Buy and Sell NFT
NFTs, you have probably heard of them if you are interested in cryptocurrencies, but also if you are an artist looking to make a living from your art! Discover the steps to buy and sell NFT.
This article is in no way an investment advice, but simply the presentation of a technical project around the blockchain.
Creating your own NFT artwork, whether it’s a GIF or an image, is a relatively simple process and doesn’t require extensive knowledge of the crypto industry. NFT artwork can also be used to create collectibles like digital card sets.
Each blockchain has its own distinct NFT token standard, compatible wallet services and marketplaces. For example, if you create NFTs using Binance Smart Chain, you will only be able to sell them on platforms that support Binance Smart Chain assets. This means that you will not be able to sell them on other platforms such as VIV3 (a marketplace based on the Flow blockchain) or OpenSea which is the largest Ethereum-based NFT marketplace.
Before you begin, you will need to decide on which blockchain you want to issue your NFTs. Ethereum is currently the main blockchain service for issuing NFTs. However, there are a range of other blockchains that are becoming increasingly popular, including:
What do you need in order to buy and sell nft?
Since Ethereum has the largest NFT ecosystem, here is what you will need to create your own NFT artwork, music or video on the Ethereum blockchain:
1. Set up an Etherreum (digital wallet)
That supports ERC-721 (the Ethereum-based NFT token standard), such as:
Approximately $50 to $100 in ETHER (ETH)
If you’re using Coinbase’s wallet, you can buy Ether on the platform with US Dollars, Euros, British Pounds, or other fiat currencies. Otherwise, you will need to buy Ether from a cryptocurrency exchange.
Once you have created and uploaded your wallet, go to one of the NFT platforms. So you can connect your wallet and upload the image or file you want to turn into NFT.
2. Select your NFT marketplace platform to buy and sell NFT
Today there are many sites that allow you to create NFTs and then sell them. Among the best known are:
These sites are therefore a kind of digital art online store, where transactions are carried out in cryptocurrency.
The platform also allows you to create your own NFTs but you must register first to become a listed artist.
OpenSea, Rarible, and Mintable all have a “create” button in the top right corner.
Now here are the steps to create your NFT using OpenSea, the largest Ethereum-based NFT marketplace.
Steps to create your NFT using OpenSea
Now here are the steps to create your NFT using OpenSea, the largest Ethereum-based NFT marketplace.
1. Click on the “create” button (arrow in blue) to access a screen that asks you to connect your Ethereum-based wallet.
After entering your wallet password, it will automatically connect your wallet to the marketplace.
2. You will need to digitally sign a message in your Ethereum wallet to prove that you own the wallet address. This process is simple and done in seconds. There is no charge for digitally signing a message, it just shows that you own the wallet.
3. Then click on “create” in the upper right corner and select “my collections”. From there, click on the blue “create” button as shown below.
A window will appear allowing you to upload your artwork, add a name and include a description.
This part is basically creating a folder for your newly created NFTs.
4. Once you have assigned an image to your collection, it will appear as shown below (blue arrow). You will then need to add a banner to the page by clicking on the pencil icon in the upper right corner (red arrow).
Your page should look like the image below. You are now ready to create your first NFT.
Click the “Add New Item” button and sign another post using your wallet.
5. Once you’re done, click “create” at the bottom and sign another message in your wallet to confirm the creation of the NFT. The work should then appear in your collection.
How to sell an NFT?
Are you an artist wondering how to sell your NFT? Several options are available to you:
1. Communicate on your NFT to your community using “classic”
It means: e-mails, sharing on social networks, etc.
2. Speak directly to NFT collectors
For this, you can communicate on Instagram and Twitter using specific hashtags like #cryptoart #nft #cryptoartist #nftphotography, etc.
3. Take an interest in metaverse specializing in NFTs
Such as Cryptovexels or Somniumspace. A metaverse is a 3D virtual world accessible using a browser.
4. Choose the right platform
Be sure to choose the most suitable marketplace, depending on the type of NFT you want to sell. The other criterion to take into account are the fees that will be deducted from your sales by the platform. They can vary depending on the marketplaces, but also on the course of the cryptocurrency.
5. Choose a mode of sale
On marketplaces that offer NFTs, it is possible to define different means of sale. In particular, it is possible to sell an NFT via an auction, a very widespread mode of sale, or via an immediate purchase, the price of which you define.
Once sold, your NFT becomes part of a user’s collection. He can decide to keep it or resell it. You have the possibility to choose the percentage of commission for each resale of your NFT.
How to buy NFT?
To buy NFTs, you must create an account on a marketplace. For this, it is essential to:
1. Setup an Ethereum wallet that supports ERC-721 (the NFT token standard based on Ethereum), such as MetaMask, Coinbase Wallet or Fortmatic,
2. Load your wallet by buying Ether from your cryptowallet or on a crypto exchange,
3. Bid on an NFT or opt for a buy it now, depending on the option(s) chosen by the seller.
NFT Game, Art, Crypto (Non-fungible token | Non-exchangeable token)
Sources: PinterPandai, Cointelegraph, Artsy
Photo credit: Chetraruc / Pixabay
