NFTs Archives - Page 2 of 3 - FASHION LEAGUE

How to Make and Sell NFT Art: Plus a Few NFT Alternatives

NFTs (non-fungible tokens) are taking the digital art world by storm, granting authenticity and legitimacy to original creative works and digital assets on the blockchain. We’ve got you covered if you’re a digital artist looking to ride the new wave.

You’ll find that making and selling your very own NFT Art is a user-friendly experience that only requires a little bit of research. Luckily, we’ve made it easy for you with this step-by-step guide on the entire process.

Before you know it, you’ll have your original works up for purchase on the NFT marketplace of your choice.

 

How To Create NFT Art

The beginning of the process of making and selling NFTs is one that you’ll probably find pretty familiar. Simply put, the first step is to express yourself; make your art! NFT art can come from various mediums, including:

  • Graphic or digital visual art
  • Films or short videos
  • Music and soundscapes
  • Memes or GIFs
  • Literature and poetry
  • Digital properties, avatars, and cosmetic items

This list is by no means exhaustive, as the world of NFT art is constantly expanding and developing, allowing for new possibilities. Significant strides are being made in the NFT gaming space to legitimize digital assets earned in-game as NFTs on the blockchain. Plenty of opportunities for exploring are available, so keep your imagination and creative ambitions fixed on the digital future.

Once your artwork is finished, it should be saved or converted to a digital file compatible with your NFT marketplace of choice. Some commonly accepted digital file types for NFT art are JPEG, PNG, MP3, MP4, GIF, WAV, and more!

Once you’ve got that down, you’re ready to mint.

 

Minting Your Artwork as an NFT

Once you’ve got your digital piece of art or asset saved as a compatible file type, it’s time to publish it to the blockchain. Many user-friendly websites and some resources we’ll touch on have made this process much more manageable. But first, let’s start with some basics:

 

What is Minting an NFT?

For digital artwork to become a non-fungible token (NFT), it must go through a minting process similar to real-world money and cryptocurrencies.

However, don’t let that terminology intimidate you: When we talk about minting an NFT, we’re only talking about publishing it to the blockchain via the NFT marketplace of your choice.

Why, then, do we call this publishing process minting NFTs?

  • Even though NFTs don’t function or get exchanged like cryptocurrencies or physical money, they are still considered tokens on the blockchain.
  • Cryptocurrencies and physical currencies are fungible, which means they can be exchanged between each other for an exact value. Non-fungible tokens have a value that cannot be converted into a currency for an exactly corresponding value.
  • Cryptocurrencies, physical money, and NFTs are all able to be minted. Unlike many other kinds of artistic publishing, minting guarantees legitimacy and a stamp of authenticity to the value of your artwork.

Therefore, to put it simply: minting is the process of publishing your digital artwork to the blockchain. But before you can do that, you’ll have to secure your crypto-wallet.

 

You’ll Need to Get a Crypto-Wallet and Buy Cryptocurrencies

Before you can mint an NFT and start selling your artwork on the blockchain, you’ll need to secure your very own digital wallet, also referred to as a crypto-wallet. Most of these wallets function just like a stock-trading website or banking app.

Some popular crypto wallets include:

  • Metamask
  • Coinbase Wallet
  • Robinhood Wallet
  • Gemini
  • Trust Wallet
  • Electrum
  • Mycelium

You’ll need one of these wallets to purchase some cryptocurrency. Luckily, with user-friendly interfaces, most of these wallets function just as efficiently as any stock-trading site or banking app.

 

Why You Need Cryptocurrency to Sell NFT Art

There are a few reasons why NFTs require a crypto-wallet stocked with cryptocurrencies to be appropriately minted:

  1. You are publishing your digital file or asset to the blockchain: A network that primarily functions to facilitate the exchange of cryptocurrencies. Someone will likely be buying your artwork using a cryptocurrency like Ethereum or Bitcoin.
  2. A great deal of computing and electrical power is needed to authenticate and process transactions on the blockchain. The Ethereum blockchain is used by most NFT creators thanks to its availability of computing resources.
  3. Finally, most NFT marketplacescharge varying amounts in cryptocurrency to create your account and mint your NFT onto the blockchain.

In return for this, you’ll have to pay what’s called a gas fee: A recurring amount in cryptocurrency which covers the cost of the power needed to keep your NFT secure and validated on the blockchain.

So, before moving on to minting, ensure you’ve got yourself a digital wallet you’re comfortable using and the appropriate amount of cryptocurrency to cover gas fees, minting fees, and account creation.

 

Choose An NFT Marketplace to Sell Your NFT

Now that you’ve got your digital files and crypto-wallet ready and operational, it’s time to mint your NFT, making it available for purchase on the blockchain.

Some popular NFT Marketplaces are user-friendly and make minting an NFT as simple as publishing your artwork on any conventional marketplace platform. Some of these include:

  • Opensea
  • Rarible
  • SuperRare
  • Foundation
  • Myth Market

Additionally, if one of these platforms doesn’t interest you, there are tools available via Amazon’s AWS Marketplace that can help you create your own NFT marketplace.

So as you can see, there are many ways to customize how you market and sell your NFTs. On top of that, the potential for NFT art is growing every day. A non-fungible token can be a GIF, popular meme, visual art piece, video, or any other digital asset submitted as a digital file and verified on the blockchain.

 

Market Your NFT

Unfortunately, being on an NFT marketplace won’t always automatically get your attention for your artwork. To gain exposure and more easily sell NFTs, you’re going to need some kind of marketing strategy:

  • Try to demonstrate your ability to innovate within your medium.
  • Make sure to list your NFT art for a cryptocurrency people will likely be familiar with, such as Ethereum or Bitcoin.
  • Prove to potential buyers that they’re investing in an art piece that will grow in value.
  • Demonstrate the relevance of your art piece; what it stands for.
  • Use social media to share designs, concepts, and links to sites where people can buy.

 

A Few Alternatives to NFT Art: Fashion League

Game creation is one art form exploding in its way within the NFT market. With the ability to authenticate and legitimize digital artwork, NFTs are changing the gaming world by allowing players to make real money by simply playing and earning resources.

These earned resources are then exchanged for items that can be minted as NFTs, such as avatars, cosmetic items, building improvements and furniture, skill boosts, and even digital property. These items become digital assets that can be exchanged or sold for cryptocurrencies as NFTs on the blockchain.

This is what’s known as the Fun-To-Earn model. Many incoming NFT games like Fashion League employ this model to earn players real money for their time in-game.

On top of that, Fashion League players can:

  • Create fashion designs and clothing items and with the opportunity to upgrade and sell them as NFTs
  • Advance their virtual brand through online marketing for real financial growth
  • Manage their storefront property

Fashion league aims to be the first female-centered NFT RPG on the blockchain. By creating virtual economies, players can simulate real income from the digital exchange of their art, ideas, and designs.

If you want to bring your creative touch into a virtual community or perhaps build your own digital business, NFT RPGs may be worth keeping an eye out for.

 

NFTs Are For All Types of Artists

Whether your chosen art form is visual arts, film, music, comedy, writing, gaming, or even business, the NFT marketplace offers you a way to legitimize, own, and sell your digital art. The security of the blockchain offers the potential to add new power and exclusivity to original digital assets.

Virtual worlds like the metaverse and NFT games like Fashion League allow players to foster a community online with like-minded folks across great distances. NFT art can be exchanged, exhibited, and sold within those communities.

Check out our website to learn more about how to start your fashion empire.

 

Sources

How Much Does Minting an NFT Cost? |Pastel

Fungibility | Investopedia

Understanding the Different Types of NFTs | 101 Blockchains

What Is Web3, and Why Is It the Future?

Web3 is an exciting new horizon of the internet, and we want you to understand all the cool mechanisms that go into it.

Specifically, Web3 is expected to use blockchain technologies and token-based economics to create a more decentralized internet.

If this sounds daunting to understand, don’t worry! Below, we’ll break it all down and explain where Fashion League fits into this new digital ecosystem.

 

The Origins of the Web: Quick Recap

We’ll first have to talk about its origins to understand this third and newest iteration of the internet.

Web 1.0, the original world wide web, was created by Tim Berners-Lee and brought to the public in 1991. Think clunky and utilitarian web pages and nineties TV shows where code blinks on black screens. In a nutshell, Web 1.0 was informational, static, and read-only.

Web 2.0, on the other hand, is what we think of as the modern internet. Intelligent and entertaining, it offers glossy design elements, lots of interactivity, and a streamlined user experience. It can be accessed through desktop browsers like Safari and smartphone apps alike.

Web 2.0 includes search engines like Google, streaming services like Netflix, online marketplaces like Amazon, and social media platforms like Facebook. With Web2, users are not only consumers as they were with Web1 but are now also creators. Web2 allowed for the advent of bloggers and influencers that now dominate the online space — everything from your favorite travel blog to Jake Paul. Still, most Web 2.0 content is centralized under the control of a small group of big tech companies like the ones mentioned in this paragraph, which is one of the major differences between it and Web3.

Web3 isn’t expected to totally replace Web 2.0 for some time. However, a Harvard Business Review article calls Web3 the future of the internet and deems it a blueprint for a better internet future. And in 2014, Gavin Wood, a computer scientist and co-founder of Ethereum (ETH) cryptocurrency, described Web3 as “Insights into a Modern World.”

 

What Is Web3?

Web3 is meant to provide security for its users’ data. With its decentralized design, your data would be stored in a “crypto-wallet” and not tracked or monetized by third parties.

Can you imagine a world where your information isn’t being used against you? Where you’re not being tracked and marketed to at every turn? This is the future of Web3.

Proponents argue that the current centralization of Web 2.0 (and its associated financial institutions) stifles creative cooperation and erodes freedom, democracy, and economic dynamism.

Detractors suggest that the decentralized internet will be highly inefficient and volatile since it’s based in part on unstable cryptocurrencies. Critics also suggest that even a decentralized internet will eventually centralize and coalesce around centers of financial and social power, just like Web 2.0.

At the end of the day, though, the best possible version of Web3 would bring new creativity and collectivity to the world. Instead of corporate interests controlling the internet, the power would be in the hands of communities. Not only that, but people would be making and spending income in totally new and innovative ways.

 

Key Features of Web3

Sound too good to be true? Let’s dive into some of the key features of Web3 to see what they entail.

  • Cryptocurrency
  • Digital wallets
  • Blockchain
  • DAOs
  • NFTs

We know that new technology can change rapidly and that some of these concepts are complex, so we’ll break each one down below.

 

Cryptocurrency

Cryptocurrency, a major buzzword in modern economic discussions, is essentially an encrypted digital currency that uses a decentralized system to verify and record financial transactions on a public ledger. Since these currencies are not associated with a government or institution, it is part of the world of decentralized finance or DeFi.

Some common cryptocurrencies include:

  • Ethereum (ETH)
  • Bitcoin (BTC)
  • Binance Coin (BNB)
  • Tether (USDT)

People store cryptocurrency coins or tokens in digital wallets — more on this below — and can use them to buy regular goods and services on the internet. However, most cryptocurrency owners are currently investing in them as a new and exciting asset class, which has been termed “digital gold.”

Cryptocurrency is sometimes volatile, and its value can fluctuate sharply. Still, it’s a key part of Web3’s decentralization, since it’s not dependent on central banks, government-owned financial institutions, or federal economic policies.

 

Digital Wallets

Cryptocurrencies are stored in digital wallets, which are essentially secure smartphone apps that store payment information and passwords. However, digital wallets are expected to play an even larger role in Web3’s advancements.

To achieve the advanced user privacy that Web 2.0 currently lacks, Web3 will put data ownership in the hands of individual users themselves. Users will control their data in digital wallets like MetaMask or open-source Electrum, which can hold both currency data and identification details.

In other words, a digital wallet will be the way you both pay for things and prove who you are on Web3. These wallets will have interoperable functionality, which means that they’ll work with various decentralized apps (dapps), products, and systems.

 

Blockchains

Blockchains are peer-to-peer distributed databases (a.k.a. public ledgers) on computer networks where cryptocurrency transactions take place. A form of database, blockchains store digital information and are central to maintaining secure and decentralized records of cryptocurrency transactions.

Essentially, blockchains are a way to guarantee the security and authenticity of data — including financial transactions — without the need for a third party to verify.

Blockchains are also invaluable for their smart contracts: self-executing codes that automatically kick in when certain predetermined conditions are met. As you’ll see below, these smart contracts aren’t just useful; they’re also vital for other key parts of Web3’s promising future.

 

DAOs

In the wild west of the decentralized internet, people want to know who will be in charge. Decentralized autonomous organizations, or DAOs, have been proposed as the solution for decentralized decision-making and governance.

Basically, DAOs are self-managed organizations run by individuals who have purchased governance tokens. Thanks to the blockchainsmart contracts that DAOs operate on, the organizations’ actions and decisions can be seen by everyone. This helps to prevent corruption, censorship, and fraud.

How Do DAOs Work?

For example, a smart contract might ensure that policies and proposals that receive a certain amount of votes are automatically enacted. Or, it might help enact the DAO’s unique bylaws, meaning that tedious day-to-day organizational management can be replaced by self-executing code.

Critics argue that requiring the purchase of tokens to govern in a DAO creates a class-based system of gatekeepers. However, others note that DAOs are much less hierarchical than traditional top-down governing organizations and that the financial barrier to entry is typically low.

 

NFTs

Lastly, the infamous NFT, or non-fungible token, is a key part of Web3’s exciting new offerings.Cryptocurrencies like Bitcoin are fungible, meaning that one token can be exchanged for another token of exactly equivalent value. NFTs, though, are completely unique digital items that cannot be exchanged for another, making them non-fungible.

NFTs come in many forms, including digital art, gifs, memes, songs, videos, and more. Collectors and speculators have created a massive art market out of NFTs in just a few years, with some popular NFTs like Bored Apes and CryptoPunks selling for tens or hundreds of thousands of dollars each.

Most people invest in NFTs for the same reasons that they’d invest in an oil painting or sculpture: They like it aesthetically, and they believe its value will rise in the future.

However, the gaming and virtual reality industries are also using NFTs as an increasingly important part of their ecosystems. NFTs can add dimension and a sense of real ownership to in-game sales.

For instance, instead of just customizing your in-game character, you can actually own that character as an NFT. That means that you can export your design to other games and even sell it on an NFT marketplace like OpenSea.

Other games allow you to purchase NFT accessories — everything from digital armor to jewelry — for your characters. At Fashion League, we use NFTs to help you create and expand your own fashion shop, become a virtual fashion designer, and, of course, buy and sell on the blockchain.

 

What Is Fashion League?

As the first female-centered fashion RPG on the blockchain, Fashion League is part of the Web3 future.We’re owned by women and for women to help promote the next generation of fashion creators and gamers in Web3.

At its heart, Fashion League is a fun-first game where players can build and manage their own fashion shop, enter community-wide competitions, become virtual designers, and sell their designs to other players, ultimately becoming Fashion League’s greatest.

On top of that, players can earn money thanks to the game’s player-centric ecosystem, which is where Web3 comes in. The more and better you play, the more in-game cash and rewards you get.

You can also earn game money by selling your digital fashion items, collecting sales tax when owning land in Fashion League, renting or selling your digital assets to other players, and more. During Fashion League’s weekly conversion events, players get the chance to convert their in-game cash into tokens. Players can then exchange these tokens into cryptocurrency on a cryptocurrency exchange platform.

 

Fashion League and the Future

If you’re interested in Web3 but not sure where to get started, Fashion League is a great option. It’s an easy way to get involved with NFTs, create your own digital designs, and make money, all while having fun playing a game.

The future of a game like Fashion league, which can combine the fashion industry with Web3 and the metaverse, looks promising. According to a recent KPMG report, demand for luxury goods in the metaverse could reach as much as $50 billion USD by 2030.

Want to learn more about where to start with Fashion League? Check out our website to find out how to build your fashion empire.

 

Sources:

World Wide Web | Mozilla

What Is Web3? | Harvard Business Review

The Web3Decentralization Debate Is Focused on the Wrong Question | WIRED

Decentralization, DAOs, and the Current Web3 Concerns | Coin Telegraph

What Is Cryptocurrency? | Forbes Advisor

What Is a Blockchain? How Does It Work? | Investopedia

NFTs, Explained: What They Are and Why They’re Suddenly Worth Millions | The Verge

Understanding Web3: The New Version of the Web That Works on Blockchain | Business Insider

What Makes an NFT Valuable?

The most important thing to consider when investing in a non-fungible token (NFT) is what makes that digital asset valuable. It may be hard, especially in a new, emerging market, to tell gold from glitter or what’s trendy from what has usefulness and longevity. Let’s get into the nitty-gritty of how NFTs gain and maintain value.

 

Why Do NFTs Have Value?

Before we can get into what makes an NFT valuable, desirable, or popular, we should try to understand where that value comes from in the first place.

Normally, it would be very hard to describe a particular real-worldvaluation for a digital asset. For instance, anybody can save a digital image for free. However, thanks to blockchain technology, now that digital image can be minted as an NFT, giving it a unique link on the blockchain that verifies its ownership authenticity.

By minting a piece of digital art as a token on the blockchain, that piece is given an authentic stamp of originality; in other words, it is made non-fungible. Like any famous work of art, it may be capable of being copied, but only one person can have verified ownership of the actual original work.

The verified ownership of NFT projects as digital items provides the basis for the value of an NFT. All the celebrity partnerships, social media hype, and memes merely add on to that.

 

What Is Fungibility?

Because NFTs are non-fungible, they cannot be traded or exchanged as regular, fungible tokens can. Cryptocurrencies like Bitcoin or Ethereum are fungible because they can be exchanged for an exact, however fractional, amount of Euro, USD, or any other currency.

Unfortunately, since an NFT is a single asset, it cannot be fractioned off to be exchanged for another currency; it can only be sold for a price.

An NFT doesn’t hold value like a fungible token; an NFT’s value will not follow or correlate with the changing values of various cryptocurrencies. While it may require more or less of a given crypto to buy that asset, depending on that crypto’s market performance that week, the digital asset’s price will not necessarily change in synchronicity with any given crypto’s value.

This is just to say that the NFT space is a market that functions separately from the crypto market. NFTs can thereby maintain their inherent value as art pieces, collectibles, historical preserves, or any other asset without being swung to and from by the crypto exchange.

It is the scarcity created by non-fungibility that generates value.

 

NFT Art: The Value of Celebrity and Authenticity

In the art world, popularity, acknowledgment, and esteem govern value. A piece may be considered beautiful, innovative, or impressive because of its technical or creative achievement.

However, it will not have value unless it can be verifiably credited to the artist who created it.

 

The Impact of Creative Innovation on Value

Of course, creative innovation has its place, as many art pieces are valuable just for being technically impressive or novel or by perhaps inventing a new technique. This is no less true for NFT art, as some pieces have sold for upwards of $60 Million.

For example, many of these pieces, like HUMAN ONE by Beeple, were acknowledged for their artistic achievement as digital art pieces and for their statement in tandem with the historical moment or artistic movement they represent.

These NFTs are valuable because they are acknowledged and esteemed by art critics and desired by art collectors and patrons.

Additionally, thanks to the blockchain, NFT artworks are more secure and easier to verify authenticity and ownership than traditional, physical art pieces, which need a thorough examination.

Just like in the physical art world, some NFT art is valuable simply because it is popular, trend-setting, or connected to a celebrity. A person may buy an NFT created by a celebrity not only as a patron of their work but with the idea of investing in the character and growth of that celebrity’s legacy or fame.

 

The Impact of Celebrity on Value

However much effort or innovation may be achieved in a particular art piece, it is not surprising that the celebrity of the artist also plays a huge role in its value. This is especially true for NFTs since the innovation, technique, or creativity found in a particular piece of digital art may not be as immediately apparent to the average patron or investor.

Suppose the creator of an NFT is an artist who is known and has a growing legacy. In that case, it will be more desirable, not only because of the celebrity of that artist, but because their legacy will help maintain, support, and grow the value of that artwork, making it a safer investment.

Many of the most valuable NFTs in the art world of today are made or promoted by celebrities or known artists. Their legacy and power as influencers guarantees that there will be eyes on the artwork and support from their fanbases. The more familiar or loved the maker is, the more amazing their work can be.

For instance, HUMAN ONE may have a certain value for its artistic achievement. Still, an investor may also continue to collect Beeple’s work because his celebrity and legacy as an artist potentially guarantee interest and a growing value in his future work.

An art piece can be valuable just by being authentically attributed to a valuable, esteemed artist, and NFT art functions no differently.

 

NFT Property: The Value of Digital Landscapes

A large part of the NFTecosystem today surrounds developing NFT roleplaying video games (RPGs). These virtual worlds are built with the idea of creating a digital social atmosphere where NFTs are exchanged, displayed, and crafted. Players buy houses, socialize, and collect various items.

Some of these NFT games, like Fashion League, even allow players to run their stores while creating and marketing their virtual fashion brands online. These RPGs allow players to manage virtual property and run digital businesses for real monetary gain. As a virtual community, players can effectively foster their virtual economies in-game, giving real value to their digital businesses.

As NFTs in digital property are bought and space decreases, the value of acquiring that property increases due to its scarcity. In this way, buying property in a new RPG becomes a valuable investment if that RPG becomes popular, entertaining, and rewarding.

Also, by developing your digital property by gathering resources or collecting digital assets, you serve to boost its value for players looking to rent or buy a developed piece of virtual land.

NFT games allow players to band together to nurture their own virtual economies for real monetary gain, create opportunities, and generate value for their own NFT assets, property, and businesses.

 

NFT Gaming: The Value of Virtual Resources

Another aspect of NFT gaming worth looking at is the Fun-To-Earn model. In these games, players complete in-game tasks or responsibilities in return for resources or monetary rewards. These resources and rewards can, in turn, be used to craft items or generate value outside of the digital world.

For instance, players may gather materials to craft clothing, which can then be sold in virtual shops as NFTs for real value. If that player’s clothes become popular enough, the value of their brand will increase.

At the same time, that player needs more resources to grow their business and brand. That’s where resource value comes in: It’s very likely that as NFT games develop and popularize, the demand for the farming of resources to craft those in-game NFT items or maintain a storefront will gradually increase.

Even in traditional RPGs, some players are paid by other gamers to play the game for them; farming resources, doing the so-called ‘grind’ to earn better armor, nicer cosmetics, and more.

Therefore, it is not inconceivable that players will be of value who can spend time farming resources or gathering skill points in an NFT game.

But this time, they’ll be working for a virtual business that generates real income in-game and tangibly increases its value as its size increases.

Once again, players who gather resources will work with NFT business owners or property owners to stimulate and grow their virtual economies.

 

Participation in Fashion League Is Key!

Fashion League gives players opportunities to grow their virtual brands and stimulate their economies via the blockchain. As the first female-centered Fashion NFT RPG (role-playing game), Fashion League also provides opportunities for women to collaborate and create real investment growth with its Free-To-Play and Fun-To-Earn model.

The key to generating value of any kind is interest, and interest can not be found without participation! So don’t be afraid to look around, get involved, and explore how you can grow a brand voice or an investment portfolio online or in-game through the power of the blockchain.

 

 

Sources

The 10 Most Expensive NFT Artworks of 2021, From Beeple’s $69 Million ‘Everydays’ to XCOPY’s $3.8 Million Portrait of ‘Some Asshole’ | artnet.com

Why Are NFTs So Valuable? | Cyber Scrilla

Why some NFTs are valuable, and others aren’t | afr.com