How to Create and Sell NFTs You Need to Know

Sciencelovers - NFT or non-fungible tokens are one of the most popular digital art buying and selling trends in 2021. The total NFT sales f...

Sciencelovers - NFT or non-fungible tokens are one of the most popular digital art buying and selling trends in 2021. The total NFT sales from 2020 to 2021 have increased by 55 percent, from US$250 million to US$389 million or equivalent to IDR 5 trillion. So, how do you make and sell NFT for profit? Find out the answer in the following review.

Overview of What is NFT

Non-fungible tokens or NFTs for short are digital assets such as artwork, paintings, music, in-game items, and other types of work that can be collected and considered to have value.

Basically, NFTs are like any other physical collector's item. However, instead of accepting an oil painting on canvas to hang on the wall, you get the painting digitally and can be saved on your digital device.

NFTs are traded online and often use cryptocurrencies during the transaction process. As for the value of NFT traded, the price is determined by the market and the amount of existing demand.

In the same way as real art prints, they are made, used, bought and sold. The NFT copy is still a valid part of the blockchain, but this digital version of the asset will not have the same value as the original.

Know How to Make NFT

How to make NFT is actually relatively easy. In fact, one does not have to be proficient and knowledgeable about the crypto industry to be able to create an NFT.

To create an NFT, the very first thing you need to do is determine the blockchain to issue the NFT. Below are seven blockchain options you can use to create your first NFT.

1. Flow by Dapper Labs
2. Tron
3. EOS
4. polka dots
5. Tezos
6. Cosmos
7. WAX

Each blockchain has a separate NFT token standard, a compatible wallet service, and a separate marketplace.

For example, if you want to create an NFT like Binance Smart Chain. Then you will only be able to sell NFT on platforms that support Binance Smart Chain assets. This means you cannot sell NFT on platforms like VIV3 which is a Flow blockchain-based marketplace, or OpenSea which is an Ethereum based NFT marketplace.

Moreover, because Ethereum has the largest NFT ecosystem. Users need to have an Ethereum wallet that supports ERC-721 (Ethereum-based NFT token standard), such as MetaMask, Trust Wallet, or another type of wallet. That way, you can later create your own NFT artwork, music or videos on the Ethereum blockchain.

The next way, you need to choose a platform to connect your wallet and to upload an image or file of choice which will later be converted into NFT. Below are a number of NFT Ethereum marketplace platforms, which you can choose from.

1. OpenSea
2. Rarible
3. Mintable

The three platforms above allow you to create your own NFT, before you have to register first to become a registered artist on the platform.

Example of How to Create NFT with OpenSea Platform

Below is how to create NFT on OpenSea platform:

Initially, you will be asked to connect your Ethereum-based wallet. After you enter your wallet password, the platform will automatically link your wallet with OpenSea.

1. Go to the OpenSea page, select the profile icon at the top right and click “My Profile”.
2. Click “Sign In” and follow all the instructions on the screen.
3. After the OpenSea account has been successfully created, click “Create” then select “My Collection”.
4. Select “Create a Collection” then select “Create”.Enter your collection name, description, and upload an image or logo.
5. Then click “Add New Item” and you will be asked to upload metadata such as images, audio, video.
6. Once done, click “Create” at the bottom and put a signature on your wallet to confirm the creation of the NFT.
7. Safe! Your NFT work will appear in the collection and be ready to trade.

Let's Know How to Buy and Sell NFT

If you have made an NFT, then the next question is how to sell or buy the asset? Below are the ways to buy and sell NFT that you need to know.

How to Sell NFT

Below is the complete way to sell NFT on the OpenSea platform:

1. Open opensea.io.
2. Select My Profile at the top right.
3. Select the NFT you want to sell from your wallet.
4. Click “Sell” at the top right.
5. Then specify the price, auction type, and other preferences. When finished select "Post Your Listing"
6. You will then be asked to complete the listing, confirm all the details, and post your NFT on the market.
7. You can see all the NFT you are selling in the “My Profile” menu and select “Activity”
8. It's important to know, if you've never sold NFT on OpenSea, you'll need to connect your wallet to this platform first. In addition, if the item you listed is not printed on OpenSea, additional approval is required for the OpenSea platform to trade the item on your behalf.

How to Buy NFT

After you understand how to sell NFT, then we will discuss how to buy NFT in the marketplace. However, there are four things to consider before you buy a particular asset or work. As follows:

Where do you want to buy NFT?

What wallet is used to buy NFT?

What digital assets are required to purchase NFT?

Is the NFT you want to buy sold at a certain time, i.e. through packages or art drops?

As you already know, NFT is an exclusive product that will only be available on certain platforms. 

For example, if you want to purchase the NBA Top Shot plan, you will need to open an NBA Top Shot account and create a Dapper wallet, and fund it with USDC stablecoin or a supported fiat currency option. 

After that, you also have to wait until one of the drop card packages is announced and buy it before the NFT sells out.

In addition, methods such as packs and art drops are becoming increasingly common to sell limited edition NFTs. 

These drops usually require users to register and fund their accounts, before they lose the opportunity to buy NFT when they drop. 

In fact, packages or art drops can be sold in just seconds.

Most Expensive NFT List

In recent years, NFT digital assets have managed to take the spotlight because they are often used by artists such as painters to top artists to sell their artworks.

One of the artists who managed to become a conversation was Beeple. Bepple managed to break the record and enter the ranks of the most expensive NFT, because Beeple's work managed to reach 6.6 million dollars or equivalent to IDR 93 billion.

Besides Beeple, below is a list of the most expensive NFTs that have managed to occupy the top rankings.

1. THETA (6.951 million US dollars)
2. Axie Infinity (4,291 million US dollars)
3. Tezos ($3.912 million)
4. Flow (1,212 million US dollars)
5. DigiByte (927 million US dollars)