Media - Digital Art Project NFT's

 This term I wanted to create a set of digital art images with the theme 'Return of the Dolls'.  The ultimate aim was to create an NFT for sale.  NFTs are; 'Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency.' (Sharma, 2022)  Like many new digital inventions this can sound complicated but living in the real world it is important if I am to continue to make work to explore all options and keep up with the latest innovations.  

Image via OpenSea

This image 'Bored Ape' 'NFT [was sold]for $3,000 instead of $300,000 — all because of a misplaced decimal point. As first reported by CNET, the NFT’s owner Max (or maxnaut) listed the NFT for sale on Saturday. Max, who describes himself as a “solo-traveller, bored ape, marketing agency owner & NFT investor,” had meant to price the NFT at 75 ether (around $300,000) but accidentally typed 0.75 ether instead (roughly $3,000). Before they could correct the mistake, the NFT had been snapped up, apparently by a bot programmed to find and buy undervalued listings.' (Vincent, 2021)  This is interesting as it states the cryptocurrency used and how easy it is to get it wrong!  It is also interesting that the above image was worth $300,000.  The fact that bots are buying is also news to me so this certainly deserves more investigation as to actually HOW do I do this!  I know that I must sign up to an NFT site that sells art so that I can make my work into a digital asset.  Forbes states that; 'Non-fungible tokens (NFTs) seem to have exploded out of the ether this year. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars. But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.' (Conti, 2022)  So it looks like they may be here to stay, if not it is certainly worth trying whilst they are hot!  So I checked out some of the best NFT sites to buy and sell work. There are many articles that compare different NFT sites so, entering the minefield, here are a few that I will be investigating; Opensea, Opensea Solsea, Rarible, SuperRare and Foundation to start with.  I have added a couple of links in the bibliography about these sites. I will also need to investigate crypto currency and blockchain to ensure that I fully understand how this will work.

On this post, I will have a look at Rarible and see if I can set up an account.  So I go to Rarible and go to its 'How it works' page as can be seen here I have some reading to do before I get started!

I discover the first thing I need to do is create a wallet.  I did this through Metamask and saved my secret recovery phrase in multiple secure places as instructed as this is where the currency will live and only I can access using this phrase. To mint an NFT there is a fee depending on how this is done so this will be a consideration once I get started and try to mint my first asset.

I discovered this was a long process as I tried to set up my profile.  I did manage to do this and mint my first asset however I am still struggling to get this to display.  You can see my profile below.  I used Ethereum as this is the most used currency and seemed the best option.  It did take a few attempts to actually mint my assets and choose the right options.  

I think I have a lot more learning to do here, however, I am pleased I got this far!  Now the basics are set up I can work on, getting my profile and work up and noticed!

References

Conti, R., 2022. What Is An NFT? How Do NFTs Work?. [online] Forbes Advisor INDIA. Available at: https://www.forbes.com/advisor/in/investing/what-is-an-nft-how-do-nfts-work/ [Accessed 14 April 2022].

Sharma, R., 2022. Non-Fungible Token (NFT). [online] Investopedia. Available at: https://www.investopedia.com/non-fungible-tokens-nft-5115211 [Accessed 14 April 2022].

Vincent, J., 2021. $300,000 Bored Ape NFT sold for $3,000 because of misplaced decimal point. [online] The Verge. Available at: https://www.theverge.com/2021/12/13/22832146/bored-ape-nft-accidentally-sold-300000-fat-finger [Accessed 14 April 2022].

Bibliography

Patel, N., 2022. Opensea vs. Solsea vs. Rarible NFT Marketplace | NFTsea Vs. Opensea Minting. [online] 2022. Available at: https://makeanapplike.com/opensea-vs-solsea-vs-rarible-nft-marketplace/ [Accessed 14 April 2022].

Geyser, W., 2022. Top 15 Marketplaces for Creators to Sell Non-Fungible Tokens in 2022. [online] Influencer Marketing Hub. Available at: https://influencermarketinghub.com/nft-marketplaces/ [Accessed 14 April 2022].