I can NFT, so can YOU: Beginner’s Guide to NFT Standards

A comprehensive guide to NFTs Standards, Types, Step-by-Step guide on NFT creation and some of their Real World Use cases…

Key Takeaways:

What are NFT Standards?

Understanding ERC-721 and ERC-1155 standards is crucial - they're the foundation of how NFTs work and determine what you can create. Think of them as different tools for different jobs: one for unique pieces, the other for both unique and multiple editions.

Guide to Create Your First NFT:

With just a digital wallet, an NFT marketplace account, and your creative work, you can start minting NFTs. The technical barriers have lowered significantly, making it accessible to almost anyone.

Real Use Cases Beyond Art:

NFTs aren't just for digital art. They're being used in gaming, real estate, music, ticketing, and more. Each industry is finding practical ways to use NFTs to solve real problems or create new opportunities

What if I told you that standards — those seemingly rigid, bureaucratic frameworks — are the secret sauce behind the NFT revolution? In the ever-evolving world of blockchain technology, NFT standards are the unsung heroes that make digital ownership not just possible, but truly meaningful.

Think about it — when you own something in the physical world, you don’t need a manual to explain how your ownership works. You simply know that your coffee mug is yours. NFT standards bring this same intuitive sense of ownership to the digital realm, but with superpowers. The ERC-721 standard, the granddaddy of NFTs, introduced something revolutionary: the concept of digital uniqueness. Each token has a distinct identifier, making it as unique as your fingerprint. This wasn’t just a technical breakthrough; it was a paradigm shift in how we think about digital assets.

But the story doesn’t end there. As creators and developers pushed the boundaries of what’s possible, they realized sometimes you need more flexibility. This is what ERC-1155 brings, the Swiss Army knife of token standards. Imagine being able to create both one-of-a-kind masterpieces and limited edition collections using the same standard. It’s like having a paintbrush that can simultaneously create both a Mona Lisa and thousands of identical prints.

What makes these standards truly powerful isn’t just their technical specifications — it’s how they’ve democratized digital ownership. They’ve created a common language that different marketplaces, wallets, and platforms can all understand. When you mint an NFT following these standards, you’re not just creating a digital asset; you’re creating something that can seamlessly travel across the entire blockchain ecosystem.

Here’s where it gets interesting — these standards aren’t just about technical compatibility. They’re about trust. When you create an NFT using these standards, you’re tapping into a system that’s been battle-tested by millions of transactions. The smart contracts that power these standards are like digital vaults, ensuring that your ownership is immutable and transparent. No more wondering if your digital assets are truly yours.

But perhaps the most fascinating aspect of NFT standards is how they’ve evolved beyond their original purpose. What started as a way to prove ownership of digital art has become a foundation for entire virtual economies. These standards now support everything from in-game items to virtual real estate, from music rights to membership tokens. They’re not just technical protocols; they’re the building blocks of a new digital renaissance.

As you dive deeper into the world of NFTs, remember this: standards aren’t limitations — they’re launchpads. They provide the solid ground from which your creativity can soar. Whether you’re an artist, developer, or collector, understanding these standards isn’t just about technical knowledge — it’s about grasping the tools that are reshaping how we think about ownership, creativity, and value in the digital age.

And trust me, the rabbit hole goes much deeper, and the possibilities are more exciting than you might imagine. Remember, in this space, standards aren’t just rules to follow — they’re keys that unlock doors to new digital realities.

What are ERC-721 and ERC-1155?

ERC-721 stands as the original architect of unique digital ownership. Think of it as the birth certificate for your digital assets — each token is completely unique, like a snowflake in the digital blizzard. This standard excels when you’re dealing with one-of-a-kind creations: those precious digital artworks, that virtual real estate plot, or the rare collectible that makes your heart skip a beat. It’s the go-to choice when uniqueness isn’t just a feature — it’s the whole point. Every ERC-721 token carries its own distinct identity, perfect for when you want to prove that your digital asset is truly one of a kind.

Now, what is ERC-1155?, the shape-shifter of the NFT world. This standard is like having a magic wand that can create both unique masterpieces and multiple copies with a single wave. Want to create a limited edition series of 100 identical digital trading cards? ERC-1155 has got your back. Need to mint a unique legendary item for your game? It can do that too. This versatility makes it the darling of gaming platforms and digital marketplaces where you might need both scarce and abundant items to coexist harmoniously. It’s particularly powerful in gaming ecosystems where you might need thousands of common items alongside a few legendary ones.

ERC-721 VS ERC-1155 — Which is Better for NFT Standards?

Here’s where things get interesting — choosing between ERC-721 and ERC-1155 isn’t about picking a winner; it’s about selecting the right tool for your digital dreams. Think of ERC-721 as a master craftsman who specializes in creating bespoke, one-of-a-kind pieces. If you’re an artist looking to mint your digital masterpiece as a truly unique piece, ERC-721 is your trusted companion. It’s like signing each piece personally, ensuring its uniqueness is forever preserved on the blockchain.

But what if you’re building a digital universe where you need both unique artifacts and common resources? This is where ERC-1155 shines like a Swiss Army knife in the NFT toolkit. It’s more gas-efficient (yes, your wallet will thank you), and its flexibility makes it perfect for complex digital ecosystems. Imagine running a virtual fashion brand where you want to create both exclusive runway pieces and ready-to-wear collections — ERC-1155 lets you do both without breaking a sweat.

The beauty of this situation is that you don’t always have to choose just one. The digital frontier is vast enough for both standards to coexist and complement each other. Some of the most innovative projects out there are using both standards in harmony, creating rich, diverse digital ecosystems that combine unique treasures with accessible collectibles. It’s not about which standard is better — it’s about which one (or ones) will help you bring your digital vision to life.

In the end, the choice between these standards isn’t just a technical decision — it’s a creative one. It’s about understanding how you want your digital assets to exist and interact in the vast blockchain ecosystem. Whether you choose the specialized craftsmanship of ERC-721 or the versatile power of ERC-1155, you’re not just picking a standard — you’re choosing how your digital legacy will be written in the annals of blockchain history.

The Art of NFT Creation: A Step-by-step Guide to Create NFT using ERC-721 on ETH Chain

The journey of creating your first NFT begins with a crucial decision — choosing your blockchain playground. While Ethereum remains the grand stage where NFTs first danced into existence, alternatives like Polygon, Solana, and Binance Smart Chain offer their unique flavors of possibilities. For beginners stepping into this digital frontier, Solana presents an attractive starting point with its lower transaction fees and faster processing times. But for this article, I’m going to be demonstrating how to create NFT on the Ethereum chain.

First, you need to set up a digital wallet, you’ll need to download and install the MetaMask wallet extension from metamask.io. Navigate to MetaMask’s official website, download the browser extension, and follow the setup process carefully, during setup, MetaMask will provide you with a 12-word seed phrase, remember to store your seed phrase in a secure location, as losing it means losing access to your digital assets forever.

Then the next crucial step is funding it. Purchase Ethereum through a reputable cryptocurrency exchange like Coinbase or Binance, then transfer it to your MetaMask wallet address. Remember to acquire enough ETH to cover both your initial creation and the associated gas fees for the minting and creation of your NFT.

With your wallet ready and Funded, it’s time to connect with an NFT marketplace. OpenSea, the current giant in the space, provides an intuitive platform for first-time creators. Visit OpenSea’s website and click on ‘Log in’ or ‘Connect Wallet’ then choose MetaMask wallet from the options presented. The process is straightforward — click the wallet icon, select MetaMask, and approve the connection request. This establishes the bridge between your creative space and the marketplace where your work will live.

Now comes the moment of truth — creating your digital asset. Whether you’re working with digital art, music, or any other form of content, ensure your file meets the marketplace’s specifications. OpenSea supports various file formats including JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF. After your wallet is connected to OpenSea, click ‘Create’ and you’ll be prompted to upload your digital asset, select your file, but remember — this isn’t just about uploading content; it’s about breathing life into your digital creation.

The minting process follows next, where your creation transforms into a blockchain-verified NFT. Click on ‘Create’ in OpenSea, upload your file, and fill in the essential details. Your NFT’s name, description, and properties aren’t mere formalities — they’re the DNA of your digital asset. Consider each field carefully, as they contribute to your NFT’s discoverability and value proposition.

For those venturing into collections, the process requires additional steps. Create a collection first, setting its logo image, contract name, token symbol, blockchain, name, supply, description, and royalty preferences. This becomes your digital gallery, where multiple NFTs can reside under a unified theme or concept. The royalty settings deserve special attention — they determine your earnings from secondary sales, a powerful feature that traditional art markets rarely offer.

The final step involves listing your NFT for sale. Set your price thoughtfully — this isn’t just about current value, but about positioning your creation in the vast digital marketplace. Choose between fixed-price listings or auctions, each offering different advantages for different scenarios. Fixed prices provide certainty, while auctions can help discover true market value.

Throughout this process, pay attention to gas fees — the transaction costs that keep the blockchain network running. Timing your minting and listing actions during periods of lower network activity can result in significant savings. This is where platforms like Solana shine, offering negligible gas fees compared to Ethereum’s main network.

Creating an NFT isn’t just a technical process — it’s an act of digital innovation. Each step, from wallet setup to final listing, builds upon the previous one, creating a seamless journey from concept to reality. As you navigate these steps, you’re not just creating a token; you’re participating in the evolution of digital ownership and creative expression.

Take your time with each step, double-check your inputs, and most importantly, ensure your creation truly represents your vision. The NFT space rewards authenticity and innovation — let these principles guide your creative process. NFTs are the future of digital creation, where your imagination knows no bounds, and your creations can live forever on the blockchain.

Beyond the Hype: Some Major Real-World NFTs Use Cases

The true power of NFTs extends far beyond the digital art markets that first caught the world’s attention. While pixelated avatars and digital collectibles dominated early headlines, we’re now witnessing a profound transformation across multiple industries, each discovering unique ways to harness the power of blockchain-verified ownership.

Beeple’s Everydays: The First 5000 Days:

NFTs have revolutionized how creators monetize their work. Consider the groundbreaking sale of Beeple’s “Everydays: The First 5000 Days” for $69 million at Christie’s auction house on March 11, 2021 — a moment that forced the traditional art world to acknowledge the legitimacy of digital ownership. This sale marked a significant milestone in the art world as it was the first purely digital artwork sold by a major auction house and the highest price ever paid for a digital art piece at auction.

The artwork is a collage composed of 5,000 individual images that Beeple, whose real name is Mike Winkelmann, created daily for more than 13 years. The auction began with an opening bid of just $100, but as the bidding progressed, it escalated dramatically, culminating in the final price of $69,346,250 during the last moments of the auction.

This event not only positioned Beeple among the top three most valuable living artists at the auction but also underscored the growing acceptance and value of digital art and NFTs (non-fungible tokens) in the contemporary art market. The sale attracted significant attention, with around 22 million viewers tuning in to watch the live auction. But more importantly, look at how platforms like Foundation and SuperRare have enabled thousands of digital artists to earn sustainable incomes directly from their craft.

Gaming:

The gaming industry has embraced NFTs with remarkable innovation. Axie Infinity demonstrated how NFTs could create entire gaming economies, where players actually own their in-game assets and can trade them freely. These aren’t just cosmetic items — they’re digital assets with real economic value, challenging our traditional notions of play to/and earn.

Kings of Leon album “When You See Yourself” as an NFT:

Music industry pioneers are rewriting the rules of engagement with their audiences through NFTs. Kings of Leon made history by releasing their album “When You See Yourself” as an NFT on March 5, 2021, offering exclusive artwork and special concert perks to token holders. This release marked them as the first band to do so, and it included several unique offerings for token holders.

The NFT drop featured three types of tokens:

• Unique Album Package: This included enhanced media such as a moving album cover and a digital download of the music.
• Front Row Seats for Life: One type of token guaranteed the holder four front-row seats to any Kings of Leon concert for life, along with VIP experiences like a personal driver and merchandise bags after shows.
• Audiovisual Art NFTs: These tokens provided exclusive digital artwork associated with the album.

The NFT version was priced at $50 and was available for two weeks, after which no more would be minted, making it a collectible item. This direct artist-to-fan relationship opens new revenue streams while creating deeper connections with loyal supporters.

Real Estate:

Real estate, traditionally bound by physical limitations, is exploring new horizons in the metaverse. Decentraland has seen virtual plots sell for hundreds of thousands of dollars, with companies like Samsung and JP Morgan establishing virtual presence. These aren’t just digital spaces — they’re new frontiers for business, entertainment, and social interaction.

Gucci Virtual 25 & Nike acquisition of RTFKT Studios:

Fashion brands are bridging the physical-digital divide through NFTs. Gucci’s digital-only sneakers called the Virtual 25, sold for $12.99. These virtual sneakers can be used in augmented reality and partnered apps like Roblox and VRChat, demonstrating how luxury brands can extend their presence into virtual worlds.

Nike acquired RTFKT Studios, a company known for creating digital sneakers and collectibles, in December 2021. This acquisition was part of Nike’s strategy to expand its presence in the metaverse and digital fashion space, signaling a future where digital fashion holds as much value as physical apparel, particularly as we spend more time in virtual spaces.

MIT Media Lab Digital Diplomas:

The potential for NFTs in education and certification is particularly exciting. MIT has experimented with issuing digital diplomas as NFTs, The initiative, known as the “MIT Media Lab Digital Diplomas,” allows students to receive their diplomas in the form of NFTs, which are secure and verifiable through blockchain technology — creating tamper-proof credentials that can be instantly verified anywhere in the world.

In addition to this, MIT has also conducted a pilot program where 111 graduates received their diplomas via a blockchain-based app, providing them with a digital version of their credentials alongside traditional paper diplomas. This method enhances the security and authenticity of the diplomas, allowing for real-time verification without intermediaries. This application could revolutionize how we think about professional certifications and academic achievements.

Gary Vaynerchuk’s VeeCon conference NFT Tickets:

Event ticketing through NFTs offers a glimpse into a future free from scalpers. When tickets exist as NFTs, their entire transaction history becomes transparent and traceable. Gary Vaynerchuk’s VeeCon conference pioneered this approach, using NFT tickets that doubled as collectible artwork, adding value beyond just event access. The tickets for VeeCon 2024 were issued as NFTs, providing attendees not only access to the event but also a digital collectible that they could keep after the conference.

The NFT tickets were airdropped to holders of the VeeFriends Series 1 tokens, further integrating the concept of community and exclusivity within the NFT space, this innovative method also reflects a growing trend in events and conferences to leverage blockchain technology for ticketing and collectibles.

The Bored Ape Yacht Club (BAYC) NFT:

Perhaps most intriguingly, NFTs are enabling new forms of community building and governance. The Bored Ape Yacht Club transformed from a collection of digital apes into a cultural phenomenon, granting holders access to exclusive events, merchandise, and a vibrant community.

Since its launch in April 2021, BAYC has evolved beyond mere digital collectibles to become a symbol of status and community among its holders. The unique collection of 10,000 Bored Ape NFTs has garnered attention from celebrities and influencers, who often display their apes as profile pictures on social media, further solidifying the project’s cultural impact. This demonstrates how NFTs can create belonging and shared ownership in digital spaces.

Looking ahead, the possibilities seem limitless. We’re seeing experiments with NFTs in supply chain management, intellectual property rights, and even carbon credit trading. These applications move beyond simple ownership to create new systems of value and verification in our increasingly digital world.

The key to understanding NFT use cases isn’t just in their current applications, but in recognizing their potential to reshape how we think about ownership, value, and community in the digital age. Each successful implementation opens doors to new possibilities, challenging us to reimagine traditional systems through the lens of blockchain technology.

As we stand at this technological crossroads, the question isn’t whether NFTs will find more use cases — it’s which industries will be next to embrace their transformative power. The future belongs to those who can see beyond the current applications to envision new possibilities for creating and capturing value in our increasingly digital world.