Want to get into the NFT game? Here’s how

Image Courtesy: Throwlights/SpaceTuts - 1/1 #1 

(NATIONAL) It seems everywhere you turn big business is getting into NFTs. The marketplace for NFTs skyrocketed to $41 billion in 2021. Some experts forecast that number will double in 2025. 

Big box corporations are jostling to take hold of a share of the ever-expanding marketplace of digital assets. Some have already nicknamed this year’s “big game” the 'Crypto Bowl', thanks in part to the NFL offering Virtual Commemorative Ticket NFTs.  Budweiser also recently premiered their Budweiser Royalty NFT Drop, featuring emerging artists. And it’s already sold out. 

Are you a local entrepreneur who doesn’t want to be left in the dust? We got you covered. 

First, the basics of the NFT, or non-fungible token. 

STORY CODE: NFT

Non-fungible means unique in value. In contrast, fungible assets like US dollars all have the same value.

The token part is essentially a unit of data. These units often contain digital files like photos, videos, and audio.

Thus, in its simplest terms, an NFT is a unit of data that is unique in value. 

NFTs are designed and then “minted” into existence on various cryptocurrency blockchains, after which they can be traded, exchanged, or given away. 

So, how can NFTs be leveraged to elevate your local business? 

We tapped our trusted Web3 expert Andrew Zhao for some guidance.

His company Throwlights connects flow art lightshow enthusiasts with product and community while building for the industry’s future in immersive performance arts and Esports.

They moved into the Web3 space and began minting NFTs last year. 

And Zhao has been learning from the best. 

Throwlights advisor Patrick Booth is one of the original minters of CryptoPunks, one of the first NFT projects on Ethereum back in 2017. 

If you’re looking to get into the NFT game, Zhao said the first thing you need to do is get familiar with the process of buying NFTs yourself. 

You can jump right in on OpenSea. This NFT marketplace lets you purchase cryptocurrency with a debit card, credit card, or bank transfer through a third-party service called MoonPay. As a heads up, there is a $30 minimum transaction requirement and a $3.99 fee to go that route. 

Or you can set up a crypto wallet and give yourself more flexibility between multiple NFT marketplaces. Zhao recommends using Metamask. 

“Once you get your Metamask, you'll be provided with a public wallet address,” Zhao said.

You can also connect a Coinbase Wallet to OpenSea if you already have one of those.

The majority of NFTs are bought on the Ethereum blockchain, but that’s not your only option. Especially since Ethereum “gas fees” are still pretty high.

“Gas fees are costs that are paid to transact on the blockchain,” Zhao said.

He told us gas fees are lower on alternatives such as Polygon, Solana, and Avalanche.

“For example, at current rates, it might only cost a fraction of a penny to send an NFT on Polygon,” Zhao said. “Meanwhile, it can cost $100 or more to send an NFT on Ethereum.”

Polygon is a sidechain that runs alongside the Ethereum blockchain, allowing for quicker transactions and lower fees.  

OpenSea is one of the most popular places to create NFTs. It’s also one of the oldest. You can create semi-fungible NFTs on OpenSea using the Polygon framework, too. (If you want to create a NFT with a quantity greater than one.) 

The first part of the process is creating the collection you want your NFT to be a part of, if applicable. 

Here’s the components you’ll need to create the actual NFT on OpenSea: 

Your image, video, audio, or 3D model file (the face of your NFT)

Your NFT’s name

External link (optional; included in the NFT’s metadata) 

A description of your NFT

The collection where your NFT will appear

NFT properties, levels, and stats if you choose to create them 

Unlockable content (like clickable links) 

Option to mark if it includes explicit and sensitive content

Supply (how many you want to create it)

After those are input, select whether you want the NFT to be minted on the Ethereum or Polygon network. 

Next, select whether you want to freeze your metadata info, meaning it will be permanently locked and stored in decentralized file storage. Careful, freezing is what it sounds like. You can’t undo it. 

Finally, click “create”! 

Easy enough, right? 

When you’re ready to sell, click “sell”. Then name your price in Ethereum. If you minted a supply of more than one, make sure you type in a quantity of one to sell them individually. 

OpenSea keeps 2.5 percent of every sale. 

Zhao told us Throwlights has minted nearly 1,000 NFTs through OpenSea and Rarity.garden. 

He said they’ve grown their NFT community in a variety of ways, like participating in already existing communities and introducing new people into the space whenever possible. 

They had NFT giveaways after minting a collection on Polygon. 

“That was a win-win for us because it didn't cost us much to do, we were able to raise awareness, and people were able to own a piece of our first collection for free,” Zhao said.  

Zhao said they have collaborations with some of the biggest influencers, creators, and projects up next. 

Keep up with them via the Throwlights server on Discord. 

And don’t forget to join our Verified News Community on Discord, too.