We have investigated NFTs as an emerging phenomenon and evaluated NFTs as a core building block for a blockchain-based event ticketing system.
In this article, we are going to tell you What is NFT artworks, HOW TO CREATE NFT ARTWORK, and How to sell NFt Arts at a shocking price.
We found that NFTs can help to overcome the current weaknesses of existing non-blockchain event ticketing systems, such as susceptibility to fraud, lack of control over secondary market transactions, and validation of ownership.
Further, our findings indicate that the use of NFTs currently poses several challenges, mostly inherited from the underlying blockchain protocol.
What is NFTs Art
Non-fungible tokens (NFTs) are a new type of unique and indivisible blockchain-based tokens introduced in late 2017. While fungible tokens have enabled new use cases such as Initial Coin Offerings, the potential of NFTs as a valuable component remains unclear.
NFTs, on the other hand are basically limited-edition digital assets that come pinned to another piece of artwork, be it an image or a piece of music.
If a consumer buys an NFT art directly from an artist, the buyer essentially gets the reassurance and bragging right that what they own is a literal one-of-a-kind work.
The hype around this particular cryptocurrency has exploded during the last few weeks as buyers have flooded the unregulated NFT markets with billions of dollars, hoping to strike it rich.
Cuban has touted them as the future of digital commerce. The artist Beeple used an NFT to sell a piece of digital artwork, a jpeg called “Everyday — The First 5000 Days,” for a record $69.3 million at a Christie’s auction. Twitter CEO Jack Dorsey sold his first tweet with an NFT for $2.5 million in a charity auction.
These NFT Arts are bought and sold on the same idea that baseball cards and stamps can reach nose-bleed valuations even though you can download a copy of an “Inverted Jenny” for free.
In other words, it’s not just about having access to it, it’s about owning something no one else does, something original.
What makes it new is that these assets were never physical, to begin with — and in the case of the burned Banksy, might not even exist at all.
How to Create NFTs Arts
In this section we are going to show you How to create NFT art, by bringing to your knowledge How NFT art are created.
How Are NFTs Arts Created?
Mickey Rapkin explains this concept in his Esquire article “‘Beeple Mania’: How Mike Winkelmann Makes Millions Selling Pixels”:
Why would someone pay $777,777 for an MP4? Couldn’t you watch that on Instagram for free?
Theoretically, yes, but the crypto art scene uses blockchain technology to authenticate and identify a single, unique piece of digital art.
To understand how that piece of art sells for the price of a one-bedroom apartment in Brooklyn, one needs a brief primer on something called nonfungible tokens, or NFTs—digital goods that are bought and sold on emerging websites like Nifty Gateway, which hosted the Beeple auction.
Nifty Gateway was founded in 2018 by the absurdly named Duncan Cock Foster, twenty-six, and his twin brother, Griffin. When asked to explain NFTs, Duncan used this analogy: Imagine you owned a pair of expensive Air Jordans.
If Nike went out of business, those sneakers wouldn’t suddenly disappear from your closet. Why should digital goods—like a Fortnite skin or an original Beeple—be any different?
And so: Nifty Gateway—one of several upstart online marketplaces in a field that also includes sites called MakersPlace and SuperRare—mints a unique NFT, assigns it to a piece of digital art, and stores it forever in that company’s custodian wallet. Anyone with an Internet connection can log on and see who owns that piece.
How to Create NFT Arts
Are you an artist or content creator of some kind, looking to make a buck (or potentially several million bucks) off of work that is otherwise not inherently monetizable? You could make your piece an NFT.
Say you have a doodle you want to turn into an NFT, or a comic strip, or something like Nyan Cat, the animated cat with a Pop-Tart body and a rainbow trail, which just sold as an NFT for about $580,000.
The process differs from site to site, but it can start on platforms like Nifty Gateway, where you can apply to create a project to be sold as an NFT on their marketplace.
Also, Creating a non-fungible token (NFT) usually requires coding experience. However, by using Rarible, anyone can create NFT art without any developer experience.
Complex blockchain practice such as flash loans and yield farming have been simplified with applications such as Furucombo and Yearn Finance.
Now, NFT art has been simplified as well. Once an NFT is created with Rarible, a person will have access to the NFT through their MetaMask wallet and will have the option to hold or sell their NFT, even on another marketplace such as OpenSea.
A potential risk of creating nonfungible tokens is the high gas fees paid, which can make a creator unprofitable. There are also NFT tokens that are backed by real-world assets, and the owner of the NFT can redeem the asset.
A popular example is the Unisocks token which can be redeemed for real-world socks! In this video, we will go over how to make a non-fungible token (NFT) with no coding experience needed.
How To Create NFT ART Tutorial Videos
How to Sell NFT Arts
They are several marketplaces that allow you to sell NFT art (Like Nifty Gateway). It easy, and it doesn’t require any special work to put up your NFT art for sale.
Here’s a sneak peak on how to price your NFTs Art on Nifty Gateway NFTs Marketplace:
- Step 1: To put a Nifty up for sale, navigate to the “Your Nifties” section, which is located in the top right corner of the landing page once you sign in.
- Step 2: Click on the Nifty you want to put up for sale in your collection.
- Step 3: Scroll down and below the description of the Nifty you will see a button titled “Put up for sale”. Click on this button, select your price point, and you’re good to go!
Also, the video below will Learn you how to sell NFT Crypto Art on Rarible using the Etherium Blockchain! Digital Artist Beeple has sold his art for millions using NFT’s. Rarible is an NFT marketplace where you too can list digital art.
The NFT art boom is upon us. As creators you need to be learning where and how to sell your art and music, and they are several marketplace that allows you to create and sell NFTs art
How to Create NFT Art Pros and Cons
- NFTs give artists the power to monetize their work.
- NFTs will make you rich.
- NFTs eliminate middlemen.
- NFTs allow you to avoid traditional art market forces.
- High gas fee when creating an NFT art
This article addresses this gap in theoretical and practical knowledge and demonstrates the efficacy of NFTs in the domain of event ticketing. We follow a rigorous design science research approach of designing, building and thoroughly evaluating a prototype of an
event ticketing system based on NFTs.
Thereby, we demonstrate the usefulness of NFTs to tokenize digital goods, prevent fraud and improve control over secondary market transactions.
Further, we contribute generalizable knowledge of the benefits and challenges of NFTs and derive implications for both researchers and practitioners.
Finally, this paper proposes managerial recommendations for building applications utilizing NFTs and enables other researchers to draw on its findings and design principles.
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