Nft 10k minecraft 30k eth openseapearsonvice

nft 10k minecraft 30k eth openseapearsonvice

A GIF file recently sold for $600,000 at auction. If that comes as a shock, then it might be time to reconsider your definition of fine art and begin to explore the world of crypto and NFTs.

Digital art is undergoing a renaissance and in this article we’ll cover everything you need to know to start creating and selling your own art on the blockchain.

What is an NFT?

NFT stands for Non-Fungible Token. It’s an alienesque term that I don’t like saying aloud, but you can think of it as a digital certificate of authenticity. In real life – classic works of art, antiques, and other historical items are often sold at auctions with a receipt certifying that they are genuine.

NFTs serve the same purpose but for digital items. They allow GIFs, videos, jpegs, mp3s, and just about any other file format to be certified as one-of-a-kind.

The value of digital currency goes up and down on online exchanges such as Coinbase. Those wild price swings are bad news for people seeking a low-risk investment option.

But there’s good news about digital currencies too: They’re almost impossible to counterfeit.
Bitcoin, for example, relies on a shared public ledger called the blockchain, which uses sophisticated cryptography to ensure that the currency is authentic. A blockchain makes hacking very difficult because every transaction is recorded across a huge, decentralized network of ledgers; attackers would have to control a huge chunk of it to do any damage.

Digital currency hype has steadily risen in the past several years, regardless of its value at any given time.
Tesla recently announced that it will accept bitcoin as payment for a car.

In early March, a tech company bought a piece of art worth $95,000. Then the executives lit it on fire. At the end of the spectacle, which was shared live on the internet, the group unveiled a copy of the art, this time in digital form.
The creation, by elusive British artist Banksy, was called “Morons (White).”

As for the digital format, it’s getting more hype than the painting and the burning put together. It’s a rising type of technology called a non-fungible token, or NFT. Think of an NFT as a unique proof of ownership over something you can’t usually hold in your hand — a piece of digital art, a digital coupon, maybe a video clip. Like the digital art itself, you can’t really hold an NFT in your hand, either — it’s a one-of-a-kind piece of code, stored and protected on a shared public exchange.

Nonetheless, some NFTs are fetching millions of dollars.

Start by clicking the Create button in the top right of the screen on Rarible.

The platform will ask whether to mint your work as a one of a kind piece or as a collection of multiple items. I opted to make “The Banana” a 1 of 1 piece with a price of .012 ETH.

I paid the fees that come with creating a new NFT and my piece went live on the marketplace in just a few seconds.

As a quick plug – Kapwing has a number of tools well suited to helping you create and get more from your existing NFTs. Our free studio editor makes it easy to create videos and GIFs, resize images and videos, make memes, and more.

Step 3: Wait for Bids

After you list your art, anyone can find it and place a bid for your NFT. For some reason, most platforms require creators to check back for bids and will not notify you when one comes in.

When testing our application, we can use dummy ETH to complete the process, which we’ll retrieve from a faucet later.

We’ll create an Ethereum account using MetaMask, a virtual wallet that’s available as a Chrome extension.

Once you’ve installed MetaMask and created an account, open the MetaMask extension in Chrome and select the Ropsten Test Network from the list of networks.

MetaMask will automatically generate a wallet address denominated in ETH. Simply click on Account 1 to copy your wallet address.

Getting ETH from a faucet

Let’s send Ether to our new wallet using the Ropsten Faucet.

Investors, futurists and financial reporters are abuzz, and companies big and small are launching NFTs for profit, publicity, or some of both.

Along with the stunt that the company Injective Protocol pulled with its Banksy, there’s the NBA, which recently launched Top Shot, an online marketplace selling video clips of game highlights. Those clips — think of a classic LeBron James dunk — command varying prices depending on rarity, and they all come in NFT format.

Buyers collect them, and sometimes resell them, for tens of thousands of dollars, much like digital trading cards.

A Los Angeles pizza shop has released an NFT that, for one lucky owner, translates to free pies for life.

We will store the URI on the blockchain when an NFT is minted.

In the root of your application, create a file called nft-metadata.json and add the following information. Remember to change the image value to use the CID that was generated when you uploaded your image to Pinata:

{ “description” : “An image of the Osun River captured on the suspended bridge at the Osogbo Sacred Grove.”, “image” : “https://ipfs.io/ipfs/Qmf1r8igsCAFTFjrQrK7jk6uD6YKVYo5dGu7cvm9TmPhJV”, “photographer” : “Adebola Adeniran” }

Notice that for the image attribute, we have added the IPFS CID from our Pinata dashboard with the prefix https://ipfs.io/ipfs/.

In February 2021, Figma CEO Dylan Fields sold a piece of NFT art for $7.5 million. Similarly, Twitter co-founder Jack Dorsey sold his first tweet on Twitter as an NFT for $2,915,835.47.

An NFT (non-fungible token) is a fascinating new technology that represents ownership of an asset digitally. In this tutorial, we’ll cover some important background information, set up third-party services, and finally code and deploy our very own NFT to the Ropsten Testnet.

Let’s get started!

Background information

Before creating our own NFT, let’s take a look at the technologies and features that make NFTs work.

Fungible vs. non-fungible

Fungibility is essentially the ability to exchange an item for a similar item of the same value. Consider a five-dollar bill. It always equals the same amount anywhere in the world.

Artists can, and do, seek damages if someone uses a copyrighted work without permission, but the process can be time-consuming and expensive.

Enter the NFT, or the NFT token. The basic concept of the non-fungible token: Marry the world of digital assets with the security of cryptocurrency.

It’s a digital asset plus certificate of authenticity plus legal rights all rolled into one. Buying an NFT means purchasing a hacker-resistant, public proof of ownership over a specific digital asset.

Could someone still painstakingly copy that digital asset? Sure.

But they can’t so easily pirate its provenance, and that, theoretically, is what gives an NFT its value.

This isn’t money, but it could cost you

Like bitcoin, non-fungible tokens rely on the decentralized power of blockchain technology to verify their authenticity.

This metaphorical “gas fee” fluctuates every day and in some cases will cost more than the sale price of your work itself. Before choosing a platform to sell your NFTs on, I recommend using the NFT Gas Station tool from the team at Optimist.

The site provides live estimates of gas fees on all major NFT marketplaces and there’s currently no other tool like it.

These frequently ludicrous fees are problematic for the wider adoption of NFT technology and I hope to see them ironed out over time. New funds that cover these fees for first time NFT artists are already emerging and will continue to be essential as the marketplaces explore more ways to reduce gas prices for creators.

There’s so much more to say about NFTs, but we’ll leave it here for now.

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