NFTs are the newest blockchain-related must-have item, competing with bitcoin and every other cryptocurrency. However, there are a few things you should be aware of before approaching an NFT marketplace and handing over your hard-earned ether.
We’ll show you how to make an NFT, and how to sell NFT art in the sections below.
What are NFTs?
A non-fungible token (NFT) is a new type of digital asset. A blockchain — a digital ledger akin to the networks that support bitcoin and other cryptocurrencies — is used to register ownership.
Each NFT is one-of-a-kind and cannot be replicated. As a result, you can think of them as one-of-a-kind digital things that no one else has. People may have a photograph of a piece of art you purchased as an NFT, but they do not possess the original. That is what makes them appealing. There’s also the possibility that, due to their scarcity, you’ll be able to sell one later for a higher price. In the same way that you would with fine art.
NFTs can be purchased in a variety of currencies. We’ll teach you how to join the NFT craze right now utilizing the popular OpenSea platform. In case you’re an artist looking to sell anything, I’ll also show you how to convert digital assets into NFTs and sell them.
How to Create NFTs
Creating your own NFT artwork, whether in the form of a GIF or an image, is a reasonably simple process that does not necessitate extensive knowledge of the crypto industry. NFT artwork can also be utilized to make collectibles such as digital card sets.
Before you begin, you must determine on which blockchain you wish to issue your NFTs on. Ethereum is now the most popular blockchain service for issuing NFTs. However, there are a variety of competing blockchains that are gaining popularity, including:
- Flow by Dapper Labs
- Binance Smart Chain
Each blockchain has its own NFT token standard, as well as wallet services and marketplaces that are compatible with it. If you make NFTs on the Binance Smart Chain, for example, you can only sell them on sites that accept Binance Smart Chain assets. This means you wouldn’t be able to sell them on a marketplace like VIV3, which is built on the Flow blockchain, or OpenSea, which is based on the Ethereum blockchain.
Because Ethereum has the largest NFT ecosystem, you’ll need the following to mint your own NFT artwork, music, or video on the Ethereum blockchain:
MetaMask, Trust Wallet, or Coinbase Wallet are examples of Ethereum wallets that support ERC-721 (the Ethereum-based NFT token standard).
Approximately $50-$100 in ether. You’ll have to buy ether from a cryptocurrency exchange otherwise.
Once you have these, you can connect your wallet to a number of NFT-centric services and upload the image or file that you wish to make into an NFT.
The most popular Ethereum NFT exchanges are:
In the upper right corner of OpenSea, Rarible, and Mintable, there is a “create” button.
Here’s how it works on OpenSea, the world’s largest Ethereum-based NFT marketplace.
When you click the blue “create” button, you’ll be taken to a screen where you’ll be asked to connect your Ethereum wallet. When you provide your wallet password when prompted, your wallet will be automatically connected to the marketplace. To confirm you hold the wallet address, you may need to digitally sign a message in your Ethereum wallet, but it’s only a matter of clicking through.
There is no charge for digitally signing a message; it is simply a way to demonstrate that you control the wallet.
On OpenSea, pick “my collections” by hovering over “create” in the top right corner, then clicking the blue “create” button as shown below.
A window will appear where you can submit your artwork, give it a name, and provide a description.
This section consists primarily of you creating a folder for your newly created NFTs.
So, you’re all set to make your first NFT. Use your wallet to sign another message by clicking the “Add New Item” button (blue).
In a new window, you can upload your NFT image, music, GIF, or 3D model. You can also include specific qualities and attributes to boost the rarity and uniqueness of your NFT on
OpenSea and many other marketplaces. Even better, creators can incorporate unlockable content that can only be accessed by the purchaser. Passwords to certain services, discount codes, and contact information are all examples of this.
When you’re done, click “create” at the bottom and sign another message in your wallet to confirm the NFT’s creation. The artwork will then be added to your collection.
How to Sell NFTs
To sell your NFTs on a marketplace, find them in your collection, click on them, and then find the “sale” button. By clicking this, you will be taken to a pricing page where you can set the terms of the sale, such as whether to have an auction or sell at a fixed price.
The most common cryptocurrencies for which you can sell your NFTs are ether and other ERC-20 tokens; however, certain sites only support the blockchain’s native token. For example, VIV3 is a Flow blockchain marketplace that takes only FLOW tokens.
You can program in royalties and choose which ERC-20 token you’d like to get for selling the NFT on OpenSea by selecting the “edit” button next to the collection image, signing the message with your wallet, and scrolling down.
Royalties enable NFT creators to earn a commission each time the asset is sold to a new buyer. Smart contracts have the potential to generate lifelong passive income streams for artists and other content creators.
In order to complete the process of listing NFTs on a marketplace, a charge may be required. While this isn’t true for every platform, it is something to keep in mind when building NFTs.
Before diving fully into the realm of NFTs, it’s important to understand the prices involved.
First, there are the transaction fees that your digital wallet provider will charge you. The majority of wallet providers use fixed-rate fees, which implies that these costs are predictable in a way that marketplace fees are not.
While most markets will not charge you to create an NFT, they will almost certainly charge you to post your NFT on their sale pages, collect your money, and so on.
This fee is known as the Gas Fee on Ethereum-based markets. This fee is the amount of ether needed to complete a transaction (or a function) on the blockchain network. The charge varies based on how many individuals are connected to the blockchain network at any particular time. For example, it is higher during the week and lower on weekends. The cost can be substantial, so make sure to add your NFT when traffic is light.
There are, however, many hidden expenses to be aware of. For example, depending on whatever digital wallet you use, changing one ether format to another can be a costly endeavor. Furthermore, many marketplaces levy a service fee, also known as a commission, on all sales (usually around 2.5-5% of the sales price).
The various fees and fluctuating rates may appear confusing to a new NFT artist at first. As a result, it’s critical to maintain track of the current Ethereum exchange rate and thoroughly study the marketplace’s terms and conditions before beginning to sell your tokenized art.