Ughh, is the economy these days driving you insane? Well, time to come up with some side income to survive in these depressing times. Non-fungible token or NFT is a cryptocurrency that are linked to digital content (or, physical sometimes), as proof of ownership.
If you're wondering whether NFTs are worth investing in, look up these most successful Malaysians artists in the scene such as Apes R Us, Global Citizen Club, 8sian, and The Tiger Archives.
So, how do you even start in the first place? Here are the basics to help you out.
1. Create an image or a group of images
It could be a meme, GIF, painting or any type of digital assets. Make sure you own the intellectual property rights to the assets.
2. Select your marketplace
Research the different features and price listings on various marketplaces such as MIntable, Rarible, and OpenSea.
3. Set up your NFT wallet
You can choose from a number of popular crypto wallets such as Metamask, Fortmatic, Coinbase Wallet, or WalletConnect, and more.
4. Prepare Mint NFTs
Now, you'll need to convert your digital artwork into a NFT to be sold. You will find the instructions on the NFT marketplace to aid you with the process.
5. Acquire ETH to list NFTs
Here's where a little investment is needed! You will have to provide an upfront deposit to list your NFT on the markets. The payment will be in the form of bitcoin.
6. Set up your sale process
You will need to establish your sales process. If you're hosting an auction, establish a minimum bid price. Plus, you'll need to structure your royalties to get payments in perpetuity. Make sure to establish the duration of the timed auction if needed. And, all you need to do now is just wait for bids.
See, it's not really rocket science, right? Anyone can start on NFT, including you. All the best!