How to issue your own non-fungible token for free and why you should not accept NFT from unknown users
Last month, non-fungible token (NFT) trading volume topped a record $6.86 billion, up 157% from December 2021. The popularity of NFT technology has grown so much that YouTube is thinking about using non-fungible tokens. Video hosting can implement NFT support on their content monetization platform.
There are several ways to get NFT tokens.
- Create your token
One of the main ways to get NFTs is to create your own token on the largest OpenSea marketplace. To do this, you need to have a cryptocurrency wallet, for example, Metamask, as well as an image, video, audio, or any other file that needs to be wrapped in NFT.
When creating an NFT on OpenSea, it is important to choose the network on which the token will be issued. When choosing the Polygon network, the marketplace will cover all costs.
This means that you can create an NFT, sell it or send it to another user for free, without paying commissions. When issuing NFTs on the Ethereum network, you will have to pay a commission for each transaction yourself.
Due to the possibility of free creation of NFTs, more than 80% of tokens on the OpenSea marketplace are plagiarism and spam, writes Wired .
According to OpenSea, the trading platform does not plan to restrict users in any way and introduce moderation of new NFTs, as this is contrary to the company’s policy. For the same reason, the Cent NFT marketplace has suspended trading.
- Buy token
New tokens regularly appear on NFT marketplaces. With their help, they sell not only digital art objects, but also game items, financial instruments, real estate, domain names and other goods. When buying an NFT token, you also need to have a cryptocurrency wallet. It will be required to pay for the purchase, as well as to store the token itself.
NFT creators can come up with different interaction mechanics for their tokens. For example, in early February , the games at the NFT arena СhainFaces Arena ended, which lasted for a month .
The winner of the NFT arena received $160,000 in Ethereum. In total, 18,000 NFTs were sent to the arena. After the start of the battle, about every 15 minutes, some of the digital works “died” – these NFTs burned down irretrievably.
The surviving “emoticons” became more valuable due to the “scars” appearing on their image. Also, each user at any time could pick up his fighter from the arena along with the bonus, its size increased as the number of participants decreased.
- Not only content
Caution should be exercised when interacting with NFTs, as hackers have already started using the technology to spread viruses and malware.
According to ESET, gamers are increasingly being offered NFT tokens with superpowers or weapons embedded with a virus, and tools for clandestine cryptocurrency mining are sewn into mobile applications.