cos_headline_score":0,"cos_seo_score":0,"cos_headline_text":"","cos_headline_has_been_analyzed":false,"cos_last_analyzed_headline":[],"content-type":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[160,55],"tags":[],"class_list":["post-417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-beginners-guide"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/kennysoftstudio.com\/blog\/wp-json\/wp\/v2\/posts\/417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kennysoftstudio.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kennysoftstudio.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kennysoftstudio.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kennysoftstudio.com\/blog\/wp-json\/wp\/v2\/comments?post=417"}],"version-history":[{"count":3,"href":"https:\/\/kennysoftstudio.com\/blog\/wp-json\/wp\/v2\/posts\/417\/revisions"}],"predecessor-version":[{"id":430,"href":"https:\/\/kennysoftstudio.com\/blog\/wp-json\/wp\/v2\/posts\/417\/revisions\/430"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kennysoftstudio.com\/blog\/wp-json\/wp\/v2\/media\/418"}],"wp:attachment":[{"href":"https:\/\/kennysoftstudio.com\/blog\/wp-json\/wp\/v2\/media?parent=417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kennysoftstudio.com\/blog\/wp-json\/wp\/v2\/categories?post=417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kennysoftstudio.com\/blog\/wp-json\/wp\/v2\/tags?post=417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}