If you want to know how to make and sell an NFT, then you’ve reached the right place. Because here we will outline possibilities of converting art into non-fungible tokens that many artists are practicing to sell their work. By establishing safe ownership of an original digital asset, NFTs enable the sale of art in a digital format and provide access to new communities of potential buyers.
Non-fungible tokens (NFTs) are increasingly gaining popularity and significance to artists in spite of various mishaps in the marketplace. Basically, NFTs denotes unique or not-replaceable asset providing a mechanism to establish the ownership of the original file through the production of a digital register on a blockchain. From music to videos and real estate, you can represent anything as an NFT.
Now, let’s discuss the basic steps to make and sell an NFT in detail –
8 Best Steps To Make And Sell An NFT
- Select A Digital Wallet
You’ll need cryptocurrency in order to make and sell an NFT. To “mint” an NFT, which is effective to convert your artwork into a non-fungible token that you can sell, you will need to make an upfront payment on NFT auction platforms. And so, multiple platforms are currently accepting a range of payment methods and producing NFTs utilizing various blockchains, and some are more environment-friendly.
In case you’ve selected cryptocurrency, make sure to store it in a digital wallet that you can connect to your preferred NFT platform in order to send and receive payments. Also, there are many NFT payment platforms available in the marketplace to select the right option. Before choosing a platform, you are suggested to carefully examine the costs involved in the process.
- Set Up A Digital Wallet For Paying NFTs
To set-up a digital wallet in order to make and sell an NFT, you need to visit a reliable website and download the file. In case you are using a desktop computer, you will need to select the option to install the browser extension and a mobile app version is also available. Once you select the download button, you will get a confirmation question as if you want to “create a new wallet and seed phrase.” The term “seed phrase” refers to a set of words containing blockchain details. If you select “yes”, setting up your account will just need you to accept the terms, create a password, and navigate some security checks.
- Add Cryptocurrency To Your Digital Wallet
After you’ve set up a digital wallet, you will need to add some cryptocurrency to it. Both options are available and you need to select as per your convenience – whether you already got crypto or need to purchase it.
That’s quite easy to purchase cryptocurrencies, only you need to stay alert about the fluctuation.
- Connect Your Wallet To An NFT Platform
The majority of digital wallets function similarly. You have to link them to the NFT platform that you wish to use to sell the NFT, regardless of whichever wallet you’ve selected. In order to connect your wallet to an NFT platform, you need to visit its official website and select the “connect wallet” option, along with the wallet provider to proceed. You further need to confirm that you are above 13years and accept the terms of service enlisted to complete the process.
- Upload The File To Get Transferred Into An NFT
You can now make and sell an NFT because your wallet is connected to crypto for payment. Thereafter, you need to click on the “create” option to continue with the steps. You’ll be given choices to create a single, one-off work, or selling of similar items multiple times. And so, you need to upload the digital file that you want to convert into an NFT.
- Set Up An Auction For NFTs
In the following step, you will need to make a choice on the right method to sell your NFT artwork amongst the three basic options – “Fixed Price”, “Unlimited Auction” and “Timed Auction”. Although it’s quite a complex job to select the right selling process for NFTs.
Thereafter, you will also get a choice to “unlock once purchase”, which enables you to offer all your prospects an opportunity to share a complete and quality-resolution version of your artwork and supplementary materials via a private website or download link. The next option is to have the title “Choose Collection”. This technical question implies how the blockchain is set up.
- Add Description To Sell An NFT
You can now include a title and description for the listing. In order to increase the chances of selling your NFTs, you must take the required steps to make the process speedy. Your next concern is to consider what percentage of royalties to claim on a resale of your artwork.
In this balancing art, a greater proportion will give you more money per sale in the long term. But, it might discourage others from reselling your artwork as they won’t be as likely to make a profit in the first place. The last stage is an optional one where you can specify the properties of the file. And so, you’ve practically completed it once you’ve finished the description.
- Pay The Listing Fee To Sell An NFT
In the final step to make and sell an NFT, you need to select the “create item” option to stay connected with your wallet and pay the listing fees. Don’t worry if you aren’t owing enough money in your wallet as you won’t need to start again. You can instantly add money to a selected website from your wallet and continue with the process.
In case someone purchases your NFT, you need to pay a commission charge on the NFT sale and a transaction fee for the transfer of the funds from the buyer’s wallet to your wallet. The total process involves risk, so it’s a smart idea to consult an expert to guide you all through the steps and assist you in earning profit.
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