Two of the biggest trends in gaming right now are non-fungible tokens, or NFTs, and video game collecting.
And while these may seem like separate topics, they are actually closely related: it’s possible to turn physical items into non-fungible digital assets that can be traded on the blockchain with ease, which opens up some interesting new opportunities for game developers and collectors alike!
In this article, we’ll explain what you can do with physical NFTs and walk you through how to set one up in your own game or community.
What Are Non-Fungible Tokens?
Non-Fungible Tokens (NFTs) are a type of digital collectable that is unique and cannot be broken down into smaller tokens. They can represent anything from in-game items to art pieces to real-world objects like rare baseball cards.
With the help of companies like Grapharex, you can sell real world items as NFTs. You simply take photos or video footage of your item(s), create a custom token with the help of their easy-to-use UI and upload it to the site for sale.
The tokens on Rare Bits will cost between $0.25-$5 for one single token so it’s an excellent way for people with limited budgets or who just want one or two tokens to get started quickly.
How to use ERC-721 tokens on an NFT Marketplace
The exact process for every NFT marketplace may differ slightly, but if you want general know-how of how to sell NFTs on a good marketplace like Grapharex, follow this simple guideline:
- The first step to selling a digital collectable is to create your token on an NFT marketplace. You can do this by clicking the ‘Create Your Token’ button on the homepage of the website.
- Next, you’ll need to fill out a form with basic information about your tokens, like their names and descriptions.
- After that’s done, you’ll be presented with a page where you can upload the image for your token. If you don’t have an image yet, it will let you take a photo using your webcam or choose one from your computer.
- Next up is pricing. If you’re confused about how much you should sell your new NFT for, we recommend starting at around $2 and then adjusting depending on how many people want to buy it. However, it is entirely up to you! If you have experience with NFTs, you can start much higher as well.
- Lastly, click Save and Publish at the bottom of the page and confirm when prompted to finalise the process.
Listing Digital Items on Marketplaces
Digital items can be sold on various online platforms. If you have a lot of digital games to sell, it might make sense to list them there.
Just remember that selling digital items is risky because the person you’re selling the item to doesn’t own anything. You need to find out how much risk you are willing to take and how much money you want before listing your products for sale.
When selling real-world items as NFTs, check if people will know what they’re buying from the name alone. If not, use a description to tell people about your product so they know what they’re getting before buying.
Be careful about describing your product too much since these descriptions could be copied by someone else when making their sales page.
Measures in Place to Protect Against Scams
It is crucial to ensure that an asset’s validity, origin, condition, and ownership rights can be recognised to offer customers confidence in the product they are acquiring.
It is critical to determine who will have the power to take an NFT’s physical back up out of the vault. Industry-wide NFT standards may be useful in this situation. External auditors may also look into the context of a transaction, and metadata may provide information about an item’s status.
NFT platforms must, above all, have a solid reputation for dependability and credibility. Customer assurance that they will be in good hands if they buy a collectable through one of these channels is aided by word-of-mouth marketing, which is effective.