Would you believe me if I say that a tweet was sold for $2.9 million? Would you believe me if I say digital art was sold for about $69 million? Absolutely, yes! It was Jack Dorsey, CEO of Twitter, who sold his 15-year old tweet as a Non-Fungible Token for such a huge capital. Similarly, Mike Winklemann, the digital artist, c Hyped right? You may now have a plethora of questions wandering around your mind. Guess what? We are here to steer you through a complete package of what NFTs are and the process involved in Create, Buy And Sell Your Own NFTs. Keep reading!
What Are NFTs?
NFTs are unique tokens that record ownership on a blockchain similar to the network that underpins other digital currencies. It is one-of-a-kind digital assets that cannot be mutually exchanged and duplicated. It means that a Bitcoin could be exchanged for other Bitcoins. But in NFTs, the concept is different. For instance, an NFT is not equal to another NFT as both tokens’ values would differ. Therefore it is called non-fungible tokens. Scarcity is an added advantage that would make the price surge sky-high. This is because when it is a rare piece, the users would be in a race to attain it, which would eventually make the price go high. Also, NFTs are indivisible, meaning that a user cannot send a part of the token’s value. Thus NFTs may represent a digital asset or a tokenized form of real-time asset that makes it act as a proof-of-authenticity in the virtual world.
The representation comprises artworks, music, in-game items, collectibles, videos, pictures, virtual land, tokenized real-world assets (cars, properties, racehorses etc.).
Create Your Own NFTs:
After knowing what NFTs are, you could actually create your own non-fungible tokens. The process is very simple, and we will guide you through every single step. Before setting your foot in the process of creating NFTs, it is mandatory to know on which blockchain the NFTs will be issued. The various available blockchains include – Ethereum, TRON, Binance Smart Chain, EOS, Polkadot, WAX, Flow by Dapper Labs, Tezos etc. Amidst all these top-performing blockchains, Ethereum tops the list in its NFTs issuance service.
All the blockchain possess their own marketplaces, standards, and compatible wallet services. For example, if your NFT is created on an Ethereum blockchain, you would be able to sell it on marketplaces that support Ethereum-based assets. One such Ethereum based marketplace is OpenSea. You won’t be able to sell it on VIV3, a Flow blockchain-based platform.
Let’s Consider Creating An NFT On The Ethereum Blockchain.
- Register an account in the Ethereum wallet that supports the ERC-721 standard. It includes MetaMask, Coinbase, and Trust wallet.
- Buy Ether for $50 – $100 price. Using Coinbase wallet would make you purchase straight away through US dollars or make use of the crypto exchange.
- Choose any of the Ethereum-based marketplaces, say OpenSea, Rarible, Mintable etc.
- Let’s consider the OpenSea marketplace. Click on the Create button in the top right corner.
- Connect the wallet with the platform.
- Sign digitally to prove your own wallet address.
- Now again, click on Create and select My Collections.
- Upload your work with its name and description in the popped-up window.
- Add a banner image.
- Click on Add New Item and again sign using your wallet.
- Now again, a window will appear asking you to upload your NFT image, audio, GIF or a 3D model.
- Once done, click Create and sign another message to affirm the creation of NFT.
- It will now appear in your collection.
Fees In Creating Your Own NFT:
OpenSea doesn’t charge its users to create NFT, while other Ethereum-based marketplaces may charge. It is often called the Ethereum gas fee. It is actually the measure of Ether used in executing certain functions on the blockchain. This fee entirely depends on network congestion. The higher the number of users in the network, the higher will be the gas fee and vice versa.
Sell The Created NFTs:
After crafting your NFT, you could sell it publicly. The process of selling your NFTs is as follows,
- Locate your NFT on the My Collections page.
- Click on the Sell button.
- A pricing page opens. Give the required conditions for selling your NFTs and decide the selling process as an auction or fixed-price sale.
- Click on the Edit option and sign the message by using your wallet.
- Scroll below to program in the royalties and prefer which ERC-20 tokens you’d like to receive for selling the NFT.
- It may incur some fee to list the NFT in the marketplace.
- Your NFT is now ready to seize the attention of traders. Also, it is the best way to receive a passive income through royalties. Each time when your work gets sold, you will earn a commission. Cheers to smart contracts!
Buy Your Favourite NFTs:
The process of buying an NFT is also quite simple, like creating and selling. In order to buy your favourite NFT, you must be sure of,
- The right marketplace.
- The right wallet to connect to the chosen marketplace.
- The right cryptocurrency to fund the wallet so as to finish the sale.
- The right time to buy – pack or art drop.
For instance, you yearn to buy NBA Top Shot packs. Register an account in the NBA Top Shot marketplace, create a Dapper wallet, fund it with USDC stablecoin or other endorsed currencies. Acknowledge the time in which the cards will be dropped and try your luck in purchasing it before it gets sold out.
Since the competition to purchase a sole NFT is very high in the market, art drops and pack methods are progressively taking their position in making NFTs reach the hungry buyers. It is the process in which the user has to sign up and fund their wallet readily beforehand so that they could easily and swiftly grab their favourite NFT. Most importantly, it would be purchased by other traders in a matter of seconds. Staying ahead in seconds will make a huge difference.
The various marketplaces to buy NFTs include, OpenSea, Rarible, Axie Marketplace, BakerySwap, Foundation, NFT ShowRoom etc.
The Concluding Thoughts:
The craze for NFT is enhancing every day, and it is true that the majority of brands and celebrities have already shown a big thumbs up for tokens. By this time, you would have come across what NFTs are and the effortless process behind creating, purchasing, and selling NFTs. Try your luck in becoming the next billionaire, congratulations in advance!
We at Cryptocurrency Exchange Script offer a premium service in cryptocurrency and blockchain technology. Our hands-on experience and proficient team would assist you even in creating your NFT-based marketplace. Feel free to schedule a discussion with our experts.