How to Create and Sell NFT
The introduction of non-fungible tokens, or NFTs, has caused a significant shift in the creators' economy. Notably, NFTs allow creators to tokenize and sell their digital assets while removing the need for an intermediary during transactions.
NFTs not only make it easier to commercialise digital assets, but they also make their ownership easy to prove and transfer by encrypting each digital asset with a unique identifying key and information that distinguishes one from another.
With these advantages readily available, there is an increasing interest in NFTs, particularly among creators who are always looking for ways to easily make and sell NFTs. If you fit this criteria, look no further because this article will teach you how to create and sell NFTs.
However, before we get into the stages, it is crucial to note that there are several factors to consider when selecting a platform for developing NFTs.
When selecting a platform to manufacture and trade NFTs, it is critical to examine the transaction speed, computing requirements, transaction cost, smart contract compatibility, forking potential, and security of the host blockchain.
In a previous article, we addressed the significance of the aforementioned characteristics and why they matter when selecting a platform for NFT development.
The top ten blockchain networks for NFT development
Each NFT marketplace has its own approach of creating and selling NFTs; nevertheless, certain fundamental knowledge is universal.
1. Make a digital file.
You may have heard that everything can be converted into an NFT, which is quite correct. However, before converting them to NFTs, a digital replica of the thing in question, whether it is a physical structure, a flying object, or a flowing stream, must be created. If the item you wish to convert is already in digital format, you won't have any problems; if not, you may need to photograph it or record it if it's a sound or in motion.
2. Establish a Digital Wallet
To build an NFT, you will require cryptocurrency, which will need the development of a digital wallet in which to keep it. However, in addition to storing money, this digital wallet is required when creating an account on your favourite NFT platform, as it will be used to keep your NFT collection and purchases.
Also, while creating a digital wallet, make sure that the digital wallet you choose supports the accepted cryptocurrency on the NFT network.
In this scenario, Metamask, a crypto e-wallet based on the Ethereum blockchain network, is a popular digital wallet. This digital wallet can be installed as an extension on any web browser or downloaded as a mobile application.
One of the reasons Metamask is an excellent candidate for NFT development is its ability to synchronise various digital wallets, allowing users to swap between the Ethereum mainnet and others such as Binance mainnet, Cardano, Solana, and many others. You can read our Metamask beginner's guide, which includes installing and configuring it, by clicking the link below.
A Metamask beginner's guide: what it is and how to fix it
3. Add cryptocurrency to your wallet
After you've created a digital wallet, the next step is to fund your account with your favourite cryptocurrency, which is also supported by your preferred NFT platform.
Metamask, for example, supports the vast majority of cryptocurrencies created on the ERC-20 platform. It can also store additional cryptocurrencies that are supported by any blockchain mainnet that is synchronised on the platform, giving it a very versatile digital wallet option to consider.
4. Select an NFT Platform
Following the creation and funding of your crypto wallet, the next step is to identify the NFT category that appeals to you (i.e. your skill). Once you've determined that, go ahead and set up an NFT platform that specialises in that specific service.
NFT platforms, for example, specialise in a variety of areas such as artwork, photography, virtual worlds, sports, photography, domain names, music, collectibles, and many others.
While some NFT platforms, like as Opensea and Binance, offer a large number of categories, others may only offer one or a small number of categories. In either case, based on your tastes, you can select a platform that is most suitable to your art area and has the largest demand or patronage for it.
5. Register your wallet with the NFT Platform.
Once you've decided on a platform for your NFT, sync the external digital crypto wallet you downloaded earlier to the NFT platform.
Assume you're using Opensea in this situation; you'll come across a page similar to the one seen above.
By selecting "create," you will be taken to a screen that asks you to connect your wallet. You will be given the option to choose from a list that includes Metamask as a popular option for users, as seen in the picture below.
Choose your preferred option from the list, then install and sync to the NFT platform. You're already more than halfway through. So, what comes next?
6. Upload the File You Wish to Convert to an NFT
After you've finished syncing your external wallet to your selected NFT platform, you'll generate an NFT. Depending on the website, you can begin by selecting the "create" option.
Assume you choose Rarible this time; by hitting create, you will be presented with a window similar to the one below, asking you to select "single" or "multiple." Selecting single suggests you want your collection to be one-of-a-kind, but selecting multiple means you want to sell one collectible several times.
In any case, you will be prompted to submit the digital file of what you want to convert, i.e. mint, into an NFT. If you are unfamiliar with the term "minting," it refers to the process of tokenizing a digital asset, which in this case is the file that is being uploaded. Tokenization simply records the digital information on the blockchain while encrypting it with a unique identity.
Rarible handles roughly five different types of digital files, including GIF, WEBP, PNG, MP3, and MP4 files up to 30MB in size, which is unusual for a platform. You have completed the majority of the process by this point.
7. Organize an Auction for Your NFT
After you've uploaded and minted your digital content, the next step is to auction it off. To accomplish this (on the Rarible platform), you will select the "put in the marketplace" option. Most NFT platforms will have their own in-app marketplace where you can sell your NFTs.
In this scenario, Rarible gives you three primary options to pick from when deciding how long purchasers can bid on your auctioned item. There is a "fixed price" option, which implies that no bid is required, and collectors can purchase at that price until the sales window expires.
There is also a "timed auction," which usually lasts for a specified period of time during which collectors can bid on your item until you accept one. The third option, "unlimited auction," is not timed, meaning that people can continue to seek for bids until you discover one worth the wait.
Assume you selected "timed auction" in this scenario; you will then select a "minimum bid/price," which is the smallest amount a potential buyer can bid on the item.
Following that, you will be prompted to "unlock once purchased." This option essentially grants the future buyer access to and ownership of the original NFT file in high quality, as well as additional material available via a secret web page or download link.
8. Include a description in your NFT
The next step in creating an auction for an item is to include a title and enticing description. You can tell a backstory about the object that will resonate with and fascinate the potential customer.
After that, you can proceed to set the percentage return you wish as a royalty from future resale of the item. It is preferable not to include an exaggerated figure because it may turn off potential consumers. The most common range is 5 to 10%, however others recommend as much as 15%, especially if the item has a strong potential to attract a large number of potential customers.
9. Paying the Listing Fee
As previously stated, minting an NFT is not free. Although the amount charged by different platforms varies, you will undoubtedly pay a listing cost, which usually consists of your minting fee and the platform's maintenance fee, in order to have your NFT sold.
It is not wise to sell your NFT item for less than the minting charge, as you may end up losing money from the start.
To pay the listing charge, you must link with your synchronised cryptocurrency wallet, from which the fee will be deducted. However, you can change your listing charge, which serves as a gas fee. While there is a minimum fee payable by default, increasing the gas fee speeds up the issuance of your goods.
Also, keep in mind that a commission is due and payable to the platform for each sale on an NFT platform.
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