The best way to understand NFTs

Try minting yourself, or read the simple experience of someone who did.

and

Apr 25, 2021

The picturesque vineyards of Portugal, with more than 250 native grape varieties, inspired Flávio Nunes to a simpler way to explain the hot crypto trend.

Flávio Nunes @FlavioNunesPT

💥 Why are NFTs getting so much attention right now? Better than just reading about it, I will try to sell my own original artwork: this is a unique JPEG called "Grape in the sunlight", available now for 0.028294 ETH (~50$) on Mintable: mintable.app/art/item/Grape…

Flávio Nunes @FlavioNunesPT

First lesson for newbies like me: the NFT is saved on my crypto wallet, not on my Mintable account. I can connect and disconnect whatever wallet I own and should be able to see the tokens on the platform. Once the NFT is “minted” (i.e. created), it’s permanent.

Flávio Nunes @FlavioNunesPT

The URL above is for the “listing”, meaning the page where the NFT is listed for sale. I can delete it and still own the NFT. I’m also able to edit the title and change the preview image. The real “artwork” is locked. Only the owner can download the real file.

Flávio Nunes @FlavioNunesPT

My grape was listed for the ETH equivalent of 50 bucks, but the real price grew to 50.46 USD dollars in less than a hour without me doing anything.

Flávio Nunes @FlavioNunesPT

As the creator of this juicy Portuguese grape NFT, I allowed the Copyright to be transferred to the buyer and also gave permission for him/her to resell it. I didn’t knew that in the beginning, but I get “5% royalty on secondary sales”, according to the platform.

Flávio Nunes @FlavioNunesPT

It’s curious that Mintable says that I’m a “Top seller” and it even put a golden accolade on the grape listing page, even though I just created my account and never sold a single NFT. I also have 5 stars in from of my name, which is really weird.

Flávio Nunes @FlavioNunesPT

Everything else is pretty much the same as OLX. I can pay to promote my listing to reach more potential buyers. At last, the value of my NFT is what anyone thinks it is, and eventually pays for it. What you see is pretty much what you get.

Flávio Nunes @FlavioNunesPT

Oh, and I forgot: regarding the minting process itself, you upload your file, fill the form and sign your NFT with your crypto wallet in order to create it. Pretty much straightforward.

Flávio Nunes @FlavioNunesPT

Usually, you should pay transaction fees to save your token on the Ethereum blockchain. Mintable allows you to do that “gasless”, a crypto way of saying “for free”.

Flávio Nunes @FlavioNunesPT

I truly believe this is the best way to learn complex stuff: get it done yourself. But I hope this thread was useful to explain it a little better to everyone looking into this new hot crypto thing. I, for sure, learned a lot from this silly joke.

Flávio Nunes @FlavioNunesPT

A last post to clarify I’m not implying this photo is real art, nor I want to make fun of artists exploring NFTs as a way to connect with their audiences. I’m curious to see where this trend goes, and hope it can quickly address the carbon footprint issue, for the sake of our 🌍.

💰 Check here more how even governments are minting cash digitally

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The best way to understand NFTs

Try minting yourself, or read the simple experience of someone who did.

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