If you’ve been paying attention to crypto news for over a year, you must’ve noticed all the FOMO related the NFT world.
In the midst of it all, we see a new NFT sold for millions of dollars and we see big names like Playboy, Budweiser, FC Barcelona, and Paris Hilton among many other celebs and brands hopping into the trend either to unwrap a new NFT collection or racing to catch ‘em all!!
After a blazing start to 2021, tech giants, like Reddit and TikTok, are turning their attention now to launching their very own NFT marketplace, while other social media rivals including Twitter and Facebook are considering just supporting the NFTs.
To put things into perspective, let’s first define what is an NFT for those who are not familiar with this new flash in the pan that hit $2 billion in the first quarter of 2021 alone!
What is NFT (non-fungible token)?
A special kind of token that contains identifying information recorded in smart contracts on the Ethereum blockchain but can’t be exchanged like other cryptocurrencies which are fungible.
NFTs are proof of ownership that utilizes blockchain technology to connect with a unique digital asset (like rare stones, customized jewelry, digital paintings, or any works of art or rare traits and accessories in video games), that cannot be replicated and it can even include tweets as Twitter co-founder and former CEO Jack Dorsey sold his first ever tweet as an NFT for more than $2.9 million. So in simple words we can say that NFTs are exclusive ownership rights just like physical items only in digital form.
Another key term you should know is Ethereum (Ether). Ethereum network is an alternative blockchain that was created by a programmer named Vitalik Buterin in 2013 who was just 19 at that time! Vitalik describes the Ethereum network as a “Virtual Machine” or a “world computer” as its blockchain can benefit from the computing power of all the connected computers on the network to develop and operate decentralized apps (DApps) on it. Just like Bitcoin, Ether can be used to trade, send and receive value without the interference of a third party. However, the Ether coin is not the sole purpose of the Ethereum network, it’s the Dapps.
The question now is how to sell your NFT!
How to Sell Your NFT?
To create or mint your first NFT, you’ll need 2 things other than having an original collector’s item of your own: an Ethereum Wallet with some ETH, and signing up to an NFT Marketplace to auction your NFT.
- Setting Up Your Ethereum Wallet
After creating your NFT, you must set up a digital Ethereum wallet to store, send and receive crypto.
We recommend using MetaMask, the safest and most popular ether wallet that is available as a browser extension and as a mobile app.
You can start by going to the MetaMask website and clicking the blue ‘Download’ button in the top-right.
You can go directly to the Chrome Store to download the extension, or/and Google Play store to download the app.
Then you all need to do is follow the steps provided by the crypto wallet.
Most NFT platforms require a “gas fee” which is the fee you must pay to execute any order or transaction on the Ethereum network, just like your car needs gasoline to hit the road.
To know how much you should buy, check out this website to know the current “gas fees” on the different NFT marketplaces.
After setting up the wallet, you need to fund it with ETH or ETH based tokens like ERC-20, ERC-721 tokens.
This can be easily done by linking your debit card or credit card directly within MetaMask by clicking “Add funds” to buy Ethereum directly from your wallet.
Because sharing is caring, MetaMask allows you to request funds from a friend by sending them a payment request showing your QR code in person or by sharing your public address.
For those smart traders who store their crypto on a cold wallet, MetaMask supports adding funds from both Trezor and Ledger.
Congratulations! Now you have a funded ETH wallet, and you’re ready to auction your NFT on a marketplace!
- Signing up to NFT Marketplace
Your next step is choosing an NFT platform to sell your work on.
We recommend using the largest one Opensea.io. This platform allows you to upload your work (image, video, audio, or 3D art), and add social links, a description, profile & banner images, and set a secondary sales fee.
You can start by clicking on the wallet button placed on the top-right.
Then choose MetaMask, the wallet we created an account with and funded already, and follow the instructions to connect your wallet.
Next, you'll make a collection by clicking on the Create button at the top of the page, then type your NFT’s name and description, add social links (optional), and upload the image.
Up to this point, your work is not considered an NFT yet.
To make it so, press the Add New Items button which will now direct you to your collection’s back office. Hit the Edit button if you still want to add something. If not, press Sell to proceed.
You’ll be taken to Sell page, in which you will choose if you want to list the item for a limited time or for a fixed price.
Once done, hit the Complete Listing button at the bottom of the page, and ta daaaa! Your first NFT is ready underneath the search bar!
P.S.: There are no charges on creating NFTs. Thus, you won't be charged any gas fees (transaction costs) until the sale is finalized.
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