Foundation makes minting an NFT easy, but adding it to the Ethereum blockchain can be expensive. It requires paying a “gas fee” – a type of congestion tax based on how busy the network is – and there are two transactions required to list my token: one to mint the token and one to get the Generate code to run the auction. Today, gas fees for creating a single NFT can exceed $ 100, although many are closer to $ 50.
The next step was to put my new NFT up for sale. I set the minimum acceptable price for the auction at 0.5 ether, or about $ 850 at today’s exchange rate. The auction runs 24 hours after the reserve price has been reached. However, if there is bidding in the last 15 minutes, more time is added. After a winner is named, the token is automatically transferred to that person’s Ethereum wallet. I will transfer the proceeds to the Neediest Cases Fund (minus the 15 percent cut by the foundation and all costs associated with the donation).
In addition to selling the token, many NFT sellers offer discounts. Kings of Leon, for example, send out a limited vinyl album to people who buy their NFTs and give free concert tickets for life to buyers of a special “Golden Ticket” NFT.
I don’t have any concert tickets, but I wanted to sweeten the deal. If you win this NFT auction, you will receive:
As with all NFT sales, you will receive the token itself – a unique digital collectible that matches an image of this column in PNG format. (Our attorneys want me to point out that the NFT does not contain the copyright to the item, nor any reproduction or syndication rights.)
They will also be featured in a follow-up article on sales, along with your name, affiliation, and a family-friendly image of your choice. (For NFT sales, all you need to do is identify yourself by your Ethereum address, so you can remain anonymous if you prefer. Also, my bosses want me to let The Times keep editorial control of the follow-up column reserves the right to reject submissions that do not meet our editorial standards.)
As a bonus, Michael Barbaro, the moderator of “The Daily”, will send you a short, personalized voice memo congratulating you on your purchase.
The greatest benefit of all, of course, is having a piece of history. This is the first article in The Times’ nearly 170-year history to be distributed as the NFT. If this technology turns out to be as transformative as fans predict, owning this technology could be tantamount to owning NBC’s first TV show or AOL’s first email address.
Of course, that is not a guarantee. NFTs could turn out to be a passing fad feeding a speculative bubble – the digital equivalent of beanie babies – and your investment could turn out to be worthless.
However, if they persist, NFTs could transform the way digital goods are created, consumed and traded online. Some news organizations, including quartz and The Associated Press have already experimented selling NFTs, and YouTubers and other online influencers have started create your own lines of crypto goods.
Part of the NFT buzz is undoubtedly shallow hype. The world of cryptocurrency is full of scammers and quick-getting rich hustlers whose projects often fail. (Do you remember the initial boom in coin supply?) And critics point out that NFTs and other cryptocurrency-related projects require enormous amounts of energy and computing power, making them a growing environmental risk. There are also legitimate questions about what exactly NFT buyers are getting for their money, and whether those tokens become broken links when the marketplaces and hosting services that hold the underlying files disappear.