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Under the crossfire of the media, NFTs or non-fungible tokens have been in the news a lot recently. Some of these 100% virtual objects have shattered sales records, with digital creations valued in tens of millions of dollars. So if you think you have the creativity to Michael Winkelmann aka Beeple or Elon Musk’s flair for good investments, this overview is for you.
NFTs or non-fungible tokens are unique creations
Based on the blockchain, NFTs constitute a technology similar to virtual currencies. However, instead of directly using values such as Bitcoin, you will have to invest in artistic creations. Inspired by pictorial works, this new form of investment is based on smart contracts of the same type as those on the Ethereum platform. Considered safe values, these next gen investments interest various areas in the virtual world, notably games, application development and sports.
However, it would be wise to clarify that NFTs are not strictly speaking cryptocurrencies. These tokens are closer to real money. These are non-fungible tokens, meaning they exist in a single form that is impossible to reproduce. Unlike banknotes, the amount of which remains the same for units distributed on a large scale, NFTs remain unique. Exclusivity and creativity give value to each work of digital art.
These tokens represent crypto-art in all its splendor
Anyone who wants to get into graphic arts can try creating their own NFT. However, you will have to find a platform among the many choices available. The value of the work and its popularity depend on it. We advise you to move towards a cluster that recognizes Ethereum as the only virtual money of reference. Indeed, NFTs are generally exchanged for cryptocurrency before switching to another means of valuation, in this case the US dollar. For good reason, it is also a form of investment.
It’s about crypto art with which you can claim authorship. Thus, an NFT of your creation will be your property. As with cryptocurrency, there is no regulatory body such as the Banque de France. The different players in the field will be able to invent their tokens without requesting authorization from anyone. They also have the right to sell their works at the price they wish. Sometimes, it is the requests from buyers that raise the bids. The principle is the same as collectible cards, with a few nuances.
Prerequisites for creating your digital wallet
All NFTs are exchanged like cryptocurrencies. However, the transaction must go through a recognized platform. Then, we would also need a Metamask type extension. The latter manages the different components of Ethereum. In particular, it allows exchanges between different applications. At the same time, this digital wallet keeps all the tokens purchased with Ethereum.
Installation of this extension is free. On the other hand, you will have to pay a fee to be able to buy NFTs. You can pay for this formality with an Apple Pay debit card. Several other payment methods are also compatible. In any case, attention must be paid to the funds committed. Vigilance is required at each stage of the activity. Using a Metamask password becomes essential. You will also need a key for the digital wallet in addition to optimal computer security.
Platforms to get started
As a leader in the sector, eToro is above all versatile. This platform opens the door to a multitude of markets, including cryptocurrencies and external stock exchanges. It is an online broker that new investors can trust. Every trader is entitled to advice on investment strategies. The aid also covers ways to earn real money through crypto-art, a field still concentrated in the United States, Great Britain and English-speaking countries. The eToro system is compatible with PayPal and Skrill payments.
OpenSea is another internationally renowned platform with a huge catalog of NFTs. It specializes in ERC721, ERC1155, Axies and CryptoKitties assets. The purchase and sale of NFTs on this medium are negotiated at a fixed or decreasing price. Auctions are also organized. In the same style, the Crypto.com site puts creativity in the spotlight. Many artists from the world of music, sport and television shows place their trust in him.
Other providers to visit
The Foundation platform applies its own principle. Each resale of NFT makes him earn 10% of its value. The added value goes to the collector. With AtomicMarket, you benefit from the right to shared liquidation. Explanation: you can sell your NFTs on several marketplaces. On the other hand, the platform’s specialists take care to verify the transactions. They sometimes blacklist questionable token collections.
Enjin Marketplace is a marketplace where individuals can freely trade their blockchain assets. The place is frequented by avid gamers and savvy collectors. This is also the case for Rarible. This community distributes tokens RARI. They are essentially creations unique artistic. Unlike paintings, these NFTs are freely exposed to Internet users who flock to the marketplace. If you need that rare gem, it’s better to go to the SuperRare platform. The creations are single print with protection by cryptography.
Even more choices to make an informed decision
BakerySwap is a marketplace automated based on Binance Smart Chain technology. THE token exchanged on this platform is called Bake. It is a multifunctional hub, which offers various financial services free from banks. Yet another choice, Myth Market is a purchasing center for digital collectible cards. NFT brands such as GPK, GoPepe, Heroes are loyal to it.
Along the same lines, Known Origin also has tokens exclusively exchangeable against Ethereum. Simply send him your creation in .jpg or .gif format and let the magic happen. Coinbase sees itself as a one-stop shop for a wide range of services. The publishers suggest in particular the management of digital assets, investment in NFTs as well as their resale. Ease of use differentiates this provider from others.
No particular skills to get started
The platforms deploy guides so that you can follow the process to create your own NFT and hope to sell it at a good price. Also note that tokens are not limited to graphic arts. Sometimes they can take the form of music, a song, a game or a virtual 3D object. Besides, nothing prevents you from taking inspiration from what you see around you. For example, scanning a physical item can be a start.
Non-fungible tokens are to be delivered in the form of a multimedia file in addition to the usual image formats. In any case, you must prepare for the possibility of selling your creation at a good price. In the meantime, it can stay in your e-wallet. This digital wallet is used at the same time to store Ethereum, then to pay the costs incurred for minting. These are concepts within everyone’s reach. In short, NFTs do not require any particular qualifications.
4 steps to buy and sell
When it comes to NFTs, the steps to follow remain simple:
- Choose your trading platform according to your expectations. Consider OpenSea, Known Origin or SuperRare for better valuation. Choose a service provider opting for Ethereum for secure transactions.
- Configure your Metamask wallet. This extension plugs into Mozilla Firefox or Google Chrome without any hassle. Mobile users will enjoy the same ease on their iOS or Android devices.
- Copy the opening code from your wallet to a secure location. It is also recommended to write it down and put it in a physical safe. This tip will give hackers a hard time.
- Connect your digital wallet by clicking on the corresponding command. Once this step is completed, you can directly purchase NFTs. You will immediately be able to resell them.
Build up a balance available in Ethereum
Relatively stable, Ethereum is the recommended cryptocurrency for investing in NFTs, but other choices are possible. The process for obtaining it remains almost the same for everyone. Start by going to a platform offering tokens. Take OpenSea as an example. Providing clear explanations, it grants Ethereum the status of official cryptocurrency even if it recognizes 150 others. Then there is Coinbase which dedicates functionality to fund integrated wallets.
One tip is to follow MetaMask’s instructions. This extension is precisely used to handle virtual money securely for your Internet transactions. When you have funded your account with Ethereum, it is possible to start buying your first NFTs. Concretely, you will have to browse the catalog of offers of the platform you have chosen. Stop in front of the object or image that intrigues you and make the purchase.
Hold the rights to acquired digital works
The advent of NFTs raises the debate on copyright in digital creation. Rest assured, your tokens enjoy the same protection as master paintings or musical creations. After acquiring a token, you can reproduce it, copy it, transform it and whatever you want to do with it. However, no one will take the risk of damaging a unique work of its kind. Often, creatives file legal filings to receive adequate protection.
As a buyer, you benefit from a clause which gives you authorization to touch it, but also to claim your rights as owner. In other words, a concrete contract should protect you from any illegal copying or use without your consent. In France, the texts on intellectual property provide the legal framework for any work of digital art that has been the subject of an official declaration.
Get started on creation yourself
The NFT is above all an expression of creativity. This is accessible art for which there are no particular rules to respect. This vast area invites you to get your hands dirty, or rather graphics software. You can try to show your talents from any image, video or sound processing application. Creative people from all backgrounds have always been able to publish their work. With non-fungible tokens, they can quickly monetize them. You should consider becoming part of this community.
Thanks to Blockchain and cryptocurrencies, 100% digital works of art are valued by thousands of other people. The system currently in place protects against any attempt to copy or steal images. Codes and keys serve precisely this purpose. As a creative artist, you will be able to reach a royalty fee on resales of your work. Which means that every time the image changes hands, you pocket 8-10% of the transaction in Ethereum. Remember that your earnings change depending on the fluctuation of this cryptocurrency.
Finding the right place to sell
NFT creators have been able to sell their works at a high price in meetings that showcase their talent. Sometimes you have to wait patiently for an exhibition or auction to hope to hit the jackpot. Involving large sums of money, these meetings limit the exchange to two people: a genius creator (or not) and the wealthy art collector. Transactions can also be carried out virtually. Blockchain makes it possible to secure transactions.
Unlike paintings and sculptures where the artist must travel to the opening of the exhibition, NFTs are sold freely online. Which saves you from confronting high society, all-round art connoisseurs and other experts of all kinds. You will overcome the language barrier, but still remember to work on your English. A minimum of vocabulary would be essential to haggle when necessary. Be prepared to brave time differences if you are targeting the Western American or Japanese NFT market.
Prepare for an activity that involves some expense
Anyone can try their hand at creating NFTs. On the other hand, you have to expect expenses to start your new activity. You will be asked for real money to purchase cryptocurrency. Platforms such as OpenSea charge fees for various services. Services such as account opening, collection generation, logo creation require compensation.
From Metamask, you can perform several manipulations. You can download images in different formats, notably with jpg, png, gif, svg compressions. It is also possible to transfer audio content in the form of an mp3 file. The videos can be in mp4. The choices extend to webm, wav, ogg, glb as well as gltf. Whatever you do, the token should be of a reasonable size to be manipulated anywhere. You need a volume of less than 100 Megabytes on the hard drive. A package can even be locked, that is to say reserved for its recipient.
Verify the authenticity of a non-fungible token
The authenticity of NFTs is guaranteed by metadata. Anyone can check the transaction log with a tool like Etherscan.io. This traceability is complementary to the filing of the design with the industrial property offices. Then, the blockchain takes over by ensuring the security of the tokens. Theoretically, tokens are impossible to replicate.
To retrieve information about an NFT, you must
- Use a blockchain explorer to verify metadata.
- Find the location for the hash of the NFT, i.e. where the original is located.
- Check the files to see if the token is authentic.
All these laborious procedures are carried out by professionals who bring authenticity to NFTs, but also to cryptocurrencies.
Avoid getting scammed
To avoid falling prey to scammers, it is better to be accompanied by an NFT specialist. It would be better to grant this role to a broker recommended by other trusted people. The investor who wants to make money from this financial windfall should learn to check the history of the tokens. He must also master the notion of blockchain and virtual wallet. Keywords with 12 letters or more are recommended when you need to create one.
Transparency is a criterion of choice when finding a transaction platform. NFT exchanges will need to be studied with hindsight, preferably with an EtherScan explorer. It is also wise to bet on an Ethereum blockchain. The Metamask tool remains one of the best in the industry because it is equipped to ward off phishing attacks. In any case, advertisements should be taken with a pinch of salt. The same caution is required for sites with dubious hosts.
Persevere and focus on the benefits
If you are interested in purchasing NFTs, know that this gesture allows you to support creativity and art in general. Acquiring tokens helps you become a series owner limited. This is a great start to building your collection of unique works. Images or audio or video files are distributed on a large scale. Borrowing for the publishing of a book or use in a podcast could earn you a certain amount.
It will above all be the resale of an NFT which makes money for collectors. The rarer it is, the better the work will be valued. Its coast can quickly peak at figures that make you dizzy. Beeple’s “The first 5,000 days” worth $69 million. It is a simple collage of several micro-images. In the age of influencers and social networks, scarcity in all its forms is a safe bet. “Just setting up my twttr”, the message from Jack Dorsey, founder of Twitter, was sold for three million dollars.
Understanding the value of intangible assets
In a changing world, NFTs are no exceptions. Some people buy clothes or weapons for their RPG video game character. Others are willing to pay a fortune to create a better existence for themselves in Mark Zuckerberg’s Metaverse. So, wanting to remain the sole owner of an image created in a few minutes on Adobe Photoshop is becoming “almost” commonplace.
Regardless, Ethereum is a safe haven investment after the fall of Bitcoin. Like avatars on social networks, NFTs gain value when they are linked to reality. Like postage stamps on large ships, tokens talking about NBA basketball are selling like hotcakes among fans of this discipline. For the buyer, the image or file can crystallize their pride in being the sole owner of an object that is close to their heart. So much the better if it becomes better rated over time. As with the stock market, there is always room for a little speculation.
Do not make a mistake in estimating a crypto-object
NFTs experience a certain parallelism in form with classic art. The notoriety of the creator gives value to the work. The nature of the image, the time required for its production, its history and various details enter into the equation. Regardless, it is often the artists who decide the price. By printing or materializing his work, he increases its value by at least 10%.
There is no rule for estimating the value of a virtual object. However, rarity is an important positive point. We will have to find some connection with reality. Themes dear to public opinion will attract more attention than phantasmagorical creations. That said, the opposite can also happen. CryptoPunk number 5822 represents a head made of a few hundred pixels, but it’s worth $23 million. In short, there isn’t much logic.
Getting ready to dive into a complex world
There are two types of NFT buyers. Some make this gesture out of passion for creations. Then there are those who view these non-fungible tokens as safe investments. They invest in intangible objects whose value can evolve into millions of euros or plunge into the abyss overnight. However, it must be recognized that this is very recent technology. Despite the general enthusiasm, the structure has not yet shown its limits as Bitcoin did by imploding.
There is another detail to consider. As NFTs rely exclusively on cryptocurrency, it is possible that everything will fall apart in a few days. Furthermore, the fathers of modern computing are not in favor of tokens. Last June, Bill Gate, the former boss of Microsoft himself, expressed his opinion openly, warning Internet users. Regardless, this novelty has made several millionaires. With Ethereum trading at $1,652, it might be a good time to try cryptocurrencies.
Should you invest in cryptocurrency or NFT?
Based on the blockchain, the NFT is inseparable from cryptocurrency. Both are based on the same principles and attract the same investors. However, it should be noted that non-fungible tokens are part of a vast system that relies on virtual currencies. The latter free themselves from banks, but continue to use the dollar or the euro. Simply put, you always have to pay real money to start an activity in binary finances.
It is the nature of any investment to involve some risk. It is up to everyone to set the red line that should not be crossed. Another observation: unlike Internet currencies, NFTs are not just economic values. These objects represent other attractions, particularly for the development of creativity. Especially since images can be used in the real world. With cryptocurrencies, you have to exchange your cryptocurrencies to earn money that you can spend. For NFTs, income also comes in the form of royalties, copyright, sales prices, etc.
A word on the recent NFT volatility
NFT markets are particularly volatile. This is a common characteristic of cryptographic values. The media spoke of collapse some time ago, but the same journalists also speak of sustained enthusiasm among the general public. Unlike cryptocurrencies which are exchanged for thousands of euros (1 Bitcoin is worth €23,000), NFTs are more accessible. With the decline in stock values, new investors are expected to come. In addition, there is a real diversification of offers.
Analysts currently recommend observing the market trend before committing a large sum. A notable decline has been recorded in recent months, but as with cryptocurrencies which plunge and then rise, the slope will recover for NFTs. Finally, it would always be better to find a reliable trading platform and invest funds there for the long term. You only need to consult the historical data on Ethereum to see that this virtual currency mainly makes money for investors who have been loyal to it for several years.
Final advice before you start
The market value of NFTs fluctuates over time. To protect yourself from some volatility, you can diversify your portfolio. Consider options when shopping. Don’t rule out the possibility of signing a futures contract with your broker. This allows you to set the value you wish to impose on yourself for future acquisitions and resales. It’s like a safety net in case the market crashes. Also try to sell your NFTs before your contracts expire.
Options are also possible. These are clauses that give you the right to buy or sell an asset at a price determined in advance. These subtleties have their own purpose. Consider taking action before they expire. Obviously, these systems especially benefit those who invest in the medium and long term. That’s it, you know everything, good luck.
Sorare: Getting the Best Start in Online Card Game
tips for playing Sorare
If you manage to win matches, your cards will be improved and they will gain value. This will allow you to sell them more easily and at a better price than originally. The Sorare game therefore allows you to spend many hours having fun, but also to succeed in making a profit.
It’s a game that will appeal to all fans of collectible card games, but also to fans of management games. You will have to succeed in putting together a good team, but which will prove complete enough to succeed in defeat other players. It will also be possible to exchange cards with other players if you wish.
