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What is NFT Furniture?

Source: designwanted.com

Today, most people know NFTs (Non-Fungible Tokens). They are digital assets that run on the blockchain, the same technology behind cryptocurrencies such as Bitcoin and Ethereum. NFTs act as proof of ownership of real-world objects. Since they run on the blockchain, each NFT is unique and can only be owned by one person at a time. NFTs cannot be duplicated or reproduced, unlike other digital assets that can be copied and reproduced.

The concept of digital assets is revolutionizing nearly every sector. Whether artwork, fashion, or real estate, the NFT market has shown the potential for exponential growth. Artists have taken advantage of the craze about NFTs to make money out of it. Artist Beeple sold his NFT art for $69 million. It is now possible to sell music, fashion, and real estate as NFTs.

With some creators coming up with “NFT furniture,” many furniture brands are beginning to sell furniture as NFTs. Virtual furniture has also attracted the interests of creators and now some pieces of furniture are being sold for huge amounts of money.

This year, NiftyGateway, an online platform, held an auction titled “The Shipping” in which 10 pieces of virtual furniture designed by Andrés Reisinger were sold in the form of NFTs. The designer made $450,000 in 10 minutes.

How to Create NFT Furniture

Source: www.dezeen.com

An NFT furniture is not a physical piece of furniture but a computer-generated file. Before learning how to create NFT furniture, you need to know where to sell your furniture.

Virtual furniture owners can use them to furnish their gaming environments and virtual worlds. For example, the person who bought an NFT furniture design of a gravity-defying table known as Pinky for $5,000 can use it in Minecraft.

Thus, NFT furniture has many potential use cases, including NFT furniture metaverse, on screens in homes, and on crypto art platforms.

Metaverses such as Minecraft and Decentraland can be decorated with NFT furniture design. The NFT furniture can be integrated directly from where you have created or bought it from or generate new NFT furniture metaverses.

You can also use NFT furniture to gamify digital events and improve the level of interaction in such events. Additionally, NFT furniture has the potential to be used therapeutically.

Virtual furniture can also be exhibited in virtual museums or crypto art galleries. You can also sell furniture in crypto galleries within the metaverses. This creates a good environment for exhibitions to bring together the virtual and the physical world.

Below are the steps on how to create NFT furniture:

Step 1: Choose the Furniture Item

 The first step to selling NFT furniture is to choose the furniture item that you will be selling. This can be a chair, table, etc.

Step 2: Design the Physical Item

Now that you have made a decision on what to sell, design it for a particular number limit. Remember that your NFT furniture will gain value from scarcity. You can hire a carpenter to work on the furniture.

Step 3: Choose a Blockchain Network

Now that you have selected and designed the furniture item to sell, it’s time to mint it into NFT fashion. However, you must know the blockchain network that you will use. Ethereum is the most popular blockchain network for creating NFTs.

Step 4: Set up a Cryptocurrency Wallet

Minting NFTs is done on NFT marketplaces. The marketplaces require you to pay some fee to list your NFT. The payment will be done in cryptocurrency, so you will need a digital wallet for this. The proceeds from your NFT furniture sales will also be forwarded to the same wallet. You can set up a digital wallet with MetaMask, Coinbase wallet, Alpha wallet, Trust wallet, etc.

It is also worth noting that all not cryptocurrencies are accepted on NFT platforms. Most NFT marketplaces accept payments using ETH. So, it will be safe for you to fund your digital wallet with ETH. You can purchase ETH from crypto exchanges such as Coinbase and Binance, and then transfer it to your digital wallet.

Step 5: Choose an NFT Marketplace

NFT marketplaces provide you with platforms where to sell your furniture. There are different NFT marketplaces where you can sell your virtual furniture. Examples include OpenSea, Rarible, SuperRare, and Foundation.

Step 6: Create the NFT Furniture

Source: www.homecrux.com

It is now time to create the NFT furniture. You will need good images of the furniture. Use digital tools and platforms to enhance the look and appearance of your images. You can use about 8 photos of the asset.

Step 7: List the NFT Furniture

You are now ready to sell furniture as NFT. List your virtual NFT on the marketplace of your choice. The marketplace will require you to upload the digital file and set a price for the NFT. For the price, you can set a fixed price or use the auction style to sell the NFT.

darnell

July 29, 2022

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