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Over the last five years or so, cryptocurrency has near on changed the way we view currency and revolutionized the way we buy and sell. The price of Bitcoin has skyrocketed to heights that no one could have predicted. It started by reaching the $1 milestone in 2011, which was a huge accomplishment in itself. But that was not even the tip of the iceberg. Now, in 2022, the price of bitcoin sits at around an incredible $20,000.
Since the advent and rise of bitcoin we have seen thousands of new coins come on to the market. As the blockchain technology behind crypto has become more accessible many more wanted a piece of the action. Thanks to this, there are now some 6000 coins on the market with plenty of success stories such as Ethereum, Tether and XRP.
As blockchain has worked itself into the public consciousness we have watched its use evolve and go far beyond just cryptocurrency. In around 2014, we saw the first ever NFT and by late 2020 they had hit the mainstream, becoming one of the biggest trends of the last 10 years. In 2021 we saw some of the biggest athletes, actors and musicians in the world throw themselves into NFT projects.
But what are NFTs? In short, ‘Non-Fungible Tokens’ are digital pieces of art that hold value, just like physical art. They could come in the form of an image, a gif, a video or even a piece of music and they are all completely unique. With so many people collecting the,, you could almost think of them as Crypto-baseball cards. A one-of-a-kind card is Non-Fungible, as you cannot trade it for an identical card, just like an NFT.
NFTs have become popular enough that most of us now know when and where we can purchase them. However, the process of creating or ‘minting’ a token may be a lesser-known skill. There is plenty that goes into it away from simply designing one, especially on the legal side. Have no fear though, here is everything you need to know about how to create an NFT.
Setup your crypto wallet
It is very important to note that you cannot buy or sell NFTs without a virtual wallet. As well as your cryptocurrency being stored in your wallet, it is also where you engage in transactions for your own tokens. There are plenty of options and downloading your wallet is very easy and most all wallets can be accessed directly using apps on your smartphone.
Choosing your concept
Of course, the first and most important step to creating an NFT is deciding your concept. If you’re not someone who is visually artistic this can also be the most difficult. However, it is not just the visual arts that come under the umbrella of NFTs. Music, videos and GIFs have all been minted as tokens and if you have an idea in mind then don’t be afraid to go for one of them instead. It is important though that no matter your concept, it is unique. The beauty of NFTs lies in their individuality and you don’t recycle something that has already been done. Make your design, no matter the concept, something unique to you yet eyecatching to collectors.
Selling your token
After creating your NFT you will be ready to sell your token. The first step in doing so is choosing the marketplace to which you will upload it. There are hundreds of marketplaces for NFTs and each will offer something different. Do your research before deciding which one you will use. They will also charge a fee for uploading your NFT that will differ depending on the marketplace.
Legality
Most of the legal issues surrounding creating NFTs are based around copyright. The ownership/license rights can be tricky at times. Usually, the buyer will own the token but may only receive a license to the asset represented by the token (e.g., if it is a form of digital media). Typically, the asset creator will retain the copyright of the token as opposed to the owner of the token.
You must also be wary of intellectual property rights when minting your NFT. Any token that contains content or trademarks that you do not own/have a license to use is copyright infringement and open to a claim from the copyright owner(s). Any infringement of intellectual property laws could lead to you losing the rights to your token as well as further damages from the claimant.
Hopefully this guide has helped you further understand creating an NFT. Be sure to read further into the potential legal issued behind creating your token. Through this guide you should be as confident as ever as you foray into the world of crypto.
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