30 September 2022
Have you recently heard about one of the hottest Crypto trends? Yes, we are talking about NFTs - an experience to a digital artistic journey. NFTs are Non-fungible tokens that are unique digital collectible, a digital crypto asset. People are spending millions of dollars on NFTs collectibles. It could be anything from artwork, music, avatars, digital cards, GIF, videos to tweets. They are enticing for their uniqueness and rareness, considering that they cannot be duplicated. It also offers authenticity and ownership of the artwork.
The introduction and the journey of NFTs are empowering the content creators like never before. Anyone can participate in this journey by creating, selling, and buying NFTs.
Many celebrities and brands are participating in the NFTs space, such as UFC, Shawn Mendez, Grimes, William Shatner, Paris Hilton, and many more. The artist Beeple made headlines when he sold an NFT for $69 million. Since 2020, NFTs have surged from $250 million to $389 million, exceeding its sales by 55%.
In this blog, we are going to talk about A Comprehensive Guide To Create, Sell And Buy NFTs:
How To Create NFTs?
- The first step to NFT is to create a digital artwork, ofcourse. It could be practically anything virtual, as we have mentioned above.
- You will have to decide on the NFT-centric Blockchain for issuance. Ethereum is one of the leading and largest Blockchain ecosystems for NFT. It is followed by many popular blockchains such as Binance Smart Chain, EOS, Tron, Tezos, Flow by Dapper Labs, WAX, and so forth.
- You will need to thoroughly learn and research the Blockchain before choosing as each platform has its features, functions, NFT token standard, wallet services, marketplaces, etc.
- After choosing the Blockchain, you will have to connect your wallet and upload the digital artwork that you want to turn into an NFT.
- Marketplaces like OpenSea, Mintable, and Rarible also enable NFT creation; however, the criteria is to register beforehand and become a listed artist on the platform.
- With the marketplace, you will have to connect and fund the wallet, upload your digital NFT artwork and follow the instructions as per the marketplace platform.
- The process involves inputting the pricing options such as selling it at a fixed price or the bidding range, NFT’s name, and description.
- The marketplace allows you to include your NFTs’ special traits, attributes, scarcity, uniqueness, unlockable content, royalties, and many more.
- Many platforms do not charge to create or list NFTs, but some platforms incur fees, which may differ from marketplace to marketplace. Also, many platforms charge to add certain functions on the Blockchain.
- You can also promote your NFT on various social media platforms to gain attention and to attract perspectives.
Also Read, Everything You Need To Know About NFT
How To Sell NFTs?
To sell NFTs on a marketplace, you can either create your own NFT piece and sell it or buy an existing NFT and then resale it in a marketplace.
- Inorder to sell your NFT, you will have to locate them in your collection, click the “Sell” option.
- This directs you to a pricing option for your sale wherein you can decide if you want to sell it at a fixed price or run an auction.
- It also includes the royalties program option wherein you can select the token that you would like to receive for NFT selling.
- The Royalties program also enables the NFTs creator to earn commissions everytime the asset is sold.
The most popular Cryptocurrencies to sell NFTs are Ether and other ERC-20 tokens. However, some platforms only support their Blockchain’s native token to sell NFTs, such as VIV3 - a FLOW Blockchain marketplace that only accepts FLOW tokens.
Also Read, 8 Celebrities Binging In The NFT Space
How To Buy NFTs?
You can shop NFTs on an online marketplace that facilitates you to browse and purchase, think of it as an online gallery where you can collect digital art. When buying NFTs, you should keep several things in mind, such as the marketplace to buy NFTs, wallet for purchasing, funding the wallet to make the transaction, and whether the NFT is being sold through a pack or art drop. Thus, marketplaces offer the bidding option or the ”Buy” option which is set on a fixed price.
You need to understand that certain NFTs are only sold on specific platforms. You can buy NFTs on popular platforms like OpenSea, Nifty Gateway, SuperRare, Axie Marketplace, CryptoPunks, NFT ShowRoom, and many more.
- To make a purchase, you will have to create an NFT marketplace account, connect your wallet, and fund it with the currencies that the platform supports.
- NFTs that are scarce are usually sold through packs and art drops. In this case, you will have to participate by signing up and funding the account beforehand, so that you can make the purchase when the NFTs drop.
- The auction process consists of placing your bid in hopes of getting the piece.
As Edgar Degas quotes, “Art is not what you see, but what you make others see”. Thus, it is easier to buy and sell NFTs but creating an NFT is much more challenging.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.