NFT Workshop Summary: Why Some Tokens Cost Thousands and How to Create Your Own
Dmitri Bondar, a Ukrainian economist, the winner of Tezos DeFi Hackathon 2021 (as a member of the Buttonists), and the co-founder of NFT Button has held a workshop on issuing NFTs. Here’s a summary of his speech: a brief vocabulary, stepwise instruction on issuing NFTs, and a collection of useful tools for artists and collectors.
The Workshop
CoinGecko used the platform Gather.town to broadcast the workshops. Users created their avatars and roamed the hall and the exhibition chambers. Then they could enter a room and connect to a broadcast.
NFT Vocabulary
NFT (non-fungible tokens)are unique digital certificates for an object. Ownership of a certificate proves the ownership of the related object. The right can be transferred by sending the token to the new owner.
Minting is the process of issuing an NFT and linking it to the object.
Marketplace is the platform where users issue, trade, and see NFTs.
Royalties are the share the author gets when their tokens are resold on the marketplace.
A Drop happens when someone gives away tokens for free.
A Collection is lots of NFTs having the same theme and style released by the same author.
An Edition is the number of NFT copies set by the author during the minting phase.
A Generative collection is when the images in a collection are randomly generated out of pre-made parts. The artist can create thousands of tokens on the same topic this way. An example of one is available here.
Why Some NFTs Cost Thousands
Some people like to collect rare items like coins, stamps, Lego collections, or cacti. The price of an object depends on its renown, rarity, and history. A new football is less interesting than the one young Ronaldo used to play with. A ball signed by a no-name player won’t cost more than the regular one. It’s the same for NFTs: popular collections are traded and get more expensive while tokens of random artists do not. A widely advertised Bored Ape Yacht Club token costs at least 3 ETH ($12k at the time of writing), while quite similar Angry Apes United can go for as little as 0,07 ETH ($300).
One can know all the necessary stats at Coingecko, CryptoSlam, or NonFungible in relevant sections of the websites.
How to Create an NFT
Minting an NFT requires a computer, some crypto, and the thing you’re going to tokenise.
The process is generally similar across most marketplaces. The example is taken from NFT Button.
Go to the marketplace, click Connect Wallet, and connect your wallet. Then click Mint to go to the page where NFTs are created.
Add the file you want to tokenise. If it’s audio, video, animation, or text, add a cover. Then fill in the description and tags, as well as specify your royalties and edition.
Press Mint and confirm the transaction in your wallet. Minting will take a minute or so. Creating a token on NFT Button costs around 0.1 tez ($0.6). The price at other marketplaces may vary. When everything’s ready, click My NFTs to open your profile. The NFTs you have created will be in the Creations tab.
Click Sell under the token card to put it up for sale. Then specify the sale type and the price:
- Sale: selling for a fixed price starting at 0.001 tez
- Free Drop: a free giveaway
- English Auction: a time-limited auction with increasing bids
- Buttonist Auction: an auction where the winner gets a share of bids
Then press Create Offer and confirm the transaction in your wallet to put the NFT of yours up for sale.
In a few minutes, your offer will appear on the main page of the marketplace.
You can take Tezos Rocks! for free on NFT Button.
Tools and Sites for NFT artists and collectors
The most popular tool is Twitter. Most artists advertise their collections and collectors seek something to buy on this good old service.
Another useful website is hic et nunc tools. It lists links to different tools like browsing random tokens on marketplaces, creating free drops with bot address blocking, templates for collections, etc.
Showtime is a social network for NFT artists. One can browse tokens, like them, comment on them, and advertise their own work.
Oncyber is a website for creating interactive 3D galleries where one can display their NFTs.
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