Welcome back to EZ Wallet 101, where we share the foundations about blockchain technology, web3 and crypto. As mentioned on twitter, this week, we will be focusing on NFT tech. To begin, let’s detail the process needed to start creating your own NFT!
NFTs strike a careful balance between convenience and ownership, and much like wallets (see custodial vs non-custodial), some of the most well-known systems in this situation aren’t as decentralized as you might expect.
The first important term to know is “minting”. This refers to the process of making a new NFT by introducing data to the blockchain, creating a detailed record transaction that is recorded forever.
There are a few different ways to mint your works, and most NFT markets will give you their unique spin on minting. Here are a handful of the most well-known instances to help demonstrate this:
1️⃣ First Method
The Wyvern protocol, developed by Opensea, is the gold standard for NFT contracts and enables transfers, editions, and auctions for your NFT. The closest Web3 counterpart to a site like Amazon is this site, where you can buy and sell anything from art to collectibles to virtual real estate.
Its major drawback is not immediately apparent; for example, Opensea’s contract occasionally has certain limitations on what you can do with your NFT, such as advertising it in other markets. However, because it is the most widely used choice, it is frequently compatible with most Web3 services.
2️⃣ Second Method
Foundation, Known Origin, and Superare are some of the most innovative and developed NFT markets. These platforms have varying degrees of access-gating and curation, so only exceptional artists are likely to sell their work here. By establishing their own contracts or minting their tokens straight to the blockchain rather than first going through another server like in the case of Opensea, they are also taking some fascinating moves toward achieving true artistic freedom.
3️⃣ Third Method
The NFT scene has recently seen the emergence of Manifold Studio. To get over the limitations of NFT markets, they want to provide rapid and simple access for any artist to build their own smart contracts. The artist maintains their royalties and has complete control over where their NFTs are marketed, making this option one of the finest available. The benefits of having your own contract will only increase as more individuals participate in the project, and this service continues to improve.
4️⃣ Fourth Method
Zora goes above and beyond the previous platforms. Helping you mint your work is one thing, but taking a huge wager on providing the most comprehensive set of resources for artists, collectors, and curators is quite another. Zora uses a similar minting strategy to Foundation and Known Origin. Still, their contracts constantly expand and offer curator royalties, multi-marketplace displays, and even the option to build your own NFT marketplace using an open-source back-end.
Great art, a great community, and real-world problem solving utility is all a project needs to turn out right. Wherever you decide to have your artwork sold and marketed, make sure you understand the technical process and limitations with each platform to maximize your results and achieve your goals.
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