NFT : Quick Guide to Mint, Buy, and Sell NFTs

What are Non-fungible tokens (NFTs)

Non-fungible tokens (NFTs) are individual cryptographic assets registered on a blockchain as proof of ownership for your creations. It is hard for anyone to steal your work because it is stored on the blockchain with unique identification codes. NFTs are seen as a perfect way to digitally represent physical assets like real estate and artwork.

NFTs are available in various shapes and varieties. They have the ability to depict digital possessions such as personalized avatars, art pieces, property, or any digital representation of an item.

These are the most popular NFT types across various domains:

• Sporting moments, music, academia, and fashion collectibles
• Patents
• Real-world assets with ownership symbolized by tokens on a blockchain
• Licenses and certifications
• Tickets and proof of attendance
• Digital arts
• Documents
• Domain names

NFTs bring about a fundamental change in how artists uphold creators’ rights, engage with their audience, and make money from their creations. Intermediaries are eliminated and transactions are streamlined due to their presence on decentralized blockchain technology.

How to Mint NFTs

Minting an NFT is the process of publishing your art on the blockchain to establish proof of digital ownership. This is a step-by-step to create your NFT.

Step 1- Decide what you want to mint

Your unique artwork can be an image, an audio production such as a song, or even a small video clip like an animated GIF. The aim is to mint a creative piece of digital media with a certain supply that can be sold at an attractive price.

Step 2- Choose a Blockchain

Blockchains keep a permanent record of your NFT. There are several blockchains that can store your NFT, select the one that suits your requirements. Popular NFT blockchain includes – Ethereum and Solana. 

You can also mint NFTs directly using NFT marketplaces like OpenSea and Rarible

Step 3: Create a NFT wallet

To engage with blockchain, creating a crypto wallet is necessary. Non-custodial options such as MetaMask offer complete control. It links to NFT platforms. Install MetaMask, create an account with a secure password, safeguard your seed phrase, and add ETH. Gas fees for NFT minting are covered. Prioritize wallet and key security, never disclose seed phrase.

Make sure to choose the right network when moving funds from an exchange to your MetaMask or Trust Wallet. Selecting the incorrect network may lead to your assets being misplaced and unable to be retrieved

Step 4: Choosing an NFT Marketplace

When choosing an NFT marketplace to mint and sell your NFT, consider factors such as community engagement, fees, blockchain support, and niche alignment. Options like OpenSea, Rarible, SuperRare, and Foundation offer different features and audiences to cater to various creators’ needs. Choose a marketplace that best fits your NFT type and brand to reach the right audience.

Step 5: Connect Your Wallet to the Marketplace

Now you are prepared to link your funded wallet to the NFT marketplace website you have selected. You will have the choice to link your wallet and authorize the marketplace to make transactions for you.

Step 6: Create Your Actual  NFT Artwork

The most suitable formats for images are JPG, PNG, and GIF. For best quality, use resolutions higher than 1500×1500 pixels and ensure that file sizes are below 5MB. When it comes to video NFTs, MP4 is the preferred format. Go for video durations of 30-60 seconds and file sizes under 10MB to keep gas fees at a manageable level. 

GLTF is the format with the highest support for 3D models. Restrict the number of vertices in polygons and the dimensions of textures to manage the size of the file.

Make sure to provide your NFT with a title, detailed description, and additional metadata that highlights the essence of your work and helps it to come out unique.

Step 7: Mint the NFT 

Adhere to the minting process in order to upload your NFT file and metadata. Establish your royalties, determine the number of editions, and specify your listing details. Thoroughly examine the specifics of the transaction and gas fee.

Once you are prepared, authorize the NFT minting transaction using your linked wallet. The NFT is included in the blockchain and becomes visible in your marketplace account, ready for selling.

Step 8: List the NFT for sale

Most NFT platforms allow you to list your NFT for sale for free. Once your NFT is created you can simply hit the “sell” button on the platform of your choice and select the price you want to list it at and the time period you want the sale to last.

After the details of your sale are filled in, you can create the listing. For this, you are required to sign a few transactions in your digital wallet, which can include paying transaction fees on your chosen blockchain.

Launch Tips for Your NFTs

To successfully launch and market your NFT, it’s important to create hype and demand. Promote your NFT through pre-launch activities and storytelling on social media. Collaborate with influencers to reach niche audiences and consider setting up auctions or timed sales. Engage with art and NFT communities, cross-promote with other artists, and price your NFT based on perceived value. A successful marketing campaign can lead to a thriving secondary market.

HOW TO BUY NFTs

Once you have deposited money into your wallet, you will be able to purchase NFTs and cover any associated fees. The majority of NFT marketplaces offer NFTs for sale using two formats: fixed-price and auction listings. Purchasing an NFT at a set price is a quick transaction, while competing for one in an auction may require days before the bidding ends.

Two kinds of NFT auctions exist:

• Timed auction–  This is similar to an English auction. Participating in a timed auction requires presenting an offer or placing a bid, then awaiting the seller’s decision on whether to accept your bid and complete the sale. If you wish to buy a specific NFT, you’ll need to offer a higher bid than the current highest bidder.
• Decreasing-price auction– This is also known as a Dutch auction. Here, the seller establishes a starting price that decreases over time at specified intervals in a more automated process. One way an NFT may be sold is through a Dutch auction, starting at 10 ETH and reducing by 0.01 ETH every five minutes. When a buyer places a bid at the current price, the auction ends, and the NFT is purchased.

Having said that, here is a step-by-step guide on how you can buy NFTs

Step 1: Explore NFT Marketplaces

Explore different NFT platforms to find a wide variety of digital art pieces and collectibles. Utilize filters and search options to refine your choices by categories, artists, or popular selections.

Step 2: Conduct Research

Before making a purchase, thoroughly research the artist, artwork authenticity, and market value. Confirm the creator’s credibility, past sales records, and any included authenticity certificates.

Step 3: Place Bids or Buy Now

Depending on the characteristics of the market, you have the option to either bid on items being auctioned or buy NFTs at set prices. Adhere to the guidelines provided by the platform in order to finalize the transaction with your linked digital wallet.

Step 4: Verify Ownership

After a successful transaction, the NFT will be sent to your digital wallet, verifying your ownership on the blockchain. Make sure to consider any usage rights or royalties that are specified by the creator.

How to Sell NFTs

There are two ways you can sell an NFT. You have the option to create a new NFT (minting) or trade one that you have bought before.

Some NFT marketplaces allow their creators to earn royalties on their NFTs as a form of reward. With royalties, one can purchase an NFT and then sell it again. 

Ownership is handed over to the new purchaser, while the original creator receives a percentage of the profit each time it is resold. NFT creators can still receive payment for their work using this method.

Now that you are ready to sell your NFTs, here are easy steps to follow. 

Step 1: List Your NFT

To sell your NFT, go to the selling section of the marketplace and list your token for auction or immediate sale. Set suitable pricing, royalties, and usage rights in order to entice potential purchasers.

Step 2: Promote Your Listing

Use social media, forums, and online communities to showcase your NFT listing and connect with a wider range of people. Interact with potential customers, provide information about your art, and utilize your current connections to increase visibility.

Step 3: Manage Transactions

When a potential buyer shows interest or makes a bid on your NFT, handle the transaction process using the platform’s interface. Verify the purchase, switch ownership to the purchaser after finishing, and make sure all agreed-upon terms are fulfilled.

Step 4: Receive Payment

Upon completion of the sale, you will be sent cryptocurrency as payment directly to your digital wallet. Take note of the fees associated with transactions and think about reinvesting or spreading out your profits in the NFT marketplace.

Bottomline

The world of NFTs provides investors, collectors, and artists with exciting opportunities. Understanding minting, minting, purchasing, and selling NFTs enables individuals to engage in the digital art market. The realm of NFTs offers opportunities for imagination, partnership, and economic advancement, attracting both budding artists and experienced collectors. Crypto lovers purchase NFTs for a range of purposes, including investing in collectibles and generating passive earnings. Through dedication and imagination, anyone can make money in this growing market while also pursuing their passions.