A specific use case of blockchain has gained massive popularity even outside the crypto domain: Non-Fungible Tokens (NFTs). NFTs have allowed people to sell everything from art, music, and even memes as digital assets online. In some cases, the artists have made vast amounts of money from selling NFTs online.
Now you may be wondering: How can I cash in on this opportunity and sell my own NFTs online?
Weâre here to help with just that! In this article, weâll cover what an NFT is, how you can make one in a few simple steps, and how to sell your digital creations online.
Keep reading to learn everything about NFTs, including creating and selling them from scratch!
What is an NFT?
Simply put, a non-fungible token (NFT) is a unique representation of content on the Ethereum blockchain.
Essentially, anything you can represent digitally, you can also tokenize into an NFT. The sky is pretty much the limit for NFTs; you can turn everything from art, music, collectibles, or even internet memes into NFTs.
Once someone creates an NFT, it can only be owned by a single person at a time. In other words, the person who owns the NFT has full ownership rights over the digital asset.
Furthermore, it is impossible to modify the ownership record of an NFT, and since NFTs are unique, only one can exist at a time. This restriction means that you canât create duplicate copies of an NFT once published on the Ethereum blockchain. NFTs will become increasingly popular with the maturity of the metaverse and metaverse cryptocurrency projects.
What is Non-Fungibility?
One of the defining features of the NFT is its non-fungibility. In economics, a non-fungible asset cannot be interchanged with another asset since it has unique properties. On the other hand, fungible assets are interchangeable with other assets since their defining feature is their value, not their property.
As an example of a fungible asset, think of a $100 bill. The $100 bill is fungible because it can easily be exchanged with two $50 bills and still have the same properties. The $100 bill is therefore defined by its value, not its unique properties.
Compare the $100 bill to a unique art piece, like the Starry Night painting by Vincent van Gogh. Although the latter has an estimated cash value, it has unique properties that are not interchangeable with any other asset globally; only one original Starry Night painting exists.
How to Make and Sell NFT Art (Step by Step)
So far, NFTs may seem a little abstract to you, but donât worry. Weâll now walk you through how to create your very first NFT art, step-by-step. Once we do, youâll have a better idea of what NFTs are and how they work.
Hereâs how to prepare to make and sell your own NFT art in ten easy steps:
Step #1: Select Artwork
The first step towards creating your custom NFTs is to select the art you want to tokenize.
When we say art, we can mean a couple of things: music, images, or even a piece of code youâve written. As long as the asset youâve chosen is unique, you can represent it uniquely on the Ethereum blockchain and can therefore use it to create NFTs.
A simple example of a unique piece of NFT art may be a cartoon character you create on Adobe Illustrator or a photograph youâve edited on Photoshop.
Step #2: Download MetaMask
Once youâve selected the artwork you want to tokenize, itâs time to mint your latest NFT art piece. Of course, to mint NFTs, youâll first need some cryptocurrency. For our example, weâll be working with Ethereum, one of the most popular choices for creating blockchain today.
To get some Ether, you first need an Ethereum Wallet. Then, your wallet will store the Ether youâll need to mint your brand-new NFT.
The wallet weâll be using is called MetaMask. You can download MetaMask for iOS or Android, or even as a Chrome extension.
Step #3: Configure MetaMask
Next, itâs time to configure your brand new MetaMask wallet. After installing MetaMask, execute the application and select Get Started.
Step #4: Create Wallet
You should now see the âNew to MetaMask?â screen. Here, you can either Import Wallet if you have the secret recovery phrase to a pre-existing wallet or Create a Wallet to set up a new wallet.
Click Create a Wallet to proceed to the next screen.
The application will now take you to the âHelp Us Improve MetaMaskâ screen.
Select I Agree if you wish to participate in data collection for improving MetaMask, or No Thanks if you wish to opt out. You can select either option here to proceed; it doesnât matter which one you choose.
Step #5: Create a Password
Now, you should see the âCreate Passwordâ screen.
Enter a secure password in the New Password textbox, then re-enter the password in the Confirm Password textbox.
Once youâve read the Terms of Use, select âI have read and agree to the Terms of Use.â Then, click Create.
Step #6 Watch MetaMask Video
Next, youâll see the âSecure your walletâ screen. Here, MetaMask will present you with some information about your secret recovery phrase and display a brief video about it.
The video has some helpful information, but you can skip it if youâre already familiar with crypto wallet seeds and seed safety. Instead, click Next to proceed to the âSecret Recovery Phraseâ screen.
Step #7 Write Down Recovery Phrase
Now, you can click the hidden textbox to reveal your secret recovery phrase. Next, follow the on-screen tips for securely storing your secret recovery phrase and click Next once youâve written it down in a safe location.
Alternatively, you can click Remind Me Later if you donât wish to write down your secret recovery phrase straight away.
Step #8 Buy Ethereum
Finally, itâs time to buy some Ether (ETH) for your newly set up MetaMask wallet.
Open your wallet and go to your Account view. Here, youâll see the option to Buy, Sell, or Swap ETH. Youâll also be able to view your Assets and Activity.
Click Buy and enter the amount of ETH you wish to purchase. You can buy ETH on MetaMask using your debit card or Apple Pay.
Since the starting price of minting NFTs on the blockchain can range from $70-100, we recommend you start with at least $100 worth of ETH. Note that you may require more ETH to mint your NFT depending on the daily operational price.
Alternatively, you can skip the minting fee entirely if you sell your NFT on Rarible and select the free minting option. With free minting, the buyer can pay the minting fee for the token. Weâll cover this option in more detail in our Rarible section.
Step #9 Select NFT Marketplace
Youâre all set! Now itâs time to select the marketplace where youâll list your NFT. Keep on reading to find out how you can mint your NFTs on two of the most popular NFT marketplaces for Ethereum today.
How to Create an NFT on Opensea
Your first option when it comes to marketplaces for minting NFTs is Opensea.
Opensea is a non-curated NFT platform that lets users mint, buy, and sell their NFTs. Non-curated platforms are those which provide free access for all. Essentially, all you need to upload an NFT on a non-curated platform is to register and pay the NFT token minting transaction fee.
To create an NFT on Opensea, follow the steps below:
Step #1: Go to Opensea Website
Head over to the Opensea website and familiarize yourself with the marketplace. Then, locate the Create button and click on it.
Step #2: Connect your MetaMask Wallet
Once you click Create, the site will take you to the Login screen. Here, Opensea will ask you to âConnect Your Wallet.â One of the first wallet options youâll see should be MetaMask, so click on it to proceed.
Next, your browser will open a pop-up window to connect your MetaMask wallet to Opensea. You should now see the âConnect With MetaMaskâ screen pop-up.
Select your account through the checkbox and click Next.
You can also click on the New Account option to add a new account instead (optional, not recommended).
The pop-up window will now request permission to connect to your wallet. The default permission that Opensea requires is âView the addresses of your permitted accounts (required).â
Click Connect to proceed.
Step #3: Approve Signature Request
Youâll now receive a Signature Request for your MetaMask account in another pop-up window.
Go through the message if you wish and click Sign.
Step #4: Create New NFT
Finally, you should see the âCreate New Itemâ screen. Click on the gallery icon to select your NFT. Your NFT should be in one of the supported formats and up to 100 MB in size.
Now, fill out all the details for your NFT, including Name, Link, Description, Collection, etc.
When youâre done, click Create.
Step #5: Sell Your NFT
Youâre done! You can now list the item in your collection for sale by clicking the Sell button. The selling page should let you choose the amount of ETH youâll accept as payment for your NFT.
Additionally, you can select other selling options, such as fixed price versus auction and the royalties you want from the first and each subsequent sale.
How to Create an NFT on Rarible
Rarible is another non-curated NFT platform. The advantage of Rarible is that it has a Free Minting option. Using this option, you can start selling your NFTs straight away without having ETH in your wallet for minting.
Hereâs how to create an NFT on Rarible:
Step #1: Sign In to Rarible with MetaMask
Go to Rarible and click Sign In > Sign In With MetaMask.
The rest of the procedure for connecting your MetaMask is the same as step 2 in the previous section.
Step #2: Create Single or Multiple NFT
Once youâre signed in to your MetaMask wallet, click Create from the Rarible homepage.
You will now see the option for Single or Multiple. You can select Single if you want your NFT to be unique or Multiple if you wish to sell a single NFT multiple times.
We have chosen Single for this tutorial, which complies with the ERC-721 NFT open standard and supports timed auctions.
Step #3: Choose Art File
You should now see the âCreate Collectibleâ page. The options for this page will be different based on whether you selected a single collectible or multiple.
Click the Choose File button to select the asset that you wish to tokenize. Again, the file format should conform to the supported formats and have a maximum size of 100 MB.
Step #4: Set NFT Price
Next, toggle the Put on marketplace option if you wish to let users instantly purchase your NFT from the marketplace with some ETH.
You can further select the Fixed price, Timed auctions, and Open for bids options if you toggle the marketplace option.
If you select Fixed price, list the flat fee you will charge for your NFT. Rarible will charge a service fee of 2.5% for every sale.
Alternatively, if you select Timed auctions instead, enter the minimum bidding price under Minimum Bid, the Starting Date, and the Expiration Date of your auction.
Step #5: Give Your NFT a Title
Now, choose the collection you want your NFT to be a part of, then give it a Title. You may also include an Optional Description here if you wish.
You can also toggle the Free Minting option if you want the NFT buyers to pay the gas fee for minting.
Step #6: Set NFT Royalties
Next, enter the percentage of Royalties for your NFT. You can also select the Advanced Settings here if you wish, but you donât need to for your first Rarible NFT.
When youâre done with everything, click Create item.
Step #7: Mint NFT and Sell
Weâre almost done! Now youâll see a screen where youâll have the option to Mint token and Sign a sell order using your wallet.
If you select Mint token, MetaMask will pop up in another window and prompt you to confirm the transaction.
Once youâre done minting, or if you selected the Free Minting option, proceed to sign the sell order with your wallet.
After signing the sell order, Rarible will redirect you to your profile page, where youâll be able to see your newly listed NFT in your collectibles.
The Bottom Line
Thatâs all there is to it! As long as you follow the instructions weâve outlined, you should be able to set up your Ether wallet and sell your NFTs on Opensea or Rarible in no time. NFTs have become extremely popular within the past few years. In some cases, artists worldwide have made massive income from selling memes, art, music, and more through NFTs. By creating and selling NFTs, youâll also be able to join this exciting new blockchain opportunity.