What are NFT's?
Nft , also known as non fungible tokens, are a new form of good or value that can be transferred over the blockchain in the crypto ecosystem, where there is only one token associated with that unique and exclusive characteristic for each person.
These new digital currencies have become the focus of global debate and are generating enormous interest among artists, art collectors and craft enthusiasts.
They are a new type of digital assets of digital art that are generating a lot of attention in the world of cryptocurrencies. They are so called because they are based on blockchain technology, and their operation is very simple: each nft is unique and unrepeatable, and is linked to a virtual object in the metaverse.
The nft is a higher-level token than ERC20. It is the first implementation of the standard originally proposed by Ethereum (ETH).
The nft is not a digital currency like ethereum or bitcoin: nft is not associated to its monetary value, but rather to a digital asset in which its price fluctuates according to demand and supply and the artist's perception within the metaverse, as well as the roadmap of the project.
One feature that differentiates and distinguishes them from other tokens, such as ETH or BTC, is that they can be used to represent physical objects, works of art, or digital assets, for example if I want to buy an artistic work online as part of the metaverse I would encounter the most popular fungible nft among its auctions.
Anything that can be represented in some way at a lower level can also be represented with nft.
- These are hybrid tokens between ERC20 and digital (collectible) cards for metaverse use or similar such as Cryptokitties. The nft are based on the same technology as ETH but support a new set of additional features intended for museums, galleries and artists. These tokens are unique and irreplicable and have a higher level of integration with the physical world.
List of Exchanges where I can buy and sell NFTs
To buy or sell NFT, you need an account in the Metaverse. Most exchanges allow the exchange of these digital art assets.
The main nft exchanges for transactions are:
- nftwerk : nftwerk.com
- OpenSea: opensea.io/markets
- Solanart: https://solanart.io/
- Decentrex: decentrex.com
- Kyber Network: kyber.network
- Lbank Exchange : lbank.io
What is the Metaverse?
Metaverse is the first decentralized social network based on blockchain that allows you to create new digital values. It is openly oriented to the world of nft, crypto art, virtual gallery exhibitions so you can exhibit your artwork, and you can even get to earn millions of dollars as Beeple.
It may be useful to think of the metaverse as a new kind of marketplace where nft can be used for everything related to artwork, just as it used to be in the old days when only money or trinkets had to be sold in exchange. The Metaverse is exactly this platform that goes beyond the traditional physical world and tries to combine blockchain with digitized art and other nfts.
The metaverse is a virtual cloud where users connect from their mobile devices or PC to interact with each other and with the different simulated realities based on the blockchain. In it converge several platforms such as , Minecraft, OpenSimulator, decentraland, oncyber and allows to make monetary exchanges between them creating new possibilities by offering nft integrated by accessible packages both to sell and to buy.
Types of metaverse
When talking about metaverse, there are different types that can be considered. According to the definition proposed by Neal Stephenson in his book Snow Crash, the metaverse is "a virtual world in which the characters are represented by avatars, and the world in which they live is a simulation of reality".
There are many types of metaverse based on this definition. The most popular are those built on existing video games, such as Second Life or Eve Online, Minecraft, waves ducks, decentraland.
In these cases, the user enters the virtual world with his or her avatar and can interact with other players within the game. There are also metaverses based on stories or movies, such as Harry Potter: The Wizarding World (based on the Harry Potter saga) or The Matrix (based on the movie of the same name).
In the case of metaverse based on video games, it is very common for virtual communities to be created where users can interact and exchange objects.
These communities usually have their own codes and rules, which generates a particular background in the field of art. For example, Second Life has a large number of artists working within the virtual world, building scenery, objects and clothing for the avatars.
According to Nicolas Luck's definition, "an NFT is any representable virtual object within a limited three-dimensional space". This means that NFTs are not simple images or videos, but can be rotated and viewed from all angles. Because of these characteristics, NFTs are perfect for use as new types of art.
They are based on blockchain technology, whereby all objects are registered and associated with a unique and non-transferable name (Ethereum Name Service).
This feature allows information to be added to the user's name and enables the classic "give me your name to sell me that avatar" exchange, but it also generates other possibilities: the intelligent properties of cryptocurrencies can be used to create new types of art. A simple example is the use of the generic name "cryptokitties", used in the famous cryptokitties and which has become a subculture within the metaverse.
Cryptokitties is a card game in which users can buy, trade and breed virtual kitties. Each kitty has its own unique identity (Ethereum Address) and can be stored in the "catacomb" to protect it from being sold. Creatures cross the line between the real and the virtual, because they are at the same time a domain name (ETH Address) that can be shared as nft.
Cryptokitties is a card game in which users can buy, trade and breed virtual kitties. Each kitty has its own identity.
Another well-known nft phenomenon is the larva labs cryptopunks, nft that can be bought and sold. As the name suggests, cryptopunks are creatures from the famous cyberpunk novel William Gibson's Neuromancer . Each nft has a unique domain (ETH Address) associated with it and trading it is possible on the marketplace.
The nft are considered art because they are new objects that do not exist anywhere else, and they can be created through a program called Niftools. The process to create the images is simple: the user chooses which pieces he wants to add to the avatar (for example if he uses the feet of the original model, he will need two pieces) and then presses "Create nft". Inside the name information appears all the information about the nft, such as the type of object, the dimensions and if it is for sale or not.
These assets are a new art format that is emerging within the metaverse. According to Nicolas Luck, "an NFT is any representable virtual object within a limited three-dimensional space." This means that nft are not simple images or videos, but can be rotated and observed from all angles. Because of these characteristics, nft are perfect to be used as new types of art.
The nft are based on blockchain technology, so all objects are registered and associated with a unique and non-transferable name (Ethereum Name Service). This feature allows to add information to the user's name and allow the classic exchange "give me your name to sell me that avatar", but also generates other possibilities: pen be used the smart properties of cryptocurrencies to create new types of art.
How to create my first nft
To create your first nft, you will need:
- An nft-compatible Metaverse client (such as MetaMask).
- A .nft domain that is yours.
- Some Ether (ETH) on the Ethereum blockchain or SOL if you trade on the Solana network with Solanart.
- A creative nft to sell.
-A good project roadmap.
The nft is created and advertised on different blockchains such as Ethereum or Solana, which means you need a basic level of knowledge about the use of MetaMask and passwords.
The process is relatively simple but requires a little more time initially. Below we explain everything step by step:
Step one: download MetaMask and create a new account.
Step two: access REMIX IDE
go to the Remix IDE web page, click on "Create new remix" and enter the title of your nft in the "Name" field. For example, if you want to create a token to represent your friends in the virtual world, you could call it "AmigosNFT".
Step three: select the Ethereum blockchain or your preferred network on which you wish to publish your nft.
For this example, select the "mainnet" route.
Step four: add the following code in the "Source Code" field:
contract AmigosNFT { //defines the variables of the nft string name; uint64 balance; } //creates an instance of the nft contract function AmigosNFT(string _name, uint64 _balance) public { name = _name; balance = _balance; } modifier onlyOwner() { require(msg.sender == owner); _; } function changeOwner(address newOwner) public onlyOwner { owner = newOwner; } function getName() public view returns (string) { return name; } function getBalance() public view returns (uint64) { return balance; } }
Step five: add the following code in the "Solidity Code" field and click "Create".
contract AmigosNFT { //defines the variables of the nft string name; uint64 balance; } //creates an instance of the nft contract function AmigosNFT(string _name, uint64 _balance) public { name = _name; balance = _balance; } modifier onlyOwner() { require(msg.sender owner); _; } function changeOwner(address newOwner) public onlyOwner { owner = newOwner; } function getName() public view returns (string nft){ return name nft;} function getBalance() public view returns (uint64 nft){ return balance nft;} }
Step six: click on the MetaMask icon to the right of "Run".
To open your private window. When prompted, enter your passwords and click on the blue button with an arrow. The code will be automatically stored in the Ethereum Blockexplorer.
Step seven: click on "Deploy" and wait for the transaction to be confirmed.
After a few minutes, you will be able to see the nft on the Remix IDE web page.
Step eight: to finish, click on "View NFT".
of the work of art or non-fungible asset
you just created and enter the requested details. Once the transaction is completed, you will be able to deploy your nft and start selling/buying them with other players! You will also be able to share them on your social networks and be proud of the non-fungible token you have acquired.
If you have read this brief guide and have no knowledge about digital art in Lobo Studio we can help you create your digital art collection and advise you on the whole process.
If you want you can contact us here or you can go to the contact section on the top menu.
So you can see the potential of working with us. Here we present you some of our work:
How to Buy and Sell nfts - A Beginner's Guide
Now that you know how to create nfts, do you want to buy them? First, you need to have Ethers (the currency used in Ethereum) in your account. Then, go to the OpenSea or Solanart website and search for the nft you want to purchase. Click on the "Buy" button and wait for the transaction to be confirmed.
To sell your non fungible token, go to the OpenSea website and search for the nft you wish to sell. Click on the "Sell" button and wait for the transaction to be confirmed. Then enter the details of the sale on the website. You will receive Ethers for your nft, which you can view in your MetaMask account browser.
What should I know before selling my NFTs?
There are several ways to sell NFT. You can look for a buyer in person or use an exchange platform such as OpenSea.
Before selling your tokens, you should make sure you are familiar with local law and cryptocurrency regulations. Consult a lawyer if necessary.
If you decide to sell your NFTs through an exchange platform, you will need to provide your Ethereum address to receive payment. You will also need to provide a photo or a link to an image of the item you are selling.
Most exchange platforms charge a commission for each transaction. OpenSea, for example, has a commission of 0.25%. It is important that you compare prices before making any transaction.
If you decide to sell your NFTs in person, you can use services such as LocalBitcoins to find buyers. LocalBitcoins charges a 0.25% commission for each transaction ordered.
Before selling your nft tokens through any method, you should know that there is a potential risk for attacks and fraud on all exchanges. It is important to always use the necessary measures to protect your personal information and even the wallet where you store your NFTs.
