If you have a keen interest in the crypto market, then you must have heard of the term “non-fungible token,” aka “NFT.” They have created quite a buzz in the decentralized world across the globe. Famous personalities like Snoop Dogg, Amitabh Bachchan, Sunny Leone, and more, all create and sell their own NFT’s online.
You might be surprised to know that the concept of NFTs has been around in the crypto market since 2012. But it started to gain popularity by the end of 2020. If we talk about the numbers, the sale of NFT has increased by 55% since 2020.
However, if you are new to this world, you might be wondering what NFTs are and how to create and sell them online. But worry not, in this post we will clear up everything revolving around NFT. Plus, we will also talk about how you can create and sell NFT online. So let’s get started.
What are NFTs?
Non-fungible tokens or popularly known as NFT are cryptographic assets that are built on blockchain technology. They come along with unique codes and metadata. As everything seems to be similar, you know must be wondering what’s the major difference between cryptocurrencies and NFT?
The major difference between cryptocurrency and an NFT is that, unlike cryptocurrencies, NFT can’t be traded or exchanged in return for another NFT. As you must be aware, cryptocurrencies can be exchanged or traded because they are similar to each other. On contrary, an NFT is completely unique, and you can’t exchange it with anyone for any other NFT.
NFT can represent anything, or better say any digital asset. It can be a photograph, movie clip, gif, drawing, books, pages, or even your toilet paper. Till the time of writing this article, NBA Top Spot is one of the most popular NFT. This features some of the top moments ever recorded in NBA history. Further, you might be surprised to know that, there are lots of NFTs that have been sold for millions of dollars.
Now that you know what NFTs are, it’s time to find out how to buy and sell NFTs. For your convenience, let’s divide the section into three parts: how to create, how much it costs, and how to sell.
How to Create an NFT?
It doesn’t matter if you have zero knowledge of what’s going on in the crypto industry, you can easily create your own NFT artwork. Whether it’s a simple image or a GIF, the process of creating NFT artwork is pretty simple and straightforward. The best part about creating NFT artwork is that you can use it to create digital card sets.
Before we talk about how to create NFT, it’s important to decide which blockchain technology you are going to use to get the work done. As of now, Ethereum is one of the leading as well as most preferred blockchain technologies for creating NFT. However, there are plenty more that you can try. Some other popular blockchain technologies that you can use include Binance Smart Chain, Polkadot, Cosmos, Wax, EOS, Tron, and many more.
It doesn’t matter which blockchain technology you are going to use, each has its own token standard, compatibility, and marketplace. For instance, if you are using PolkaDot blockchain technology to mint NFT, then you won’t be able to sell dam on any other marketplace that is based on some other blockchain technology.
Nevertheless, here are a few pre-requisites to get started with minting your own NFT artwork on the Ethereum blockchain technology.
- You must have an account with any Ethereum wallet. Some popular examples of Ethereum wallets are Metamask, Trust Wallet, or CoinBase Wallet.
- You also must have at least $100 in the Ethereum native token “Ether”.
If you fulfill all the pre-requisites, it’s time to choose an NFT-centric platform. An NFT-centric platform is helpful in connecting your wallet and selecting the image that you want to convert into an NFT. Some popular examples of the Ethereum marketplace are OpenSea, Rarible, and Mintable.
Among all, OpenSea is preferred by most users. It is the biggest Ethereum-based NFT marketplace. So, let’s check out how to create NFT using OpenSea.
- In OpenSea, tap on “Create“.
- Now, choose your Ethereum wallet.
- Once connected, tap again on “Create.”
- Now, add the image, enter the name, and all the other information asked by the platform.
- Scroll down, and tap on “Create.”
That’s it. You have finally created your own NFT.
How Much Does It Cost to Create an NFT?
If you are creating an NFT using OpenSea, then you won’t have to pay any charges. As mentioned, OpenSea is an Ethereum-based platform, so the fee asked by the platform is called “gas”. You will have to pay an Ethereum gas fee if you want to do anything on the blockchain.
The higher the gas fee, the more people transact value over Ethereum blockchain technology. Therefore, it’s recommended to minimize the gas fee and you must create an NFT during the weekend.
How to Sell an NFT?
The process of selling NFT is very much like that of creating it; it is simple and straightforward. Here are the steps you need to follow.
- Tap on Profile, and then “My Collection.”
- Now, select the NFT you want to sell.
- Again, tap on your NFT.
- Click on the drop-down icon next to “Listing.”
- Tap on “Sell.”
- In the price action, enter the amount at which you want to sell the NFT.
You can even tweak it with the “Duration“. Its duration section indicates the time for which the sale will be live.
That’s it. Lastly, tap on “Complete Listing” to start the selling process.
So, this was all about how to create and sell an NFT. Feel free to share links to your NFT in the comment section. Moreover, don’t forget to put your thoughts on the article in the comments.