Non-Fungible Token (NFT) has recently become one of the most sought after digital assets by investors.
NFT is increasingly popular with the birth of NFT Cryptopunks and a game called Crypto Kitties. In addition, the contribution of digital artists also helped make NFT increasingly famous.
In the midst of the growing NFT hype nowadays, you can actually learn how to create NFT on OpenSea—the world’s largest NFT marketplace—which is unique and very easy to do.
Are you curious? Let’s find out in the review below!
What is NFT and Why is NFT sought after?
NNon-Fungible Token (NFT) is a unique and valuable digital asset. These assets represent objects in the real world. NFT ownership can also be verified via blockchain.
Quoting a book titled NFT & Metaverse: Blockchain, Virtual World, & Regulation, NFT can be defined as a digital asset on a blockchain network that has a unique identification code and metadata and is different from one another.
Non-Fungible Token (NFT) can be in the form of artwork, music, or also items in games and videos. In simple terms, NFT can be referred to as a token effort to change a digital work of art / other types of collectibles to be authentic.
Can NFT be cashed In?
Yes you can! NFT can be cashed in because there is an NFT marketplaces that allows buying and selling NFT, one of which is OpenSea.
On the platform, NFT artists can sell their digital artwork using the digital wallet provided in the platform.
After successfully selling the NFT, these artists will receive crypto currency into their e-wallet account.
Furthermore, they can withdraw the money from the sale, and transfer to their personal bank account so they can get the profit.
How to Sell NFT?
You can sell NFT on OpenSea, guidelines are as followed:
- Open the “My Collection” menu by clicking the profile photo icon on the top right.
- Next, select the NFT you want to sell then click “sell”.
- Then you can choose the sales scheme you want to use. If you want to sell directly then just click “fixed price”. However, if you want to use an auction scheme click “time auction”.
- Next, input or enter the NFT price with the desired Ethereum crypto asset.
- Here, you can also set the duration of the NFT sale by clicking the “duration” column.
- Then click “complete listing”.
- OpenSea will later create a MetaMask extension to confirm your NFT sales registration.
- Done!
What Makes Non-Fungible Token (NFT) Expensive?
Why is the price of Non-Fungible Token (NFT) so high? Basically, this happens because NFT is a kind of copyright certificate that can guarantee the authenticity of a work of art.
It can be interpreted that the price of NFT in the market today is purely based on an agreement between the seller and the buyer. The value is not determined by a third party, as is the case in conventional trading systems.
In the end, the factor that inflated the price of NFT was due to the close relationship between the buyer and the NFT creator. Therefore, the NFT value is very dynamic because people can determine their own NFT price.
On the other hand, prospective buyers are also free to make offers as they wish to buy the NFT they want.
Does Non-Fungible Token (NFT) halal?
Basically, NFT is halal because according to Shari’a (Islamic Law), all muamalah things are originally allowed, unless there is an argument that forbids it.
NFT itself falls under the muamalah transaction and does not contain elements of gharar (fraud) or maisir(gambling) so it is allowed.
However, referring to the results of the Ijtima Ulama Forum held by the Indonesian Ulema Council (MUI), which has officially declared that the use of crypto as a payment method is haram, NFT buying and selling transactions themselves are still considered haram because they are paid using crypto currency.
NFT Characteristics
Below are several main characteristics of NFT that distinguish it from other digital assets:
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Unique
NFT is unique because there are no similar digital assets in it. So, every NFT token is proven to be one of a kind. Its uniqueness can also be recorded on the blockchain network.
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Traceable
NFT is traceable. On the blockchain network, you can see the origins of ownership, source and movement of NFTs. Thus, NFT can be considered transparent, in addition to being trackable in real time.
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Can’t be falsified
Furthermore, NFT also cannot be imitated (replicated). It’s because each token is backed by an immutable digital ledger and a decentralized network. Thus, authenticity of NFT tokens can be maintained.
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Adaptable
NFT is also easy to adapt. This means that this digital asset is easy to merge with the digital ecosystem in the metaverse world that supports its use and application.
How to Make Unique NFT
You don’t need special skills or knowledge if you want to create a unique NFT in the crypto world. You can easily create a unique NFT of your own.
Well, you can easily make a unique NFT by applying the following steps.
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Determine the item to be turned to NFT
First of all, you have to determine or choose a unique work that can be turned into NFT. That asset can be a work of art that you have made, for example, pieces of video, photos, video games, music, as well as a collection of memes, GIFs, or even tweets!
However, before converting the digital asset into an NFT, make sure that you already have the intellectual property rights to the items so that you can secure their legality.
If you don’t have assets that can be used as NFT, you can also start by making your own NFT art.
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Determine the blockchain of your choice
Blockchain and Non-Fungible Token (NFT) are inseparable. Blockchain itself is a digital data storage system that underlies the development of crypto assets to date.
Well, usually, to create an NFT, the artists will use Ethereum as the blockchain system, because Ethereum is claimed to have a relatively stable price and is also supported by the NFT marketplace.
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Choose your favorite crypto wallet
Keep in mind, you also have to start having a crypto wallet when you want to create an NFT, because the purchase of NFT assets must use crypto assets.
Later, all your crypto transactions can only go in and out of the same crypto wallet. Well, after that, then you can change it into the desired currency.
Types of crypto wallets that can be used for NFT transactions among others, Alpha Wallet, Math Wallet, Coinbase Wallet, Trust Wallet, and also Metamask.
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Determine the best NFT marketplace
If you already have crypto assets and a wallet, then you can then choose the best marketplace to sell your NFT. One of the best NFT marketplaces that you can choose from is OpenSea.
This platform was specifically established as a platform to sell NFT digital assets. In it, you will find a variety of NFT products that can be traded by crypto investors. So, it’s kind of like e-commerce, but the product is NFT, right!
How to Make NFT in OpenSea?
Before getting into how to create NFT on OpenSea, you should first register in this marketplace. Follow the steps below:
- You can first enter the opensea.io page via a browser, either with a cellphone (HP) or a PC. Then, register your OpenSea account by clicking on the wallet icon or profile photo icon. Next, select “connect wallet”.
- The next step, select the digital wallet option that you will use, for example MetaMask.
- Continue by opening the MetaMask extension that was already installed in the browser and then clicking the puzzle icon located next to the search field.
- Then, click “connect wallet”. The MetaMask digital wallet will be automatically connected.
- Next, select the “account” menu and then select “profile” to set up a profile on the platform.
- Next, input or enter your username, email, and other required data and don’t forget to click “save”. Later, OpenSea will send a message to the email that you registered earlier. Then, verify via email and your OpenSea account will automatically be ready to use.
Below are steps on how to create NFT in OpenSea that you need to know:
- You can open the OpenSea start page, followed by clicking “create” and entering the file that will be used as an NFT (can be images, photos, videos, or others).
- Enter the NFT name and a number of other important settings, for example content sensitive settings and usable blockchain settings.
- If it’s finished, continue by clicking “create” which is located at the bottom.
- Done! Your NFT can be sold.
That’s the information and guide on how to create a unique NFT in OpenSea which is easy to do. Stay tuned for other latest reviews about the world of digital assets only at Indodax Academy.
