5 Things to Know About Designing an NFT

Womp team
Womp team
5 Things to Know About Designing an NFT

NFTs have become popular in the past two years, but they’re still not mainstream. The rise of NFTs was due to the increase in cryptocurrencies like Etherium, and a few prominent celebrities releasing their own NFTs.

If you’ve been watching, you’ve probably seen some NFTs sell for millions of dollars. You might be wondering how you can create your own NFT artwork. People have already used Womp to create and sell NFTs. So, in this guide we’ll explain how you can do that. Don’t worry if you’re still trying to figure out what an NFT is, we’ll explain that as well.

What exactly is an NFT?

An NFT, or non-fungible token, is a piece of digital art. These digital assets can represent real world items like songs, paintings, or videos. Just like a piece of physical art, each NFT is unique and the data is stored on the Ethereum Blockchain. That means the NFT has a unique code that can’t be altered or copied. What makes the Blockchain unique is that there is a record made every time someone buys or sells an NFT.

We won’t get too deep into the ins and outs of Blockchain technology, but you can think of it like a chain of glass boxes. When an asset is bought or sold, a glass box of data is added to the chain, recording the sale. When you purchase an NFT, it’s recorded in a glass box. Everyone can see inside the box that you’re the new owner of the NFT, but no one can change or alter the data. This makes it extremely difficult to steal an NFT or cryptocurrencies.

NFTs are digital assets, but they can also be connected to the physical world. For example, you can buy an NFT and receive an invite to an in-person mastermind group. Or the NFL could give everyone a unique Superbowl 56 NFT when they attend the next Superbowl.

Different types of NFTs

NFTs are mostly pieces of art, but there are endless possibilities. You could buy tickets to a concert in NFT form. The deed to a house can be an NFT. Or you could buy a popular YouTube video and become the sole owner of it.  The viral video “Charlie bit my finger” sold as an NFT for $760,999, and many more popular memes have been sold as NFTs. But, NFTs aren’t just memes or funny YouTube videos. Most NFTs are original pieces of artwork that you can design as well.

NFTs can be used to represent virtually any type of real or intangible item, including:

  • Artwork
  • Virtual items in video games such as character skins, virtual currency, special video game weapons, and avatars
  • Music
  • Collectibles digital trading cards
  • Tokenized real-world assets, (ie. houses, cars, clothing, sneakers)
  • Iconic video footage of events

How to create an NFT

After seeing some hugely successful NFT sales you might be wondering how you can get your foot in the door. Like with any type of artwork, fame and success can’t guaranteed. Most artists never see million dollar paychecks. But you shouldn’t let that discourage you.

The process of creating an NFT is fairly straightforward. The first thing you’ll do is create the artwork. This can be a GIF, an image, video, or 3D object. It’s hard to know what type of artwork will be successful for you. Your best bet is to create something unique.

OpenSea is one of the most popular NFT marketplaces for buyers and sellers. There are over a million NFTs currently listed—everything from 3D Bonsai trees to original songs. You can explore what’s for sale and what’s popular to get your creativity flowing.

Can’t someone just copy your NFT?

Yes, and no. Every NFT is a unique original. The NFT creator can set how many copies of each NFT they want to create, so one piece of digital art can have 50 copies, but each copy will have a unique ID attached to it.
In March 2021, Jack Dorsey sold his very first Tweet as an NFT for $2.9. What was stopping someone from getting a screenshot of the same exact Tweet? Nothing at all. But a screenshot of the Tweet is like saving a photo of the Mona Lisa on your phone. Your screenshot of Mona Lisa is essentially the same thing, but it’s not the original. 

The value of NFTs comes from their uniqueness and limited availability. Only the person who bought Jack Dorsey’s Tweet NFT has verified ownership of it. A screenshot is just as valuable as a replica of Mona Lisa.

Where you can sell your NFT

There are a few different NFT marketplaces. Before you start selling, you’ll need to create an account with the marketplace and connect a crypto wallet so you can collect payments securely.

At the time of writing, NonFungible.com reported that there were over $1.6 in NFT sales in the past month, and 511,081 NFT transactions were recorded. NFTs can be resold over and over again, so some NFTs are resold hundreds of times each week. CNBC also reported in April 2021 that there were twice as many NFT buyers as sellers. We believe that there are plenty of opportunities for NFT creators as the space continues to expand..

OpenSea, Rarible, SuperRare, Nifty Gateway, Foundation, and VIV3 are all NFT marketplaces that let you buy and sell NFTs. They each have more specific instructions to start selling. You can create your NFT for free, using Photoshop, Adobe, or a 3D illustrator like Womp. You’ll probably need to pay a listing price to put your NFT up for sale. Most NFT marketplaces work with a bidding system. Similar to eBay, you can set a starting bid, a minimum price, and a bidding timeframe. You’ll also likely receive cryptocurrency as the form of payment. The crypto will be stored in a secure wallet that’s connected to the NFT marketplace. Since crypto can be difficult to spend, you can then sell the crypto for US dollars.

Popular NFT examples

Here are some of the popular NFTs that have sold in the past:

Beeple is a .jpg NFT that sold for an astounding $69M in March 2021. It’s a collection of 5,000 daily photos taken for 13 years.

This 3D NFT titled “dino pals” recently sold on OpenSea for 375 ETH, which equals $1.2M USD.

We’re excited to see what the future of NFTs is, and looking forward to the NFT projects created with Womp.

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