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2022/03/21阅读:30主题:默认主题

How to create & sell NFT

How to create & sell NFT

Host: Bruski

Contents

Key Insights

What is NFT?

Docs from Ethereum Org

A NFT (Non-fungible token) is a non-interchangeable unit of data stored on the blockchain that can be associated with any digital file, sold and traded.

  • Non-fungible is an economic term which describes the feature that one item with unique properties can not be exchange directly by other items.

  • Token means a representation of something on the blockchain.

In the context of Ethereum, a NFT is a representation of something unique as the Ethereum asset.

From the perspective of programming, a NFT is an ID that generated and managed by its smart contract (token contract). It can be proved its ownership and transfered by its smart contract. The ID is associated with a JSON schema through a URI that describes what it represents.

Interesting NFT projects

How can we join this game?

  • Be a participant: Buy NFT and change hands.
  • Be a creator: Create and Sell NFT

What can be made to NFT

Anything that has unique properties.

  • Digital artworks
    • Collections
    • Music
    • Videos
  • Entities
    • Car keys for smart car
    • Tickets for show
    • Signatures

Who can create NFT

Initially, only programmers who know how to write smart contracts.

However, with the rise of NFT marketplaces, everyone can be the creator in a super easy way.

How to sell NFT

Point to point

NFTs do not need any agent to sell and transfer. Actually after the buyer and seller made a deal (even the seller sold it for free), the NFT can be directly transfered to the buyer by the smart contract.

Through the marketplaces

Popular marketplaces:

Owned by companies:

Owned by communities:

Links

What does "create a NFT" actually mean?

In the term of blockchain, it is called "Minting".

In simple terms, Minting NFT refers to the process of turning a digital file into a crypto collectible or digital asset on the Ethereum blockchain. details

When a manufacturer mints a physical coin, the process of uploading a specific item onto the blockchain is known as “minting”.

Standards of Smart Contracts For Creating NFTs in Ethereum are ERC 1155 Standard and ERC 721 Standard.

Example of smart contract of NFTs that implemented the ERC721 interface

Through the above codes, we can learn the fact of how a NFT is created by the smart contract:

generate new Id -> mint the ownership of the new id on the blockchain -> set URI with the id that describes what it is by a JSON schema -> return the new id

relevant links:

What does "sold a NFT" actually mean?

Two steps:

  1. Make a successful deal, no matter on a marketplace or by point to point.
  2. Send your tokens to other user's wallet address.
    • Call a method on a smart contract that someone wrote and deployed. Let it transfers the tokens you own to others' wallet address.
    • Publish the transaction onto the blockchain.

What does "has a NFT" actually mean?

Someone "has tokens" when their balance in the token contract is non-zero.

These balances could be considered money, experience points in a game, deeds of ownership, or voting rights, and each of these tokens would be stored in different token contracts.

When dealing with non-fungibles (like your house) you care about which ones you have, while in fungible assets (like your bank account statement) what matters is how much you have.

When it comes to the copyright, owning a NFT DOES NOT mean you can:

  • Obtain exclusive access to the digital assets
  • Obtain exclusive access to the original digital files

Relevant links:

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