Hello everyone! Inna Monetka is with you. This is the Nyan Cat gif that was sold for $600,000 dollars! But how can a gif that can be downloaded anywhere for free be sold to anyone at all?Today we talk about how to create and sell NFT? Step-by-step instruction.
The answer to this question is 3 letters, and this is NFT, not what you thought. I decided to figure out how to create our own NFT token and where to sell it later, let’s go!
First of all, let’s take a short digression and figure out what NFT is. After all, many consider this technology a revolution in digital art and not only!
What is NFT?
So, NFT stands for Non-fungible token. Non-fungible token. Let’s first talk about non-interchangeable, and then about the token. So, if we draw an analogy with the non-crypto world, then money is an example of a fungible asset.
That is, it doesn’t matter to you what kind of 100 dollars you have in your hands, they are all the same – 100 dollars, despite the different banknote number, wear, and so on. Yes, there are collectible banknotes that can cost much more than face value, but now I am talking about money in a broader sense.
Paintings and art in general are a great example of a non-fungible asset. That is, Salvador Dali painted a picture and it is unique. That is, the second one is no more. There are copies, fakes, and there are experts who can confirm the authenticity of the painting.
The Persistence of Memory – Salvador Dali. Source: pinterest.com
So in the blockchain, experts are not needed to confirm the authenticity and ownership, and we are moving on to the concept of “token”. NFT is a unique token, the authenticity and ownership of which is proven using the blockchain. Initially, it was the Ethereum blockchain.
In addition, the blockchain makes it possible to move tokens between different ecosystems (for example, games), but within the framework of the blockchain, the ability to buy and sell such tokens freely, anonymously and for crypto and many other goodies.
I also have a more detailed article about what NFT is. You can read it here.
How to create and sell NFT?
So, what you need in order to create your own NFT:
- Ethereum wallet. We will use Metamask.
- Opensea.io platform. It is the largest NFT marketplace
- Actually, the content itself that you want to write to the token: picture, music, video, gif. It will be a GIF for me, but I will tell you more about them a little later.
Registration on Opensea
This is a decentralized platform on the Ethereum blockchain, so you just need to connect your ERC-20 wallet to register.
To create and enter your personal account, you need to click on the “Create” button.
Immediately after registration, you can add a name, description and email, and then a picture and logo.
To save changes, you simply sign a free transaction through Metamask. And don’t forget to verify your email.
Creation a collection on Opensea
The collection is needed so that your NFTs do not lie around without an owner, but are in some kind of collection. For me it will be “Community NFT Monetka”.
In order to create a collection, you need to click on the round icon of your logo in the upper right corner. Next, you need to select the “My Collections” section. Next, you need to click on the “Create Collection” button.
Creation of NFT
You just need to upload your content to opensea, add title, description. You can insert a link to resource with a description of this NFT, as well as select additional options.
But we don’t need them. We choose that this NFT will be only in 1 copy and mint the NFT. Our first NFT is ready. As you can see, this is a GIF with my logo. Stars also shine on the side of it.
Also inside the account created by the NFT you can see the statistics of your views.
How to sell NFT on Opensea
- OpenSea was originally a platform for the sale of NFT. The ability to create your own NFT came later. Therefore, the entire infrastructure for selling your crypto art is there and ready to use.
- We go to our NFT and press the Sell button. You have 2 options: “Fixed price” is a fixed price, “Timed Auction” is an auction.
- ETH accepted as currencies. There is one feature in the auction mode – the minimum wage is 1 ETH. That is, you can set a starting price of 0.1 ETH, but if during the auction the price does not reach 1 ETH, then the lot will not be sold.
- Choose a fixed price and set 0.1 ETH. It is possible to set an ending price – that is, the price will decrease to this price until a buyer is found. You can sell as a set, and also make a reserve for a specific buyer.
- Next, an important point, you will need to make 2 transactions once, they are free, but you will have to pay for gas once. We got it for about $100. For putting up for sale subsequent NFT, no commissions were charged.
But listing your NFT for sale is only the first step. The problem is that there are already thousands of NFT on the network, and in order for people to want to buy yours, you need a little more than just posting them on the Opensea marketplace.
Useful article on my blog! Where to Sell and Buy NFT: Top 13 Verified NFT Marketplaces. click.
NFT sales cases
Let’s think about how you can sell your NFT for more.
- 1000 fans. Kevin Kelly, who predicted that the Internet will change the creative economy, says in his article “1000 Real Fans” that it doesn’t take millions to be a successful creator. Not millions of dollars, not millions of customers, not millions of fans. It only takes thousands of true fans to make a living as an artisan, photographer, musician, designer, writer, animator, app creator, entrepreneur, or inventor. A real fan will buy everything you make. Fans will drive 200 miles to see you sing. They will buy the book in both paperback and hardcover, as well as its mp3 version. Also they will buy your posters. They will pay for the best DVD version of your free YouTube channel. They will come to your chef once a month. The same goes for NFT, if you are already established as a creator and you have loyal fans, digitize your work and tell them about it.
- Thematic communities. People like to unite in groups under completely different flags and ideas. There are hundreds of thousands, and maybe millions of different communities in the world – “Witnesses of Ripple for $3”, “Harry Potter Fans”, “CryptoNarnia” is the same. People within the community feel their identity and want to emphasize it in every possible way. It can be merch, your own set of stickers, your own insides.. Or maybe NFT, huh? Most likely you will need an ally from within to understand what this or that community needs. But you can start creating NFT for it if you are already a part of a community.
- Scandals, intrigues, investigations. If you are purely a guru of marketing and all sorts of PR campaigns, you can create an NFT and tell through the leaks in the media that this NFT was created by the illegitimate grandson of Donald Trump, then Biden wanted to buy it, but because of the mask on his face he could not pass face ID. Well you get it.
- Usefulness and uniqueness. Another option is to do NFTs, which have some practical benefit and this is related to your core business. In this case, NFT can add some points to your marketing. These can be tickets to online or offline events, some achievements in online games and services, and so on.
These are just the use cases that came to my mind.
In general, try, create NFT, but remember that people are not dumber than you and will not buy what you yourself would not buy. Do not produce garbage, create something beautiful and necessary.
What is NFT?
NFT are a type of cryptographic tokens, each copy of which is unique (specific) and cannot be exchanged or replaced by another similar token, although tokens are usually fungible in nature.
What is OpenSea?
The OpenSea platform was founded in November 2017, and today it is the largest marketplace for the purchase and sale of digital collection items and acquisitions.
How to buy and sell on Opensea
To get started, you will need a cryptocurrency wallet that is able to interact with dApps. For example Metamask.
Disclaimer: This article is not investment advice. Assess the risks yourself before making any investment decisions.