By: Danielle Gazda
Let’s start with what an NFT is.
NFT stands for non-fungible token. This “token” is the general and commonly used term for a piece of digital art that has been authenticated and minted. The most familiar forms are 2D and 3D digital art, but it can also be music, photography, videos, Tweets, memes, and more. Any type of digital media is viable.
How can you own something intangible and replicable?
Think about NFTs like they’re expensive, physical art. If you own an original painting by Monet then you have the genuine, one-of-a-kind piece; however, that doesn’t stop museums and online stores from selling prints of the exact same piece. It can exist outside of its original form.
NFTs are essentially the same thing. The concept was initially created as a way for digital artists to authenticate their original pieces and be able to sell it like physical art with ownership. The sites where you buy NFTs function the same way that auction houses or eBay does, where people bid on the items they are interested in.
Creating and selling NFTs.
There are many places across the internet where you can find out the specifics of creating, minting, and selling NFTs, but there are some key things you should know. Minting, for instance, is the process of changing a regular file of digital media into an NFT. This is done on a registry website that uses blockchain.
A blockchain is a decentralized software network where no single computer controls the network, instead they work in tandem and separately to store files securely, keep records, and act as a payment ledger. A commonly used site is Ethereum, which is also one of the biggest names in cryptocurrency. Cryptocurrency is important because that is the only payment method available to create and purchase NFTs.
To purchase and use cryptocurrency (crypto) you need a digital wallet. Setting up a digital wallet and buying crypto happen in separate places. Common wallet types are MetaMask, Exodus, Trezor T, and Ledger. Common sites to buy crypto are Coinbase, Binance.US, Gemini, and more. There may seem like a lot to learn, but once you’re set up, it gets easier.
From here, you can buy and sell NFTs at your leisure.
Why should your company make NFTs?
NFTs are popular, trendy, and worth a lot of money in most cases.
Creating an NFT based on your company logo, a product, or concept can be a new way to get your brand visibility for more and new people to see. It also establishes that your company is tech-savvy and future forward.
Making digital art is free, but changing it into an NFT can be expensive. There are fees involved, but the payout can be significant since most NFTs go for thousands, hundred thousands, and even millions of dollars. This may not happen right away, but making an NFT may still be a fun and advantageous avenue to explore.
If your company has a strong brand identity then it may be worth pursuing. Remember to be creative with the digital media you make, see what’s out there, and what you can contribute to this new digital art world.