With all the hype of Crypto, it is hard not to missed it. With the recent development of what is happening in the world post pandemic, governments are spending big. So what does that means? Government are spending the money they have not yet collected. Don’t take my word for it, you can read this article to understand the severity of the situation.
https://voxeu.org/article/post-covid-19-exit-strategies-and-economic-challenges-emerging-markets
This is not just happened in the US, but all around the world. The following article show the situation in Australia.
https://www.abc.net.au/news/2020-07-20/why-debts-and-deficits-are-here-to-stay/12471300
What this all means for us, the tax payers and the rest. We and the future generations are set to pay for all this spending. So you can understand the severity of the situation. Confidence on the Government are Low. That resulting of people moving away from the centralised system, the banks and financial institutions. Where do people go, the decentralised system build on blockchain.
Therefore the Crypto world exploded with this. Now there is a new Kids on the block NFT. What is NFT? why is this important?
NFT – Non-Fungible Token
The new addition to the block is NFT (non-fungible token), it is a digital artwork stored on a digital ledger (blockchain). What it means is the authenticity is being certified and can’t be modified because of the nature of blockchain.
Creating NFT
So if you are an artist and you want to create NFT for sale, how can it be done? Here are the steps.
- You need to have crypto currency (BitCoin, Ethereum, etc). You need to have a wallet that allows storage of crypto.
- You need to decide on which blockchain you want to issue your NFT. Ethereum blockchain is the most popular one. So if you want to issue it on Ethereum blockchain that means you will need An Ethereum wallet that supports ERC-721 (the Ethereum-based NFT token standard), such as MetaMask, Trust Wallet or Coinbase Wallet
- You need to be on the Ethereum market place that allows you to create NFT. There are a few around OpenSea, Rarible, Mintable.
For each time you touch a transaction on the Blockchain you will need to pay for Gas. The gas is similar to the transaction cost, it will get rewarded to the miners that mine on that particular blockchain. As a general rule of thumb, find the cost of the gas from the following website https://www.gasnow.org/. If the gas cost around 6 (you can scroll through to the graph, it is generally a good time to transact.
I will share my learning experience for each one. So stay tune for the next post.
NB: You can now trade NFT in Binance