These types of non-equivalent tokens have become a source of income for people who operate in the cryptocurrency world in the last few years. In recent years, i.e., in 2021 and 2022, its popularity among traders has intensified. So that these people were able to earn millions of dollars by selling millions of their works; This factor has caused several thousands of NFT collections to be created. You may have come across this NFT collection of tens of thousands and you may have wondered how the creator of this NFT collection could also design items. Considering this issue, we are going to ask the question of what is NFT collection for a better understanding of this article? Stay with us to answer.
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What is NFT collection?
To answer the question, what is NFT COLLECTION? In simple language, it means a collection of computer-generated characters that depict a specific idea. The most famous of these types of tokens that you may be familiar with are Cryptopunks, Castle Monkeys, and Cool Cats tokens, but be aware that there are dozens of other NFT collections as well. Each NFT collection or artwork must first be minted on the blockchain to become a unique piece of art. After these works are stored on the blockchain, they are encrypted with a unique code to prove their ownership. Know that these items are placed on networks that support smart contracts through smart contracts.
Creating NFTs is similar to the process of uploading a photo to a website. Doing this requires a wallet compatible with the desired network on which it is located, and also the fee must be paid with coins of the same network. Of course, the fee is different in each blockchain. In the following, we describe some of the costs of non-equivalent tokens.
- Cash fee: in the blockchain, all transactions that are made include the payment of a fee.
- Market place fee: This fee depends on the NFT market you want. You will be charged a different fee in each market you operate in.
- Peerless Token Listing Fee: On some platforms, you are allowed to list your NFT for free and get paid once you sell them. in others it is the opposite; It means that they receive the token fee at the very beginning of listing.
Note that the cost of minting NFTs on different platforms ranges from $1 to $500 and may even be higher. To create these types of tokens on the Ethereum network, it is easily available in marketplaces such as Rarible and the OpenSea platform. Of course, in the form of lazy minting, it is possible to create NFT on these two networks, in which it is better to know that you no longer need to pay fees and when the buyer buys your work, he pays the fee. But lazy minting does not exist in the Solana network, and if it is created, you have to bear the NFT creation fee yourself, which will charge you a small amount. We have answered the question of what is an NFT COLLECTION. Next, we want to explain the difference between an NFT collection and unique tokens.
What is the difference between an NFT set and individual peerless tokens?
The main difference between NFT collections and single unique tokens is that these collections are created with the ERC-1155 standard (Ethereum and Polygon networks) and each of the items inside it are created with the ERC0-721 standard. ERC-1155 is for peerless collections that have a parent contract and each item that is a subset of it also has a separate contract. The parent contract shows that the works belong to it, and the sub-contracts are to determine the originality of the items, and after each time they are bought and sold, their ownership is transferred to a new address. Of course, know that all metadata of NDTs is stored in IPFS. In general, IPFS is a distributed peer-to-peer protocol used for decentralized file sharing and storage.
It takes a lot of money to sell your artwork and NFTs; Because you have to list them on NFT trading platforms. For example, if your collection is 10,000 and you intend to upload 10,000 NFTs, the cost of listing each NFT is $100. Now, if you multiply 100,000 by 100 dollars, you will realize that you have to pay a very large amount for this. Per transaction with the cost of listing this amount of NFT will cost you several times, which is not economical at all. However, many people in the NFT market have large collections. You may be wondering why there are so many NFT collections.
Read more: NFT training
Why make an NFT collection?
There are so many advantages to making NFTs and putting them into collections that many people are looking to do so. In the following, we will introduce you to the reasons for making the NFT collection.
- Monetize NFTs
- You will gain ownership of your digital assets.
- It increases the price of NFTs.
Building a NFT collection increases the price of NFTs. It is true that the cost of making and loading NFTs into a collection is very expensive; But by selling one of these works, all your expenses will be compensated. You can easily create the NFTs you want on one of the OpenC or Rarable platforms and pay the FNFT fee after selling them. In this article, we explained what NFT collection is to introduce you to another new feature of the NFT market.