What the Hell is an NFT?
Let’s start with the basics. What is an NFT?
An NFT stands for “Non-Fungible Token” and recently has been heavily hyped.
With the rise of blockchain, crypto-currency, and Web 3.0, NFT’s have become the latest “tool” in the toolkit of what we should expect for the future.
An NFT can be described as a unique cryptographic token. It’s different from cryptocurrency in that it has its own unique value which you cannot simply trade with someone else and maintain value.
Say I had £5 and swapped it with a passerby who also had £5. At the end of the day, neither of us gain or lose anything because the value of the banknote was the same; it was not unique. However say I had a legendary baseball card and I swap that with another baseball card, we cannot maintain the same net worth after that trade due to the difference in value.
The value for the £5 note was already decided by the bank however the value of the baseball card is unique and is decided by whoever owns it for sells it.
So essentially an NFT is a digital collectible that you can sell online with cryptocurrency.
Here is a decent guide if you want to know a few more details
So how exactly did I begin my (very short) journey of making an NFT and putting it up for sale? That’s right. I first made the digital token
Designing the NFT
Well, I began by making the NFT in Paint because I have very few digital art skills. However, this gave me the idea to make a slightly interesting token.
As a kid, whenever you opened paint you would most likely scribble about on it and fill in some cools colors all over the place. So I decided to go with the idea of a memory token about the amusing behavior of youth and how we look back at it in sadness. Almost like an abstract meme
Here’s how It turned out:
The name of the token is “Childhood Paint”
Apologies if you are deeply offended by the brute laziness of the NFT. I wanted to explore how easy it is for someone to sell NFT’s rather than really make one lol.
But nowhere comes the question. How do I sell it?
How on earth do I sell the mockery of a token?
The main option that most people would go for is to sell the NFT on opensea.io. It is currently the largest NFT selling website out there which contains thousands of fantastic designs. However, The issue I encountered was that the first time you make an account and choose to sell an item, you need to pay a “gas fee”.
Now apparently in the world of ETH (ethereum coin which opensea.io uses), a gas fee is the price you need to pay for the energy required to complete an action. Almost like paying for a taxi to get information from one place to another.
When I tried to sell my item, the gas fee for me was 0.107 ETH. That is roughly £131. ONE HUNDRED AND THIRTY ONE POUNDS.
Quite frankly ridiculous
When I went on the chart to see how ETH price has changed over the last few months I was shocked to see it hit up to $709
Bear in mind this is just to get your account up and rolling into selling NFT’s
So I did what any sane person would do and gently nope it out of that situation
My next step was to consult Reddit on how I can sell my NFT completely free of cost and a very kind user told me to try mintable.app instead.
So that’s what I did. Made an account in under 20 seconds and used the chrome extension ETH wallet to connect to the site as I did with opensea.io
Within another 4 minutes, I got my NFT up and running on here
To be honest, I’m not sure how mintable.app does not require a gas fee and opensea.io does however all that matters is i’ve successfully put a crypto NFT up for sale for anyone to go ahead and buy
Since there were a few selling options, I decided to go with an auction and bid.
The auction starts at $5 but to buy it instantly, it costs $15.
If you feel like buying an NFT to get into the world of decentralized web and blockchain, feel free to buy mine 😉
Anyway, that’s all for today. Stay tuned for my next post tomorrow.
If you’re interested, check out what else I’m up to on linktr.ee/HassanPortal