What is an NFT? + What’s the Difference Between Fungible Tokens vs Non Fungible Tokens + How To Create An NFT
What is an NFT?
The abbreviation NFT stands for Non Fungible Token. But that’s just a definition and doesn’t tell you what it is. An NFT is a smart contract which is a smart contract that is unique and is not a duplicate of any other smart contract. NFT themselves can be single NFTs in a collection or multiple NFTs in a collection.
What’s the Difference Between Fungible Tokens vs Non Fungible Tokens?
The difference between a Fungible Token and a Non Fungible Token is that a fungible token can be divided into smaller parts and still carry all the character traits of the original unit and can be replaced by another identical item. A good example would be the difference between Bitcoin or Ethereum and a piece of art or a house. While Ethereum can be divided and still be similar and usable like the whole, if a house is divided it’s nothing like the sum of its parts. You also can’t exchange one house for another because no two are the same.
How To Create An NFT
Once your art is created, minting is probably the easiest step. You’ll need the following to mint on Rarible. We’re starting with Rarible because once you mint on Rarible you can easily share your artwork on other NFT marketplaces like OpenSea and Mintable.
The instructions below assume that you’ve already purchased Ethereum, created a Metamask wallet, transferred the Ethereum to your wallet, and installed the Metamask browser extension in your browser or the app on your mobile device.
1. Go to Rarible’s website:
2. Click “Connect wallet” in the top right of your browser to connect your Metamask wallet to Rarible’s website.
3. Click “Create” to create your NFT
4. Click “Single” to create a single NFT.
5. Upload the file you want to use to create your NFT. You can upload a PNG, GIF, WEBP, MP4 or MP3 with a maximum size of 100 MB. Also, enter the price of your NFT in ETH and it will show the price in US Dollars. Also be aware that there is a 2.5% service fee on Rarible sales.
6. On the next step, you will enter the 1) Title, 2) Description and 3) Royalties (which can range from 0% up to a maximum of 50%). And yes you can get paid royalties on all resales of your NFT art and the money automatically gets sent to your wallet. I will talk about number 4 and the “Create” button in the next step
7. Click create to create an ERC-721 version of your art. The reason why you should create this version of your art is so it is compatible with other NFT marketplaces. In this form you will add 1) a Photo that represents your art, 2) a Display name, 3) a Symbol that has no spaces or special characters and is no more than 20 characters, 4) a Description that has a maximum of 220 characters and 5) a Short URL with no spaces in the format of “my-nft-art”.
8. Next, you will click the “Create collection” button to create your NFT art.
9. You will go through several signing steps to mint your art, but once it’s done your art will show on your profile and in the Rarible marketplace.
Once your NFT Art is created...
it can be easily shared on marketplaces such as DisruptArt .