My Experience in The New World of NFTs
I dove into the world of NFTs headfirst like I did snowboarding. I first learned to snowboard during my second year of college. Having purchased a used board, I headed for the slopes teeming with excitement. The slopes were icy, and unfortunately, my roommates, who had been snowboarding for years, were not very good instructors. Despite my inexperience, I attempted to follow their every move regardless of skill level. I was having a blast, and by midday I was attempting small tricks. That was when I got my rude awakening. I attempted a small jump off the side of an icy hill, and I wiped out so spectacularly that my right shoulder became dislocated. I brushed myself off, but found I was unable to move my arm, and in quite a lot of pain. Of course, young wisdom continued to prevail, and I proceeded to pop my shoulder back in place, using a trick I learned from Mel Gibson’s character in Lethal Weapon 2. I went on to finish the day on the slopes, none the wiser. Despite my accident and the headlong, even haphazard way I approached my first attempt, I was hooked and later became quite proficient in the sport.
As I hazard my way into the new world of NFTs, I am reminded of this first snowboarding misadventure. I know I’m bound for a fall or two, but I hope I can harness an element of that old risk-taking mentality, the spirit that drove my younger self’s ambition as I embarked down the long road of experience.
So, what in the world are NFTs? NFTs are non-fungible tokens, units of data that are stored in a digital ledger. They are crypto assets, the latest phenomenon in cryptocurrency if you will. These digital assets take the form of artwork, photography, music, and videos – really anything at all that can be digitized – and are encrypted with a unique code associated with that asset. This code can be likened to a certificate of authenticity, allowing the digital artwork to be transferred to various owners. Once this digital asset is purchased, or transferred from one owner to the next, the content creator can receive royalties by virtue of the code associated with that asset, or NFT. Envisioned as a new form of digital exchange, NFTs have the potential to change the way we interact with digital content on a global scale. Granted, I’m new here, and this is just the tip of the iceberg. A good site to learn more about NFTs is:
https://ethereum.org/en/nft/.
How do step into the world of NFTs? Here are a few tips and tools I have used to get started.
Before you start, research, research, research! Learn about marketing strategies, selling platforms, the cryptocurrencies you will need, and the applications and trading platforms you will use to buy and sell your cryptocurrency.
The trading platforms I use to buy and sell the cryptocurrency are Kraken, Binance, and Crypto.com. The most common form of currency used for NFTs is Ethereum. An alternative to Ethereum is Polygon, as transactions using Ethereum can sometimes be expensive.
Crypto wallets hold your private keys, which are the passwords that give you access to your cryptocurrencies. These keys give you the ability to send, receive, and spend your cryptocurrencies. The crypto wallet I use is called MetaMask, which is considered a hot wallet, meaning it’s connected to the Internet. When investing in cryptocurrency and storing large sums, many choose to use a cold wallet, which stores your digital keys on a physical device that is not connected to the internet, and cannot be hacked. Personally, I use an Ellipal Titan.
There are several websites used for minting and selling your digital assets as NFTs. All have their pros and cons, so do some research and learn what works best for you. The three I currently use are Foundation (https://foundation.app/), Rarible (https://rarible.com/), and OpenSea (https://opensea.io/).
Selling and marketing your NFTs is tricky. Take your time and do your homework before undertaking this step. Each platform has its strong points. Whatever platform you choose, I cannot overestimate the importance of social media as a networking tool. I use sites like Instagram, Twitter, and Discord to advertise my NFTs.
Finally, proceed with caution. As with any new technology or means of exchange, there will always be those looking for ways to take advantage of you. Be diligent and watch out for scams.
NFTs are an exciting new way of thinking in the art world and beyond. As an artist, I constantly challenge myself to push the envelope – to think in new ways, to create new mediums, and to develop new approaches in my own photography. The photography you see throughout this column is a result of that experimentation. I blend my love of black and white with light painting photography. To me, the black and white photograph is the backbone, anchoring the image, and the light painted color is its personality. The split shows the contrast between the two, competing yet blending as one.
Much like my first time snowboarding, I dove into the new world of NFTs headfirst. I hope to become as proficient here as I did in snowboarding, and I do expect a few bruises along the way. I hope you will share the same enthusiasm I do as you navigate these uncharted waters. Now go start your NFT empire!
365 Art+ Magazine Case 11: Next Dimension
For further information about NFTs, and a great resource for understanding them can be found at: https://www.websiteplanet.com/blog/nft-guide/