How to buy, create and sell NFTs: the complete guide.
If you too want to take advantage of NFT fashion and make it a business, this article will explain everything to you. After seeing how to buy an NFT, this time, I’m going to explain to you how to create and sell NFTs and why not, make a small fortune for you !
SUMMARY
You may already know what an NFT is thanks to the media (mainstream or on the internet) who talk about it over and over and over bomb you with articles. But a little revision does not hurt and then it is an opportunity for those who do not know to find out.
An infungible token (NFT) is a non-interchangeable digital asset created on the blockchain. It represents real world objects such as works of art, music, collectibles, videos, GIFs, images and video game elements, etc.
NFTs are a revolutionary notion in cryptographic space. They allow artists and content creators to easily monetize their works, without having to resort to galleries and auction houses.
This means that artists no longer need to go through intermediaries (who use the passage handsomely) to sell their creations. Instead, they have the option of selling them directly to their audience in the form of an NFT and of being paid for what they have created.
Regarding NFT buyers / owners, they can take advantage of the uniqueness of the NFT. Like a table, there is only one version.
In addition, since non-fungible tokens are based on the blockchain, it is possible to trace their entire history. This allows better transparency and makes it possible to guarantee its origin and to facilitate the verification of their authenticity.
The NFTs have exploded and now that they are installed, they are there to stay. So take advantage of it and follow my guide to start creating and selling your own NFTs
What you need to know before creating NFT
As much to clear things up right away, the process of creating an NFT is simple and requires no specific skills or in-depth expertise. Anyone can create and sell an NFT
However, you need to take several points into account before you get started.
First, as if to buy an NFT, you must choose the blockchain you will use to emit your NFT
Today you can find several blockchains to launch NFT
As I explained to you in the previous article, blockchains are:
- Ethereum
- Flow
- Tron
- Binance Smart Chain
- Polkadot
- Cosmos
- EOS
- Tezos
- Wax
Keep in mind that each of them has its own standard of tokens, its compatible marketplaces and its portfolio services.
So if you create an NFT on Flow, for example, you can only sell it on the platforms that support Flow’s assets.
In addition, it is important to keep in mind the cost of gasoline, that is, the cost of creation, transfer, etc. (called “gas fees” in English).
The majority of marketplaces support NFTs that run on the Ethereum blockchain. As a result, the growing popularity of Ethereum increases gasoline costs.
But I give you a little trick to reduce these costs: you have to manage to choose the off-peak periods, that is to say the periods during which there is less activity.
According to statistics, the best time to submit transactions, and thus save on Ethereum’s fuel costs is between 2 p.m. and 8 p.m. New York time, so between 8 p.m. and 2 a.m. in Paris.
Second advice (because I love you), if you plan to issue your NFT token on the Ethereum blockchain, for example, you will need to choose an appropriate portfolio that will support Ethereum-based assets and be compatible with ERC-721 standards. Currently, the best known portfolios are MetaMask, Trust Wallet and Coinbase.
I have already shown you how to create an account on Metamask ICiet on Coinbase ICI
As with the purchase of NFT, I would only be talking about OpenSea here because it is really the most open and the easiest to use.
However, there are others:
- Rarible
- Shabby
- Foundation
- KnownOrigin
- AtomicMarket
- BakerySwap
- Portion
- Nifty Gateway
Okay, let’s go back to OpenSea.
You will see, as I told you in intro, the process is really easy and anyone can do it.
After my article on the purchase of NFT, you should have an OpenSea account, if not, you can open one by following my directions here: Open an account on OpenSea.
Once you have created an OpenSea account, go to your profile and choose “My Collections”.
Choose “Creatate a collection” to launch a new collection.
Give a name and description to the collection and download a logo. It will always be possible to modify these details until you have created NFT
Now that you have created your collection, you can start adding items to it.
Select “Add elements”. You can use a multitude of formats for your NFT: images, audio files, videos and even 3D models
Remember that you will need to consider crucial parameters such as accepted NFT file formats and sizes.
The maximum file size is 40 MB, although platform administrators recommend limiting it to 20 MB to ensure faster loading times.
You can customize your banner, by clicking on the pencil icon in the upper right corner. Since your banner will look different depending on the device, make sure its dimensions are around 1400 x 400 pixels. In addition, it is best to avoid putting text on it.
This will allow platform users to search your file on OpenSea.
It is also necessary to provide links to the social networks of your project. You can include links to :
- A personal website
- Discord
- Medium
- Telegram
When you are done with all of these fields, you can decide the percentage of royalties, that is, the royalty.
The fee is what you will get on the resale of your token. Someone buys your token, you get the sale price. This someone resells your token, you also get a percentage on the sale.
To do this, go to “My collection” and indicate the desired percentage, you can set a fee of up to 10%. Then indicate the payment address where you wish to receive these fees.
Please note, on OpenSea you cannot distribute the fees over several addresses.
As you can see, the process of creating an NFT on OpenSea is super simple.
In addition to OpenSea, other marketplaces are used to create NFTs, for example, Rarible and Shabby.
So don’t hesitate to get started and go create your NFT, it’s as simple as listing an object on eBay or Leboncoin !
You can sell your NFTs on the marketplaces I mentioned above. But before you get started, read my advice carefully.
These are basic strategies for boosting your NFTs and making them more visible. Because if no one sees them, you will never sell them.
So write down my strategies somewhere and apply them to maximize your chances of selling your creations.
Communicate on the publication of your NFT
After creating your NFT, let people know about the networks. Particularly on Twitter and Instagram which are two particularly well adapted platforms for highlighting your works of art and allowing users to share their comments on your NFT
In addition, with the Twitter Retweets, you have the opportunity to create a strong community and network between creators to interact with each other and promote each other.
Use hashtags
As with SEO YouTube and Instagram, you will increase your chances of being noticed by collectors using appropriate hashtags. Currently, the most used hashtags are: #nft #nftart #nftartist #nfts #nftcollector #nftcommunity #cryptoart #cryptoartist #nftphotography #nftanimation #nftvideo #digitalart.
Share your creations
For this last point, I strongly recommend that you join Discord and Reddit.
On Discord you will find many cryptocurrency galleries which have their own private chat room.
As for Reddit, it must be recognized that when you sell NFT, you might as well type wide and therefore the English-speaking public is a forced market.
In Reddit alone, the reddit.com/r/CryptoArt discussion thread has 8 million users.
Now, now that we have seen these little strategies, I invite you to go to the actual sale.
For the sale, we will stay on OpenSea, but keep in mind that it is not the only one.
To sell your NFT, you must click on your profile image in the upper right corner and choose “My profile”. Then select the NFT you want to sell in your portfolio.
Click the “Dirty” button in the upper right corner.
After that, you will be asked to specify the price and the type of auction as well as other parameters. Once these steps have been completed, select “Post Your Listing”.
The last step is to confirm your announcement. If you have never traded on OpenSea before, the platform will ask you to initialize your portfolio.
Scams to know with NFT
In the world of technology, all innovation is accompanied by attempts at fraud. And obviously, NFTs are no exception.
The cryptographic space has been confronted with scams for years already and with the advent of the NFT, professional scammers have found a new playground. As this is a new and little exploited trend, NFTs have become the target of a number of scams.
I will list you the most common you need to know when you create, sell or buy NFT
Usurpation of an artist’s identity
The usurpation of an artist’s identity is the most widespread scam so far. It is a situation in which a person steals the work of a digital artist and presents it as his own. Scammers generally sell popular works from NFT at low prices and manage to attract gullible customers.
Banksy’s recent scam is a good example: a buyer paid more than $ 300,000 in ETH for a fake Banksy NFT (but the hacker returned all his money to the collector).
To prevent this from happening, it is necessary to check whether the artist from whom you are buying or the work of art itself is verified.
Phising / false sites
Fake sites multiply in the NFT space. Their URLs are generally identical to those of the original platforms and the appearance of the site itself is almost identical to the official site. Scammers can encourage you to buy a fake NFT or give them your private key.
Pay attention to suspicious URLs and how you are directed to the site.
False NFT donations
Cryptocurrencies have always been the target of donation scams. Thousands of such scams are reported daily.
Scammers use brands and popular figures associated with cryptos and target enthusiasts by offering them free NFTs, tokens and other cryptocurrencies. One of the most famous cases to date has been the fake gift of Rarible tokens.
Scammers use communities on social media platforms like Instagram, Discord and Telegram and try to attract the attention of users with tempting offers, such as donating false NFTs
If someone sends you a link to join such a community, just check it by searching Google or Twitter. If there is no information about them on the official marketplace sites / pages, this means that these accounts are false.
These are just a few examples of existing scams. You have to be careful, it’s a blow to lose thousands of euros in seconds.
Although they are still in their infancy and still face some challenges, the NFT market and trading platforms are constantly improving.
If you are a newcomer to the sphere and you are impatient to start making money with the NFT, you can join my Facebook group, where you will find a whole community with which you can exchange and ask all your questions.