For those unfamiliar, NFT stands for “non-fungible token.” Essentially, these are digital assets created, bought, and sold entirely online. They can be music, art, videos, items designed for gaming, or anything you can think of that may have value. NFTs continue to gain ground in the art world, which is why many artists turn to NFT software as a medium.
What Is NFT Software?
The word “non-fungible” implies that the asset is uniquely made. If you create an NFT and sell or trade it, you receive something different in return. However, where do you create it? Ultimately, the software you choose depends on the asset you intend to make. Consider the following creators and their potential software:
- A photographer may use any photo editing program, such as Adobe Photoshop or inPixio Photo Studio.
- An artist may use Adobe Illustrator or Corel Painter.
- Krita is the software of choice for many artists who enjoy drawing.
- A musician could use VOID to turn their songs into a kaleidoscopic video.
How you create your digital art is your decision to make. Once you have created a piece, you can start the minting process to form it into something original you can sell on the blockchain.
Do You Need It?
All NFTs are digital, but they were not all created through NFT software. For example, CEO and founder of Twitter Jack Dorsey turned his very first tweet into an NFT. Then, in March 2021, Sina Estavi, CEO of Bridge Oracle, bid $2.9 million on the tweet and won, though within a year the NFT had already lost most of its value. This proves that virtually anything can become an NFT and sell on the crypto market.
Sometimes the software is as simple as a camera phone. For example, you can download the NFT Creator iOS app on your phone and upload a photo from your albums to turn it into an NFT within seconds. While an app is technically a form of software, there is little work to be done to create it and virtually no cost.
How Do NFTs Use Blockchain Technology?
NFTs, like bitcoin and other cryptocurrencies, trade through blockchain technology. Blockchain is essentially a way to keep an inalterable record of transactions without a centralized source of security. For example, if you create a digital piece of art, such as a GIF or sticker, you can mint it as an NFT through the blockchain of your choice, where it will have a unique code that identifies it as the original.
Additionally, selling anything through blockchain creates a trace. Each time your NFT sells, you can get a percentage of the sale. The blockchain will trace every exchange all the way back to your original posting on the NFT marketplace. As a creator, you choose the NFT software you want to use to create your NFT and select the blockchain technology to protect it.
What Is the Process for Creating an NFT?
Using NFT software to create your digital asset is the first step. Next, minting is the process of turning that asset into an NFT. For example, turning a single photo from your phone into an NFT can be as simple as using the NFT Creator app. The cost is relatively low, and you can do it quickly.
However, you would likely benefit from hiring an NFT developer for more complex projects. A developer can help you create and curate your NFTs to optimize your chances of selling and provide a safe experience. The cost is often worth the quality and production time.
Setting Up Your Wallet
Setting up your digital wallet is the next step to allow you to enter an NFT marketplace. You will need cryptocurrency to make your first investment and access your NFTs. The most commonly used NFT digital wallets are:
- Coinbase Wallet
- Trust Wallet
- Math Wallet
- Alpha Wallet
You can decide which form of cryptocurrency you would like to purchase. The most commonly used are Bitcoin and Ether.
Selecting Your NFT Marketplace
Many services are available to creators looking to tokenize their creations and place them on the market. In addition, many marketplaces specialize in a specific type of NFT. For example, some marketplaces strictly sell game NFTs or sport-related NFTs.
Another practical option is to create your own marketplace. You can do so through services provided by NFT developers and blockchain developers. Your unique marketplace can showcase collectibles, art, music, games, metaverses, photography, and more. Additionally, professional developers can help you choose NFT software for future NFTs.
NFTWards is one of the leading White-Label NFT Marketplace builders where you can create unlimited numbers of NFT assets, create your own store and sell them to the world.
Preparing for Sales
After you choose your marketplace, it is time to upload and mint your digital item. The final component of creating an NFT is to decide how to assign it a monetary value. You have three choices relative to the marketplace you choose:
- Auction with a time limit: You can set a minimum acceptable purchasing price and place the item on a timed auction, allowing buyers a chance to submit a bid within that timeframe.
- Auction with no time limit: You can provide no time limit and choose when you would like to end the auction.
- Fixed pricing: You can set the price and wait for a buyer to purchase.
With any pricing option, you also need to set a price for royalties. Every time your NFT sells, you collect a certain percentage.
How Important Is NFT Software in the Process?
The NFT market is still in its infancy. Realistically, there is no way to know how much you could earn, although with research and help from experts in the field, you can make a more educated guess on what sells and what does not. Ultimately, that will affect the type of NFT software you choose to create and mint your unique digital artwork. The most important software is what you use to enter the marketplace and mint your NFTs. If you do your research, you could end up making a great return on your investment.
For more information on NFTs, software development, and blockchain technology, contact the experts at DreamzTech Solutions.