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    NFT Guide

    Uploaded by

    Rohan Kulshreshtha
    NFTs are unique digital assets that represent ownership of virtual items like art, music, videos, and more. Their ownership is recorded on the blockchain, providing transparency. The NFT market has exploded recently due to a $69 million digital artwork sale. To participate, users must register cryptocurrency wallets like MetaMask, link them to exchanges like Wazirx, and marketplaces like OpenSea to buy, sell, and trade NFTs. Artists can then mint their creations as NFTs on these platforms, set prices, and promote their work. Sales proceeds from buyers are transferred to the artist's wallet and exchanged for fiat currency deposited in their bank account.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    NFT Guide

    Uploaded by

    Rohan Kulshreshtha
    59 views4 pages
    NFTs are unique digital assets that represent ownership of virtual items like art, music, videos, and more. Their ownership is recorded on the blockchain, providing transparency. The NFT market has exploded recently due to a $69 million digital artwork sale. To participate, users must register cryptocurrency wallets like MetaMask, link them to exchanges like Wazirx, and marketplaces like OpenSea to buy, sell, and trade NFTs. Artists can then mint their creations as NFTs on these platforms, set prices, and promote their work. Sales proceeds from buyers are transferred to the artist's wallet and exchanged for fiat currency deposited in their bank account.

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    NFT_guide

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    NFTs are unique digital assets that represent ownership of virtual items like art, music, videos, and more. Their ownership is recorded on the blockchain, providing transparency. The NFT market has exploded recently due to a $69 million digital artwork sale. To participate, users must register cryptocurrency wallets like MetaMask, link them to exchanges like Wazirx, and marketplaces like OpenSea to buy, sell, and trade NFTs. Artists can then mint their creations as NFTs on these platforms, set prices, and promote their work. Sales proceeds from buyers are transferred to the artist's wallet and exchanged for fiat currency deposited in their bank account.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    59 views4 pages

    NFT Guide

    Uploaded by

    Rohan Kulshreshtha
    NFTs are unique digital assets that represent ownership of virtual items like art, music, videos, and more. Their ownership is recorded on the blockchain, providing transparency. The NFT market has exploded recently due to a $69 million digital artwork sale. To participate, users must register cryptocurrency wallets like MetaMask, link them to exchanges like Wazirx, and marketplaces like OpenSea to buy, sell, and trade NFTs. Artists can then mint their creations as NFTs on these platforms, set prices, and promote their work. Sales proceeds from buyers are transferred to the artist's wallet and exchanged for fiat currency deposited in their bank account.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    NON-FUNGIBLE TOKENS (NFT)

    1. INTRODUCTION
    1. WHAT ARE NFTS?
    A. SIMPLY PUT, AN NFT IS A DIGITAL ASSET THAT CONTAINS A PIECE OF CODE THAT IDENTIFIES IT AS UNIQUE.
    B. AN NFT CAN BE ANY PIECE OF DIGITAL CONTENT- ART, MUSIC, PHOTOGRAPHS, VIDEOS, VIRTUAL LAND, APPS, HOLOGRAMS ETC.
    C. ITS OWNERSHIP CAN BE TRACED USING THE BLOCKCHAIN, WITH COMPLETE TRANSACTION AND TRADING TRANSPARENCY ALONG THE LINE.

    2. WHY ARE THEY RELEVANT TODAY?


    A. THE MARKET HAS BEEN BUILDING STEADILY SINCE 2017, BUT EXPLODED RECENTLY.
    B. MAINLY BECAUSE A SINGLE DIGITAL ARTWORK SOLD FOR THE THIRD HIGHEST PRICE OF ANY ARTWORK IN HISTORY, AT $69 MILLION.
    C. ALSO BECAUSE THEY ARE REDEFINING THE ART MARKET.

    3. WHO ARE THE USERS?


    A. THE NFT MARKETPLACE IS DEFINED BY ARTISTS AND COLLECTORS.
    B. THERE ARE ALSO NFT MARKETPLACES AND EXCHANGES.
    C. INSTITUTIONS AND GALLERIES, AS WELL AS MAJOR AUCTION HOUSES ARE GETTING INTO THE GAME.
    D. THERE IS ACTION AT THE GOVERNMENT LEVEL AS WELL. INDIA IS CONTEMPLATING BANNING CRYPTOCURRENCIES, BUT NFTS MAY BE EXEMPT.

    4. WHAT’S THE VALUE PROPOSITION?


    A. NFTS PROVIDE ARTISTS A NEW PLATFORM FOR SELLING THEIR WORK INDIVIDUALLY.
    B. THEY PROVIDE ARTISTS, GALLERIES AND INSTITUTIONS A HIGHLY SECURE FORM OF PROVENANCE.
    C. IT CREATES A DIRECT SOCIAL LINK BETWEEN CREATORS AND COLLECTORS.
    D. ARTISTS ALSO BECOME SELLERS AND INFLUENCERS.
    SETTING UP NFT ACCOUNTS

    2. SETUP
    1. REGISTER WITH A CRYPTOCURRENCY EXCHANGE
    A. WAZIRX IS RECOMMENDED FOR INDIAN USERS.
    B. SIGN UP AND CREATE ACCOUNT USING NAME, EMAIL AND PHONE NUMBER.
    C. LINK BANK ACCOUNT FOR DEPOSITS/WITHDRAWALS

    2. REGISTER AND SET UP A CRYPTO WALLET


    A. METAMASK IS RECOMMENDED.
    B. SIGN UP AND CREATE ACCOUNT.
    C. OTHER WALLETS CAN BE USED, BUT THEY MUST BE COMPATIBLE WITH ETHEREUM.

    3. DOWNLOAD AND SET UP APPS AND EXTENSIONS


    A. A BROWSER EXTENSION IS NEEDED FOR YOUR WALLET, TO SIGN INTO DIFFERENT NFT AND CRYPTO WEBSITES.
    B. MOBILE APPS CAN BE DOWNLOADED AS WELL, FOR BOTH WAZIRX AND METAMASK

    4. FIND A GOOD NFT MARKETPLACE ONLINE


    A. OPEN MARKETPLACES INCLUDE RARIBLE, OPENSEA, MINTABLE, ZORA AND VALUABLES
    B. INVITE-ONLY INCLUDE FOUNDATION, SUPERRARE AND NIFTY GATEWAY. THESE ALL HAVE BETTER CURATED CONTENT SELLING AT HIGHER PRICES.

    5. REGISTER WITH MARKETPLACE AND LINK YOUR WALLET


    A. SET UP YOUR USER ACCOUNT ACROSS MULTIPLE MARKETPLACES. (EACH OF THE SITES ABOVE HAVE REGISTRATION LINKS)
    B. LINK YOUR WALLET AND SIGN INTO THE SITE WITH IT.
    - THIS IS MOSTLY AUTOMATIC, PART OF THE SIGNUP PROCESS.
    - YOUR WALLET AND EXCHANGE NEED TO BE SET UP IN ORDER TO DO THIS.
    C. SOME SITES LIKE RARIBLE AND OPENSEA REQUIRE ADDITIONAL VERIFICATION, IT IS A RECOMMENDED STEP FOR CREDIBILITY AND VISIBILITY.

    IMPORTANT: ALL THESE STEPS ABOVE NEED TO HAPPEN BEFORE YOU CAN MINT AND SELL NFTS.
    SELLING NFT ART

    3. POSTING ARTWORK
    1. MINT YOUR ARTWORK
    A. UPLOAD IMAGE, VIDEO, MUSIC, COLLECTIBLE OR ANY OTHER DIGITAL CONTENT THAT BELONGS TO YOU.
    B. TITLE, DESCRIPTION AND OTHER INFORMATION NEED TO BE ADDED AS WELL.
    C. YOU CAN ALSO SET UP PARAMETERS SUCH AS ROYALTIES, EXCLUSIVE CONTENT FOR BUYER, BATCH MINTING, OTHER PROPERTIES ETC.
    D. DIFFERENT SITES HAVE DIFFERENT WAYS OF DOING THIS. HERE’S EXAMPLES FROM OPENSEA, RARIBLE AND MINTABLE.

    2. LIST IT ON THE MARKETPLACE


    A. CREATE A COLLECTION OR A STORE. YOU CAN CREATE MULTIPLE STORES/COLLECTIONS FOR DIFFERENT TYPES OF ART.
    B. YOU CAN ALSO UPLOAD EACH ARTWORK INDIVIDUALLY ON SOME SITES.
    C. ALL ARTWORKS ARE LINKED TO THE WEBSITE AND YOUR WALLET.
    D. THE SAME ARTWORK CAN ALSO BE SHARED ACROSS MARKETPLACES IF LINKED TO YOUR WALLET.
    E. CARE MUST BE TAKEN TO AVOID DUPLICATION (SAME ARTWORK ACROSS MULTIPLE MARKETPLACES) AND PLAGIARISM.

    3. PUT YOUR MINTED ARTWORK UP FOR SALE


    A. ALL WEBSITES OFFER THE OPTION TO PUT ARTWORK UP FOR SALE. USUALLY THERE’S A ‘SELL’ BUTTON ONCE ART IS MINTED.
    B. THE MOST COMMON OPTION IS SIMPLY TO ASSIGN A PRICE TO THE ARTWORK AND PUT IT UP FOR SALE.
    C. YOU CAN PLACE A TIME LIMIT FOR THE SALE, SELL IT DIRECTLY OR SET IT TO SELL AUTOMATICALLY ONCE A SPECIFIC PRICE HAS BEEN MET.
    D. PAY GAS TRANSACTION FEES. THESE ARE FEES FOR LINKING THE ART TO THE BLOCKCHAIN.

    4. PUT YOUR ARTWORK UP FOR AUCTION


    A. SOME WEBSITES OFFER AUCTION FACILITES WHERE YOU CAN PUT THE ARTWORK FOR SALE TO THE HIGHEST BIDDER.
    B. SET A TIME (LIMITED/UNLIMITED), MAX/MIN SALE PRICE AND RESERVE PRICE (FOR AUCTIONS.)
    C. PAY GAS TRANSACTION FEES. CURRENTLY, MINTABLE IS THE ONLY SITE WHERE YOU CAN PUT UP ARTWORK FOR AUCTION FOR FREE.

    5. GET THE WORD OUT!


    A. ACROSS ALL SOCIAL MEDIA CHANNELS INCLUDING REDDIT, DISCORD, LINKEDIN, FACEBOOK, INSTAGRAM, TWITTER ETC.
    B. FOLLOW COLLECTORS AS WELL AS ARTISTS, POST FREQUENTLY ON ALL CHANNELS.
    C. GET A FOLLOWING WHO WILL UPVOTE YOUR ARTWORK AND KEEP IT VISIBLE.
    MANAGING FUNDS

    4. SELLING ARTWORK
    1. SALE
    A. BUYER CAN PURCHASE IT DIRECTLY FROM THE MARKETPLACE LINK.
    B. ONCE HE CLICKS AND YOU APPROVE, THE ITEM IS AVAILABLE TO HIM.
    C. ETHEREUM WILL BE TRANSFERRED DIRECTLY TO YOUR WALLET.

    2. TRANSFER MONEY FROM WALLET


    A. YOU CAN SEND MONEY TO YOUR EXCHANGE ACCOUNT FROM YOUR WALLET.
    B. THERE ARE GAS FEES TO BE PAID FOR THIS TRANSACTION AS WELL.

    3. SEND THE PAYMENT TO YOUR BANK ACCOUNT


    A. ONCE THE MONEY IS IN YOUR EXCHANGE ACCOUNT, YOU CAN DEPOSIT IT INTO YOUR BANK ACCOUNT.
    B. YOU WILL NEED TO PAY TRANSACTION FEES, SO BETTER TO DO THIS IN ONE SHOT.

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