The concept of non-fungible tokens (NFTs) is becoming more and more popular among traders worldwide. With the help of blockchain, NFTs allow you to take digital ownership to a higher level. This is a different form of investment than the other cryptocurrency investments. The media attached to them raises their value and the fact that they hold the potential to tokenize any real-world asset. In this article, you will be getting a detailed guide on everything you need to know about NFTs and free NFT mints.
Table of Contents
Summary
- Non-fungible tokens are used to determine absolute digital ownership stored on the blockchain network to certify the asset’s authenticity.
- NFTs have a unique ID with details about who created it, its price history and more. As a result, it provides artists with more security and control.
- You can easily start earning free NFTs, which new companies and platforms mostly set up to attract users. For instance, the internet computer ICPunks project.
- You can turn your digital art into a part of the blockchain as a public ledger with minting. Many platforms like Opensea and Rarible provide this feature.
- The potential resale value of NFT increases after its sold. Free NFT mints are in high demand and get traded for 5 to 10 times their initial price.
What are Non-Fungible Tokens?
Non-Fungible Tokens (NFT) are tokens based on the blockchain, and they are used to determine real digital ownership of whatever asset is attached to the token. NFTs are defined as digital goods stored on the blockchain that certifies an asset as a genuine and original entity. They are not regular cryptocurrencies since each NFT is a distinct token. Hence they are non-fungible. NFTs, let creators own their digital assets like commercial real estate, art, digital sneakers and video moments.
How does the blockchain authenticate NFTs?
Almost all of the free NFT mints are powered by the blockchain network and has a unique ID with details about who created it, its price history and more. Not only does this provide security to creators and artists, but it also guarantees the customers that they are provided with something that is purely authentic. Furthermore, it gives the owner more control over their assets and set sale prices. Further, it allows the users to set up where the original artist gets a part of each sale of the digital asset, generating a never-ending revenue.
Should You Create an NFT?
Creating the NFT version of your digital content or item that you claim and earn profit has various benefits. Creating an NFT allows you to take more control over your intellectual property and offers non-regulated access to a global museum of art and other digital item collectors.
How do I get Free NFT Drops?
Many new platforms and companies have giveaway campaigns that can help you in earning free NFTs. Twitter made a recent announcement that it is offering free NFTs (non-fungible tokens) as part of its “giveaway” campaign. Furthermore, the company is giving away 140 new free NFT mints which feature images ranging from Twitter logo to Tamagotchi virtual pet and Furry Twitter to Twitter Jggl.
Additionally, The Internet Computer’s ICPunks project explained that it would see the launch of a dedicated NFT marketplace. The initiative they took towards this goal was by launching 10000 NFTs, out of which 3,000 will be distributed for free. This became a great way to attract new users and investors and increase website traffic.
You can also discover real estate sections in the metaverse and create things like virtual trees, parks, buildings, etc.
How to get Started with your free NFT Mints?
NFTs are becoming a significant moneymaker for digital artists. Moreover, investors and traders are looking for new openings and opportunities to grab on to earn profit.
- Sign up for an Ethereum wallet and add some ETH into it. One of the most common Ethereum wallets is Metamask. NFT platforms include OpenSea, SuperRare, Nifty Gateway, Foundation, BakerySwap, and other payment platforms include Torus, Portis, WalletConnect, Coinbase, etc.
- You will have to create an account on any of the platforms mentioned above. For instance, we can use OpenSea and get Metamask for access to OpenSea.
- Install the metamask wallet on your browser extension.
- You will have to post your art piece. The more unique and creative art you create, the better chances for it to be successful.
How to Mint NFTs for Free?
Minting NFTs basically is the process in which your digital art turns into a part of the Ethereum blockchain as a public ledger.
OpenSea NFT Minting Process
- OpenSea provides a free platform for minting an NFT. However, a fee based on the final sale price of your NFT would be charged, which is 2.5% of the final sale value.
- Payment tokens are offered to buy and sell your NFTs. OpenSea recommends different crypto coins for trades: Ethereum, WETH, DAI, USDC.
- You are required to connect your crypto wallet for the minting, purchasing, and selling of NFTs.
- Metamask wallet is recommended to use on OpenSea, but for your convenience, it allows you to use other wallets as well.
- Other Crypto wallets that can be used on OpenSea Includes Metamask, Coinbase, TrustWallet, Portos, Arkane, Authereum, Bitski, Dapper, Kailas, OperaTouch, Torus, WalletConnect, WalletLink, etc.
Rarible NFT Minting Process
Rarible is easy to use in its minting process for NFTs.
- Firstly, you need to open the Rarible homepage.
- Secondly, connect your account to your Metamask wallet.
- Further, you will have to select “Create Collectible”.
- Next, you will need to select “single” in order to create an ERC-721 on this platform.
- Create and post your image or file.
- Furthermore, you will be asked to fill in all necessary details about your NFT.
- Lastly, you then set your price for your NFT. You are all set with your registration, where you can either set a reserved price where a buyer can purchase instantly, or you can let purchasers bid an auction with the NFT sale, and the highest bidder gets awarded
Also, read the Rarible review.
How do I buy an Non-Fungible Token?
- To get started, you need to buy Ethereum. If your account already exists with a cryptocurrency exchange, you can buy Ethereum on it and send your cryptocurrency to your MetaMask wallet.
- Connect your MetaMask wallet to OpenSea or another NFT platform.
- Based on the marketplace of your choice, you’ll be able to buy many types of art or collectibles. Some of these websites have secondary platforms with a variety of NFTs, but each platform operates in its own unique manner.
- OpenSea platform provides a marketplace for NFTs that works on Ethereum. Users can have active trade on this platform with the forum to exchange NFTs for cryptocurrencies. It holds a variety of digital collectibles, from video game items to digital artwork.
- Your Ethereum wallet address gives the platform a username and password for open interaction. Connect your account to your wallet; you’re ready to start browsing the market and place your bids.
- A benefit of buying an NFT from the primary platform is its potential resale value directly increases after the product goes on sale. Some NFTs right after the release are in high demand will sell for 5 to 10 times their initial price.
Also, read 10 Biggest NFT MarketPlaces to Mint Collections
How to Transfer a Non-Fungible Token?
Most NFTs are traded within their existing game or on the platform on which they are created. Along with other benefits, NFTs can be transferred similar to cryptocurrencies. They might vary in the degree to which they can be transferred and traded. Blockchains make the digital ownership and trading of NFTs straightforward on open marketplaces.
The open marketplace style of the blockchain provides these non-fungible tokens to be transferred in marketplaces such as auctions or placed for sale for cryptocurrency on digital asset transaction platforms. Blockchain technology holds a digital record of each transaction for the non-fungible asset.
Pros and Cons
| Pros | Cons |
|---|---|
| NFTs are easy to buy and sell on many social media platforms. | Prices for some collectables are extremely expensive, and they may not hold their value in the long term. |
| NFTs use the blockchain to make it straightforward to verify authentic artwork and take digital ownership. | With less or no safety, there is a risk of being hacked in a similar way to other cryptocurrencies. |
| They make collectables like trading cards more interactive and appealing. | |
| If successful they can become a never-ending source of income. |
Earn Free NFTs: Conclusion
The future of NFTs seems bright as it gives you the power to tokenize any real-world asset, making ownership of assets transparent and incorruptible. Although it looks promising when it comes to being a long-term investment, it can benefit you if you know how to go about it. There are many projects that offer free NFTs like our own NFT Newspaper collection (Check header\\ will be launching soon if not there yet).
Frequenly Asked Questions
What are NFTs?
Non Fungible Tokens(NFT) are tokens based on the Ethereum blockchain, and they’re used to determine real digital ownership of whatever asset is attached to the tokens.
Can you invest in NFTs?
Investing in NFTs is a little riskier as compared to other digital assets. NFTs are still in their initial stages, where they are slowly gaining mass acceptance. Lastly, it’s a speculative investment, and it’s always dicey.
How do I buy an NFT?
You have numerous options and a variety of platforms where you can buy NFT, such as Opensea, SuperRare and Rarible. Similar to minting NFTs, if you’d like to purchase an NFT, you’ll need to connect an Etherum wallet to the platform.
Also read,
- $5 M Worth NFTs Sold by 12-Year Old | Bitcoin News 02/10/21
- How to Mint your First NFT on FTX? [2021]
- FAKE NFT Sold for $138K | Bull run Continues | Bitcoin News 01/10/21
- Create and sell your first NFT using Rarible [2021]
- 5 Best Bitcoin Cash Wallets in 2021
- Trust Wallet vs MetaMask – Which is the Best Crypto Wallet?
- Crypto wallet best practices – How to secure your coins?
