The Foundation makes it easy to create an NFT, but adding it to the Ethereum blockchain can be costly. It requires paying a “gas fee” – a kind of congestion that is based on how busy the network is – and requires two transactions to list my token: one for mint and the other for it. Generate code to run the auction. These days, gas charges for making a single NXT can exceed $ 100, though many are closer to $ 50.
The next step was to list my new NXT for sale. I set the auction’s minimum allowable price at 0.5 ether, or about $ 850 at today’s exchange rate. The auction will run for 24 hours after the completion of the reserve price, although more time is added if people bid in the last 15 minutes. After a winner is named, the token will be automatically transferred to that person’s Ethereum wallet. I will transfer the deductions to the fund of needy cases (15 per cent deduction that the Foundation takes and any costs associated with donations).
In addition to selling tokens, many NXT vendors add perks. Kings of Leon, for example, are sending a limited-edition vinyl album to people who buy their NXTs, and buyers of a special “Golden Ticket” NXT free concert ticket for life.
I don’t have concert tickets to offer, but I wanted to sweeten the deal more. If you win this NFT auction, here’s what you will get:
As with all NXT sales, you will get the token yourself – a unique digital collectible that matches the image of this column in PNG format. (Our lawyers would like me to note that the NFT does not include copyrights of the article or any reproduction or syndication rights.)
You will be featured in a follow-up article about the sale, which will include your name, your affiliation, and a family-friendly image of your choice. (NFT sales do not need to identify themselves with anything other than your Ethereum address, so you can remain anonymous if you wish. Also, my boss would like me to note that editorial control over the Times follow-up column , And reserves the right to decline submissions that do not meet our editorial standards.)
And as a bonus perk, “The Daily” host Michael Barbaro will send you a short, personal voice memo to congratulate you on your shopping.
Certainly, owning a piece of history. This is the first article to be distributed as NXT in the Times’ nearly 170-year history, and if the technology proves to be as transformative as its fans predicted, it would be the same for NBC’s first TV channel or AOL’s first owner It is possible. Email address.
Of course, this is far from a guarantee. NXT can be a passing fad that is feeding a speculative bubble – the digital equivalent of Beanie Babies – and your investment may be worthless.
But if they stick around, NXTs can change the way digital goods are created, consumed, and traded online. Some news organizations including Quartz And the Associated Press, have already experimented with selling to NXT, and YouTubers and other online influencers Make your own lines Of cryptocurrencies.
The NXT discussion has some shallow publicity, no doubt about it. The cryptocurrency world is full of scammers and rich-rich-quick hustlers whose projects often end in failure. (Remember Initial coin bounce offer😉 And critics say that NXT and other cryptocurrency-related projects require huge amounts of energy and computing power, posing an increasing environmental threat to them. There are also legitimate questions about what, exactly, NXT buyers are doing for their money, and whether these tokens will turn into broken links if marketplaces and hosting services store the underlying files.