Looking to buy and sell NFTs or start your own NFT collections?
Get on board with this comprehensive guide to start your NFT venture in just a few simple steps.
The coming of NFTs was a big thing in the decentralized space. It has completely changed the way we buy and sell physical and digital assets. From being considered a bubble to become a multi-million dollar market, NFTs have come a long way.
NFTs are not only about digital or conventional art pieces. NFTs also represent a wide range of unique assets from music, virtual real estate, lands, video, memes, in-game items and many more.
Built on blockchain technology, NFTs have opened a new global and borderless market for artists, musicians and other creators. The tokenising feature of NFT has given artists more authority over their creations while generating multiple sources of income.
Along with supporting new and talented artists, NFTs have special perks for their buyers too. Gone are those days when NFTs were just a decorative piece to brag about. The new NFT collections come with extra features and rewards for buyers. The 3LAU music NFTs rewards its buyers with lifetime concert tickets, original vinyl and even the chance to meet the musician.
With the emergence of the metaverse, blockchain play to earn games and Web 3.0 concepts, NFTs are sure to stay with us. The investment bank Jefferies also predicted that the NFT market will cross the $80 billion mark by 2025.
From actors, musicians, art galleries, auction houses to brands, all are looking to enter the NFT space. There is a craze among people to buy and sell NFTs and be a part of the community.
When the whole world is crazy about NFTs, why should you be left behind?
Indeed you must have heard and followed every news around NFT from BAYC to Cryptopunks and The Merge.
But have you ever thought of minting your own NFT collection?
Leaving behind the technicalities of NFTs, we have come up with this detailed guide on how to create, buy and sell NFTs. In this guide we will take you through step by process of minting, buying and selling NFTs.
Let us get started.
What are NFTs?
In 2021, the NFT market exploded and crossed the whopping $40 billion mark. In the first month of 2022, NFT sales went close to $7 billion. That’s the highest sales volume in a month.
The Merge NFT art was sold for $91.8 million whereas Beeple’s Everydays: The First 5000 days was sold for $69 million.
So what are NFTs and why are they worth millions?
NFTs are Non-fungible tokens that represent a unique and rare asset. Every NFT is unique as it represents different assets. That is why the price of every NFT is also not the same.
What makes NFTs special is that it gives the buyer the right of ownership and the certificate of authenticity of the asset it represents. Moreover, all the data are stored over a blockchain which makes it a secure way of transaction. An NFT contains all the crucial data about the asset over a blockchain that you can check before buying it. thus saving you from frauds and scams.
When you are buying an NFT, you are actually buying the right to own that asset. No one else other than you can own that particular asset unless you decide to sell it.
Similarly, when you are selling the NFT, you are giving your ownership right to someone else. Now he becomes the new owner of the asset. Artists sometimes keep the copyright of the NFT art with them to earn a royalty on its secondary sales.
Buying an NFT is similar to buying the original physical copy of a famous painting. While you can brag and be proud of adding a rare piece to your collection, NFTs also reward you with special utilities like entry passes to elite clubs.
People love to own rare art pieces, showcase them to the world and brag about them. NFTs are the new innovative way to buy and sell assets built on the latest technology.
How to mint, buy and sell NFTs – Step by Step Process
You do not have to be a tech geek to mint, buy or sell NFTs. You do not have to write code from scratch and execute smart contracts yourself.
There are several NFT platforms and tools to help you in your NFT venture. All you need is a clear understanding of the basics of NFT, blockchain and its mechanisms.
Let us start the step by step guide to NFTs.
Pick A Niche
Not every NFT sells for millions or even hundreds of dollars. your NFT should be rare and creative to bag high bidding clients. Moreover, your NFT should narrate a story that will lure the buyers.
That is why it becomes important to choose a niche before entering the NFT market.
For example, if you are good at drawing illustrations. So you can make illustrations depicting daily life or funny moments to which everybody can relate. Then you can turn these illustrations into NFT and list them for sale.
Most importantly, you can convert only those assets as NFTs of which you have the legal ownership rights. You just cannot sell an NFT photo of the famous painting of Van Gough unless you own it.
Choose A Blockchain Network
You must take these things into account while choosing a blockchain network.
· You have to pay gas fees and other charges in crypto as per the blockchain network you choose.
· If you select Ethereum you will have to pay in ETH. If you go for Solana then you have to use SOL coins.
· The gas price depends on the traffic of the network. The more the traffic, the higher the gas fees.
· Go for networks like Polygon or Solana where gas fees are much cheaper than Ethereum.
· You can list your NFT on only those NFT marketplaces that support your network.
· If you have minted NFT on Solana, you can list it on NFT platforms that support Solana.
Set up your Digital wallet
As previously stated in this blog, you must pay the gas fee in cryptocurrency, which necessitates the use of a cryptocurrency wallet. After selling the NFT, you can cash out the cryptocurrency you received.
You’ll need to link your wallet to the NFT platform. It will provide you with the ability to pay fees and collect payments from marketplaces.
Some of the most secure digital wallets include Metamask, Trustwallet, Math Wallet, Alpha Wallet, and Coinbase Wallet.
Choose the best NFT platform or Marketplace
NFT marketplaces are like middlemen that give you access to numerous tools and features to simplify NFT processes. With the help of these in-built tools, you can easily create, buy and sell NFTs.
How to mint NFT?
Once you have selected the NFT marketplace and the digital wallet, follow the steps below.
· Create an account on your choice of digital wallet and complete the KYC.
· Buy some crypto from the crypto exchange to pay the gas fees.
· Then sign up using a valid email id and create an account on the NFT marketplace.
· Connect your digital wallet to the NFT marketplace.
· Go to Create Collection option
· Add collection name, cover photo, description and other details asked.
· Then upload assets that you wish to convert to NFT.
· Enter your royalty percentage, supply and the blockchain network.
· Then click on Create.
· After deducting the gas fees, your NFT will be successfully minted.
· You can see all your minted NFTs in the My Collection section.
After successfully minting your NFT it’s time to sell it.
How to sell NFTs?
Follow the steps to list your NFTs for sale in the market.
· Log in to your account on the NFT marketplace.
· Go to your collections page.
· Then open the collection you want to list for sale.
· Now click on the Sell button.
· You will be asked to set the quantity you wish to sell, the price of each NFT and the duration of the listing.
· After entering the details, click on Complete Listing.
· The NFT marketplace will automatically take you to your connected digital wallet.
· There you will have to sign your collection with your wallet address.
· As soon as you sign the NFTs, they will be listed for sale.
· Soon, you will start receiving bids from buyers.
How to buy NFTs?
Buying an NFT is similar to shopping for dresses and essentials. The difference is the owner will decide if he wants to sell it to you or not.
Follow the steps to buy NFTs.
· Log in to your NFT marketplace account.
· Explore for rare NFTs.
· Research about the NFT author, project, its past owners and technology behind it.
· Also check its rarity score, popularity and demand in the market.
· Analyze its price and then place a bid.
· Ensure you have enough crypto in your digital wallet to pay for the NFT and the gas fees.
· Now it’s on the seller to accept or reject your bid.
We hope the guide will clear all your doubts and help you mint, buy and sell NFTs without hassle.
One such best NFT platform that will help you launch your own white label NFT store is NFTICALLY. With advanced tools, technologies, automated NFT infrastructure and other utilities NFTICALLY makes the NFT ecosystem simpler and accessible for everyone.