NFTs have made their way into headlines all over the world in the last few years. Some huge brands (and individuals) have created NFTs of all sorts of things as a way to connect with fans and potentially raise some money. Fans may get something totally unique in return.
Entrepreneurs and creators are left wondering if this is an option for them. Almost anyone can create and launch an NFT and while the process of creating an NFT is relatively straightforward, there are factors to consider before trying to replicate the success of some of the other NFTs on the market.
Understanding Blockchain Technology
Most people have some understanding of what blockchain means now. It is a technology that decentralizes data which means that it is stored across multiple nodes on different systems. This can lead to a more transparent system overall and it is little wonder this is being adopted in a lot of locations.
NFTs use the same blockchain technology that has driven a revolution in cryptocurrencies. Amazon describes an NFT as an “irrevocable digital certificate of ownership and authenticity for a given asset” and this means that it can’t be replicated or faked. The same transparency has come from this technology and allowed cryptocurrencies like Bitcoin to become much more popular.
Some industries with a tech-savvy audience have adopted these technologies much quicker than others. Media and the arts tend to be among the main adopters of the NFT as a concept. However, for blockchain currencies and payments, the gambling industry has been one of the quickest to catch on.
Blockchain has meant that users can pay using cryptocurrency at some of the modern casinos, enabling them to play pokies without having to part with so many personal details.
When playing crypto pokies at Ignition, users often have the choice of how they wish to fund their accounts, and with more Bitcoin casinos emerging, it has become straightforward to move money from a crypto wallet. Thanks to crypto payments, crypto pokies, or cryptocurrency-powered slot games, have been offering unique advantages over their traditional counterparts, such as expedited transactions, exclusive crypto incentives, and increased anonymity.
Beyond cryptocurrencies, some innovative gambling platforms have begun incorporating NFTs into their gameplay mechanics. In crypto pokies, this looks like unique slot symbols, represented by NFTs, or exclusive game features, in which NFTs could lead to special pokies bonus rounds or certain features within the pokies gameplay.
In the future, casino platforms will be looking into issuing NFTs as proof of loyalty rewards. With such NFTs, players could collect, trade, or use their reward tokens across the entire platform – not only spanning pokies but also poker, blackjack, and other games.
This forward-thinking approach not only enhances the gaming experience but also helps familiarize players with the concept of NFTs, further bridging the gap between traditional gambling and emerging blockchain technologies.
Creating an NFT
People may still be wondering where on earth to start if they want to make their own NFT – the process of creating an NFT is known as minting. To mint an NFT, a person needs a few key things. Firstly they will need their digital content – this could be a song or a piece of art (these are just examples). They’ll also need access to a blockchain platform that supports NFTs and a digital wallet to store the cryptocurrency needed to cover the costs of minting.
An NFT can be minted to represent anything from artwork to a video clip and there are even some extreme examples of people making some more unusual NFTs (sometimes in a bid to make headlines). Memes and even NFTs of a random twig found on the ground have been created.
Minting an NFT generally involves uploading the digital content to the platform before setting up details and paying a fee. A gas fee is what this is referred to as and it covers the cost of processing the transaction on the blockchain and getting the technical side of things set up. There are a few blockchain companies that allow people to do this. With the minting process done, the NFT is officially created and can be put up for sale on various online marketplaces.
The tricky thing might be getting some interest in the NFT. While the actual process is doable by pretty much anyone with a bit of technical knowledge, people need to know that people are interested. Plus, gas fees can vary widely depending on the blockchain being used and how busy the network is at the time. On some of the popular platforms like Ethereum, these fees can get expensive, and if the NFT doesn’t sell for a high fee it could end up costing more than the value of the NFT itself.
Some people like to launch NFTs that relate to cultural events or things that are happening in the world as these can get people talking. For instance, an NFT game was created to tie in to the Olympics in 2024.
Of course, people need to own the copyright or have permission to mint an NFT of something. If somebody creates their own artwork and wants to create an NFT they need to be able to prove the artwork is unquestionably theirs to mint as an NFT.
Conclusion
Artists and creatives are eternally looking for new ways to potentially make money out of their artwork and this can lead them to the world of NFTs where other artists have had success and provided something truly unique. Blockchain is bound to change a lot of the ways that people connect with their fans and it is true that anyone can start an NFT or NFT collection if they want.
