NFTs have swept the digital art world, opening up a slew of new ways to sell artwork for millions of naira. In 2021, Nonfungible.com estimates that over $15 billion in primary and secondary sales would be made on the Ethereum blockchain, up from $67 million the year before.
When word broke that a Nigerian Youth Corper, Adisa Olashile, had sold an old man’s photograph as an NFT and made money, everyone was curious about NFTs and how they could be investigated.
What Is An NFT?
A non-fungible token (NFT) is the tokenization of a collectable item or work of art based on blockchain technology. NFTs are digital certificates of ownership and validity that are kept publicly on the blockchain for easy verification.
NFTs have exploded into the mainstream and new companies such as Nifty Gateway, OpenSea, and Rarible allow anyone to participate.
Collectors that want to get in on the next generation of collectibles want to get in on the NFT gold rush. After selling out within seconds after becoming live online, some NFTs command astronomical resale prices.
NFTs have altered our perceptions of art, and this is just the beginning.
It is simple to replace anything that is fungible. A 1 of 1 Mickey Mantle rookie card is not just any baseball card, it’s irreplaceable or non-fungible. Oil is fungible because any barrel is as good as the next, but a 1 of 1 Mickey Mantle rookie card is not just any baseball card, it’s irreplaceable or non-fungible.
When non-fungible assets are tokenized, crucial details about the asset are digitized.
Tokens are stored in wallets, each of which has its unique address. Token IDs are linked to wallet addresses on the blockchain, a massive, publicly available database that allows anybody to verify digital ownership.
This also means that counterfeit NFTs could never be mistaken for the real thing.
How To Create Your Own NFTs
It’s astonishing how simple it is to make your own NFTs.
The primary platforms for NFT creation are OpenSea and Rarible. While Rarible leads in overall sales, OpenSea offers additional options, such as the possibility to construct your own NFT webstore using the OpenSea exchange. Both sites allow users to upload their artwork and establish collections without needing to know anything about blockchain technology.
Know that there will be some upfront expenditures before you begin. NFTs are based on a blockchain, most often Ethereum’s. Using a blockchain has a cost, which is a network fee known as “gas”, which you’ll have to pay to tokenize your art.
During the creation process, Rarible requires artists to mint their NFTs on the blockchain (on-chain). This translates to lower costs regularly. If you’re looking to sell a few NFTs for a lot of money, Rarible is probably your best bet. If you wish to make a large number of inexpensive NFTs, however, you should use OpenSea’s Collection Manager.
Users of OpenSea Collection Manager can create a new collection for a one-time cost. The OpenSea centralized team can manufacture an unlimited amount of NFTs from that collection and store them off-chain until a transaction is made. The buyer will pay the transaction’s gas cost at this point, and your NFT will be placed on the chain and transferred.
This article will walk you through the steps necessary to create your own NFTs in a collection on OpenSea.
1. Install MetaMask
To make your own NFT, you’ll need to start by setting up a software wallet. This wallet will store your NFTs and will also be used to pay blockchain gas fees in the future.
Go to metamask.io to download the app or add the chrome extension. It’s easy and free to create a MetaMask wallet. Keep track of your seed phrase in case you need to recover the wallet in the future.
Keep in mind that wallets do not store cryptocurrencies or NFTs; instead, they store your private key, which is required to enable transactions. All cryptocurrencies and NFTs are stored on the blockchain, and the wallet ID is used to identify who owns them.
2. Tokenize Your Artwork And Other Valuables
You’ll be able to build your NFTs once you’ve built a MetaMask wallet.
Go to opensea.io and select the Create option from the menu. You may now use OpenSea to link your MetaMask wallet and start to work.
Give your NFT collection a name, then click the Add New Item button. You can now upload the file you wish to tokenize and customize it with characteristics and statistics to set it apart from the rest of your collection.
Decide how many copies of each item you’ll need, then set a selling price.
3. Place An ad On The Marketplace
To sell your first NFT, you must first give OpenSea permission to sell products from your account. You’ll have to pay a gas fee because this needs a blockchain transaction. You’re ready to go if you send some Ether to your MetaMask. This cost is only required the first time you create an NFT collection.
If you don’t already have Ethereum, you can buy some from Coinbase or Gemini and send them to your MetaMask wallet.
Anyone can find and buy your NFTs on the OpenSea marketplace now that you’ve given OpenSea permission to sell them.
How To Sell Your NFTs
1. Make Use Of An NFTs Platform As Well As A Payment Wallet:
Let’s say you want to sell artwork, a photograph, a video, or even a tweet. You’ll need to mint or create an NFT version of your art using an NFT platform and a payment wallet.
OpenSea, SuperRare, Nifty Gateway, Foundation, VIV3, Rarible, BakerySwap, Axie Marketplace, and NFT ShowRoom are some of the NFT platforms to use. Opensea is the most popular of them all.
Coinbase, MetaMask, MyEtherWallet, Torus, WalletConnect, Fortmatic, and Portis are examples of payment wallets.
You must pay certain fees to these platforms using your payment wallets in order to mint or create an NFT. The payment is usually made in cryptocurrency, with Ethereum being the cryptocurrency of choice for NFTs.
Transfer Ethereum to your digital wallet if you have it; if you don’t, buy it. The money you make will be in a cryptocurrency that can be exchanged for cash.
2. Integrate Your Digital Wallet With Your Payment Service:
After you’ve created your digital wallet, load it with Ethereum or buy some, and then connect it to the NFTs platform since you’ll need it to sell your NFTs.
3. Submit Your NFT:
You’re ready to upload and create NFTs now that you’ve connected your wallet to your NFT platform.
Most NFTs platforms or marketplaces accept files up to 30MB in size in PNG, GIF, WEBP, MP4 and MP3 formats.
Include a description of your work as well as the royalty percentage you’d like to receive from future sales.
4. Decide How You’ll Sell Them:
A timed auction, a capped price auction, or an unlimited auction are the three options for selling an NFT.
You set a price and a time for a timed auction. Limited pricing means there is a minimum price at which it may be purchased, whereas unlimited auctions means you can put it up for sale and accept whatever price you choose.
5. Make The Listing Fee Payment:
Before you can sell your NFTs, you must first pay the listing cost, which is mostly for Ethereum miners, and you must fund your wallet in order to do so.
Selling NFTs isn’t as complicated as some make it out to be. Make some art and you’ll be surprised at how many people will appreciate it.
NFTs appear to have a bright future ahead of them. Another question is which NFTs will withstand the test of time and maintain their worth. Each NFT collection has its own set of benefits, but at the end of the day, they are only worth what someone is willing to pay for them.
Given enough time, the vast majority of all NFTs ever made will become virtually useless. Some, on the other hand, will become increasingly desirable and sought for.