Selling NFT: The NFT has become the talk of the hour recently when it comes to crypto and digital currencies. Especially when we hear that NFT content has been sold for hundreds of thousands of dollars, we feel that we have an opportunity to make profits, but it is difficult to exploit due to the lack of information and competencies.
The lines of this article will try to solve this problem somewhat, as it will guide you properly in understanding and understanding what is NFT and how you can profit from it in the first place. Your guide also to how you can create sellable NFT content, and display it for sale in return for revenue. With all the platforms, sites and services that you need in this journey.
What is NFT?
First of all, let us define the NFT for you and take a brief look at it before we start with the folds of this article. NFT stands for Non Fungible Tokens or Non-Fungible Tokens. It is simply the acquisition of contracts to own content on the Ethereum blockchain.
In a closer sense, a blockchain network consists of a set of blocks (blocks) each containing a set of information, transaction schedules, and more. What if we could store Contracts in it and give the rights to it to a specific person? From this concept, you can now insert different content in the network such as pictures, music, books, posters, and any kind of digital content, then determine its value and anyone can acquire their rights and contracts to use it in the network. Thus, anyone else using that content in the network will have to provide a commission for its use to the original contract holder.
We know it’s a little complicated to understand, but here’s our comprehensive article on NFT titled: What is NFT Technology? Which explains to you in detail everything about NFT.
Why would you want to start buying and selling NFTs?
The first question you may want to ask yourself is whether this field is suitable for you or not, and whether profits can be made through it. To show you the idea more closely, we have selected some Use cases that may give you a boost to complete this article.
How to get started in creating and selling NFT content?
Now that you have an idea of the NFT and how it works, and case studies of people who got rich by selling it, you might also want to start making and selling NFTs. We are happy to tell you that this is possible, if you adhere to the following steps:
Start creating your own collection
Of course, as we have indicated, NFT is content that can be inserted into a blockchain network and made available for ownership contract. So the first thing you need to do, is to create and configure the content that you want to make available for sale in NFT format. We mentioned that content can be in the form of images, video, book, text and more, but your chances are better if it’s an image. I mean first and foremost you are not the founder of Twitter who sold his Tweet for $2 Million!
You can make a single image and make it available for sale, but that may not be enough, in fact the best way to monetize your NFT content is to create a bundle of images with a specific theme or the so-called collection. For example, there is a collection called Lazy Bunny, which is a collection of many pictures of cartoon bunnies with human feelings, each bunny has a different name and its own description (they are available at the price of Ethereum 39 Ethereum or about $150,000).
So your first step will be to build a specific collection, design it from scratch, and if it is tiring for you, you can only use one image, but the chances of making sales from it are rare.
Open your account in custom wallets
In our article on the best cryptocurrency wallets, we put forward several suggestions. But this time it’s different, you need a wallet that can be connected directly and easily with various platforms that allow buying and selling NFT, and there are many among them TrustWallet and CoinbaseWallet, but the one that we highly recommend to you and that we will use is the MetaMask wallet.
The MetaMask platform is a wallet available in the form of a browser add-on, after installing it, you open your account in it, and then this wallet acts as an intermediary between you and several other sites. When you need to pay or receive your dues from a platform, you can connect only your MetaMask wallet that will perform the rest of the operations.
Charge your account or wallet with some Ethereum
We have to remind you at this point as well, that the various stores that you view the NFT content you want to sell, do not do it for free. Rather, it asks for its own commission in order to publish and list the NFTs and the collections it created. Because it is active on the Ethereum blockchain, you need to pay for Ethereum and not any other currency. So, the third stage, would be to charge your account with some Ethereum in order to pay the NFT raise fee that you want to sell.
The most important sites through which you can sell NFTs
We now have the content we want to sell as NFTs, we have an account in the necessary digital wallets, and some Ethereum available with which we can pay any fees that the NFTs buying and selling platforms ask of us. The next stage is to choose the popular and important platforms, and upload the content we want to sell. It is one of these platforms.
Binance platform
It’s obvious, isn’t it? The Binance platform is the largest specialized platform in the field of crypto and digital currencies, whether it comes to buying, trading, staking, ICO and others. Binance also offers you the ability to buy or sell NFTs on its platform as well. The good thing about Binance is that it is very popular, meaning that the chances of selling your collection are greater than any other platform.
You can go to the NFT tab at the top of the site, then Marketplace and at the top you will find the Create option, then complete the steps related to uploading your NFT.
However, there is a problem with the Binance platform, firstly, it is currently closing the door for raising NFTs until further notice, and secondly, it does not accept many, you must be active on the platform and have a sparkling membership in order to put your NFT for sale.
OpenSea platform
I believe that OpenSea is one of the largest platforms currently specialized in buying and selling NFTs of all kinds. It’s huge for sure, with millions of other NFTs available for sale and purchase, and different collections that everyone can browse.
Also, the OpenSea platform allows the public to upload their own NFTs on the site and put them up for sale. Once you go to the official website, click on the Create button in the above tabs, you will be prompted directly to register with one of the wallets (among them the aforementioned Metamask). Then it will take you to other details such as the NFT upload, its description, additional information, and an option if you want to bid on it or set a price for it (bidding is always good). Pay the necessary costs, and wait for it to be accepted into the platform and available for sale.