NFTs are digital tokens with unique artwork or music. NFTs are always registered in a blockchain network, so you can prove that you are the sole owner of a work. With our theme week, which is about cryptocurrencies, we explain what NFTs are. We discuss how you can possibly make, buy and sell them yourself with four practical apps.
What are NFTs?
‘non-fungible tokens’, it is the abbreviation NFT. This means that they are basically a kind of crypto-tokens, but with the important difference that each NFT is unique. It is a digital work of art, whether it is an image or a piece of music assigned to a specific owner and creator. NFTs can take any virtual form, as they could just as easily be a virtual house in the metaverse, as long as it is a unique piece. But to keep things simple, we’re talking about pictures and music here. Because each piece is unique, it has an economic value according to the proponents of NFTs.
But how can a digital piece be unique? Can an image not be copied and then distributed? You can compare it to a traditional work of art. ‘The Milkmaid’ is attributed to the artist Johannes Vermeer and belongs to the Rijksmuseum. If you own a poster of The Milk Maiden, it does not have the same value as the original work, nor does it make you the owner of the painting.
In an NFT, a cryptocurrency is attached to a work of art, and both the owners and creator of the work are registered on the blockchain, usually using Etherium. If someone copies that image, you can use your NFT to prove that you are the rightful owner and that the other person is a copy. In addition, you can also sell NFTs on the basis of a crypto transaction, which also registers that the buyer is now the new owner of the plant.
Benefits and risks
Artists who want to monetize their digital work can use NFTs to easily offer the pieces online to interested buyers. They can set a fixed amount for a work, or they can score it at an auction. In fact, there is also an optional system that allows artists to receive a percentage of the sales amount each time their NFT is resold.
For buyers, assembling NFTs is like having an art collection hanging in their home. In the case of art you buy, you wonder if a work will increase in value in the future, and that’s how it works with NFTs. Because NFTs are still relatively new, the value is very volatile.
As with cryptocurrencies, there is always a chance that your NFTs will be stolen, for example if you use an untrustworthy platform or do not use two-step verification to protect your wallet. Fortunately, just like with crypto, you can also use hardware wallets to protect your works. The popularity of NFTs is driven by many well-known names, including American rapper Snoop Dogg.
The best NFT apps
8bit Painter is an app that makes it available to create your own NFT art. First of all, you choose the size of a canvas and make works of 16 x 16 or 192 x 192 pixels. In this app you can make your own drawings and you can choose from 48 different colors. Or you can also select one of your images and turn it into pixel art.
Afterwards, you can export your work as a PNG, and it is also possible to give it a transparent background if desired. 8bit Painter is a free app, but you have to pay to remove the ads.
8bit Painter is an app that makes it available to create your own NFT art. First and foremost, you choose the size of a canvas and thus make works of 16 x 16 ..
OpenSea: NFT marketplace
Of course, as soon as you have artwork to register as NFT, you will need a platform that you can offer. OpenSea is one of the well known apps for NFTs. You can upload and offer your own work, or you can use the app to buy and sell existing NFTs.
In OpenSea you can always see who owns a work and who created the artwork. Accounts can also be verified in the app, giving them a check mark next to their profile name. You can then bid on works or in some cases you pay a fixed amount in crypto points. In the app you can always see the transaction history of each work and see how often it has changed hands and how the price has evolved.
OpenSea: NFT marketplace
Of course, as soon as you have artwork to register as NFT, you will need a platform that you can offer. OpenSea is one of the well known apps for NFTs. †
When you register a work on a blockchain, you actually enter into a so-called smart contract. This establishes that you are the owner of a work. Many NFT marketplaces make money by charging a fee to enter into such smart contracts. In jargon, this price is sometimes referred to as a ‘gas fee’.
The Curate app works without gas fees. The app also lets you explore a variety of NFTs, and you can buy and sell works like in OpenSea. This app is only slightly simpler in structure and works by default with a reward for the creator of the work when a work is exchanged. Curate is a relatively new app, but it is gaining popularity.
When you register a work on a blockchain, you actually enter into a so-called smart contract. This establishes that you are the owner of a work. All ..
Token.art: NFT Wallet Viewer
And if you have now put together a nice collection of NFTs, then of course you would also like an app that you can present them beautifully with. You can hang art in your home, but you can display your NFTs with Token.art. The app can load different collections from multiple platforms.
There is also a handy filter and sorting system that gives you a good overview. For example, you can view your most valuable copies first. In addition, there is also support for collections of works that belong together. When you collect all the NFTs from a particular series, you can see the completeness of your collection in terms of a percentage.
token.art: NFT Wallet Viewer
And if you have now put together a nice collection of NFTs, then of course you would also like an app that you can present them beautifully with. You can hang art in your home, ..
Do you own a collection of NFTs, or are you considering diving into NFTs? You may even want to turn your artwork into NFTs. And which apps appeal to you the most? Tell us in the comments at the bottom of this article.
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