NFTs are digital tokens with unique artwork or music. NFTs are always registered on a blockchain network so you can prove that you are the sole owner of a work. With our theme week dealing with cryptocurrencies, we explain what NFTs are. We discuss how you can make, buy, and sell them yourself with four useful apps.
What are NFTs?
‘non-fungible tokens’, that’s NFT for short. In other words, they are basically a kind of cryptographic tokens, but with the important difference that each NFT is unique. It is a digital work of art, be it an image or a piece of music, that is assigned to a particular owner and creator. NFTs can take any virtual form, as they could just as easily be a virtual house in the metaverse, as long as it’s a one-of-a-kind piece. But to keep things simple, we’re talking about images and music here. Because each piece is unique, it has an economic value according to NFT supporters.
But how can a digital piece be unique? Can’t you just copy an image and then distribute it? It can be compared to a traditional work of art. ‘The Milkmaid’ is attributed to the artist Johannes Vermeer and belongs to the Rijksmuseum. If you have a poster of The Milkmaid, it does not have the same value as the original work, nor does it make you the owner of the painting.
In an NFT, a crypto token is linked to a work of art and both the owners and the creator of the work are registered on the blockchain, usually using Etherium. If someone copies the image in question, you can prove with your NFT that you are the real owner and that the other person is a copy. Additionally, you can also sell NFTs on the basis of a crypto transaction, which also records that the buyer is now the new owner of the work.
Benefits and risks
Artists who want to monetize their digital work can use NFT to easily offer the pieces online to interested buyers. They can put a fixed amount for a work or they can rate it at auction. In fact, there is also an optional system that allows artists to receive a percentage of the sales amount each time their NFT is resold.
For buyers, collecting NFTs is like having an art collection hanging at home. In the case of art you buy, you are speculating that a work will increase in value in the future and that is how it works with NFTs. Because NFTs are still relatively new, the value is very volatile.
As with cryptocurrencies, there is always a chance that your NFTs will be stolen, for example if you use an untrusted platform or do not use two-step verification to protect your wallet. Fortunately, just like with cryptocurrencies, you can also use hardware wallets to protect your works. The popularity of NFTs is fueled by many household names, including American rapper Snoop Dogg.
The best NFT apps
8 bit painter
8bit Painter is an app that makes it accessible to create your own NFT art. First of all, you choose the size of a canvas yourself and make works of 16 x 16 or 192 x 192 pixels. In this application you can make your own drawings and you can choose between 48 different colors. Or you can also choose one of your photos and turn it into pixel art.
You can then export your work as a PNG and it’s also possible to give it a transparent background if you wish. 8bit Painter is a free app but you need to pay if you want to remove the ads.
8 bit painter
8bit Painter is an app that makes it accessible to create your own NFT art. First of all, you yourself choose the size of a canvas and thus make 16 x 16 works.
OpenSea: NFT Marketplace
As soon as you have artwork to register as NFTs, you will of course need a platform with which you can offer. OpenSea is one of the known applications for NFT. You can upload and offer your own work or you can use the app to buy and sell existing NFTs.
At OpenSea you can always see who owns a work and who created the artwork. Accounts can also be verified in the app by giving them a checkmark next to their profile name. You can then bid on works or, in certain cases, pay a fixed amount in crypto points. In the app you can always check the transaction history of each work and see how often it has changed hands and how the price has evolved.
OpenSea: NFT Marketplace
As soon as you have artwork to register as NFTs, you will of course need a platform with which you can offer. OpenSea is one of the known applications for NFT. †
When you register a job on the blockchain, you actually conclude a so-called smart contract. This establishes that you are the owner of a work. Many NFT marketplaces make money by charging a fee for entering into such smart contracts. In jargon, this price is sometimes called the ‘gas rate’.
The Curate app works without gas fees. The app also allows you to explore a variety of NFTs and you can buy and sell works just like on OpenSea. This app has a slightly simpler structure and works by default with a reward for the creator of the work when a work is traded. Curate is a relatively new app, but it is gaining popularity.
When you register a job on the blockchain, you actually conclude a so-called smart contract. This establishes that you are the owner of a work. Everyone ..
Token.art: NFT Wallet Viewer
And if you have now put together a nice collection of NFTs, then naturally you also want an app with which you can present them beautifully. You can hang art in your house, but you can display your NFTs with Token.art. The app can load different collections from multiple platforms.
There is also a handy filter and sort system that gives you a good overview. For example, you can show your most valuable copies first. In addition, there is also support for collections of works that belong together. When you collect all the NFTs of a certain series, you can see the completeness of your collection as a percentage.
token.art: NFT Wallet Viewer
And if you have now put together a nice collection of NFTs, then naturally you also want an app with which you can present them beautifully. You can hang art in your home,..
Do you have a collection of NFTs or are you considering delving into NFTs? You may want to convert artwork to NFT yourself. And which apps appeal to you the most? Let us know in the comments at the bottom of this article.
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