Non-Fungible Tokens, how to get started selling them
NFT is a unique piece of token that is stored on the blockchain. Since 2014, NFT has been welcomed by investors and creative professionals in the field.
Essentially, NFTs have created a real buzz in the crypto marketplace, and artists are inclined towards it.
They are significantly creating NFT and selling it to earn capital.
Beeple sold his digital artwork for $69.3 million, bringing revolution to the crypto world.
If you are into the NFT collection and wish to sell it, the article will be at your beck and call.
Follow this write-up carefully if you are a designer trying to turn your work into a Non-Fungible Token (NFT).
NFT- An Extensive Introduction
Before knowing how to create and sell NFT, let us focus on its basics. NFTs are short for Non-Fungible Tokens, and they are unique and identifiable digital assets.
Due to their verifiability, they are listed on the blockchain.
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An NFT could be a piece of artwork, music, sticker, meme, photo, video, viral content, or a collectible. A digital representation of some real-life asset can also be classified as NFT.
Even though NFTs are built on blockchain technology as cryptocurrency, they are not a currency. However, most NFTs are a part of the Ethereum blockchain that stores extra information and makes them operate differently.
How to Create an NFT?
It is important to have a clear understanding of creating an NFT and become a millionaire, just like Beeple.
There is nothing wrong in imagining, right? The section shall offer an extensive procedure to make an NFT. Let us initiate this!
Step 1: Choose an NFT Platform
The user must have an NFT platform to access the proceedings to begin the process. The market teems up with a diverse range of online platforms for the task. It includes Open Sea, Rarible, SuperRare, and Foundation.
Step 2: Keep Ether Handy
The different auction platforms need a cryptocurrency to mint your NFT, converting the artwork into a non-fungible token.
Therefore, you are expected to buy some Ether to cover the fees. If you already own some ETH in your digital wallet, you must connect it with the platform chosen.
Similarly, if you do not have it in your wallet, you might want to buy and then connect it with your chosen platform. In short, to make money from selling NFT, one should be able to spend some. Only then, the process can continue.
Step 3: Connecting the Digital Wallet to NFT Platform
The next step revolves around connecting the digital wallet to an NFT platform to sell and buy NFT effortlessly. If you have chosen Rarible as your online auction platform, navigate to the top right corner of the screen and mention your wallet provider.
After that, you can easily connect your wallet by clicking on “Connect” from the pop-up screen that follows. You would also be expected to accept the terms and conditions and ensure that you are over 13 years old.
Step 4: Creating and Uploading the File
In the next step, the NFT addict is recommended to click on the “Create” button from the Rarible website. The “Create” button is located in blue at the top right corner. Rarible offers two options to continue with the proceedings.
The first option is “Single,” which is one-off work, and we will be selecting that.
The “Multiple” choice is chosen when you need to sell the same item multiple times. Upload the digital file that you wish to turn into an NFT. Rarible allows you to place the files in PNG, GIF, WEBP, MP4, and MP3. The file shouldn’t be no more than 30MB.
These four steps would completely allow you to create NFT and be a part of the digital world. Now, it is time to focus on the procedure used to sell the NFT. Let us commence this!
How to Sell the NFT?
Selling an NFT comes up with a tricky set of operations. The beginners could easily get lost because of their immaturity in the business.
For this, the section shall cover a step-by-step guide to help sell the NFT effortlessly.
Step 1: Setting up an Auction
The NFT platform displays three options to set up an auction. The first one is “Fixed price.” It allows the users to set the price and sell it instantly.
The process is similar to eBay, where the “Buy Now” option is used. The next option is “Unlimited Auction,” which enables people to continue making bids until the user accepts one. The third option is “Timed Auction.”
You can set the process with a timeline in the “Timed Auction” style. After that, the platform gives a choice to “Unlock once purchased.”
The buyer gets a high-resolution version of the artwork with a secret download link.
Moreover, it would be best to “Chose Collection,” which answers how the blockchain was set up. The default option is already set, which is the online NFT platform.
Step 2: Adding a Description to the NFT
After the above process is concluded, add the description of the NFT. One should put significant effort into this step as a powerful description maximizes the chance to sell it. The user has to mention the percentage of royalties they wish to claim on any rescale of art.
The percentage selection goes both ways as it may deter the profits or enhance them multifold. After that, add the file’s properties, and you are almost done!
How to Promote NFT’s on Social Media
Step 3: Paying the Listing Fee
The last spins around paying the listing fee on the NFT platform. For this, you are suggested to click on “Create Item” and then connect with the wallet. The listing fee is paid, and the process is concluded!
NFTs have become a fantastic way for artists to create and sell digital artwork. With blockchain technology getting renowned and famous, people are getting into NFTs to pave a way to earn capital and support themselves. Essentially, before getting into the operation, the creative professionals should have the background knowledge to create and sell it.
The article presented a detailed procedure covering preliminary to final steps for creating and selling the NFT. Follow the guide carefully to have desirable results.
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