NFTs: How to Create and Sell Digital NFTs Right Now
Today we are going to explain to you how to create and sell NFTs. The purpose of this article is to equip and give you guidance on the process of creating an NFT and then listing it onto NFT marketplaces.
Step 1 – Create your NFT (digital or physical asset)
Your digital asset can be anything from a piece of digital art you created on illustrator or photoshop to a popular tweet or even a picture. If you only have a digital asset to sell, you need to download or export your NFT. You can export it in the following format’s:
- PNG
- JPEG
- GIFs
- MP4
I am sure there are other formats but the above are the main formats being sold on the market today. Each platform will have their own format requirements.
Physical Assets as NFTs
It’s important to think about how you want to sell your physical assets. There are many options when selling your physical assets as NFTs, you can choose to sell with one of the following sales strategies:
- Sell both physical and digital assets
- Sell the digital version of your physical asset and keep the physical asset for yourself
- You can use the original physical asset as a framework to create digital versions to create a collection of digital assets.
- You can decide to sell a digital version of your physical assets and destroy the physical asset. For example if you want to keep 1 version of your art, you can destroy the physical art and keep the digital version. (This is not a recommended approach but it’s none the less an approach to keeping your asset valuable).
Step 2 – Choose your platform
You may want to find out more about the many marketplaces available. Below are the top 3.
Step 3 – Connect your Wallet
There are a variety of wallets available to use, this wallet needs to be compatible with the marketplace you are selling. You won’t be able to finish the listing of your NFT without connecting to a wallet that can buy/sell cryptocurrency.
Many NFT marketplaces are built on a specific blockchain, the most popular is the Ethereum blockchain. A wallet that is compatible with the cryptocurrency the marketplace trades NFTs is important otherwise you won’t be able to buy and sell your NFT.
The most popular wallet so far is MetaMask, this wallet enables you to trade any cryptocurrency from 1 crypto address to another. Both addresses must be a part of the same blockchain. For example, you should not send USDT on the Tron blockchain to USDT on the Ethereum blockchain, otherwise, your cryptocurrency will be lost forever. So be careful! Many wallets don’t verify the blockchain and currency is correct when sending cryptocurrencies. Hopefully, this will change in the future.
Step 4 – Minting your NFT
At this point, you have decided what you want to sell and you have even chosen a platform. You now need to go through the process of uploading and “Minting” your NFT. This is the way you give value to your NFT by giving it a unique token and assigning it to the blockchain.
There are many options to this process, you upload your NFT, give it a title, price and of course many platforms charge a gas fee. The platforms on the Ethereum network have gas fees that are quite high. It’s a good idea to shop around for marketplaces. Rarible charges a 1-time fee per listing. Opensea.io allows you to list your NFT for 1 fee and every NFT listed after that is listed for free. When that NFT sells, they will take a fee for this. Check what the rules and fees are for the marketplace you are selling.
Other options include the ability to sell shares of your NFT, royalties can be associated with that NFT and you also have the option to sell copies of the same NFT instead of just 1.
Once you have done this, you are now ready to list your NFT. Now you need to wait and see if your NFT sells.
**Please note I do not provide personal investment advice and I am not a qualified licensed investment advisor. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions.
