What is NFT or Non Fungible Token ?
If you are new to cryptocurrencies and NFTs, there are some things you need to set up before you start selling non-fungible tokens. Before creating and selling an NFT, you need to buy cryptocurrencies, set up a crypto wallet like MetaMask, fund the wallet with crypto like ETH, and connect the wallet to the NFT marketplace. Once all of these are set up correctly, you can create a non-fungible token in OpenSea and list it for sale in the marketplace.
To summarize: What you need:
Blockchain / cryptocurrency
Cryptocurrency
NFT Marketplace
Are you ready to sell NFT? let’s start!
NFTs are without a doubt one of the most popular topics on the internet right now. The NFT business reached a new high of 10.7 billion in sales in the third quarter of 2021 alone, and it doesn’t appear that the mania will abate anytime soon. According to Cryptoslam.io, almost $126 million worth of NFTs has been sold in the last 24 hours. Beeple, an NFT artist, made an NFT named “Everyday: The First 5,000 Days” earlier this year, which sold for $69 million at Christie’s live auction.
Gary Vaynerchuk, another artist, created VeeFriends, an NFT collection of hand-drawn doodles that has already generated over $95 million in secondary sales since its launch.
Today, OpenSea is the largest NFT marketplace for buying and selling irreplaceable tokens with over 10 billion in revenues. With these numbers, it’s no wonder why so many people are rushing into the NFT space. If you are new to NFTs: Non-fungible tokens (NFTs) allow you to take ownership of virtual things. Non-fungible tokens (NFTs) can be drawings, paintings, scribbles, songs, video clips, screenshots of tweets, memes, or almost anything else you can think of digitally.
If you’re an artist or content creator who wants to learn how to create and sell non-fungible tokens (NFTs), this blog post will show you how to create and sell NFTs in OpenSea.
How To Buy Crypto?
Not sure how to buy crypto or ETH? Wondering why you need it?
You need a blockchain like Ethereum (ETH) to buy, mint, or list non-fungible tokens for sale and pay the royalties and gas charges of all creators related to trading on the blockchain. There are various blockchains that can be used to sell NFT art, such as ETH, Ronin, Solana, Polygon, and Theta. According to cryptoslam.io, Ethereum (ETH) is the leading blockchain used to buy irreplaceable tokens. In fact, ETH has topped the charts with over $ 1.3 billion in sales over the last 30 days.
How To Buy Ethereum (ETH)?
One way to buy ETH is to buy it directly from your OpenSea account or MetaMask wallet once you have set them up. To purchase ETH from your OpenSea account, go to your wallet and click the Add Funds button at the top right of your profile. You can also buy Ethereum (ETH) using exchanges such as Coinbase and Binance, or wallets such as MyEtherWallet.
For some wallets, you can also buy cryptocurrencies by debit/credit card, bank transfer, or Apple Pay. For example, at Coinbase, you can use PayPal to buy up to $ 1,000 a day in cryptocurrencies.
Now that you know how to buy Ethereum (ETH), set up your wallet.
How To Set Up Crypto Wallet?
How to set up a simpler crypto wallet, the MetaMask wallet?
If you want to use the Ethereum ecosystem, you need a crypto wallet like MetaMask. MetaMask is a cryptocurrency wallet that gives you access to an Ethereum-integrated app where you can buy, store, sends, and exchange tokens on the blockchain. MetaMask is a great place to get started, especially if you are new to NFTs and encrypted spaces. It’s very easy to use and takes only a few minutes to set up.
How To Install MetaMask To Your Browser?
Pick whether you want to install for your browser, iPhone, or Android
Click `Install MetaMask for Chrome’
Choose ‘Add to Chrome’
Select ‘Get Started’
Make a wallet
Create a password for your wallet then click ‘Create’
*Select ‘CLICK HERE TO REVEAL SECRET WORDS’
Click each phrase in the correct order to confirm the secret phrase
Once correct click ‘Confirm’
* Hint: Backup secret phrases are important phrases that need to be stored in a safe place. If you forget the secret phrase of backup, all of this wallet will be lost and cannot be recovered.
It is recommended that you write down this secret text on a piece of paper, keep it in several places, and keep it in a safe place, like a physical safe or external encrypted hard drive.
After installing the crypto wallet, set up an OpenSea account and connect the wallet address to your profile.
How to Create an NFT Account?
Step 1: Go to HTTP: //opensea.io/ and select Profile in the upper right corner.
Step 2: Confirm the prompt and complete the wallet connection.
When “Connecting …” is displayed, it is almost complete.
Step 3: Personalize your account by selecting the gear icon on the right side of the screen.
Here you can customize your OpenSea profile, add social media links, edit your username, biography, email, profile picture, and cover banner.
It’s important to note when you create your OpenSea account, your account name automatically defaults to ‘Unnamed’ so make sure you edit this.
And that’s almost it! Now that you have an OpenSea account, add a new item or irreplaceable token to your collection. There are several ways to add an item to the collection.
If you have an artistic tendency, you can create your own items and upload them to the OpenSea collection, or buy tokens on the NFT Marketplace.
How to Find NFTs for Sale?
Are you wondering where to buy an NFT? As of, OpenSea is the largest market for buying and selling non-fungible tokens (NFTs), with a reported trading volume of $ 3.4 billion in August 2021.
However, there are various NFT marketplaces where you can buy and sell NFTs.
Top NFT Marketplaces For Artists And Creators To Buy And Sell NFTs:
OpenSea
Rarible
Nifty Gateway
MakersPlace
Decentraland
Origin Protocol
SuperRare
NBA Top Shot
Plus, many more
Recently, celebrities such as Jimmy Fallon and Post Malone have announced that they will use MoonPay to buy NFTs.
During The Tonight Show recently, during an interview with renowned NFT artist Beeple, Jimmy Fallon announced that he had recently purchased his first NFT. He revealed that he used MoonPay to purchase Bored Ape # 599 from the Bored Ape Yacht Club (BAYC) collection.
Post Malone is also using MoonPay in his new music video “One Right Now” with the Weekend to buy from the Bored Ape Yacht Club (BAYC) NFT collection.
How To Create NFTs?
How To Create NFTs On OpenSea: A Step-By-Step Guide
Step 1: Go to opensea.io and click Create in the upper right corner.
Go to the article creation page where you can add and edit all the information.
Step 2: Upload the file and fill in the fields.
This page allows you to upload NFT files, name them, and add external links and descriptions.
OpenSea allows you to upload any image, video, audio, or 3D model to create an NFT.
However, we recommend keeping the file size below 40MB to reduce read times, but the maximum supported file size is 100MB. Check out all the supported file types in the screenshot below.
Step 3: Add properties and information about the item. With OpenSea, you can insert NFTs into your existing collection and add traits or traits, levels, statistics, and even unlockable content, such as bonus content for purchasing artwork. Adding traits and unlockable items will help make your NFT artwork or collection rare and potentially more valuable. You can also select the blockchain to create the NFT. OpenSea provides cross-blockchain support for Ethereum, Polygon, and Klatyn.
Step 4: Finish customizing the NFT and click Create.
Created the first NFT in OpenSea! Once you have created an NFT, it will appear in your profile and can be listed for sale.
How to Sell NFT Art on OpenSea?
Are you equipped to promote NFTs? Follow the steps to promote NFT artwork on OpenSea (steps will range relying upon the marketplace).
Step 1: Visit https://opensea.io/ and login into your account.
Step 2: Click on `Profile` within side the higher right-hand corner.
Step 3: Browse your NFT series and click on the NFT you would really like to promote.
Step 4: Once you find the NFT you want to sell, select Sell in the upper right corner of the page to go to the list page.
Step 5: Select how to sell your NFT.
Here you select the price, auction type, sales period, and buyer type. There are two types of OpenSea auctions: fixed price and timed auctions.
A “fixed price” sale is a sale with a fixed price. For more information on Timed Auctions, please visit the OpenSea support page. Now pick out how lengthy your object can be indexed for sale.
The default alternatives are 1 day, three days, or 1 week, however, you could pick out any period you`d like the use of the calendar. Finally, you can choose to sell the NFT as a package or book it for a specific buyer. If you want to book an NFT for a specific buyer, activate the switch and paste the address in the “reserve for a specific buyer” field.
There are two types of fees: 2.5% “service fee” and 5.0% “creator loyalty” fee. OpenSea authors can choose to pay a license fee each time an NFT is sold. Other charges may vary depending on the number of people trading on the blockchain, but the highest percentage that can be deducted from OpenSea’s NFT is 12.5%.
Step 6: Pay the fee and complete the NFT list. The first time you sell an NFT on OpenSea, you need to perform two one-time transactions.
To initialize the sales order wallet.
To give OpenSea access to an item or collection when a sale occurs.
You only have to pay these transaction fees once.
After completing these steps, a pop-up will appear and you will need to approve the signing request to complete the NFT registration.
And thats it! You have efficaciously indexed your NFT on the market on OpenSea!
Once your NFT has been minted, the transaction and any NFTs you list on the market will show beneath the ‘Activity’ tab for your profile.
Please note that users who want to buy NFTs on OpenSea can always view their NFT transaction history on the blockchain.
This information remains on the blockchain permanently and cannot be hidden, edited, or deleted. You can also view the sales activity of other non-fungible tokens or NFT collections in OpenSea. Simply search for an NFT or NFT collection in OpenSea and click the Activity tab in your NFT profile.
NFT Royalties: What Are They and How Do They Work?
As NFTs are in the limelight, artists and content creators are finding these tokens to be very useful, even after selling them. This aspect is particularly interesting and is called NFT loyalty. If you are using a non-fungible token for the first time, you may be wondering exactly what the NFT usage fee is. I created some NFTs to get a good idea of what NFT loyalty is and how they work.
What are NFT Royalties?
NFT royalties offer a percentage of the retail price each time an NFT piece is sold on the marketplace. NFT license fees are permanent and are automatically executed through smart contracts. In most marketplaces, you can choose the percentage of royalties. 5-10% is considered the standard rate. There are many differences between NFTs and other traditional royalty payments. NFT royalties are an automatic payment to the author for secondary sales. These are encoded in blockchain smart contracts. Every time a secondary sale occurs, the smart contract guarantees that the NFT’s requirements are met. If royalties are listed, a portion of the profit will be paid to the artist who created it.
You do not need an intermediary and do not depend on the wishes of those who handle it. Keep in mind that not all NFTs earn royalties.
Must be explicitly stated in terms. Once the conditions for the smart contract are clearly stated on the blockchain, the rest will be done automatically. It works the same for digital content, game accessories, physical items, and more. NFT loyalty is an unprecedented opportunity to maximize the profits of artists and content creators. Artists have the advantage of regularly profiting from what they create. As they become more popular, they will generate more and more profits for their work.
This is an invincible transaction offered by NFT. Motivated by this, many digital artists and content creators are rushing to join the NFT train. Prices may vary from market to market. New marketplaces like the Bluebox provide an alternative way for content creators to stay profitable.
Traditionally, after the first sale, artists or creators had no way of tracking subsequent transactions in their work. If they sell their work, it will be their only income from that work. No matter how their fame has grown over the years, they can’t get anything from previously sold works. The system didn’t work that way!
On the other hand, buyers of their workforce can turn back the same workforce and sell at a very high price if they wait for the right moment. As a result, the artist didn’t get a penny from subsequent sales, regardless of price. NFTs have created an opportunity to completely change that. In the long run, artists can make up a significant portion of the sales of their work.
How Do NFT Royalties Work?
You can assign a percentage of the secondary sales amount as royalties, and the creator can set that amount when creating the work. Imagine using the Rarible to create NFT artwork. Imagine a buyer selling for 200 ETH. 10% loyalty is already pre-coded into an NFT, so you will receive 20 ETH from this sale.
Again, the new owner can sell it at an even higher price and you can get back 10% of the new selling price. Therefore, you earn regular income from your creations. Therefore, with NFT royalties, you can profit from all sales as long as your work is on sale. It’s definitely a great system!
No more poor artists or content creators. Fake and replicas are no longer flooding the market. Even if it is a fake, it will be easier to identify the original.
This is all possible thanks to blockchain technology. Sometimes referred to as Distributed Ledger Technology (DLT). Blockchain technology is basically a decentralized, immutable, transparent ledger.
This type of ledger maintains work integrity and reliability. There is also an automated log so that the required action is taken each time the conditions set in the smart contract are met. You can complete the action without the need for an external agent or intermediary.
Blockchain technology and smart contracts work together to identify callers and ensure royalties are paid immediately after a transaction is completed. This eliminates the possibility of the artist or author being fooled by the royalties.
There is no risk of fraud or counterfeit goods being distributed. The creator can be completely confident in receiving the reward. These rewards come directly from the actions of the blockchain, not from people or patrons.
Who Gains from an NFT royalty?
Musicians, content creators, and artists of all kinds can benefit from NFT loyalty. Buyers also have the benefit of being able to verify the authenticity of what they are buying. This allows you to proudly display your assets and resell them at a guaranteed price. It’s a mutually beneficial situation! Jack Green, an electronic musician, brought about $ 27,000 in royalties to trucks in 2011. Mike Winkelmann made the headline by selling his artwork for a huge sum of money. Programmed his NFT to issue 10% royalties from each subsequent sale.
Steve Aoki, Ozuna, Kings of Leon, and others are artists who actively leverage new technologies to generate sales and subsequent loyalty. As you can see, this can be an important source of income for both creators and buyers.
Why use royal NFTs
NFT loyalty is a simple and hassle-free way to keep earning money from hard work. NFT loyalty is a great opportunity for artists, game developers, and content creators to realize second-sale benefits previously not available this way.
NFT is a way to democratize payments made. Artists can now receive popular rewards as easily as sports superstars. It is fair that they also benefit from the secondary sale of their work. Another great thing about
NFTs is that they can sell tokens, but the basic copyright rests with the creator. Creators can even sell some of their rights to others.
New owners can also reinstate NFT royalties with their current rights. Not all marketplaces allow this, but the recently launched Bluebox platform is one example.
There are some caveats as the case of potential intellectual property in such transactions has not yet been revealed. In most cases, license fees and revenues generated should be treated as capital gains, so tax implications should also be considered.
NFTs are more likely to become real estate assets, and the transfer of these assets, including loyalty, needs to be carefully clarified through wills, trusts, and legal documents. Unlocking
NFT royalties are a great way to make a big profit from your work, even in the future when artists and creators no longer own tokens. Tokenization of
assets allows you to win secondary sales and share royalties with anyone who wants to invest in their rights. While artists have been poor, the old practice of allowing intermediaries and businesses to profit has been eradicated. The freedoms and opportunities offered by
NFTs can also be applied to physical products, allowing all artists and creators (not just digital) to benefit from their work.
This allows artists and creators to generally produce quality work and get what it deserves, as long as the NFT is on sale.
Final Thoughts + Resources
If you’re thinking of creating and selling NFT art, now is the time. The NFT has undoubtedly provided artists and content creators with a reliable way to make money and showcase their artwork. If you want to successfully create and sell an NFT, it’s important to think beyond the artwork have a valuable utility attached to your NFT. Yes, the artwork is important, but it doesn’t mean it’s the only thing you need to plan for. It is imperative to develop a strong NFT marketing create a solid community and promotion strategy for digital artwork and NFT collections.
It is also very important to introduce and support other NFT artists and content creators. Think about it. The more you show and support others in the NFT industry, the more opportunities you have to build your own NFT community.