I have been playing with an idea for a long time.
As I work much with pictures, I have also been playing with the idea of selling pictures/art on the internet. After some thinking, the idea crystallized, and I thought it would be fun to try going into the NFT market. And what would be a proper name for such an idea? Of course: Cryptonite
The name plays on both the Crypto market and Kryptonite (the green stone that makes Superman lose his powers)
So what I decided was to make an art collection based on pictures from my private collection, and turn that art into crypto (NFTs). The project can be seen on this page: www.ecryptonite.com
So far so good!
However, the idea turned out to be much more complicated than I first imagined. I consider my computer knowledge above average, but the last day's technical problems have been frustrating.
First, it was a challenge to transfer money to the wallet and get the platforms to talk with each other. A lot of disconnecting, errors without saying what went wrong, and payment solutions that did not work.
But after some 1-2 days I got it up and working, and thought I should test about my first NFT. I know there are pretty high costs about mining it (creating the NFT), and later gas fees (when transferring to the buyer). So I thought I should test before releasing anything, just to see the potential cost.
Problems with the first NFT I use the platform www.rarible.com and it is pretty easy to go through the process of creating an NFT. However, I misunderstood the choice of "Buyer's paying for mining", I obviously want to pay for this myself to have more control over the costs. However it seems like I must have not unchecked this choice, and later in the process, I thought I was just testing. But before I knew it, I actually had created my first NFT (the Diaspore on the picture below).
The problem is however that it is not mined yet (buyer's paying for this), and the information was not correct as I thought I was working with a test. And once created it cannot be edited. And since it is not mined yet, it can not be deleted (which would also cost money). And trying to transfer one of the eight copies to my Coinbase Wallet would cost about $400 in gas fees (which is many times the price of the art itself). So at the moment I am stuck a little in the middle - cannot delete, edit or transfer.
But also guess there will be no buyers for this one, as probably the buyer would face sky-high fees. Not even sure if I wish for a sale if the net is negative - I don't understand this yet.
But hopefully, I will do things the right way the next time I create an NFT. It seems like mistakes can be costly. Lesson learned.
Keep playing, keep learning!
Cheers,
Oystein