If you want to get started in NFTs, including how to buy NFT, mint NFT, and where to sell NFT art, this article is undoubtedly for you. The world has gone digital, and this trend will accelerate in the future. From digital currencies to digital artworks to Crypto Metaverse (3D virtual reality), all have seen mass adoption recently.
The popularity of Non-fungible tokens (NFT), especially in early 2021, proved to be a blessing for digital artists as it paved the way for them to earn additional income by showcasing their creativities through different artworks.
Today, terms such as avatars and digital collectibles have become part of daily usage, thanks to the NFT. In an evolved version, NFT also found its place in Crypto metaverse games where players buy NFT to play games to earn cryptos in play-to-earn games. The combination of 3D virtual reality, which we call Metaverse, and NFTs has revolutionized the online gaming industry to a great extent. Game developers have started incorporating new business concepts such as free-to-play (F2P), play-to-earn (P2E), and move-to-earn (M2E) in their games to have an advantage over their rivals. With Crypto Metaverse here to stay, it isn’t easy to estimate how it will mature and impact our current lifestyle; in this article, we will discuss in detail about NFTs.
The topics that we are going to discuss in this article include; how to create NFTs, how to sell NFTs, how to buy NFTs, and where to sell NFT art. However, to elucidate things for beginners, let us first understand what NFTs are.
What are Non-Fungible Tokens NFTs?
Non-fungible tokens (NFTs) are unique cryptographic assets recorded on a blockchain as certificates of ownership over your work. They are stored on the blockchain with unique identification codes that make it difficult for anyone to steal your work. NFTs are viewed as an ideal vehicle for the digital representation of physical assets such as real estate and artwork.
How to mint an NFT?
With NFTs’ trading volume reaching billions, along with their endorsements by renowned celebrities, digital artworks have come to the fore of mainstream media outlets. The steps involved in minting an NFT are as follows:
Step 1- Decide what you want to mint
Your unique artwork can be an image, an audio production such as a song, or even a small video clip like an animated GIF. The aim is to mint a creative piece of digital media with a certain supply that can be sold at an attractive price.
Step 2- Select a blockchain
Blockchains keep a permanent record of your NFT. There are several blockchains that can store your NFT, select the one that suits your requirements. Popular NFT blockchain includes – Ethereum and Solana.
You can also mint NFTs directly using NFT marketplaces like OpenSea and Rarible.
Step 3- Create a NFT wallet
After selecting a blockchain, you will require a digital wallet to support the blockchain you chose to store your NFT. To create a wallet, download the crypto wallet app, enter a username and password, and then store your private keys and recovery phrase in an offline mode for backup purposes.
Step 4 – Select an NFT marketplace
OpenSea is the most popular NFT marketplace. You can use it to get started and later on explore more niche options.
Step 5- Create/Mint the NFT
For creating an NFT on OpenSea, follow these steps.
- Connect your Crypto wallet
- Select the “Create” option
- Upload your media file
- Fill in the details
- Select your blockchain
- Create the NFT
Step 6: List the NFT for sale
Most NFT platforms allow you to list your NFT for sale for free. Once your NFT is created you can simply hit the “sell” button on the platform of your choice and select the price you want to list it at and the time period you want the sale to last.
After the details of your sale are filled in, you can create the listing. For this, you are required to sign a few transactions in your digital wallet, which can include paying transaction fees on your chosen blockchain.
How to buy NFT using Ethereum?
- Buy Ethereum on one of the crypto exchanges.
- Transfer your cryptocurrency to a crypto wallet. Consider it as a digital checking account that stores and transfers your crypto. You can set up wallets with platforms like MetaMask, Coindesk, and Binance.
- Connect your wallet to an NFT marketplace.
- Once this is done, start browsing the NFT collections in the marketplace and make a purchase.
Where can you buy NFTs?
There are dozens of NFT marketplaces where you can buy NFTs. At present, OpenSea is the largest marketplace, which mainly uses Ethereum but also supports over 150 other payment tokens. Other popular marketplaces include Binance NFT, and Rarible.
How to sell NFTs?
After you have decided to sell your digital artwork, the question arises: where to sell NFT art? There are several NFT marketplaces where artists can sell NFT artworks. These platforms include Opensea, Rarible, SuperRare, Mintable, Enjin, BakerySwap, AtomicHub, Foundation, Twinci, and KnownOrigin.
Step 1: Familiarize yourself with the NFT marketplace.
Step 2:Create a digital wallet to store your NFTs & cover fees.
Step 3: Buy cryptocurrency and store it in your wallet: The majority of the NFT marketplaces reside on Ethereum and need Ethereum’s native asset, ether (ETH), as transaction fees, known as gas fees.
Step 4: Link your wallet to an NFT marketplace.
Step 5: Choose and upload the file you want to be minted: File formats usually supported by NFT marketplaces include – JPG, MP3, MP4, PNG, GIF, and WAV.
Step 6: Select a sale method & list your NFT for sale.
Can we Mint NFTs for free?
Yes, the majority of the NFT platforms enable you to mint and list NFTs for free. However, selling an NFT includes a transaction fee, usually nearly 3% of the transaction. Besides, some NFT blockchains charge to mint NFTs to their blockchain, charging network fees to users. Ethereum charges a gas fee, and the fees changes depending on blockchain and network activity. Nevertheless, the Polygon blockchain does not charge any fees.
Are NFTs A FUD?
There are both pros and cons associated with an investment in NFTs. Since NFTs are risky and speculative assets like cryptocurrencies, you should invest money in them if you have a considerable risk appetite and adequate knowledge about how the crypto market operates. Besides, on the future of NFTs, there are mixed responses as supporters say that NFTs will open new business opportunities while critics say that NFTs are nothing more than a bubble. Irrespective of these beliefs, it is always good to have prior knowledge about your investment assets to get a good ROI.