NFT: From Crypto-kitties to NBA TopShop
Crypto-kitties, NBA TopShop: These are the names of the initial NFTs on ethereum. When I heard of NFTs, few questions immediately came to my mind.
1. Who can make an NFT?
2. How can I make an NFT?
3. Who can own the NFT I make?
4. How much can I earn?
Researched and wrote about these questions and more in my article.
1. Who can make an NFT?
Any creator, artist, musician, entrepreneur, the company can make an NFT. NFT can take various shapes and forms like jpegs, gifs, mp4, mp3. One of the most famous sites to make a visual NFT is KapWing
2. How can I make an NFT?
You need to make a crypto wallet (on an app like — Rainbow, buy some ethereum crypto coin, find a digital marketplace (eg — Rarible), pay some fee (in ethereum) to put your art on the market, create and sell!
3. Who can own the NFT I make?
Once you have put your NFT on sale in a community marketplace, buyers can place a bid on it which you can choose to accept or reject. You can even make use of the “royalty” option to continue to receive part of the sale price even after your original sale is made.
No one gets the “underlying intellectual property” rights without the owner’s written consent — this means that even if Person X owns the digital art you created and sold to him, he can not use it further to make T-shirts or other merch without your written consent.
4. What’s the difference between NFT and Bitcoin?
The most glaring one is NFTs are unique and Bitcoins are not. The 18.7 million and counting bitcoins are all interchangeable as they have the same value, but each NFT is a piece of unique digital art (image, sound file, text). They are coded to have unique IDs and other metadata that no other token can replicate (no you don’t have to code, the marketplace where you upload it does that for you)
5. What does ownership look like?
NFT ownership can be easily proven. It is a matter of public record and easy to verify.
6. Can I sell it forward?
Yes, once you own an NFT, you can put a bid on it again. the original creator can choose to earn royalties off it or not.
7. Which is the priciest NFT sold to date?
Everydays — The First 5000 Days (massive compilation of artworks by Beeple) — $69 million.
8. Which was the first NFT and what’s its price now?
CryptoPunks, a collection of 10,000 uniquely generated characters, were the first NFT on ethereum in 2017.
https://miro.medium.com/max/1000/1*C3ggwjOinAd9PXypyEii3Q.jpeg
6 days ago, they were sold for $16.9 million.
Initially, they were released for free and could be claimed by anyone with a crypto wallet.
Questions that did not come to my mind -
- Why would anyone buy them?
The same reason people buy baseball cards, paintings, and original manuscripts. They are collectibles and due to scarce demand, their prices have the potential to sky-rocket.
- Why are they a craze?
As with most crypto-tech, NFTs are part of our future. There are already talks where we people will be able to buy tickets using NFTs alone and the use can easily spread.
Article by Avnie Bansal
