How to Make an NFT – One Sold for $69.3 Million!

5000daysNFT

It’s a great time to make an NFT – They have become one of the hottest crypto assets of 2021. One sold for an incredible price of $69.3 million at Christie’s.

The artist who made this NFT was called Beeple and his NFT is called The first 5000 days. A collection of 5000 pieces of artwork, created over 5000 days.

What is an NFT?

Non-fungible tokens (NFTs) are unique collectable crypto assets. NFT’s started to appear in 2012, just after Bitcoin.

People use NFTs to represent virtually any type of real or intangible item, including:

  • Artwork
  • Virtual items within digital games
  • Proof of copyright
  • Music
  • Collectibles (e.g. digital trading cards)
  • Tokenised real-world assets, from property and cars to designer clothing
  • cryptokitties
  • Video footage

How do I make an NFT?

Creating your own NFT artwork, whether it be a gif or mp3, is a relatively straightforward process and doesn’t require extensive knowledge of the crypto industry. NFT artwork can also be used to make collectables, such as sets of digital cards. I’m still waiting to see some NFT Pokemon cards! 🤞

Gary Vee, who made VeeFriends, produced a very innovative project involving NFT’s. He introduced tangible items with every NFT Purchase. With every purchase, you get access to a massive business conference, along with some other experiences and goodies… Some unknown.

Gary vee is currently planning on auctioning his original pen drawings of the original VeeFriends.

Before you start building your collectables, you will need to decide on which blockchain you want to issue your NFTs on. Ethereum is currently the leading cryptocurrency for NFT’s and it is what Gary Vee used for VeeFriends.

However, there are a lot of other blockchains that are becoming increasingly popular, some include:

  • Binance Smart Chain
  • Polkadot
  • Tezos
  • EOS

Each blockchain has its own separate NFT token standard, compatible wallet services and marketplaces.

For instance, if you create NFTs on top of the Binance Smart Chain, you will only be able to sell them on platforms that support Binance assets. This means you wouldn’t be able to sell them on something like OpenSea which is an Ethereum-based NFT marketplace. Since Ethereum has the largest NFT ecosystem, here’s what you’ll need to mint your own NFT artwork, trading card collection or video on the Ethereum blockchain:

If you are using the Coinbase wallet you can buy ether from the platform with U.S. dollars, British pound sterling and a few other fiat currencies. Otherwise, you will need to purchase from a cryptocurrency exchange or know someone who would lend/sell you some. Basic information on how to buy cryptocurrencies using the most popular exchanges can be found here.

What platforms do I use when creating, buying or selling NFT’s?

There are a number of NFT platforms that allow you to connect your wallet and upload your chosen image or file that you want to turn into an NFT.

The main Ethereum NFT marketplaces where you can buy and sell NFT’s include:

Here are some instructions on how to use OpenSea to mint and then sell your NFT.

STEP 1

Visit OpenSea, click create, and then follow the steps in connecting your wallet.

step 1

STEP 2

Upload your asset, mine being the Joblatte.com monogram, and then fill in the details, including the price you want to sell it for.

STEP 3

Confirm the listing with your wallet.

STEP 4

Your NFT is set up for sale, just like this joblatte.com monogram

How much does it cost to make NFTs?

While it costs nothing to make NFTs on OpenSea, some platforms charge a fee. The Ethereum cost involved is usually called ‘gas.’ Ethereum gas is simply an amount of ether required to perform a certain function on the blockchain. The cost of gas varies, depending on how many people are moving value over the network at a given time. It’s worth noting, that with the new update of Ethereum finalising out in 2022, gas prices will be cheaper and the network hopefully even faster.

Can people copy the digital art?

Yes. Millions of people have seen Beeple’s art that sold for $69.3m and the image has been duplicated and shared countless amounts of times.

Usually, artists retain the copyright ownership of their work. Nothing is really stopping them from producing more and selling copies.

The only thing that makes digital art valuable is the “token” that is attached to digital art. The token proves they own the “original” work and can be traced back to the exact time and date of purchase.

In some ways, the token that is attached to digital art can be compared to buying an autographed print.

Is now a good time to get into non-fungible tokens?

The NFT craze is far from being over. It’s an excellent way to verify information, and proof of work/copyright with a time stamp. You cannot control the price of Ethereum, however… You can control the price of your NFT.

It’s early days for NFT’s. I would probably not buy an NFT for the purpose of art itself. The NFT would have to have an additional tangible value attached that could be claimed, such as a ticket for an event or an experience.

As far as art goes, I would rather buy an original and aged masterpiece from Picasso, Van Gogh or Rembrandt. The artist would have physically touched and poured his emotions into what you are looking at, and the art would smell a certain way. NFT’s can’t duplicate this.

Creating art from pen and paper, and then selling what you make, will never be replaced.