what are nfts

What Are NFTs? | Everything About Nonfungible Tokens

Remember about Beeple, a nonfungible token-based Digital Artwork by graphic designer Mike Winkleman, selling his artwork for millions of  worth dollars’ worth of Ethereum, which led him to become amongst the top 10 NFTs Artists for 2021 so far. Before I even start telling you the price tag of each of his digital artwork and other artists making millions, let’s start with the basics of NFT.

What are NFTs? | How to Earn with NFTs?

NFTs stands for NonFungible Tokens, making digital artwork from aspiring or renowned artists into a digital asset once minted. The artwork becomes worth millions of dollars. However, the trading can only be carried out in cryptocurrency, preferably Ethereum. NFTs are linked back to the Ethereum Blockchain system.

How & Why did the NFTs start?

NFTs provide the idea of revolutionary digital artwork technology, which aims to empower artists by financial means globally. Many different project trials and errors were done on similar prototype projects until NFT, and its booming success echoed the artistic communities on the internet. NFT is going viral with artwork being sold for millions. It attracted thousands of artists to empower each other by forming NFT project-based communities and more.

  • 2012 

Even before the existence of NFT, we had Colored Coins that seemed like the elder brother of NFT. It was created to serve as legit proof of ownership for assets. However, later it was abandoned due to not reaching the expected potential. 

  • 2014 

Another platform named Counterpart with a somewhat similar idea for the creation of digital assets was formed. Here different characters, including the famous character Homer Simpson was also created and sold at an initial price of $500, later sold for $38,000. 

  • 2017 

This year NFT Smart Contracts based on Eth Blockchain were created, and it was the same year Cryptokitties was launched. Crypto Kitties, a virtual cat farm where people can buy and select any cat of their choice. People had spent over one million USD by Dec 2017.

  • 2021 

NFT went viral over the internet when the Nyan Cat GIF got sold for $590,000 dollars to an anonymous buyer. 

The Most Expensive NFTs Ever Sold

Nobody would have ever believed if someone a decade ago stated that they were digital artists and their art got sold for the worth of multi-million dollars. Even when NFT  viral on the internet. People were astonished to know about the exaggerating price a GIF or JPEG got sold for

Now take a quick peek right now at the most paid NFT art from the start, from 2017 to now:

1. Everyday: the First 5000 Days – $69.3 Million

This famous artwork from Beeple remains the most expensive artwork ever to be sold by NFT. As Beeple is one of the most respected and reputable artworks by the NFT community. This artwork is a collage of the artist’s daily first 5000 artworks starting from 2007. This artwork reflected hard work, commitment, and consistency to reach a lifetime milestone. 

2. CryptoPunk #7523 – $11.75 Millions

Artwork #7523 was identified as the third most expensive and rare NFT artwork ever sold on NFT. Here this artwork is in high demand creating a sense of scarcity and urgency.

3. CryptoPunk #3100 – $7.67 Millions

CryptoPunk is the seventh most rare alien punk sporting just a headband sold  on NFT. 

4. CryptoPunk #7804 – $7.6 Millions 

This artwork of alien punk comes with pipe, shades, and a cool cap. It is one of the nine most expensive CryptoPunk. 

5. Beeple’s Crossroad – $6.6 Million

This artwork was a 10 second movie. People in the video seem to walk past a huge body with insulting words and remarks written all over it. The artwork gained huge respect from the community because it stood out from the regular NFT art and was sold for the worth it deserved.

6. Beeple’s OceanFront – $6 Million

Beeple is well-known for artwork in the NFT community, having two of its artworks amongst the top 10 most expensive artwork’s list. Beeple’s Oceanfront is an artwork depicting an amalgam of a caravan, home, and tree right in the middle of the ocean. 

7. CryptoPunk #5217 – $5.59 Millions 

This artwork stands at the 34th most rare NFT artwork, according to sources. The painting presents an ape wearing a knitted cap with a gold neck chain. It might seem weird but it is in high demand amongst the punk art community.

8. Edward Snowden’s Stay Free – $5.4 Million

Edward Snowden’s artwork was a picture of documented information leaked for the CIA from NSA as a subtractor. Snowden didn’t take the sale money himself. Instead, he benefited from the Freedom of Press Foundation.

9. Save Thousands of Lives – $5.23 Million. 

The digital artwork Save Thousands of Lives, created by NoraHealth, was auctioned for charity for South Asia’s new mothers and families.

10. CryptoPunks #2338 – $4.37 Millions

CryptoPunks is one of the earliest creators present on NFT since 2007. With time it gained popularity along with the rise in value. It is one of the top five artworks by CryptoPunks to be sold under the most expensive top 10 list, telling us how much they dominate in the NFT marketplace.
 

Top NFT Online Trading Platforms to Earn $ 

OpenSea 

OpenSea is one of the largest and well renowned NFT trading platforms with over 700+ projects proving OpenSea to be the largest online marketplace. You must pay an NFT minting fee of 2.5% before you can trade art, domain names, and other audio or video collectibles.

OpenSea has a pretty good User Interface that works for NFT beginners as it allows them to receive various payment methods, including Ethereum. Now, you can start without any verification or any coding. Plus, it is open and democratic with the advantage of a one-time gas fee, costing you around $50-$100.

Nifty Gateway

Nifty Gateway is also an excellent choice for NFT beginners seeking to deal in dollars. There is a broad range of options of limited-edition collectibles available on the marketplace as Nifty has already partnered with multiple innovative brands. 

Nifty Gateway got its peak after the famous Canadian musician Grimes sold one of her digital art  pieces  for 6 million dollars.

Rarible 

Similarly, Like OpenSea, You will find Raible as one of the most popular marketplaces for NFT trading. You only are required to pay a minimal transaction fee of 2.5%. To further facilitate Nft traders, the platform has its currency known as “RARI” along with Ethereum.

Rarible is a highly user-centric NFT trading platform, only allowing the users to vote for changes. The users can comment or share helpful feedback about the artwork sold. As a trader, you have to pay a certain fee every time you mint a new NFT, and the cost is much higher with low traffic available.

CryptoPunks 

Along with creating artwork, now Larva Labs have created its trading platform, also named CryptoPunks. The marketplace has over ten thousand NFT projects allowing you to bid, buy or sell. After signing up, you will get your Punk profile exhibiting what NFTs you own and what NFTs are for sale. 

BakerySwap 

BakerySwap is a DeFi-based all-in-one platform that provides multiple marketplaces, including NFT. Users have access to many actions, including exchanging tokens, liquidity, playing DeFi world games, farming Bake Tokens, creating NFTs, and much more. 

Other NFT Marketplaces that deserve to be mentioned and you are recommended to check out are Foundation, SuperRare, & Mintable.

Initial Steps for Newbies to Create a Digital Wallet on MetaMask

  1. Download the chrome extension version of MetaMask.
  2. Create an e-Wallet over MetaMask.
  3. Now you can send Ethereum. However, if you don’t have any Eth coins, you can also buy using your credit cards directly and easily through Binance, Kraken, or Coinbase. 
  4. Now ready your artwork to be minted on NFT. 
  5.  You are now entirely ready to earn dollars or Ethereum by trading NFT.

NFT Minting | Second Step in NFT Trading

This is the step any NFT trader has first to mint the digital artwork. It is introduced into the Eth blockchain as it recognizes it as an exclusive artwork owned by the creator and Smart e-contract as proof of original copy. After minting, the artwork is a part of a public ledger. Now anybody can copy and use it. However, nobody can change it from its original or tamper with it. 

 

Conclusion 

NFT tech seems to be promising enough to revolutionize the digital art world. However, it still requires time to be accepted by everyone to grow. It is encouraging, but still, the maximum potential of NFTs is unleashed as limited to a certain million people.  You can learn more about the benefits of Cryptocurrency and all the revolutionary new coins.

Can you consider the potential that NFT will have to offer to creative artists & traders after being accessed by billions of audiences?

It might be the next platform with unlimited earning opportunities for smart traders and gifted creative artists.

Frequently Asked Questions ddp 

Remember about Beeple, a nonfungible token-based Digital Artwork by graphic designer Mike Winkleman, selling his artwork for millions of  worth dollars’ worth of Ethereum, which led him to become amongst the top 10 NFTs Artists for 2021 so far. Before I even start telling you the price tag of each of his digital artwork and other artists making millions, let’s start with the basics of NFT.

What are NFTs? | How to Earn with NFTs?

NFTs stands for NonFungible Tokens, making digital artwork from aspiring or renowned artists into a digital asset once minted. The artwork becomes worth millions of dollars. However, the trading can only be carried out in cryptocurrency, preferably Ethereum. NFTs are linked back to the Ethereum Blockchain system.

How & Why did the NFTs start?

NFTs provide the idea of revolutionary digital artwork technology, which aims to empower artists by financial means globally. Many different project trials and errors were done on similar prototype projects until NFT, and its booming success echoed the artistic communities on the internet. NFT is going viral with artwork being sold for millions. It attracted thousands of artists to empower each other by forming NFT project-based communities and more.

  • 2012 

Even before the existence of NFT, we had Colored Coins that seemed like the elder brother of NFT. It was created to serve as legit proof of ownership for assets. However, later it was abandoned due to not reaching the expected potential. 

  • 2014 

Another platform named Counterpart with a somewhat similar idea for the creation of digital assets was formed. Here different characters, including the famous character Homer Simpson was also created and sold at an initial price of $500, later sold for $38,000. 

  • 2017 

This year NFT Smart Contracts based on Eth Blockchain were created, and it was the same year Cryptokitties was launched. Crypto Kitties, a virtual cat farm where people can buy and select any cat of their choice. People had spent over one million USD by Dec 2017.

  • 2021 

NFT went viral over the internet when the Nyan Cat GIF got sold for $590,000 dollars to an anonymous buyer. 

The Most Expensive NFTs Ever Sold

Nobody would have ever believed if someone a decade ago stated that they were digital artists and their art got sold for the worth of multi-million dollars. Even when NFT  viral on the internet. People were astonished to know about the exaggerating price a GIF or JPEG got sold for

Now take a quick peek right now at the most paid NFT art from the start, from 2017 to now:

1. Everyday: the First 5000 Days – $69.3 Million

This famous artwork from Beeple remains the most expensive artwork ever to be sold by NFT. As Beeple is one of the most respected and reputable artworks by the NFT community. This artwork is a collage of the artist’s daily first 5000 artworks starting from 2007. This artwork reflected hard work, commitment, and consistency to reach a lifetime milestone. 

2. CryptoPunk #7523 – $11.75 Millions

Artwork #7523 was identified as the third most expensive and rare NFT artwork ever sold on NFT. Here this artwork is in high demand creating a sense of scarcity and urgency.

3. CryptoPunk #3100 – $7.67 Millions

CryptoPunk is the seventh most rare alien punk sporting just a headband sold at most expensive artwork on NFT. 

4. CryptoPunk #7804 – $7.6 Millions 

This artwork of alien punk comes with pipe, shades, and a cool cap. It is one of the nine most expensive CryptoPunk. 

5. Beeple’s Crossroad – $6.6 Million

This artwork was a 10 seconds movie. People in the video seem to walk past a huge body with insulting words and remarks written all over it. The artwork gained huge respect from the community because it stood out from the regular NFT art and was sold for the worth it deserved.

6. Beeple’s OceanFront – $6 Million

Beeple is well-known artwork in the NFT community, having two of its artworks amongst the top 10 most expensive artwork’s list. Beeple’s Oceanfront is an artwork depicting an amalgam of a caravan, home, and tree right in the middle of the ocean. 

7. CryptoPunk #5217 – $5.59 Millions 

This artwork stands at the 34th most rarest NFT artwork, according to sources. The painting presents an ape wearing a knitted cap with a gold neck chain. It might seem weird but in high demand amongst the punk art community.

8. Edward Snowden’s Stay Free – $5.4 Million

Edward Snowden’s artwork was a picture of documented information leaked for the CIA from NSA as a subtractor. Snowden didn’t take the sale money himself. Instead, he benefited from the Freedom of Press Foundation.

9. Save Thousands of Lives – $5.23 Million. 

The digital artwork Seven Thousands of Lives, created by NoraHealth, was auctioned for charity for South Asia’s new mothers and families.

10. CryptoPunks #2338 – $4.37 Millions

CryptoPunks is one of the earliest creators present on NFT ever since 2007. With time it gained popularity along with the rise in value. It is one of the top five artworks by CryptoPunks to be sold under the most expensive top 10 list, telling us how much they dominate in the NFT marketplace.
 

Top NFT Online Trading Platforms to Earn $$ 

OpenSea 

OpenSea is one of the largest and renowned NFT trading platforms with over 700+ projects proving OpenSea to be the largest online marketplace. You must pay an NFT minting fee of 2.5% before you can trade art, domain names, and other audio or video collectibles.

OpenSea has a pretty great User Interface that works for NFT beginners as it allows them to receive various payment methods, including Ethereum. Now, you can start without any verification or any coding. Plus, it is open and democratic with the advantage of a one-time gas fee, costing you around 50$-100$.

Nifty Gateway

Nifty Gateway is also an excellent choice for NFT beginners seeking to deal in dollars. There is a broad range of options of limited-edition collectibles available on the marketplace as Nifty has already partnered with multiple innovative brands. 

Nifty Gateway reached  its peak after the famous Canadian musician Grimes sold one of her digital art for 6 million dollars.

Rarible 

Similarly, Like OpenSea, You will find Raible as one of the most popular marketplaces for NFT trading. You are only  required to pay a minimal transaction fee of 2.5%. To further facilitate Nft traders, the platform has its currency known as “RARI” along with Ethereum.

Rarible is a highly user-centric NFT trading platform, only allowing the users to vote for changes. The users can comment or share helpful feedback about the artwork sold. As a trader, you have to pay a certain fee every time you mint a new NFT, and the cost is much higher with low traffic available.

CryptoPunks 

Along With creating artwork, now Larva Labs have created its trading platform, also named CryptoPunks. The marketplace has over ten thousand NFT projects allowing you to bid, buy or sell. After signing up, you will get your Punk profile exhibiting what NFTs you own and what NFTs are for sale. 

BakerySwap 

BakerySwap is a DeFi-based all-in-one platform that provides multiple marketplaces, including NFT. Users have access to many actions, including exchanging tokens, liquidity, playing DeFi world games, farming Bake Tokens, creating NFTs, and much more. 

Other NFT Marketplaces that deserve to be mentioned and you are recommended to check are Foundation, SuperRare, & Mintable.

Initial Steps for Newbies to Create Digital Wallet on MetaMask

  1. Download the chrome extension version of MetaMask.
  2. Create an e-Wallet over MetaMask.
  3. Now you can send Ethereum. However, If you don’t have any Eth coins, you can also buy using your credit cards directly and easily through Binance, Kraken, or Coinbase. 
  4. Now ready your artwork to be minted on NFT. 
  5.  You are now entirely ready to earn dollars or Ethereum by trading NFT.

NFT Minting | Second Step in NFT Trading

This is the step where any NFT trader has first to mint the digital artwork. It is introduced into the Eth blockchain as it recognizes it as an exclusive artwork owned by the creator and Smart e-contract as proof of original copy. After minting, the artwork is a part of a public ledger. Now anybody can copy and use it. However, nobody can change it from its original or tamper with it. 

 

Conclusion 

NFT tech seems to be promising enough to revolutionize the digital art world. However, it still requires time to be accepted by everyone to grow. It is encouraging, but still, the maximum potential of NFTs is unleashed as limited to a certain million people.  You can learn more about the benefits of Cryptocurrency and all the revolutionary new coins.

Can you consider the potential that NFT will have to offer to creative & traders after being accessed by billions of audiences?

It might be the next platform with unlimited earning opportunities for smart traders and gifted creative artists.

Frequently Asked Questions

You can see our past with numerous examples from everywhere that gifted Artists always had to work harder to live life anonymously and eventually died without earning any sort of recognition for creative artwork. 

At this point, NFT provides itself as a platform for creatives by exposing them to a dedicated community bringing the artist to fame, bidders, and buyers. Now with NFT tech, artists will gain maximum financial freedom. To promote NFT projects, communities are built to sell the artwork, making it easier to sell on any NFT marketplace than selling physical artwork with after-sales monetary benefits.

 

Additional perks of selling digital art over any NFT marketplace are that the artist keeps receiving the 5%-10% as mentioned earlier every time it will be sold in the future, whether for 500$ or 500,000$. The value of most artworks increases with an after-sales increase in time, fame, and recognition of an artist’s work.

Yes, certainly NFT, without any single doubt, is the most secure virtual platform present online at the moment for Digital Artwork and artists. 

Ever since the invention of Color coins and others, the sole aim of NFT has been to serve artists globally, regardless of who the Artist is, where the Artist comes from, or even which ethnicity the Artist represents.

It has always been a bit harsh for the older generations to move on and upgrade with the latest technology. According to experts, the future leaders will be creators, artists, problem solvers, and out-of-the-box thinkers. 

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