How to Make an NFT and Sell It
Many artists are investigating the possibility that their work could be sold in the form of non-transferable tokens, which is one of the potential markets for their creations. NFTs allow art to be sold in a digital form by establishing the secure ownership of an original digital asset. Additionally, they can open access to active new communities of interested buyers who are looking to purchase the artwork. Non-fungible tokens are here to stay, and they’re becoming more important to artists as a result, despite the fact that there have been some recent examples of NFT work being stolen or mis-issued and of marketplaces being hacked. Even some galleries are starting to exhibit NFT collections in their physical form.
The term “non-fungible” refers to something that cannot be replaced and is unique. Nonfungible tokens, also known as NFTs, are a type of digital asset that can be used to prove ownership of an original file or item by creating a digital register on a blockchain. This allows digital assets that would otherwise be easily reproducible to become scarce and, as a result, valuable. You will learn how to make a nft as well as how to sell it by reading this article. So let’s get started:
Read Also: What is an NFT marketplace? NFT marketplace development
How to Make an NFT and Sell It
We are going to make the assumption that you already have the piece of artwork that you want to transform into an NFT, so the first thing that you need to do in order to make and sell an NFT is to “mint” your NFT. You will need to select both an NFT platform and a payment wallet in order to convert your artwork into a non-fungible token (NFT). The latter will be required in order to pay the fees for the former and in order to receive any payment if you are successful in selling your NFT. We’ll use Rarible as the NFT platform to illustrate the process, and we’ll use MetaMask as our payment wallet. However, there are many other options available, and we’ll list some of them in the questions section at the bottom of this page.
1. Choose for a digital wallet
To create and peddle an NFT, cryptocurrency is required. To “mint” an NFT, the process by which your artwork is transformed into a non-fungible token that can be sold, most NFT auction platforms will need you to pay in advance. Because to its status as the native cryptocurrency of Ethereum, the open-source blockchain platform where NFTs were initially released, ether (abbreviated as ETH) is the most widely accepted form of payment. Some sites are greener than others, and more and more of them are accepting several payment methods and making NFTs with various blockchains.
To send and receive payments with Ethereum Classic, you will need to link your digital wallet to the NFT platform of your choice. There are many cryptocurrency exchanges where you may purchase ETH with fiat currency, but the quickest and most convenient way is usually to buy it straight with your preferred digital wallet. Some of the more well-known NFT payment platforms include Coinbase, MetaMask, Torus, Portis, WalletConnect, MyEtherWallet, and Fortmatic, although there are many others to select from. We’ll utilize MetaMask(opens in new tab) as an example; however, you should feel free to investigate any of the aforementioned platforms or others. The method is often the same. If you want to make an informed decision, you should look into the associated costs as thoroughly as possible (we’ll get back to the costs later).
2. Create a digital wallet for NFT payments
You will need to go to the website of MetaMask and click on the blue ‘Download’ button that is located in the top-right corner of the page in order to generate a digital wallet. This will allow you to pay an NFT platform to make and sell an NFT. There is both a mobile app and a browser extension available, but because we are working on a desktop computer, we will go with the option to install the browser extension.
It will prompt you to verify that you want to “establish a new wallet and seed phrase.” You shouldn’t be too concerned about the meaning of the term “seed phrase,” which is essentially a list of words that holds blockchain information. If you respond in the affirmative, the next steps involve coming up with a password, confirming your acceptance of the terms, and navigating your way through a few security checks before your account is ready to use.
3. Add cryptocurrency to your wallet
After you have completed the installation of your MetaMask wallet, or any other type of digital wallet, you will be required to deposit some Ether into it. You’ll need to buy some ETH right now if you don’t already have any, so click the ‘Buy’ button and choose the option that says ‘Buy ETH using Wyre’ from the drop-down menu that appears. You will then be directed to a site where you have the option of purchasing ETH with either Apple Pay or a debit card. Note that if you would prefer not to spend any money just yet, you may postpone this step until a later time; doing so will just need a little bit more effort on your behalf (you will need to check the costs associated with your preferred NFT platform to see how much you will need to buy).
This aspect of learning how to produce and sell an NFT might be fairly intimidating due to the language that is involved in the cryptocurrency realm; however, purchasing currency is a very straightforward process. Be aware, however, that just like the value of bitcoin and the majority of other cryptocurrencies, the value of Ether is subject to massive swings. Just in the year 2021, the price of one ETH has increased from less than $1,000 to over $4,700 at the time of this writing, with several highs and lows along the way. It is not outside the realm of possibility for the value of the currency to shift by several hundreds of United States dollars in the space of only a few hours.
4. Connect your wallet to an NFT platform
The vast majority of digital wallets follow a standard operating procedure. Regardless of which one you decide to go with, you will have to link it to the NFT platform that you will employ in order to sell the NFT. Rarible is the platform that we will be using for this example; however, there are many other NFT platforms available to pick from, and the procedure will typically be quite similar to what we will detail below.
Go to Rarible.com (shown above). There is a button labeled “Connect wallet” that may be found in the upper right-hand corner of the display. If you click there, the following screen will ask you for the name of the supplier of your wallet software, which in our instance is MetaMask. You will be presented with the option to connect your wallet with Rarible via a popup window. You must confirm that you are over the age of 13 before continuing. Click the “Next” button, then the “Connect” button.
5. Choose the file you wish to convert to NFT and upload it
Now that you have a wallet that is linked to an Ethereum address for payment, you are prepared to create and trade NFTs. On the Rarible website, the ‘Create’ button is located in the upper right corner and is labeled in blue. After that, you will be presented with the choice to produce a unique, one-of-a-kind piece or to resell the same item several times. In this particular illustration, we will go with the “Single” option. At this point, you will need to submit the digital file that you wish to turn into an NFT. Rarible will take images in the PNG, GIF, WEBP, MP4, and MP3 file formats, with a maximum file size of 30 MB.
6. Position your NFT in an auction
In the following section of the application, you will be prompted to select a method for marketing and selling your NFT artwork. There are three possible courses of action. By selecting ‘Fixed price,’ you will be able to sell your NFT immediately after setting a price for it (similar to the ‘Buy it now’ option on eBay). Others will be able to continue making bids until you decide to accept one if you choose the ‘Unlimited Auction’ option. Last but not least, a “Timed auction” is an auction that is only held for a predetermined amount of time. As an illustration, we will go with this particular choice.
This brings us to the most difficult step, which is determining the lowest acceptable price. If you sell your NFT for a price that is too low, the huge fees will consume your profit, leaving you with little money and potentially even in the red. People will have seven days to place bids, and our price will be an aggressive 1 ETH, which is equivalent to around $4,700 USD at the current exchange rate.
Following that, you will be presented with an option to “Unlock once purchased.” This affords you the opportunity to supply your eventual purchaser with a full version of your artwork available in a high resolution and/or with additional content by means of a hidden web page or download link. Select Collection is the next option down, and it’s the one that causes the most confusion. This is a highly in-depth question about the structure of the blockchain, so please bear with us. Rare is selected by default in this section; however, we recommend changing it to something more appropriate.
7. Add a description to sell your NFT
You can proceed to add a title and description to your listing at this time. Investing some time in careful consideration of this matter will allow you to increase the likelihood that your NFT will be purchased. After that, you will be prompted to think about what share of the profits from any future sales of your artwork you would like to claim as royalties.
A higher percentage will make you more money per sale in the long run, but it will also discourage people from reselling your art in the first place because they will have a lower chance of making a profit for themselves. Again, this is a balancing act because a higher percentage will net you more money in the long run. At long last, there is a place where you can choose to add the properties of your file. Now that that’s out of the way, you’re getting very close.
8. Pay the listing fee to sell your NFT
Clicking the “Create Item” button is the final step in the process of learning how to produce and sell an NFT. After doing so, you will be asked to connect with your wallet in order to pay the listing fee. You should not worry if you do not have adequate dollars in your wallet; you will not have to begin the process all over again. Simply add funds to your Rarible account by selecting the “Add Funds” option that appears when you click on the wallet symbol located in the upper-right corner of the screen.
Just one more word of caution before you go ahead and do that. It’s possible that the listing charge is on the low end; in our case, it came out to just $5.91 (US) dollars. But, this is just the beginning. You will first be need to consent to an additional cost in order to actually generate your NFT, which in our instance would have been the equivalent of $42.99 in ETH. Only after you have done so will you be able to proceed.
If someone does end up buying your NFT, you will be required to pay a commission fee on the sale of the NFT in addition to a transaction fee for the transfer of money from the buyer’s wallet to your own wallet. This is the case even if the transaction is completely free. During the time that we used it, the Rarible website did not, in our judgment, make any of this information particularly obvious at all.
Is creating your own NFT profitable?
Investing in the production of NFTs has the potential to be lucrative.
Given all of the fees that are associated with minting and selling NFTs, it is possible that not all NFTs will even be sold, let alone generate any revenue for the person who created them. Because of the fees, you need to make sure that you are financially ready for the likelihood that you will incur a loss as a result of the development of your NFT.
How much does it cost to create an NFT?
Creating NFT can cost anywhere from $0.05 to over $150, with most people spending somewhere in the middle of that range. The cost of creating NFTs is determined by a number of different elements, including, but not limited to, the cost of the blockchain, the gas fee, the marketplace account fee, the listing fee, and so on.
Is an NFT guaranteed to sell?
The production of an NFT will incur expenses on your part, but there is no assurance that selling one will recoup these expenditures. Ignore the commotion. Yet, selling your NFT is not the only method that you may monetize this emerging technology and make money for yourself. Because of these shortcomings, I would recommend that you try one of these other five alternate methods instead.