How To Make An NFT + The Process Of Selling It
Interested in creating your own NFTs to sell but you’re unsure about the process of doing so? Let us point you in the right direction.
Consider purchasing a piece of digital artwork on the Internet for a modest amount and receiving a one-of-a-kind digital token that verifies your ownership of the artwork. Wouldn’t that be fantastic? Thanks to NFTs, that potential now exists.
NFTs are now sweeping the world of digital art and collectables. NFTs are being marketed as the digital answer to collectables, much as Bitcoin was marketed as the digital answer to currencies. As a consequence of the large sales to a new crypto audience, digital artists are seeing their livelihoods change.
But where do these digital pieces of art come from? Who makes them, and what decides how much they’re worth?
The NFT audience determines their value in terms of how much they’re worth. Like ordinary, physical artworks, the beauty of an NFT is in the eye of the beholder.
When it comes to who can create them – anybody! – it’s the same as with genuine, tangible art.
So, if you’re thinking of creating and selling your own NFTs, we’ve got everything you need to know about how to go about the entire process.
How To Make Your Own NFT
The first thing you need to do is either find anything or manufacture something that can be transformed into a token that cannot be exchanged for currency.
There is a wide variety of content that may be uploaded here, such as standard digital artworks, photos of your own artworks, objects from video games, tweets, memes and even audio.
When it comes to the most basic scenario – digital art – the first thing that you obviously need to do is get creative. Design the art that you would like to sell into the world of NFTs.
In the end, it doesn’t really matter what you want to make into an asset since as long as it can be fit into some sort of digital format – PNG appears to be the most common for visual art – you’re good for the next stage. In other words, it doesn’t really matter what you want to turn into an asset.
Get On The Crypto Hype (If You’re Not Already)
You’re well on your way to making your first sale if you already have a crypto wallet. If you haven’t yet opened a crypto wallet, now is the time to do so.
The reason for this is simple: without an NFT, you won’t be able to collect any revenue when you sell it.
Regardless of whether you currently have a crypto wallet or not, you need to choose which platform you want to sell your NFT on. If they don’t accept your wallet, you’ll need to get a new one that does.
Sell Your NFT And Rake In The Cash
Now that your artwork has been created and you have a crypto wallet on standby ready to fill, it’s time to think about the money. There are a few steps involved in the sales process, which are as follows:
Choosing A Sales Platform
Choosing which platform to sell your NFT on might be difficult since various platforms have varying fees, conditions, and may specialise in different sorts of NFTs. Most significantly, they may provide you with a variety of blockchains to use for your NFT, which might affect security and usability depending on who you are.
For the sake of this example, we’ll focus on the two most popular platforms, OpenSea and Rarible, and how they manage sales. Both of these are common alternatives to consider.
It’s important to pay attention to the legalities of claiming ownership of and selling NFTs as well – some platforms will offer you a contract in which you receive the copyright along with the NFT, while others will maintain the copyright with the original manufacturer.
Choosing A Blockchain
Ethereum will be offered first and foremost in almost all markets. Don’t get the cryptocurrency and the blockchain mixed up here.
However, you may wish to switch to another blockchain for a variety of reasons, in which case OpenSea and Rarible are viable possibilities. Ethereum, Polygon, and Klaytn are all supported by OpenSea, while Ethereum and Flow are supported by Rarible.
Each blockchain has its own set of benefits and drawbacks in comparison to Ethereum. Their biggest benefit is usually that they are less expensive to join than their main competition. This is because Ethereum charges a transaction cost known as ‘Gas.’
Minting Your NFT
The process of adding a new non-fungible token to a blockchain is called “minting,” and it’s generally a very straightforward operation. Both Rarible and OpenSea follow a procedure that is, more or less, the same.
You will upload your NFT into your wallet by following the instructions on the website of your NFT marketplace, adding specifics such as the description, as well as a few more details and you’re done.
Selling Your NFT
In almost all circumstances, you have a few alternatives when it comes to selling your NFT. These are generally divided into three categories: set price, timed auction, or unrestricted auction (also known as “open for bids” on Rarible).
A fixed price is the easiest to explain: you set a price for your NFT and wait for someone to pay that price. If you desire, OpenSea allows you to impose a time restriction on this fee, but otherwise, it’s the same.
A timed auction is also common: prospective purchasers will bid on your NFT for a certain period of time, which you may set. When the time restriction expires, the NFT is awarded to the highest bidder. An unlimited auction is one that has no set end date; the seller simply chooses when they have received the greatest bid and terminates the auction.