NFTs are the new "black". Everyone wants to own them. From big celebs to sports athletes to business giants, they have taken the world by storm. Currently, over 1 billion NFTs are in the market with an average creation rate of around 8 million per month. This estimated number is expected to explode even further as more people are gonna realize how much value they can provide!
If you wanna keep up with the new world and want to understand NFTs, let's dive right in ;)
So, what the heck are these NFTs that everyone keeps talking about?
NFTs or non-fungible tokens are unique digital assets that cannot be traded for new ones. They’re not just any digital files you can save on your phone or in the cloud. They actually represent real-world objects and digital items like art, music, virtual land, in-game collectibles, videos, photographs, and other interesting products. In digital land, they can be bought and sold like a piece of property even though they do not have a tangible form. They are very valuable due to their scarcity and cannot be duplicated. They are seen as proof of authenticity and certification of ownership for virtual or physical assets recorded on the blockchain.
In the past few years, they have been gaining popularity in the crypto and web3 community. These digital assets provide artists and other content creators with an opportunity to monetize their work and sell it directly to the audience in the form of NFTs.
Now, you might be thinking, "fineeeee Ayesha, got it, but do they have any other use?" Well, yeah, they do😉
They have the potential to be used in digital art, collectibles, gaming, music, fashion, sports, academia, decentralized finance (DeFi), tokenization of real-world objects, domain name ownership, licenses, certifications, patents, documentation, etc. They can even be used to track metadata, improve event ticketing systems and even transform real estate! Pretty handy, aren't they?😏
How to create your own NFTs?
It's not that easy to create your NFTs but definitely not that hard either! I'll walk you guys through the steps briefly :)
First of all, you gotta decide on what you wanna turn into an NFT. It can be anything. Your cringe tweets, muffin recipe that never works, code so bad that it would make people want to wash their eyes with acid, or poetry that would even give Shakespeare a heart attack(even though he's been dead for ages).
Done deciding that? Now, let's choose a blockchain! The blockchain would keep a permanent record of your NFT, so it’s essential to choose the one that fits your requirements the best. Some notable options are Ethereum, Solana, and Flow.
The next step is to set up your digital wallet. You'll need some cryptocurrency from your wallet for the initial investment.
Now, you gotta find a platform that's a good fit for your NFT. Connect it to your digital wallet to pay the fees to mint your NFT.
The place where you're gonna sell your NFT (NFT Marketplace should have a step-by-step guide for uploading your digital file to their platform. This certain process will help you to turn your digital file into a marketable NFT.
Finally, choose how you wanna sell your NFT and set a price.
Congrats, you've created your own NFT🥳 (in theory).
What Is Minting?
You might have noticed, that I used the word "mint". No, I didn't use this word as in choco chip mint ice cream (Oh God, I hate it).
In this magical world of NFTs, it refers to the process of creating new NFTs on a blockchain. While minting, you’re recording data that comprises a new NFT in a new block which is then added to a blockchain. This process is not free and typically comes with fees. As for how, when, and to whom minting fees are charged, that depends on various NFT Marketplaces.
NFT Marketplaces
Let's talk a bit more about NFT Marketplaces. In simple words, it's a web app where users buy and sell NFTs. You can make use of existing marketplaces such as OpenSea, Rarible, Foundation, Mintable, etc or build your own Marketplace. If you're a web3 dev too, chances are that you've made such a dApp once. Well, dunno about you guys, but I couldn't resist the temptation👀
Some NFT marketplaces give the option for lazy minting. A lazy mint allows the creator to upload their work, “mint” it to their profile, and list it for sale without paying gas fees. The collector will have to pay the "gas fees" after buying the NFT. In order to buy NFTs, you pay in crypto and the seller also receives the payment in crypto. But these days, there are solutions that allow you to use your cards directly.
Purchase NFTs directly with cards
This is a whole world different from adding up more cryptocurrencies into your NFT wallet with credit cards. You’re gonna pay wholly for the NFT directly with your credit card.
For example, if an NFT is up for 800 MATIC which is around $739 USD, the entire $739 USD will be deducted and paid from your card. The solution provider will do the background job in converting your $739 USD to 800 MATIC.
But there is another solution, where you just pay directly with cash and don't have to be affected by crypto fluctuations. Did I catch your interest? Well then, ladies and gentlemen, boys and girls, and web3 enthusiasts of all ages, let me share one such solution with you guys!
NoRamp
NoRamp is the first and only decentralized digital asset transfer solution via direct peer-to-peer fiat payment. Enabling buyers and sellers to be paid out in fiat currency, never touching crypto.
NoRamp uses a proprietary process to activate smart contract triggers that are initiated by off-chain peer-to-peer fiat payment confirmation. Isn't that like crazy???? With NoRamp marketplace sellers are paid directly by buyers in their native fiat currency.
Since fiat transactions occur directly between buyer and seller, there is no buyer KYC for NFTs making the purchasing process easier and quicker.
This is pretty good for people who wanna own NFTs but don't wanna dabble in Crypto. Also, it can be integrated in your NFT marketplaces. Their documentation is pretty well written.
I was kinda thinking of building a NFT marketplace while integrating it but let's see if I actually do it or not. Maybe after I finish my other 100 projects😂
If you are thinking of using it, NoRamp is currently available on NEAR, ETH, BNB Chain, Avalanche, Polygon, Fantom, Optimism and Arbitrum. NoRamp is currently adding more integrations and expanding into more blockchains with Solana and Tezos coming soon.
The support for other blockchains will come soon according to their website. I think that it's possible to be integrated in less than a day, in a few hours maybe. One thing that I kinda liked was that you can have access to their testnet with no limitations. After you're 100% sure, you can request approval for the Mainnet.
P.S: If you face any difficulty, you can also schedule a call with their team from the link given on their website. I'm so gonna bother their team either way when I integrate it into my own NFT Marketplace🤣
Conclusion
Whether or not NFTs are here to stay, for the moment they have opened up the door to a new world. Also, now being able to buy NFTs with credit cards will surely welcome more people into this landscape! Many who were kept away because of the complexities of crypto can now own NFTs without any worries with their credit cards.
Though, I'd still advise you to do your own research properly before dabbling in this field :)
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