Jason Hsu explains how you can make your first NFT

NFT, non-fungible tokens, are digital creations, called tokens, which unlike coins are not fungible, that is, they are not all the same, but each of them is unique or rare. The first NFTs were together with the blockchain, but their diffusion has been slow to arrive.

They are specifically tokens that cannot be used for exchanges like other cryptocurrencies, but can represent digital artwork, music tracks and anything else that can be digitized. They allow for secure transactions even if they are anonymous, as the addresses of the seller and buyer are identified in encrypted form.

So we asked Jason Hsu (the cofounder of KryptoGO USA, a SaaS provider for affordable and lightweight KYC/AML solutions)

 How to make your first NFT.

If you want to create an NFT, you don’t need any special knowledge about blockchain or cryptocurrencies, as you just need to set an image, video, audio file or any other type of files, which can present themselves in mp3, mp4, jpeg, bitmap formats, etc. So, for example, you can turn into NFT the unpublished composition of an amateur artist or an artistic photo taken on vacation. For it to be inserted on the blockchain, certifying the IP address of the person who created it, it is necessary to refer to a protocol designed for this purpose. The most widely used is on the Ethereum blockchain and is called ERC-721.

There are several sites specialized in NFT that require that the owner or creator of the NFT has a wallet that can be used with the same system.

 Normally an Ethereum wallet that supports ERC-721 is required. Trust Wallet and Coinbase can also be used for this purpose. You must also have a certain amount of Ethereum, at least 100$.

At this point just click on the Create button of sites like Rarible or Opensea and follow the instructions on the screen. Basically you will need to create an account and upload the file. The site will transform the uploaded file into an NFT, which will then be placed on the blockchain, identifying the creator’s address and the identification data of the uploaded file in a cryptographic way.

The transaction will be validated on the blockchain just like when creating cryptocurrency and the file will become a token.

  • Advantages and Disadvantages

For those interested in making money from their digital creations, being able to turn them into NFTs is a definite advantage. The blockchain provides a system to certify the owner in a simple and immediate way, which is much more complex in the real world. In addition, you are faced with an audience of people interested in digital objects, without having to get lost in the midst of so many other traditional type of objects for sale.

From the point of view of an investor,  someone who wants to use NFTs as an investment, as if it were a trading operation, there are advantages and disadvantages compared to cryptocurrencies themselves. The earning potential with NFTs is unpredictable, as the value varies both due to variations in the underlying currency and interest in the digital object. Fluctuations and profit possibilities are amplified.

 On the other hand, an NFT is a unique object, so there is the possibility that it may not meet the public’s preferences and may not be able to be sold or may have to be sold off to recover at least part of the investment.

Moreover, it is not a fractional investment: you have to buy it in its entirety, unlike cryptocurrencies that can be bought for any amount you want. Finally, the choice of the asset to buy is a matter of investor feeling and flair. Since each object is different from the others, one cannot rely on market trends to identify the assets, the time to buy or sell and at what amount. On the other hand, counter-parties will also have no reference points.

A final advantage you may have is that you can transfer ownership of your asset to anyone, even without payment of a fee, as a gift. This allows you to officially transfer a property without legal implications.

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All our lives, we’ve been slaves to banking systems, no? What do you think? Okay! You believe it isn’t the case. Let me come up with a fact, do you have the liberty to withdraw any amount at any time? Of course, not; banks impose a limit to systemize all this process. What was your mistake in having your money stored in a bank then? In view of that, the decentralized system appears to be one of the best solutions in all regards.

No doubt, Bitcoin was created for trade settlement or the purchase of products and services. But I have a fun thing to say; nowadays, Bitcoin is used to store or hold value. Without question, this is normal. But the question is, is Bitcoin a perfect design for storing assets for the long term? Does it really vouch for retaining your money, giving you all the options plus the RETENTION?

Meanwhile, the crypto ecosystem demands four primary value propositions required to make the product attractive to customers: creating crypto coins and tokens with limited supply, crypto wallets for the self-possession of different crypto assets, blockchain (a decentralized system protected by a computer network), and smart contracts on the blockchain.

Along similar lines, why don’t I introduce you to a crypto or blockchain ecosystem that holds all the value propositions mentioned above? Well, it’s none other than Tagcoin powered by Tag Protocol. Apart from that, it also resolves all issues of store-of-value coins, providing businesses and individuals with flexibility and continuity. What’s more, while benefiting from this coin ecosystem, you can move to a better blockchain with timely technological advancements.

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Artists and Publishers Can Now Create Bundled NFT’s On CollectorsMint Marketplace

So, you’ve heard all the buzz around the crypto world, but is it really worth the hype?

The digital marketplace has skyrocketed in recent years with the global blockchain market expected to reach $23.3 billion by 2023. There has been an influx of businesses wanting in on the action, but uncertainty remains for many people. After all, Bitcoin, arguably the largest and most well-known cryptocurrency available, was only invented in 2009.

However, with the recent attention given to blockchain and the popularity garnered by cryptocurrency throughout the world, new and exciting opportunities have begun to appear. Debuting on Halloween night, CollectorsMint is one of those industry-defining opportunities dead set on revolutionizing how digital assets are traded, managed, and protected. CollectorsMint allows users to discover and purchase rare music, videos, digital sports memorabilia, digital art collectibles and rare digital publications.

What makes CollectorsMint stand apart from the pack is they allow creators to create bundled NFT’s. What does that mean exactly? A “Bundled NFT” is a collection of more than one file combined to make a single NFT, for example a complete music album, film series, a book or magazine can now be created and minted directly on CollectorsMint.

Not sure what any of that means?

Understanding the technology

CollectorsMint is on the Ethereum blockchain which is an open-source, public blockchain network similar to Bitcoin. However, the network introduces a few key technologies, most notably the introduction of smart contracts and a tuning-complete virtual machine.

Non-Fungible Tokens or NFTs, are unique tokens that cannot be replaced or replicated. For example, original artwork is a one-off. You can make a copy of it; however, nothing can replace the original. And if you traded that art piece you would receive something different, perhaps money or another piece of artwork. The idea is that an NFT gives the buyer a one-of-a-kind digital experience. While someone may try to make a copy, buying an NFT makes you the owner of the original piece by imprinting the transaction and item into the blockchain, solidifying ownership and authenticity.

So, who is CollectorsMint and why should you take note?


About CollectorsMint

CollectorsMint is a creator-centric marketplace, founded by music composer and CEO Shane Cormier. Looking to “put the power back in the hands of the artists, “Cormier stated, “The music industry, specifically for the independent artist, has taken a few beatings over the last 20 years, but CollectorsMint is the solution to the music industry’s woes.”

Not the first NFT marketplace to host and feature music centric digital assets, The international music industry has its eyes on CollectorsMint as potentially holding the most expansive audio NFT offering of any digital marketplace.

Additionally, book and magazine publishers now have a way to experience the future of digital collectibles with CollectorsMint’s first in class Bundled NFT option.

The outlook of CollectorsMint is to host the most novelty based NFT’s of any marketplace and to squarely compete with blockchain heavyweights OpenSea, Mintable and Coinbase. So, it will be exciting to follow CollectorsMint in the coming months.