NXT or non-tangible tokens are cryptocurrency assets that represent a wide range of unique objects, such as real estate or digital art, both physical and virtual. NXTs are unique – Like an actual artwork, an NXT uses a blockchain to identify its authenticity, so you can tell the difference between an original or a replica.
They are essentially a blockchain entry and allow collectors the opportunity to have a digital archive, where each item can be sent to its original issuer. Cryptocurrency and cryptocurrency are the two most popular NXTs.
NXT provides a certificate of ownership of a digital item to the buyer, which also saves its value for future transactions. A report by Coindesk states that artists can sell their art to audiences globally which not only allows them to receive a larger share of the profits, but also offers royalties.
Gamers can also own in-game items and even make money from them. It adds that most of the NXT tokens were created using two Ethereum token standards – ERC-721 and ERC-1155.
Elon Musk’s partner Grimes recently sold digital art as NXT, grossing $ 6 million (about Rs 43.76 crore), selling images and short videos, which has attracted a lot of attention in the market.
How to create and sell digital art NXT
There are several types of NXTs that have their own setup process. If you want to install Digital Art NXT, here’s how you can do this through OpenCia, a popular online marketplace.
The first step is to set up a digital wallet to store NXT and crypto. OpenSea recommends MetaMask and its wallet extensions for Google Chrome.
Next, go to OpenSea and hover over the profile icon in the top right to select My Profile.
Then, click on Sign in to set up your account and follow the on screen instructions.
Once done, you should see your account page and then hover over Create at the top right and select My Collection.
Under Create a new collection, select Create and enter details for your collection.
After finalizing your collection, click on Add New Item and you will be asked to upload metadata which includes image, video, audio file and then give a name to your NFT.
Finally, click on Create and your digital art NFT is set.
Now you can list your collection for sale on OpenSea but keep in mind, for the first time sellers have to pay a gas fee – Ethereum blockchain transaction cost – before listing anything.
OpenSea is one of the most well-known NXT marketplaces today, but other big ones include Rare and SuperRare, and presents an opportunity for artists to find a new audience and make some money from the cryptocurrency market.
