Create Digital Art and Issue NFT

Create a piece of digital artwork and issue an NFT in OpenSea. Earn $50 in Bitcoin if original artwork is selected.

(DRAFT/DISCLAIMER — This post is a submission to a competition on 1729.com. No prizes will be awarded for any submissions at this time. Learn more at 1729.com/decentralized-task-creation.)


Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. OpenSea is a decentralized non-fungible token (NFT) marketplace for buying, selling, and trading NFTs, mostly digital art.

Non-Fungible Tokens (NFTs)

NFTs (or “non-fungible tokens”) are a special kind of cryptoasset in which each token is unique — as opposed to “fungible” assets like Bitcoin and dollar bills, which are all worth exactly the same amount. Because every NFT is unique, they can be used to authenticate ownership of digital assets like artworks, recordings, and virtual real estate or pets.

While the ERC-20 standard is used to create a "fungible" token compatible with the Ethereum blockchain, most non-fungible tokens are built using the ERC-721 and ERC-1155 standards, allowing creators to issue unique cryptoassets via smart contract. Because each NFT is stored on a blockchain, there is an immutable record starting with the token’s creation and including every sale.

Why are NFTs important?

NFTs are like certificates of authenticity for digital artifacts. They’re currently being used to sell a huge range of virtual collectibles. Each NFT is stored on an open blockchain (often Ethereum’s) and anyone interested can track them as they’re created, sold, and resold. Because they use smart contract technology, NFTs can be set up so that the original artist continues to earn a percentage of all subsequent sales.

OpenSea

OpenSea is the first and largest marketplace for user-owned digital goods, which include collectibles, gaming items, domain names, digital art, and other assets backed by a blockchain. Essentially, OpenSea is like an eBay for NFTs with millions of assets organized into hundreds of categories.

Task: Earn $50 in Bitcoin

Create a piece of digital artwork and issue an NFT on OpenSea

You can use Figma or any other software to create your artwork. You can learn how to create an OpenSea account here, and how to create an NFT on OpenSea here. Once you have finished, you'll be able to generate a permalink to your listing, like this.

Also comment on your understanding of NFTs and how they might be useful to you.

We'll award 20 submissions $50 in BTC; please make sure that the art is entirely your own work!