Many people want to learn
how to create and sell an NFT. Many artists are considering to create non-fungible tokens based on their desire to monetize their work. By
establishing the verifiable ownership of a unique digital asset, NFTs make it
possible to sell artworks online, thereby expanding the pool of potential
purchasers.
Non-fungible tokens
(NFTs) are here to stay and are gaining importance to artists despite recent
cases of NFT work being stolen or misused and markets being hijacked. Some
museums and galleries have already started displaying NFT collections.
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What are NFTs?
To begin learning how to
create and market NFTs, you must first understand what they are.
The goal of NFTs is to
provide a means through which it may safeguard digital data in a manner that
both protects their owners' rights and generates scarcity. The artist may keep
the copyright for themselves, sell it to the buyer, or set a proportion of
secondary sales that the owner may make, just as they would with a real work of
art.
For what reasons is an
NFT considered valuable?
Consumer interest
determines an NFT's worth, just as it would determine the value of a piece in
our made-up art collection. Like trading cards, their value is determined by
supply and demand. Even though it may transform a picture into an NFT, this in
no way restricts the image's accessibility. Blockchain technology makes it
clear who the asset's legal owner is.
A word of caution
Many artists have been
inspired to create and sell NFTs by Beeple, who sold his for $69 million. Such
high amounts are a tiny minority of NFT sales. Most NFT work sells at typical
prices for excellent art. Digital artists may receive royalties on all future
sales when their NFT changes hands, which it can incorporate into the original
smart contract.
Creating, managing, and
selling an NFT has a lot of fees. Some NFT markets now enable fee-free NFT
minting, with the expense put on the buyer; however, the author usually needs
to pay, whether they sell it or not. See our guide on creating a free NFT for
more info.
Despite a decrease in the
NFT market this year, more artists, illustrators, and designers are selling
NFTs. Nonfungible.com predicts $15 billion in main and secondary Ethereum sales
in 2021, up from $67 million in 2020. Let's explore how to create and sell NFTs
if you're interested. I’ll walk you through the process and cover NFT markets,
bitcoin, and more.
How to make and sell an
NFT
First, you must 'mint’
your NFT (assuming you already have the artwork). To create an NFT of your
artwork, you'll need an NFT platform and a payment wallet to pay fees and get
cash if you sell it. To explain the procedure, I’ll use Rarible as our NFT
platform and MetaMask as our payment wallet, although there are many more
possibilities.
1.
1. Select a digital wallet
It would help if you had
cryptocurrency to produce and sell NFTs. Most NFT auction systems need you to
pay ahead to ‘mint’ an NFT, which transforms your artwork into a sellable
non-fungible token. ETH, the native cryptocurrency of Ethereum, where NFTs
originally emerged, is the most widely accepted method of payment.
Some services are
beginning to accept various payment methods and construct NFTs utilizing
multiple blockchains. Learn about NFT crypto in this guide.
If you hold ETH, you'll
need to store it in a digital wallet and link it to your NFT platform to send
and receive payments. If you don't have cash, you can purchase ETH on a
cryptocurrency exchange, but the fastest and simplest way is using a digital
wallet.
Coinbase, MetaMask, Torus, Portis, WalletConnect,
MyEtherWallet, and Fortmatic are popular NFT payment systems. MetaMask is used as an example, although there are many more. In most circumstances,
the method is similar. Before picking, verify the costs (I’ll discuss fees
later).
If you prefer another
provider or already have a digital wallet, go to step 4. Next, I’ll walk you
through setting up your wallet and buying ETH.
2.
2. Create a digital wallet to pay NFT
To build a digital wallet
to pay an NFT platform to manufacture and sell an NFT, visit MetaMask's website
and click the blue 'Download' button. I’ll install the desktop browser
extension, but there's also a mobile app.
You'll be prompted to
confirm creating a new wallet and seed phrase. A seed phrase is a collection of
words that holds blockchain data. Say Agree, then agree to the conditions,
create a password, and follow several security steps to set up your account.
3.
3. Add cryptocurrency to your digital
wallet
After creating a digital
wallet like MetaMask, you need to
fund it with Ether. If you don't have any Ether (ETH) yet, you can get some by
clicking the "Buy" button and then choosing "Buy ETH with
Wyre."
To purchase ETH, you'll
be sent to a site where you may use your debit card or Apple Pay. Don't worry
if you don't want to spend any money just now; it may delay this step until a
more convenient time (you'll need to research the costs of your preferred NFT
platform to determine how much you'll need to invest).
This aspect of learning
how to manufacture and sell an NFT might be intimidating due to the language
used in the cryptocurrency industry, but purchasing money is straightforward.
Be careful, however, that Ether's value, like that of Bitcoin and other
cryptocurrencies, may see dramatic swings.
The price of one Ether
(ETH) has seen multiple peaks and valleys in 2021, with a total range of less
than $1,000 to about $4,700 at the time of writing. In a few hours, the
currency's value might fluctuate by several hundred US dollars.
4.
4. Add your payment method of choice to
an NFT system
It may find the 'Connect
wallet' button in the upper right corner of the display. When you do, you'll be
sent to a page where you may choose a wallet service; I recommend MetaMask.
Your Rarible wallet integration options will appear in a pop-up window.
Therefore after clicking "Next," you must also click
"Connect" and agree to the terms of service.
5.
5. Choose the file you want to convert
into an NFT
Once you have an
ETH-enabled wallet, you may begin creating and trading NFTs. Go to Rarible.com
and hit the blue 'Create' button in the right corner. Then, you may choose
between making a unique piece of art or producing and selling the same product
several times.
For simplicity's sake,
let's go with "Single" here. The next step is to transfer the desired
digital file into an NFT. Rarible supports PNG, GIF, WEBP, MP4, and MP3 files
for uploads up to 30MB in size.
After you have uploaded
your (hopefully improved) digital file, you will be able to see a preview of
your NFT post on the right.
6.
6. Make your NFT available for an
auction
Next, pick how to sell
your NFT art. Three choices. "Fixed price" lets you establish a price
and sell your NFT instantaneously (like eBay's "Buy it now").
"Unlimited Auction" lets others bid until you accept one. 'Timed
auction' is a limited-duration auction.
Choosing a minimal price
is the hardest part. If you sell your NFT too cheaply, the fees might wipe out
your profit. I’ll ask for 1 ETH (currently $4,700) and offer people seven days
to bid.
Next, click 'Unlock once
bought' This allows you to deliver a high-resolution version of your work and
other content via a hidden web page or download link. 'Choose Collection' is
the most perplexing choice. This is a technical question concerning blockchain
setup. I recommend keeping this as 'Rarible.'
7.
7. Add a description
Your listing is now ready
for a title and description. It would be best if you considered this to
increase the likelihood that people will purchase your NFT. The next step is
deciding how much of a cut you want to take from future sales of your work in
the form of royalties.
A greater proportion will
earn you more money for each sale in the long term, but it will discourage
others from reselling your artwork since they will make less. Finally, you may
fill in the characteristics of your file if you'd like. Once that's finished,
you'll be in the home stretch.
8.
8. Finally, pay the listing fee to sell
NFT
Click 'Create Item' to
pay the listing fee and complete making and selling an NFT. No need to start
again if your wallet is empty. Click the wallet icon in the top-right corner of
the screen to contribute money to Rarible.
Finally, a warning. My
listing fee was $5.91. Not even close. You must pay a cost to produce your NFT,
which in our instance was $42.99 in ETH.
If someone buys your NFT,
you'll pay a commission and a transaction charge to move the money from the
buyer's wallet to yours. When I used Rarible's website, none of this was
evident.
I’d love to explain how
to assess the prospective cost of making and selling an NFT. Still, the
complicated nature of blockchain technology, huge changes in cryptocurrency
prices, and lack of transparency on the platforms themselves make that hard.
You must take a chance,
wait to see how much you're charged, and hope for a profit. I wish you well if
you decide to invest in NFT art.
Conclusion
Some non-traditional
income sources require more time and effort than others. NFTs must be
understood to be profitable. This article explains how to earn from NFTs and
how to sell them. If you have time and want to learn more about NFTs, try NFT
trading or play-to-earn games. You may create and sell your own NFTs. NFT
staking, renting, and long-term investing are hands-off tactics. You have
enough money to invest.
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