The Foundation makes creating an NFT easy, but adding it to the Ethereum blockchain can be expensive. It requires paying “gas fees” – a congestion tax based on network busyness – and listing my token requires two transactions: one to mint tokens and another to mint the token. generate auction run code. Today, the gas cost of creating a single NFT can exceed $ 100, even though many are already close to $ 50.
The next step is to list my new NFT for sale. I set the auction’s minimum acceptable price at 0.5 Ether, or about $ 850 at today’s exchange rate. The auction will take place 24 hours after the starting price is met, although there will be more time if people bid in the last 15 minutes. Once a winner is named, the token will automatically be transferred to his or her Ethereum wallet. I will transfer the proceeds to the Fund as needed (minus the 15% cut the Fund makes and any fees related to the donation).
In addition to token sales, many NFT sellers add perks. Kings of Leon, for example, is sending out a limited edition vinyl album to their NFT buyers and giving the buyer a special NFT “golden ticket” for a free lifetime concert ticket.
I don’t have concert tickets to provide, but I want to soften the deal. So here’s what you’ll get if you win this NFT auction:
As with all NFT sales you will get the token itself – a single digital collection corresponding to this column’s image in PNG format. (Our attorneys want me to note that NFT does not include copyright to the article or any rights to copy or make available.)
You will also be featured in a follow-up article about the discount, along with your name, your affiliate company and a family-friendly image of your choice. (NFT sales don’t require identifying yourself with anything other than your Ethereum address, so you can remain anonymous if you wish. Also, my bosses want me to take notice. that The Times retains editorial control over the next column and reserves the right to reject submissions that do not meet our editorial standards.)
And as an exclusive bonus, Michael Barbaro, host of “The Daily”, will send you a short, personalized voice memo congratulating you on your purchase.
Of course, the greatest benefit of all is having a piece of history. This is the first article in The Times’s nearly 170-year history to be distributed as an NFT, and if the technology proves to be as transformative as fans have predicted, owning it could be equivalent. with owning NBC’s first TV show or AOL’s first email address.
Of course, that is not a guarantee. NFT could become a passing fad that is nurturing a speculative bubble – the digital equivalent of Beanie Babies – and your investment could turn out to be worthless.
But if they continue to exist, the NFT could transform the way digital goods are created, consumed, and transacted online. Several news organizations, including Quartz and The Associated Press, have experimented with NFT sales and YouTube users and other online influencers have begun creating their own streams of cryptocurrencies.
Undoubtedly, some of the NFT rumors are superficial hype. The world of cryptocurrencies is rife with scammers and get-rich-quicker, whose projects often end up in failure. (Remember the early coin supply boom?) And critics point out that NFTs and other crypto-related projects require enormous amounts of energy and computational power, making them stand out. into an increasing environmental hazard. There are also legitimate questions as to what exactly NFT buyers are getting their funds, and whether these tokens will turn into broken links if hosting markets and services. the base files disappeared.