How to Make, Buy, and Sell NFT
1. How to buy NFTs
2. How to sell NFTs
3. How to create NFTs
Blockchain development never ceases to amuse investors around the world in the crypto space. In just one year, DeFi has grown from $1 billion to $236 billion in terms of total value locked (TVL). Having said that, DeFi projects spring up like mushrooms on the crypto market alongside the NFTs.
It is these NFTs that attract the attention of creators, collectors, and crypto enthusiasts worldwide. In fact, millions of dollars have already been spent by these people on NFTs. New opportunities have opened up for all digital artists and businesses around the world due to the rise of the NFT saga.
Since we’ve already discussed what NFT is all about in our previous article, now let’s get to know “How to make, buy, and sell NFTs”.
How to buy NFTs
Just like me, I’m sure you’re here to know how to buy NFT and start jumping in the craze. Don’t worry! In this part, we will explain how to buy NFT in the easiest and smoothest way possible.
To begin, you need to find a crypto wallet that allows you to buy and receive NFTs. There are many crypto wallets available today that are compatible with NFTs and multiple crypto assets. You are therefore free to choose the kind of wallet that you want. Don’t forget, however, to fund your crypto wallet with cryptos, as you’ll need that to buy NFTs.
The next step is to look for an NFT website where you can find the NFT you want to buy. Nowadays, there are a lot of NFT sites available on the internet, so this won’t be a problem for you. Among the most popular NFT marketplaces are OpenSea.io, Rarible, Binance, and Foundation. You can also buy NFTs from gaming markets such as Cryptozoon and My DeFi Pets.
Once you have selected the website you wish to buy from. The next step is to pay the NFT using your crypto wallet. In some cases, the platform may ask you to connect your crypto wallet for easier payment processing. However, not all platforms are like that. The instructions are very easy to follow, so don’t worry.
How to create NFTs
Earlier, we discussed the process of buying NFTs. Let’s now discuss how you can create your own NFT.
How is it created?
The process of creating NFT is quite simple. Ready your own-designed NFT like this:
You’ll need to create an account in a marketplace that lets you create NFTs. Marketplaces like Opensea or Rarible let users buy, sell, and even create NFTs. The best part is that you won’t need any experience with blockchain or cryptography to make ERC-721 tokens.
The platform will convert your image, video, 3D models, or any other asset into NFTs. It’s a different type of tokenization. In order for an NFT to be valuable, the media needs to be connected somehow. It is also the reputation of an artist that gives an NFT its value.
How much does it cost?
Some platforms may charge a small fee for making NFTs. Opensea, however, does not require any costs for making an NFT. The only cost is a one-time gas charge for making your first NFT, and everything else is free. If the marketplace is using Ethereum NFTs, you will need “gas” to create the tokens.
It depends on the network how much Ethereum gas will cost. Typically, the more people on a network, the higher the gas price. It is best to try it during the weekend when fewer people are on the network.
Can anyone make it?
There is no limit to who can make an NFT or who can get access to the marketplace. It’s open to everybody. However, not just anyone can go and create an NFT and expect a good valuation for their hard work. It’s kind of similar to how artists in real-life work. If you are not popular, then it’s harder for you to make a sale.
How to sell NFTs
NFTs can be sold in two different ways: selling the one you have already bought, or selling the one you have minted.
In the same way that there are fees associated with minting an NFT, there will also be fees attached to the sale of your non-fungible token. Fees not only include gas, but also a final-sale service fee dictated by the marketplace.
- To sell an NFT you bought
NFTs can be resold on the secondary market just like any other asset. To do so, make sure the NFT for sale is in the wallet paired with your selected marketplace. Then, put it up for sale, let’s say in Opensea. It is possible to sell NFTs for more than you paid for them, but their long-term or even short-term value is not guaranteed.
- To sell an NFT you minted
This will likely be the endpoint of the creation, or minting, process on whatever platform you are using, as explained above. It is up to you whether to set the ‘Buy Now’ price, or set the terms for the auction, like the reserve price. In some cases, royalties may even be payable when your NFT is sold in the future.
The information we have provided can hopefully assist you in creating, buying, and selling NFTs. In any case, if you are interested in learning about the concept behind NFTs, then you should wait for our ALPEX Academy and learn more about NFTs. More so, our team is soon announcing a very interesting NFT project. Stay tuned!
How much can you sell an NFT for?
NFT prices vary from time to time. NFT prices are determined solely by the seller. Sellers may decide to sell it for a higher or lower price, considering the value of their NFTs.
What NFTs sell best?
There are a lot of NFTs popping up in the crypto world today. CryptoPunk, however, sold its NFTs for $7.6 million. Obviously, CryptoPunk is just one of many NFTs that sell goods. It is still advisable to do research on NFTs that sell best to find out more about them.
How do I trade in NFT?
NFTs are non-fungible tokens. Therefore, NFT cannot be traded like a fungible crypto asset. In other words, each NFT is unique and has different values. Collectors can instead sell the NFTs on the marketplace.
TEAM ALPEX Global
Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as informative material about NFT.