Tech-savvies and crypto enthusiasts have shifted from stalking the price of Bitcoin with bated breath to creating and trading NFT’s, another blockchain-related phenomenon, that has come to steal the show in the pandemic dystopia.
NFT (non-fungible token) is a digital asset or a special type of cryptographic token containing unique, identifying information. NFT is a token that is created on blockchain technology, which makes each token unique and irreplaceable, making it impossible for one non-fungible token to be equal to another.
Read more: What is an NFT?
How to purchase or sell your NFT pieces?
The first thing you can do is to choose an NFT platform to create an NFT piece. There are some options for choosing the platform (for buying and selling NFTs), like Opensea, Rarible, SuperRare, Nifty Gateway, NFT ShowRoom, etc. Also, it is important to create a wallet for making transactions, which includes buying crypto (mostly Ethereum for selling and buying NFTs). For creating a wallet you can use NFT payment platforms like Coinbase, MetaMask, Torus, Portis, MyEtherWallet, etc.
Mostly, NFT platforms charge upfront with cryptocurrency (mostly Ethereum) for minting (turning artworks into non-fungible tokens). For this, you can purchase Ethereum directly with their digital wallet.
How to create a digital wallet on MetaMask?
You can either use a computer browser or a mobile app. You must confirm that you want to ‘create a new wallet and seed phrase’. After signing up, creating a password, agreeing to the terms, and going through some security measures, the account will be created. After setting up any digital wallet (MetaMask in this case), you can purchase Ethereum by clicking ‘Buy ETH with Wyre’. This process is quite easy, you can pay with either their debit card or apple pay. It’s important that you remember that any cryptocurrency might rapidly fluctuate in its value even in such a short time frame as making a wire transfer.
Read more: TOP 5 Crypto Wallets for NFT transactions
The next step is to choose the NFT platform. In this article, we’re going to demonstrate how to set up an account on Rarible. You must click on ‘Connect wallet”. Using a popup you can connect the wallet with Rarible. Then click ‘Next’, then ‘Connect’, accept the terms of service and confirm they’re over 13 years old. After clicking the ‘Create’ button, you can upload a digital file of your artwork piece, which should be up to 30MB in size to create your own NFT.
How to sell an NFT?
You can choose from selling their piece at a fixed price, in an unlimited auction or timed auction on one of the platforms of your choice.
How much should your NFT cost?
First of all, you must count your profit and losses in both scenarios. For example, if you are selling your piece at a low price, it might be crucial, considering the gas fees you’ll need to pay. If you sell your piece at a very high price it might not sell. Every person’s piece is individual and they should price them according to their predictions.
The next step is to click ‘Unlock once purchased’ to provide the buyer with a high-resolution piece and additional material through a secret web page or download link. Then sellers can choose a description for their art piece and decide what percentage of royalties they wish to claim on any resale of their art in the future. After completing these tasks, one final task is to click on ‘Create Item’ to pay for the listing fees. After clicking on the wallet icon, you will be given the option to add funds directly within Rarible. One thing that sellers should have in mind before taking part in any of these, is that after you purchase your NFT, you will have to pay a commission fee on the NFT sale, plus a transaction fee for the transfer of the money from the buyer’s wallet to yours.
NFT sales can be sold in three ways:
- Timed auction
- Unlimited auction
Read more: How do auctions work for NFTs on Foundation?
That’s it — Your first NFT is on the marketplace. Anyone on the marketplace can find your NFT and bid for it.
Where can I sell NFT’s?
To create and sell your first NFT, you need to:
- Create your digital wallet (MetaMask)
- Add some cryptocurrency to your wallet
- Connect your wallet to an NFT platform
- Upload your file (Rarible)
- Set up an auction
- Describe your NFT
- Pay the fee
Read more: How to sell an NFT for a pretty penny?