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The best way to understand NFTs

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The best way to understand NFTs

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

Patricia Soares da Costa
and
José Brízida
Apr 25, 2021
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The best way to understand NFTs

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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.

Twitter avatar for @FlavioNunesPT
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…
Image
5:18 PM ∙ Mar 22, 2021
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Twitter avatar for @FlavioNunesPT
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.
5:44 PM ∙ Mar 22, 2021
Twitter avatar for @FlavioNunesPT
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.
5:49 PM ∙ Mar 22, 2021
Twitter avatar for @FlavioNunesPT
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.
5:53 PM ∙ Mar 22, 2021
Twitter avatar for @FlavioNunesPT
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.
6:06 PM ∙ Mar 22, 2021
Twitter avatar for @FlavioNunesPT
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.
6:06 PM ∙ Mar 22, 2021
Twitter avatar for @FlavioNunesPT
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.
6:10 PM ∙ Mar 22, 2021
Twitter avatar for @FlavioNunesPT
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.
6:15 PM ∙ Mar 22, 2021
Twitter avatar for @FlavioNunesPT
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”.
6:18 PM ∙ Mar 22, 2021
Twitter avatar for @FlavioNunesPT
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.
6:23 PM ∙ Mar 22, 2021
Twitter avatar for @FlavioNunesPT
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 🌍.
6:29 PM ∙ Mar 22, 2021

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The best way to understand NFTs

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