NFT-THE NEW WAVE OF MONEY
Op-ed
Sophia Green
Like everything in society, things change. Life is constantly evolving, and the building blocks of life follow that precedent.
Following this motto in life, money needed an upgrade as well. In 2009, the world was introduced to a new source of income, cryptocurrency. Bitcoin created this new wave of an intangible currency. In 2012, Non-Fungible Tokens (NFTs), a new type of digital asset, were created.
NFTs are digitally created pieces of art, writing, and other items that someone would want to buy. Money is gained from NFTs by their digital sale. What truly is unique about NFTs is that they have a certain code to show where the image originated from, and every time it is bought and resold the creator makes a percentage of that amount. The artist’s ownership and ability to claim their piece attracts buyers.
When hearing about NFTs many may wonder, “Don’t I have to be super into technology to make a dollar on an NFT?”
The answer is you do not. Just about anyone is capable of making some type of NFT; as long as you can prove your ownership of the piece, then the money is yours.
Let me guess, your next question is: “How do I make an NFT?”
First, you should start off by adding Ethereum (ETH), the currency for NFTs, to your wallet. Once that is set up, create a profile for yourself on the website Metamask, then connect your wallet to your profile. Depending on the website and NFT, there may be a small fee. The next step is to click “create” on the profile and select the category for the piece. Once the creation is complete, you need to double check your address to collect Ethers, pay a one-time fee, and then list your piece for sale.
Ethers are quite expensive. To put it into perspective, one ether is about $4341.25 US dollars, and the average amount of American money made on a piece in February 2021 was $4,000.
If all that did not persuade you to invest in some NFTs, maybe this will.
If one makes something, but then realizes they don’t want it on the internet, there is an option to burn an NFT. You use the transfer function to basically send yourself a death code and the system will burn the NFT away.
NFTs are the new form of currency, and I suggest you get on it.
Works Cited
Clark, Mitchell. “NFTs explained: what they are, and why they're suddenly worth millions.” The Verge, 18 August 2021, https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq. Accessed 25 November 2021.
Douglass, Cheryl. “The History of NFTs & How They Got Started.” Portion Blog, 27 July 2021, https://blog.portion.io/the-history-of-nfts-how-they-got-started/. Accessed 25 November 2021.
Douglass, Cheryl. “How to Mint an NFT on Portion Using the Ethereum Network - A Step-by-Step Guide.” Portion Blog, 7 May 2021, https://blog.portion.io/how-to-mint-an-nft-on-portion-io/. Accessed 25 November 2021.