NFT for content creators

what the heck is NFT?

Here are some contextual readiness, before we jump to the primary context. Terms that would be simplifying this article as you read forward.

Ledger — a book of records, especially records of business activities and money received or paid. It is proof of whether a transaction is made or not made.

Blockchain — A blockchain is a digital version of the ledger that is distributed & duplicated across the entire network of computer systems on the blockchain.

Blockchain is inherently distributed but it is not inherently decentralized. In a decentralized network, anyone can perform any kind of transaction on the ledger. Bitcoin’s network uses data mining to maintains the truthfulness of the ledger.

Digital Currency — Digital currency is the electronic version of the currency notes and coins that we use daily for various transactions, it can be stored in the digital wallet. The digital currency can be changed to cash in hand if required (Paytm/Gpay etc).

CryptoCurrency — It is the virtual digital currency that works through a distributed(decentralized) ledger technology, typically a blockchain, that serves as a public financial transaction database.

Fungible & Non Fungible— The term fungibility refers to the replaceable characteristic of a commodity(item) by another identical commodity (item) while non-fungibility refers to the commodity(item) that are mutually not interchangeable.

Minting — The process of attaching a digital asset to a blockchain token as NFT.

IPFS — Inter-Planetary File System

ERC — Ethereum Request for Comments — Defines the set of rules a token should follow (i.e. name, format, etc). Do check them here.

Gas — It refers to the fee, for transacting on etherium platform.

You’re now probably familiar with the terms related to blockchain that makes cryptocurrencies possible. Now, let’s move ahead to the context of NFT.

What is NFT?

NFT stands for Non Fungible Token. It works on the etherium platform & the currency exchanged is known as ETH. Non Fungible tokens (NFTs) are a way to prove ownership of digital art & digital collectible. This technology/system of transaction preserves the uniqueness of a commodity.

Characteristics of NFT:
1. They are non-interchangeable
2. They are non-divisible
3. They are unique
4. They are spread in public
5. They are secured
6. They are distributed.

These tokens have been used in the areas like KYC procedures, voting & elections, loyalty programs, art, real-world assets, virtual assets, copyright, supply chain tracking, medical data, and more. NFTs will be gaining more popularity in the coming days because they carry an improved system (Known as IPFS), that properly digitizes & stores real-world assets keeping it with the best safety technology.

Can NFT be a great medium for creators?

The answer is yes!!! Creators can exchange digital arts, virtual items (in-game accessories), Music, Sound bytes, collectibles (badges), quotes, essays, poetry, Domain names, Physical art & many many more.

Marketplace for Content Creators to sell NFTs:

There are many on the list but my favorite ones are OpenSea & Foundation app. Click here to view more marketplaces available currently.

Browser Extension

Below are some known cryptocurrency wallets used to interact with the Ethereum blockchain. I have installed Metamask (haven’t tried the other ones).

Setting up your wallet

1. Do save the secret backup phrase on a separate notepad, so that you can backup or restore your account if by mistake you have lost your login credentials.
2. Never disclose your backup seed phrase.
   “Through May and June of 2021, we will be phasing out the use of “seed phrase” in our application and support articles, and eventually exclusively calling it a “Secret Recovery Phrase.”

Setting up your Marketplace:

1. Go to — OpenSea website
2. On the OpenSea website — head to the top-right profile icon, select “My Profile”
3. When you see “Connecting…” then you are almost done.
4. Add extension to complete the installation.
5. Update your profile by selecting the gear icon.
6. Always check the etherium exchange rates (gas fee) before doing any transaction.

NFT is the future, so why delaying understanding them.