Unless you have been living under a rock, you must have been hearing about NFTs and the insane astronomic price people bid for these digital collectibles.
But what really are these NFTs?
NFTs are shorts for Non Fungible Tokens. To better understand and appreciate NFTs, we must first understand what FTs are (Fungible Tokens).
Imagine, I lent you a 10$ banknote and after 3 days you repaid me, I don’t really care if it's the same money as long as the value holds 10$, I will accept it. This is precisely what Fungible Tokens are, they are Interchangeable amongst each other. Ethereum Blockchain is common for implementing these FTs and NFTs and the standard for implementing FTs is called ERC20. Now, With NFTs, not all tokens are the same which means they are not interchangeable with each other even though they may appear identical, the attributes and unique information attached to the NFTs are what distinguishes them, The standard for implementing NFTs on the Ethereum Blockchain is called ERC721 and also ERC1155. I will link some articles in the reference section below to further your knowledge on NFTs.
What is The Usefulness of NFTs & Why are Celebrities selling NFTs?
Celebs like Gary Vee, Logan Paul, Elon Musk, and many more prominent people are going crazy for NFTs because it sells for huge money and their digital signatures are on it, lol.
Well, that’s not entirely true, NFTs give freedom to creative minds in industries like Music, Sports, Art to sell their goods or services directly to their consumers without the need for any third-party agencies. I will also link some articles about NFT sales that have been made by some celebrities in the reference section
So how can you be a part of this NFT revolution?
So you are a designer or you work in any creative industry, or you need a tool that can just help you create an NFT. Itering Tech team has got you covered. A little history about Itering Tech, They are the parent company of Darwinia Network, which is a decentralized cross-chain bridge network building on Substrate, it positions itself as the “Golden Gate Bridge” of the cross-chain ecology. It provides the safest general bridge solution, connecting Polkadot, Ethereum, TRON, and other heterogeneous chains by cross-chain assets transfer. Also, its main application areas include Defi, cross-chain NFT trading market, games, etc. Itering Tech is also the developer of the NFT Shifter tool that is used to create NFTs without any coding by the users.
How to create and deploy your own NFTs
First, log on to nft.itering.com
Click on Create NFT
You would be taken to the login page where you will be asked to login via Metamask ( If you don’t have Metamask setup already, I will drop a link on how to in the Miscellaneous section below )
Input your Metamask password and click UNLOCK
You would be taken to the description page below, this is where you will describe how you want your NFTs to be
“Owner” can be the same address as a connected address, this means you are minting the NFT to your address upon creation
“Name” is the title of your NFT, it depends on your choice
“Type” can be left as Unknown for a start, but there is also an option of Darwinia NFT — Customized Service
“Manufacturers” should be left as the default
“Description” requires you to describe what your NFT is about, this may include its use-case or whatever you have decided
On the right side, you can upload an image for your NFT.
When you are done, click NEXT
The next page is the Sign & Pay page, using the NFT shifter tool is free but to deploy your NFT on the Ethereum Blockchain, you will need to pay gas fees in Ethereum for miners to process your transaction, click CONFIRM to proceed
Metamask should popup stating the fees for your transaction,
click CONFIRM, then boom, you just created your first NFT, yay!!
So what to do with your NFT?
In my opinion, NFTs are currently in a bubble and the bubble will pop at some point, many of the NFTs that sells for an insane price now may end up going to zero, If your NFT offers amazing perks to whoever buys it or even if it's a beautiful work of art, it should be able to stand the test of time as it becomes popular, You can auction your NFT on OpenSea ( an NFT market for Ethereum based NFTs )
Relationship between Darwinia Network and NFTs
Remember we only discussed that these NFTs are deployed mostly on Ethereum Blockchain, this does not necessarily mean NFTs are only limited to Ethereum Blockchain. Other Blockchains like Flow, Kusama, Tron, Binance Smart Chain (Bsc) also support NFT creations. Darwinia Network acts as the bridge to transfer these NFTs from one Blockchain to another, for example, your newly deployed ERC721 NFT can be sent over to BSc Network via Darwinia Bridge.