HOW TO MAKE AND SELL NFTs
SELL YOUR FIRST NFT
From a $69 million piece of craftsmanship to a $462,000 Bored Ape Yacht drawing, NFTs are the Internet’s most recent fixation. What’s more, they can possibly bring in genuine cash. The CEO of crypto trade Coinbase said last month that the NFT market could rapidly outperform the organization’s cryptographic money exchanging business. Instructions to make and sell an NFT are something numerous specialists and originators are pondering right now because of the mind-blowing costs that a few NFTs have brought at closeout. So how can one get in on the activity? This is what you should know.
What Are NFTs?
NFT represents a non-fungible token, which fundamentally implies that it’s a unique computerized resource that has a place with you and you in particular. Non-fungible can also mean non-replaceable. There’s only one of them, it’s unique. The most well-known NFTs presently incorporate fine art and music, however, one can likewise incorporate recordings and even tweets.
Well-known NFT auction platforms are, OpenSea, Nifty Gateway, VIV3, Rarible, CryptoPunks, and SuperRare. Its payment platforms include Coinbase, Torus, MetaMask, Dapper, and Wallet Connect.
HOW TO CREATE SOME ART
- Get Crypto Wallet- Now, before you make an NFT, you have to create a piece of art that you want to sell either moving or static. In order to conduct any transaction with Ethereum, you are going to need a wallet to hold your funds. The same wallet can also help you connect to NFT marketplaces. For demonstration purposes, I’ll use the Coinbase wallet which is available for IOS and Android. It has a separate app for buying and selling crypto. Download, sign up, choose a username (pick a good one), then back up your wallet and record your recovery phrase. Make sure not to lose it cause if you do, Coinbase won’t be able to help you get it back since they do not have access to it and you cannot ask for a password reset. Lastly, create your password.
- Buy Some Crypto- For the most part, the platforms above need paying in digital currency, so before you get the opportunity to procure some cryptocurrency, you’ll have to get some to cover the charges. Most platforms charge their expenses in Ether (truncated as ETH), the local digital currency of the open-source blockchain stage Ethereum. Ethereum is not the only blockchain that allows you to trade NFTs. Go to Ethereum.org, click get ETH and search by country (options available to you will vary based on where you live.). Choose Coinbase since it is one of the few that lets you buy crypto using a debit card and it’s integrated into the Coinbase wallet. Download the app, follow the prompts, and verify your identity. There are other means you can use to fund your wallet. From the long list of currencies, choose the one suitable for you then choose your payment method, and lastly, click buy.
- Connect Your Coinbase Wallet To Your Coinbase App- Next is to transfer the funds from the Coinbase portfolio to the Coinbase wallet by selecting the button with two arrows, and tapping send. You will need the address of your wallet to store the Ether so open your wallet and tap receive, choose Ethereum, and tap share address. Copy it then paste it on your Coinbase app and select send. Note that Coinbase takes a fee at this point and there is also a network fee since funds are being exchanged on the blockchain.
- Choose Your Marketplace- You can get to OpenSea from Coinbase wallet by opening the dap browser and clicking create. Sign in using your wallet. WalletLink pairs with the Coinbase wallet so choose that and continue. You’ll be given a Qr code to scan with your wallet app so It’s better to do this step on your laptop or computer.
- Upload the File You Want To Turn into an NFT- On your computer, click create under Create your collection, upload a logo and give the collection a name that can be changed later. Click create. Next, select add items then add new items. You will be prompted to sign for this action from your wallet (in your phone). After that, you can now upload your creation, name it, add a link to an external page, enter a description of your work then select create and you will have a brand new NFT.
- Set up an Auction for your NFT- Tap the sell button and you will be presented with a choice that is, whether to sell your NFT for a set price, put it up for auction, or group it with others to sell. If your art is enough to start a bidding war, select that but if not, go with the set price. This leads us to the trickiest part: picking a base cost. Sell your NFT too cheap and the gigantic charges will gobble up your benefit, conceivably in any event, leaving you down and out. Be sure to check how much Ethereum is trading at that moment. Don’t set your price too low because the platform does take a fee of 2.5% from the price of a successful sale. Select the post your listings button and OpenSea will prompt you to initialize your account first by completing a free transaction. But there is something called a Gas Fee which is used to pay for transactions on the Ethereum blockchain. It changes depending on the complexity of the transaction and how busy the network is. It happens to be very busy these days since everyone wants to get on NFTs meaning the gas fees are high. This has restricted entry to the world of NFTs to some.
FINAL THOUGHTS
I’d very much want to have the option to clarify, obviously and basically, how to ascertain the likely expense of making and selling an NFT, however, the confounding idea of blockchain innovation, the wild variances in crypto money esteems and the absence of straightforwardness on the actual platforms make that an unimaginable undertaking. Truly, you’re left facing the challenge and keeping a watch out for the amount you get charged in general assuming you make a deal and trusting that you will actually emerge with a benefit.