Non-fungible token (NFT) trading and investment is something that has been a hot topic of discussion in the past few years. If you are a trader or investor interested in the new and exciting world of NFTs, it is important for you to know what NFTs are, how they work, how they are created as well as the trading platforms that you can use in order to buy or sell them. In this guide, we go over how to create NFTs and the best marketplaces that you can use to trade these digital tokens in the UK.
In this guide
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What are NFTs?
NFTs is an acronym for non-fungible tokens. NFTs are digital assets that are based on blockchain technology. Unlike cryptocurrencies, where each token can be exchanged for another identical token, NFTs are unique items that cannot be replaced with something else.
NFTs are usually representations of real-world objects like collectibles, virtual assets, in-game items, arts, music, and videos. A good example of an NFT is a one-of-a-kind trading card, such as a digital artwork, that cannot be replaced with any other artwork. Although NFTs are similar to cryptocurrencies such as Bitcoin and Dogecoin, they are non-divisible and non-fungible.
How to Create an NFT
Now that we have covered the basics, it is time to learn how to make an NFT. Anyone, from entrepreneurs to artists, authors, art advocates, social media personalities, videographers, corporations, and even average Joes, can create an NFT.
Creating NFTs is easy. The first step to making an NFT is to choose an NFT platform and determine what type of token you will focus on. Each platform has its own way of creating NFTs, so ensure you check the details. Some platforms allow you to create an NFT by simply clicking on a “Create” button and uploading your image, GIF, or some other file.
You can create NFTs with digital pictures and art, memes, GIFs, music, tweets, video game collectibles, and much more. However, make sure you own the intellectual property rights to the item you want to convert into an NFT.
Additionally, it is important to bear in mind that NFTs exist on the blockchain on which they are created. One of the most popular blockchains for NFT development right now is Ethereum. But you can also make NFTs using other blockchains.
Once you have created an NFT, the token can only be sold on a blockchain that supports the assets used to create it. Additionally, you need a best nft wallet that supports those assets. After that, you can go to a platform or marketplace that will allow you to connect your wallet and to list and sell NFTs.
Top NFT Marketplaces and Platforms in the UK
Before diving into our recommendations, let’s first understand the procedures used in identifying the top NFT marketplaces and platforms in the UK. Keep in mind that the research process was overwhelming and lengthy because we had to test, review, and compare as many NFT platforms as possible. Some of the elements we considered while comparing the marketplaces include platform performance, charges, customer service, security, etc.
Aside from testing, reviewing, and comparing NFT platforms in the UK, we also analysed user testimonials and comments from the App Store and Google Play. We then combined our findings from the two research procedures to give you the best NFT marketplaces in the UK.
1. Crypto.com – Overall Best NFT Marketplace in the UK
Crypto.com is a platform that you can use to trade, invest, and create NFTs. It has an NFT marketplace where users can find numerous digital collectibles and art.
Crypto.com launched in 2021 and is one of the UK’s most popular NFT marketplaces. It allows you to explore many NFT categories such as music, gaming, celebrities, sports, etc. Moreover, users get to enjoy free transactions and low commissions. You can use Crypto.com to trade, invest, and mint NFTs.
✔Earn daily rewards on your balance, no lock-up period
- Low trading fees
- Compatible with mobile and desktop devices
- In-built DeFi wallet that gives you total control of your assets
- Over 14.5% annual rewards on your cryptocurrencies
- Offers a wide range of NFTs
- Withdrawal fees apply
- You get to pay more for low trading volumes
2. Open Sea – Biggest NFT Marketplace in the UK
Launched in 2017, Open Sea is widely regarded as the most comprehensive and largest NFT marketplace in existence. The platform supports a wide variety of digital collectibles from music to art, sports collectables, and photography. It allows you to buy, sell, and even create your own NFTs.
On top of that, it has a user-friendly platform and it’s one of the easiest and cheapest marketplaces to make your own NFT collections. Open Sea has positioned itself as the first and biggest marketplace for NFTs. It is designed in a way to help even newbies familiarise themselves with NFTs, and buy or sell digital assets easily and effortlessly.
- Uses polygon blockchain
- Easy-to-use and intuitive design platform
- Wide selection of non-fungible tokens
- Adequate learning resources
- High minting fees
- Uses Ethereum blockchain, which is known to have high carbon and gas fees
FAQs
There is no definitive answer to this question. The cost really depends on what you are looking for in an NFT, the platform you use, and how much you are willing to put into creating a token.
Yes. NFTs are unique items, and each token has its owner, making them valuable. To create your own free NFT, make sure you own intellectual property rights to the asset you want to use in creating an NFT. If you proceed to create an NFT without acquiring the intellectual property right, you might face legal trouble.
Yes. Any type of digital art can be converted to an NFT.
Yes, absolutely! As already mentioned, any type of digital art including photos can be converted to an NFT. Therefore, if you have a photo, you can turn it into an NFT and sell it.
It is hard to say which NFTs sell the best. However, NFTs that appear ‘simple’ often do well probably because owners can use them as profile pictures to show off their investment.
Yes. You can lose money in a pump-and-dump NFT scam. You are also highly likely to incur losses when you buy tokens that have no utility.
Conclusion
Creating an NFT is a relatively straightforward process. All you have to do is choose any item that can be reproduced as a multimedia file. This can be a digital picture, meme, GIF, music, tweet, video game collectible, etc. As the NFT market continues to mature, creators and investors are likely to make a profit in the long run when token prices go up. But before you start creating and investing in NFTs, take into consideration how various marketplaces differ, including the features offered and fees charged.
Image Source: https://nftdrops.zone/
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Our recommended broker is Plus500.