One of the most talked-about topics today in the world of cryptocurrency is non-fungible tokens. NFTs have been gaining in popularity as the crypto community has been fascinated by Decentralized finance (DeFi), with applications spanning from digital artworks to gaming and finance. NFTs have risen in popularity among some art collectors and investors. Millions of dollars have been spent on digital artworks, prompting some investors to purchase NFTs to become wealthy quickly. The market for NFTs generated more than $10 billion in transaction volume in the third quarter of 2021.
NFT is a digital certificate based on a blockchain that represents ownership of a single digital asset. Every time the NFT changes hands on the market, the new owner and the price paid are instantly recorded on the Ethereum blockchain, a public digital archive of transactions. With these certificates of authenticity publicly available, NFTs can ensure the origin of any asset they link to.
After the digital artist, Beeple sold his digital image collage “Everydays: The First 5000 Days” for $69.3 million at an auction at the traditional auction house Christie’s, the study and application of crypto-collectibles gained widespread attention. Beeple became the third living artist, behind Jeff Koons and David Hockney, as a result of this transaction.
The NFT technology allows it to be feasible to sell digital artworks in the form of digital tokens, whereby digital collectors can bid on auctions and pay in cryptocurrency, thereby opening up an entirely new digital world for content providers and digital artists looking to monetize their work. In essence, any digital artwork can be acquired as an NFT. Thus, digital artists can monetize their work by minting digital assets, including artworks, music, essays, or videos as NFTs.
In crypto terms, minting is the process of affixing a blockchain-specific code to your digital artwork to prevent it from being stolen. The Ethereum blockchain is an immutable and tamper-proof public ledger, and minting an NFT is how your digital artwork becomes a part of it. NFTs are tokens that are “minted” upon their creation, much like metal coins are minted and circulated. During the minting process, the creator of the NFT can schedule royalties from subsequent sales, which will be a fee he will receive if his work is sold or traded on the secondary market.
The interest in minting NFT has been growing day by day. The search for the cheapest or most economical way to mint NFTs comes from the fact of getting considerable returns from creating an NFT art. Artists can convert their digital arts to an NFT and mint it on several well-known NFT exchanges like as OpenSea, Binance, Mintable, Rarible, and Mintbas.
Khan (2022) provides the step-by-step procedures for converting your artwork to NFT and earning money from it. These include (1) designing an artwork; (2) going to one of the NFT exchanges such as OpenSea; (3) creating the account and filling in the required information; (4) connecting the Metamask wallet or any other wallet to the NFT site (5) uploading the artwork and making it into NFT (6) entering a minimum amount for sale in Ethereum; and (7) entering duration (in days) for the bidding.
Coinswap Space, as an active player in the Defi ecosystem, acknowledges the exciting future of NFT arts. As a result, the platform has a defined roadmap for NFT art-related activities such as character creation, actual NFT gallery space, and NFT rental and exhibit.
