NFTs Are a Stepping Stone to Asset Tokenization

0
682
Asset Tokenization
Asset Tokenization

Few understand that NFTs are a stepping stone to asset tokenization. NFT artists and collectors are having a lot of fun in this space. So much so, that I wanted to give all of this a try. And what better way than to create my own art, mint it, and sell it. Below I share about what this was like.

But the thing that I am really interested in is asset tokenization. If you are curious about how NFTs can be a stepping stone to asset tokenization, then I think you are rally going to enjoy this article.

My First Experience Selling NFTs

In the article titled “Rock NFTs Are Crazy – Get a Gold Nugget NFT Instead” I wrote about how I ended up creating a gold nugget NFT. And I mentioned that I intended to sell it.

I wasn’t sure if people would be interested in this NFT at all, but Khalid from JustNFTs was there to guide me through the entire process. He assured me that the Ravencoin community would be very supportive. He was right!

Khalid and I had several interactions throughout the entire process. Although I created only one gold nugget image, we listed 25NFTs for sale by virtue of changing the background, which the JustNFTs team handled entirely. JustNFTs took care of creating the digital assets on the blockchain.

24 gold nugget NFTs sold under the ‘Buy Now’ format, in less than 2 days. Not bad at all! The 25th gold nugget NFT was listed as an auction item. This NFT sold for 525 RVN.

The revenue from each transaction was transferred seamlessly to my Stibits wallet. At a trading price of $0.15/RVN total revenue from all 25 NFTs was $400. Not bad for my first NFT.

In addition, I feel a lot more connected to the Ravencoin community, which rallied in a big way to support what we were doing. So much so, that they actually made me feel like an artist. My connection to the community is much more valuable than the earned profit.

Introducing the Raven Nugget NFT

Before getting into asset tokenization, I need to share about the next batch of Gold Nugget NFTs, because as you will see soon the two subjects are connected.

My idea for the second gold nugget NFT involved creating a digital image from an existing gold nugget. This time I wanted to evolve a little from the cartoonlike gold nugget image to something a little more realistic.

First, I did a google search for images of gold nuggets. It didn’t take long to find the image of an amazing gold nugget that I felt I could recreate digitally. This is UK’s largest discovered gold nugget.

Reunion nugget
BBC.com

One of the things I liked about this gold nugget was the hole in the center. When I was trying to create the NFT I used 3D drafting software to generate a shadow representative of the nugget’s shape. Unfortunately, this is where it quickly became evident my skillset wasn’t sufficient to do this beautiful nugget justice. This nugget was simply to complex for me.

What I needed was a simpler gold nugget, something rounder and smoother And that’s when I found my next subject. I knew this was it, the moment I saw it. Can you see why?

goldnuggetsales.com

If you look closely on the left you may see a familiar shape. I call this the Raven nugget for that reason. The raven in the ravencoin logo faces in the opposite direction.

The actual creation process involved inverting the image with Paint. Then I used the spray tool to cover the entire image with my own chosen colors. This is why the NFT has a much smoother look than the original nugget image.

Next, I imported this touched up image into Sketchup (3D modeling software) to add the nugget’s shadow. This require me exploding the image. This also required retracing the edge of the image to create the profile line.

This time I decided to add my own backgrounds for the 25 NFTs. I used Canva and played with different backgrounds. In some instances, the backgrounds didn’t look good with the nugget’s shade. I ended up creating some NFTs without shade and some with shade. Below is the final product, but with out the background.

Raven Nugget NFT – by JC Keen

Wouldn’t it be great to own the Raven Nugget NFT and also own the Raven Nugget? Keep reading…

NFTs as a Means to Asset Tokenization

Next, let’s talk about the exciting space of asset tokenization. The image of the raven nugget came from goldnuggetsales.com, an online seller of gold nuggets. They have some beautiful nuggets and they are beautifully displayed. Each picture is really a work of art.

Can you see how each one of these images can be an NFT and how each NFT can represent ownership on the corresponding gold nugget? That’s asset tokenization. The nugget is the asset and the NFT is the token.

So, I thought wouldn’t it be fun to buy the raven nugget, tokenize it, and then auction it at JustNFTs, along with the Raven Nugget NFT?

Just before getting started on this article, I purchased the Raven nugget. Stay tuned for more on when this nugget will be offered at auction.

Let’s get back to the nugget vendor. Can you see how this nugget vendor could leverage the use of NFTs for marketing, tracking ownership, etc? In fact, vendors of unique assets could very well use asset tokenization for this purpose.

Joint Venture Buys Bering Sea Clinker Gold Nugget To Produce NFT

Assia Properties Inc (ASPZ), in joint venture with MS Token, intends to produce an NFT based on a gold nugget called the Bering Sea Clinker. And it plans to auction the NFT along with the nugget.

By the way, MS Token, is the same company that owns the Millennium Sapphire. This is the world class jewel that was tokenized using the Ravencoin blockchain.

Ladies and gentlemen, we are going to beat this joint venture to the punch with the raven nugget and its NFT.