I did a Thing! My Newly Minted NFT(s)
Earlier in the year I minted an MP4 NFT. It seemed to be all the rage in January of 2021. I wanted to understand how it all works.
Interest waned. But now I’m back, to let you know… or something like that. For better or worse, they’re not going away. Besides, it’s kind of fun.
It’s definitely an asset class which will appeal to the Retail Investor. I’m certainly more comfortable with stocks, yet there’s something alluring about the digital economy. For me, the best way is to learn by doing.
Let’s review a working definition of what NFTs are:
NFTs are blockchain-based records that uniquely represent pieces of media. The media can be anything digital, including art, videos, music, gifs, games, text, memes, and code. NFTs contain highly trustworthy documentation of their history and origin, and can have code attached to do almost anything programmers dream up (one popular feature is code that ensures that the original creator receives royalties from secondary sales). NFTs are secured by the same technology that enabled Bitcoin to be owned by hundreds of millions of people around the world and represent hundreds of billions of dollars of value. (From: Chris Dixon)
And here we are with my latest creation:
If I have to explain it…
Maybe your curious what’s involved? Going back to earlier in the year, I minted my first ever NFT on OpenSea. At the time I had to pay “gas fees.” That certainly slowed down my NFT artistic exploration. However, coming back to OpenSea this month, I noticed they’ve changed the procedure. You can now mint and list your NFT without gas fees. Those will come out if/when you sell.
I’m sure there are many ways to mint, but here’s the process I used: Open and OpenSea account. Open a MetaMask wallet account. Connect the two. Upload and list your beautiful NFT to OpenSea.
That’s it. Go have fun.
Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, or an offer to buy or sell any security. Rise of Retail has a disclosure policy.
Originally published at https://riseofretail.substack.com on August 11, 2021.
