Wednesday, November 24, 2021

Can anybody do NFT's

Can you make an NFT? Well, one would assume so given that when Trevor Andrew as Gucci Ghost (pictured below), and he managed to sell it for $3,600. 

So, technically, anyone can create a piece of art, turn it into an NFT on the blockchain (a process called 'minting') and put it up for sale on a marketplace of choice.

You can even attach a commission to the file, by way of a "smart Contract, which will pay you every time someone buys the piece through a resale.

Much like when buying NFTs, you need to have a wallet set up, and it needs to be stuffed full of cryptocurrency. It's this requirement for money upfront that causes the complications.

The hidden fees can be prohibitively astronomical, with sites charging a 'gas' fee for every sale (the price for the energy it takes to complete the transaction), alongside a fee for selling and buying.

You also need to take into account conversion fees and fluctuations in price depending on the time of day. All this means that the fees can often add up to a lot more than the price you get for selling the NFT.  

Whether or not NFTs are here to stay, for the moment they are making some people money and they're creating new possibilities for digital art. I would, however, advise caution and careful consideration of which platforms to use. 

If you want to get creating, make sure you've got one of the newest and most powerful computers or tablets!

            Todays # Tags

                1.    #NFT
                2.    #Jab
                3.    #GST
                4.    #Tim $Dickhead
                5.    #subsidyShame
                6.    #Vax
                7.    #WisconsinTerror
                8.    #BorderWars
                9.    #IdiotsInParliament
                10.   #Terry

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