How to Make, Buy and Sell NFTs

NFT (Non-Fungible-Token)

The NFT market is booming and becoming a big part of the industry. Learn how to create, buy, and sell these digital assets.

Non-fungible tokens, or NFTs, are special crypto assets that have existed since around 2012. Back then, people started with something called Bitcoin Colored Coins. These were tiny parts of Bitcoin, also known as satoshis. These satoshis were marked with specific information that connected them to things in the real world. For instance, one satoshi might represent a $500 value of John Doe’s office building in New York. But mostly, Colored Coins were used to make and trade digital art, like special cards called “Rare Pepe,” on a platform called Counterparty. This platform used Bitcoin’s blockchain for trading between individuals.

These funny frog pictures that came from a popular internet joke were among the first kinds of special digital art connected to crypto tokens. This helped start the thinking and making of fresh non-fungible token rules – a bunch of tools on a blockchain that let creators make their very own NFTs.

NFTs have the power to stand for almost anything, both real and not easily touchable, like:

  • Artwork
  • Virtual items within video games such as skins, virtual currency, weapons, and avatars
  • Music
  • Collectibles (e.g. digital trading cards)
  • Tokenized real-world assets, from real estate and cars to racehorses and designer sneakers
  • Virtual land
  • Video footage of iconic sporting moments

How to make an NFT

Creating your very own NFT, whether it’s a moving GIF or just a picture, is actually quite easy and doesn’t need you to know a lot about the world of cryptocurrencies. NFT art can also turn into special collectibles, such as a bunch of digital trading cards that go together.

  • Flow by Dapper Labs
  • Tron
  • EOS
  • Polkadot
  • Tezos
  • Cosmos
  • WAX

Every blockchain has its own special NFT way of doing things, like its own token rules, wallets that work with it, and places to sell stuff. For example, if you make NFTs using the Binance Smart Chain, you can only put them up for sale at places that deal with Binance Smart Chain stuff. This means you can’t sell them on places like VIV3, which uses Flow blockchain, or OpenSea, which is a marketplace for Ethereum-based NFTs.

Because Ethereum has the biggest collection of NFTs, here’s what you’ll require to create your very own NFT art, music, or video on the Ethereum blockchain:

  • You’ll need an Ethereum wallet that can handle ERC-721 tokens (that’s the special type of NFT for Ethereum), like MetaMask, Trust Wallet, or Coinbase Wallet.
  • You should have some Ether (ETH) ready to cover the gas fees. If you’re using Coinbase Wallet, you can buy Ether using U.S. dollars or other currencies. If not, you’ll need to get ether from a crypto exchange.

After you gather these things, you’ll find various NFT-focused platforms where you can link your wallet and upload the picture or file you want to transform into an NFT.

Here are some of the big places where you can find Ethereum NFTs for sale:

Makersplace also gives you the chance to create your own NFTs, but first, you need to sign up and become a recognized artist on their platform.

On OpenSea, Rarible, and Mintable, you’ll see a “create” button up in the right corner.

This is how things go on OpenSea, which is right now the biggest Ethereum NFT marketplace.

When you tap the “create” button (it’s blue), you’ll get to a page that wants you to link up your Ethereum wallet. After you put in your wallet password when it asks, it will link your wallet to the marketplace automatically. You might need to sign a digital message in your Ethereum wallet to show you own the wallet address, but it’s just a matter of clicking along to move forward.

Signing a digital message doesn’t cost anything; it’s just a way to prove you own the wallet.

On OpenSea, after that, you’ll move your mouse over to “create” up in the corner and pick “my collections.” Then, click the blue “create” button like you see here.

A window will pop up, letting you put up your artwork, give it a name, and write a description.

Think of this step as making a folder where your fresh NFTs will go.

After you pick an image for your collection, it will show up just like this (in blue). Afterward, to put a banner picture on the page, tap on the pencil icon up in the corner (in red).

Your page will probably look similar to the picture below.

And now, you’re set to create your very first NFT. Tap on the “Add New Item” button (it’s blue) and sign another message using your wallet.

You’ll reach a fresh page where you can put up your NFT image, audio, GIF, or 3D model.

On OpenSea and lots of other places, you can even add special traits and features to your NFT to make it rarer and more special. Creators can also include hidden stuff that only the buyer can see. This could be things like secret codes to access certain things or discounts, or even ways to get in touch.

When you’re done, tap “create” at the bottom, and then sign another message in your wallet to make sure the NFT gets made. After that, your artwork will show up in your collection.

What’s the price of creating NFTs?

Even though creating NFTs on OpenSea is free, some places might ask for a fee. On Ethereum-based platforms, this fee is called “gas.” Ethereum gas is just a bit of ether needed to do something on the blockchain. In this case, it’s about adding a new NFT to the marketplace. How much gas costs changes based on how many people are using the network at the same time. If there are lots of transactions happening, gas fees go up. If not, they go down.

Great advice: Ethereum gas fees are usually lower on weekends because fewer people are using the network for transactions. This could save you money if you’re putting up many NFTs for sale.

How to Purchase NFTs?

Before you hurry to buy NFTs, there are four important things you should think about:

  1. Where are you planning to get the NFTs from?
  2. Which wallet should you get to connect with the platform and buy NFTs?
  3. What cryptocurrency should you use to put money in the wallet for the purchase?
  4. Are the NFTs you’re interested in being sold at a particular time, like in a pack or art drop?

By now, you might realize that certain NFTs are only found on certain platforms. For instance, if you’re interested in getting NBA Top Shot packs, you’ll have to make an account on NBA Top Shot, make a Dapper wallet, and put in money with either USDC stablecoin or supported fiat currencies. You’ll also need to wait for a card pack drop announcement and try your chance to buy them before they’re all sold out.

Pack and art drops are getting more popular for selling limited NFTs to eager buyers. Usually, you have to sign up and put money in your account before the drop happens. This way, you won’t miss out on buying NFTs when they’re available. These drops can be done in a flash, so it’s important to be prepared in advance.

Selling Your NFTs: A Step-by-Step Guide

If you want to sell your NFTs on a marketplace, follow these steps: find your NFTs in your collection, click on them, and look for the “sell” button. When you click it, you’ll go to a pricing page where you can set the sale terms, like whether to do an auction or sell at a fixed price.

If you want to sell your NFTs on a marketplace, follow these steps: find your NFTs in your collection, click on them, and look for the “sell” button. When you click it, you’ll go to a pricing page where you can set the sale terms, like whether to do an auction or sell at a fixed price.

To set up royalties and choose the cryptocurrency you want for selling your NFT on OpenSea, you can click the “edit” button next to the collection image. After signing the message with your wallet and scrolling down, you’ll find these options. Royalties let NFT creators earn a percentage whenever their asset is sold to someone new. This feature can create ongoing income for artists and content creators through smart contracts.

When you put NFTs up for sale on a marketplace, there might be a fee to finalize the listing. Not every platform has this fee, but it’s good to keep in mind as you make your NFTs.

Where to Purchase NFTs

For those in the crypto trading world looking to buy NFTs, here are some of the top NFT marketplaces in 2021:

Is the Current Moment Favorable for Buying and Selling NFTs?

The excitement around NFTs is still going strong. Big names like UFC and Shawn Mendes, as well as celebrities like Grimes, Elon Musk’s girlfriend, have joined in by releasing their own unique digital items. Grimes, for instance, sold nearly $6 million worth of digital art in just minutes.

The fascination with NFTs remains high, as seen by over $700 million in NFT sales on OpenSea within the first 5 days of 2022. This surge is largely thanks to collections like Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). As various blockchains strive to enhance their NFT offerings and more platforms emerge, the present moment offers an excellent opportunity to get involved in this realm.

Learn More about NFTs

Minting Your First NFT: A Simple Guide for Beginners

Learn how to easily create your first NFT with our beginner-friendly guide. Discover the simple steps to mint your own non-fungible token and enter the exciting world of digital collectibles.
Exploring Passive Income Opportunities with NFTs: 5 Simple Methods

Discover a New Approach: Generating Income from Your Unique NFTs

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