Many artists and designers are interested in learning how to manufacture and market an NFT as a potential new creative business venture. NFT art continues to make news when works sell for exorbitant amounts at auctions, often known as ‘drops.’ Traditional auction houses, such as Christie’s, have hosted NFT art auctions involving large quantities of money, and companies are collaborating with artists and designers to develop NFTs as part of their metaverse initiatives.
It may still appear unusual, but what appeared to be a passing craze is showing no signs of fading. So, since non-fungible tokens are here to stay, at least for the time being, is it time to consider how to create and sell an NFT as a feasible path for your own creative work? We would first remind out that the prices attained by artists like Beeple or well-known collector NFTs such as CryptoPunks are still rather unusual, and that there are several expenses involved in creating, maintaining, and selling an NFT. In fact, depending on how much you sell your NFT for, the fees may eat up a significant amount of the sale price, leaving you out of cash.
To begin, prepare your NFT, or mint it. To create an NFT of your artwork, you’ll have to pick an NFT site and a transaction account, the latter of which you’ll use to pay fees – and to collect any cash if your NFT is successful. You may produce and sell an NFT on a number of different internet sites. OpenSea, Rarible, SuperRare, Nifty Gateway, Foundation, VIV3, BakerySwap, Axie Marketplace, and NFT ShowRoom are just a few of the most popular NFT bidding services. There are several NFT payment platforms, including Coinbase, MetaMask, Torus, Portis, WalletConnect, MyEtherWallet, and Fortmatic among the most well-known. To demonstrate, we’ll use the NFT platform Rarible and the bitcoin payment platform MetaMask to create and sell an NFT. It’s important to note that these two platforms were picked just to demonstrate how the process works; we’re not stating they’re the best service to use. You may use any of the platforms mentioned above, as well as many more, and the process will be comparable in most situations. Before making a decision, we advise carefully reviewing the fees involved.
Purchase some cryptocurrency to build your wallet:
All of the NFT auction platforms described above will require payment in advance to ‘mint’ an NFT, which would be the process of converting your artwork into a non-fungible token that can be sold. Most payments must be made in cryptocurrency, which means that before you can earn any cryptocurrency by selling an NFT of your work, you must first purchase some to cover the expenses.
Since Ether (abbreviated as ETH) is the native cryptocurrency of the open-source blockchain platform Ethereum, where NFTs initially appeared, it is the most widely acknowledged currency. Many platforms, though, are beginning to accept a variety of payment types and to build NFTs utilizing several blockchains. Since you already have any ETH, keep in mind it’s in a digital wallet that’s linked to your preferred NFT platform so you can initiate (and accept) transactions. If you don’t have any coin, there are several cryptocurrency platforms from which you can purchase ETH or other currencies, but the simplest & quickest method is generally to buy ETH straight using your preferred digital wallet.
As previously said, there are several solutions for this, but we’ll choose MetaMask, which is accessible as a chrome extension and a smartphone application, to demonstrate the procedure.
If you’d rather use another provider, or if you already have a digital wallet and understand how it works, skip stepping 4. Otherwise, we’ll walk you through setting up your wallet and purchasing ETH in the following step.
Make a digital wallet to pay for your NFT:
To build a digital wallet using MetaMask, you must first confirm that you want to ‘construct a new wallet and seed phrase.’ Don’t be too concerned about what a ‘seed phrase’ is (it’s just a list of words that saves blockchain information). Say yes, and then it’s only a question of agreeing to the conditions, establishing a password, and going through basic security checks before you have your account set up. I need to go to their website by clicking on the ‘Download’ icon in the top-right corner. Even though we’re using a desktop computer, we’ll install the chrome extension, however, there is a smartphone application.
Fill up the wallet with cryptocurrency.
After creating the MetaMask wallet (or any other digital wallet), you’ll have to fund it with ETH. If users don’t have any ETH, a user needs to purchase more right now, so click the ‘Buy’ button and choose ‘Buy ETH with Wyre’. Users can be directed to a screen from which they can purchase ETH with Apple Pay or a debit card. Users can skip this step if they don’t want to spend any money just yet; it will just take a little longer time (user need to verify their selected NFT platform’s costs to figure out how much they need to purchase).
Although the terminology used in the cryptocurrency realm can have this phase of understanding how to develop and sell an NFT seem intimidating, purchasing currency is actually pretty simple. Just keep in mind that, as bitcoin as well as other cryptocurrencies, Ether’s worth can vary dramatically. With several peaks and troughs along the journey, the value of 1 ETH has risen underneath the $1,000 to about $4,700 at the time of writing in 2021. It’s entirely conceivable for the currency’s value to fluctuate by thousands of dollars in only a few minutes.
Link wallet to a Near Field Communication (NFC) platform.
The majority of digital wallets operate in a similar manner. The user has to connect it to the NFT system that the user uses to sell the NFT, whatever the one user chooses. We’ll use Rarible as an example, but we have several other NFT systems to pick from, and the procedure will be identical to what we’ve laid out below.
Rarible.com is a great place to start (shown above). An icon labeled ‘Connect wallet’ can be seen in the right-hand corner of the screen. Tap there, and the user will be prompted for their wallet provider, which in our instance is MetaMask, on the next screen. Users will be given a choice to link their wallets to Rarible via a window. Abide by the terms of service and verify that the user is over the age of 13 by clicking ‘Continue’, then ‘Join.’
Upload the file you’d like to convert to an NFT.
Well now that users have an ETH wallet linked to the account, users are ready to learn how to create and sell an NFT. Click the blue ‘Create’ icon in the right corner of the Rarible site. After that, the user will be offered the choice of creating a single, one-of-a-kind piece or selling the same item several times. Throughout this case, we’ll go with ‘Single.’
Arrange for an auction for your NFT.
Users have to decide how to market their NFT artwork in the following section of the survey. There are 3 main ways. ‘Fixed price’ lets you select a price and sell your NFT right away (similar to eBay’s ‘Buy it now’ choice). People can make offers until users accept one if you use the ‘Maximum Auction’ option. Finally, a ‘scheduled offer’ is a bid that takes place over a specific period of time. As an instance, we’ll go with that alternative.
This brings us to the most difficult part: deciding on a minimal price. If you sell your NFT too cheaply, the huge costs will eat up all of your earnings, leaving you out of cash. We’ll establish our pricing at 1 ETH (currently $4,700 USD) and offer individuals seven days to submit bids.
After that, you’ll be given the choice to ‘Activate once bought.’ This allows users to deliver a full, elevated version of the art and/or supplementary content to your final customer via a secret web page or download link. The choice below that, entitled ‘Choose Collection,’ is very perplexing. This is a highly specialized topic about the blockchain’s configuration. The default setting is ‘Rarible,’ and we recommend keeping it that way.
To market the NFT, include a summary.
Users can now give their offering a headline and a paragraph. Take a while to consider this if users want their NFT to trade as quickly as possible. After that, you’ll be expected to evaluate what proportion of earnings they want to seek on any additional business of the artwork.
Again, this is a fine balance: a greater proportion would earn users more cash for each sale in the long term, and that will discourage users from reselling their art in the first place because they’ll be less likely to benefit. Finally, there’s an additional field where the user can put the details of the file. After completing this procedure virtually the job is finished.