by Ana Nives Radovic
The growing non-fungible tokens (NFT) market is one of the biggest things happening to the digital world thanks to its accessibility, scarcity and exclusivity.
Until now, there are still no rules regarding what restrictions can be used as tokens and converted into NFTs. This means that you can easily make the NFT according to your wishes and creativity.
To do so you may choose among many platforms – a new one shows up almost every day, but some of them are very recognizable and easy to use, so we would pick out OpenSea, Mintable, Rarible and Async Art.
The platform named OpenSea is the largest NFT marketplace in the world, offering a greater chance of making a profit through NFT sales.
The demand is larger in cycles, indicating that there are a number of users willing to pay for unique digital collections and non-exchangeable tokens. This trend is evident from the total number of users who have interacted with OpenSea at this time.
Creating an NFT in OpenSea is quite easy. There only one condition one should meet is having an Ethereum wallet. All you have to do is click the “Create” button, upload the work that you want to make the NFT, embed a description and you have your own NFT.
OpenSea not only provides artwork and collectible items in the form of ERC-721 tokens, but also provides ERC-1155 tokens.
Another significant thing is that there are many types of NFTs that can be traded through the OpenSea platform. In fact, for those users who have no artistic skills, but are interested in trying their luck through the NFT, they can sell, for example, a Tweet, or even just one word in the form of an NFT.
All you have to do is to click on the “Create” button to access a screen that asks you to connect your Ethereum-based wallet. After entering your wallet password, it will automatically connect your wallet to the marketplace. This process requires your digital signature in a message in your Ethereum wallet to prove the ownership of the wallet address. This process takes few seconds and has no cost, as it serves just for proving that you own the wallet.
The next click will also be on “Create” button in the upper right corner and select “My collections”, and once again to click “Create” to start making your own NFT collection in a window where you can upload your artwork, add a name and description. This process looks like creating a folder of your newly created NFTs.
Once you have allocated an image to your collection, it will appear in the window so you may add banner to the page by clicking on the pencil icon in the upper right corner and then to add a banner image to the NFT collection.
After your first NFT is ready you may click on “Add New Item” button and sign another message using your wallet.
Mintable is the most popular and most frequently used platform for generating NFTs that allows creators to sell digital goods within their marketplace. This web-based platform can also help you to sell NFTs effortlessly. Through the Mintable platform, users can print ERC-721 tokens quickly.
This NFT platform also provides detailed instructions and the process is similar to the one described above. You will be guided step-by-step for implementing the NFT in your chosen work.
Mintable differs from other NFT marketplaces in that it gives users more control over the platform and allows them to earn MINT tokens per transaction. Therefore, Mintable encourages fellow community members to take part in the model of administering.
Mintable also makes it easy for users to manage their NFTs directly in their own wallets. Starting from transferring assets to controlling tokens in their wallets.
At Mintable, users can create, print, list and promote their NFTs, then sell them by setting up their own store or auctioning them off to the highest bidder.
Rarible is a marketplace that makes it easy for artists and digital art creators to publish and sell their NFTs. The target audience of Rarible is, first and foremost, the DeFi community and crypto natives.
One of the advantages possessed by Rarible is that this platform has a native token called $ RARI which can be used to make NFT transactions.
Rarible is the marketplace for the NFT type, mostly works of art at this stage. What all this means is that the image is no longer attributable to its creator. With NFT, all images can now be owned by someone, and associated with the original creator, and have special rights and permissions attached.
Rarible not only provides NFTs in the form of artwork or music, but also Ethereum Name Service, i.e. ENS domains. This ENS domain is used for the Ethereum delivery address. Like sites that use .com or .co.id, ENS domains use .eth as the address to send and receive ETH.
You can create and sell NFTs on Rarible in few easy steps. All you have to do is go to Rarible.com and click “Create” at the top right, then create a single or multiple collector’s item, select “Choose File” to upload a PNG, GIF, MP3, or other type of file not larger than 30MB. Then you have to add the price in the “on sale” section, enter a name of your NFT, as well as a description.
Then you have to select the option “Connect wallet and create”, then to choose “MetaMask”, then to pay the “gas” fee to proceed.
Unlike the other three platforms which are marketplaces that provide various types of NFTs, Async Art is specifically designed for the creation and sale of blockchain-based digital artwork. These digital works of art are commonly known as crypto art.
This platform is not open to everyone, so artists who wish to sell their work through Async Art must register and pass a special selection made by the Async Art curatorial team.
Some Async Art works have an immediate “Buy Now” price, while others have open auctions that end at the discretion of the artist. In this case you have to go to the “Place a bid” section of the work of your choice and make an offer in ETH.
This platform also allows artists to create digital artwork that has the ability to change automatically. One of the features that Async Art has that is not shared by other platforms is Master and Layer.
In your digital work, you can create multiple layers. Each layer has a token that is different from one another. A master is the name for the main image in your digital artwork. Just like layers, masters also have tokens in them. Async Art offers Master and Layer tokens at various prices, including previously unsold NFTs and works available from collectors in the secondary market.
If you buy a Master or Layer token at its “Buy Now” price, it will instantly be directed to your Ethereum wallet. If you are bidding you will have to wait and see if the artist accepts your bid or if another collector outbids.
If another collector outbids but the artist in question has not yet closed the sale, you can also outbid.
The advice for creators is not to spend more ETH than they can afford to lose, but if someone wants to buy a specific NFT they may need to outbid.
The basic structure of this layered work of art allows the creator to change each layer in the work according to what he wants. Even if this artist changes the work layer according to a certain timeline.
In addition, Async Art has a royalty structure that allows artists to get a bigger reward for their work. Artists will receive an income of 90 percent of the proceeds from selling crypto art, while the remaining 10 percent will be received by Async Art.
* * * * *
This content was brought to you by VISA, the global leader in digital payments, whose mission is to connect the world with an innovative and secure payment network to enable individuals, businesses, and economies to grow.
Visa is the general partner of the Fintechlopedia project, an electronic glossary containing all relevant elements of digital transactions and related phenomena, situations, processes, and innovations.