First, you will need to form your NFT, to form an NFT of your artwork, you will need to settle on an NFT platform and a payment wallet, the latter of which you’ll have to use to pay fees – and get any reward if your NFT is sold successfully. There are plenty of online platforms you’ll use to form and sell an NFT.
OpenSea, Raible, SuperRare, Nifty Gateway, Foundation, VIV3, BakerySwap, Axie Marketplace, and NFT ShowRoom are some of the most popular NFT auction platforms. See our guide to NFT marketplaces for a comparison of a number of the foremost popular options.
There are lots of NFT payment platforms too, with Coinbase, MetaMask, Torus, Portis, WalletConnect, MyEtherWallet, and Fortmatic a number of the most effective known. For illustrative purposes, we’ll show the method involved in making and selling an NFT using the NFT platform Rarible and therefore the cryptocurrency payment platform MetaMask. Note that these two platforms are chosen purely to indicate how the method works, and it does not imply we’re saying they’re the simplest service to use.
You could think about employing any of the platforms mentioned above, and plenty more besides, and in most cases, you’ll follow an identical process. We recommend checking the fees involved as closely as possible before choosing (we’ll come to the fees later).
01. Buy some cryptocurrency to fund your wallet
All of the above-mentioned NFT auction platforms will require payment in advance to ‘mint’ an NFT, which is the process of converting your artwork into a non-fungible token. that you simply can sell. In most cases, payment must be made in cryptocurrency, which implies that before you have got an opportunity of earning any cryptocurrency by selling an NFT of your work, You’ll have to go shop for some to hide the fees. Ether (abbreviated as ETH) is the most ordinarily accepted currency since it is the native cryptocurrency of the open-source blockchain platform Ethereum, which is where NFTs first launched. However, some platforms are beginning to accept a range of payment formats and to make NFTs using different blockchains (see our guide to NFT crypto to be told more on which could be best for you). If you already own some ETH you’ll have to form sure you have got it during a digital wallet, which you’ll have to attach to your chosen NFT platform to create (and receive) payments. If you do not have currency, there are lots of cryptocurrency exchanges out there where you’ll buy ETH or other currencies, but the quickest and easiest option is sometimes to shop for ETH directly together with your digital wallet of choice.
02. Create a digital wallet to get hold of your NFT
To use MetaMask to build a digital wallet, go to its website and click the blue ‘Download’ icon in the top-right corner. As we’re employing a microcomputer, we’ll choose the choice to put in the browser extension, but there’s also a mobile app. You’ll be asked to verify that you simply wish to ‘create a replacement wallet and seed phrase’. Don’t fret an excessive amount about what ‘seed phrase’ means (it’s basically an inventory of words that store blockchain information). Say yes, then it’s simply a matter of agreeing to the terms, creating a password, and making your way through some security measures, then you’ll have your account found.
03. Add some cryptocurrency to your wallet
Once you’ve found your MetaMask wallet or any digital wallet, you will need to feature some ETH thereto. If you do not already own some ETH, you’ll have to shop for some now, so click on the ‘Buy’ button and choose the choice ‘Buy ETH with Wyre’. You’ll be taken to a screen where you’ll use either Apple Pay or a positive identification to shop for ETH. Note that if you’d rather not spare any money yet, you’ll leave this stage until later; it just requires a touch more faff (you’ll want to test your chosen NFT platform’s fees to grasp what quantity you’ll have to buy). The jargon involved within the cryptocurrency world can make this a part of learning a way to make and sell an NFT quite daunting, but buying currency is really very easy to try. Just remember that like bitcoin and lots of other cryptocurrencies, the worth of Ether can fluctuate hugely. In 2021 alone, the worth of 1 ETH has gone from under $1,000 to around $4,700 at the time of writing, with many peaks and troughs on the way. It’s perfectly possible for the value of the currency to swing by several many US dollars in only some hours.
04. Connect your wallet to an NFT platform
Most digital wallets add an analogous way. Whichever one you’ve chosen, you will need to attach it to the NFT platform that you’re going to use to sell the NFT. For illustrative purposes, we’re using Rarible, but there are many other NFT platforms to decide on from and therefore the process will generally be kind of like what we outline below.
05. Upload the file you wish to show into an NFT
So now you’ve got a wallet connected with ETH to form payments, and you’re able to know the way to create and sell an NFT. On the Raible site, click the blue ‘Create’ button at the highest right. You’ll then lean options to form one, one-off work, or to sell the identical item multiple times. during this example, we’ll choose ‘Single’. Now you would like to upload the digital file that you just want to form into an NFT.PNG, GIF, WEBP, MP4, and MP3 files up to 30MB in size are accepted by Raible.
06. Founded an auction for your NFT
In the next part of the shape, you will need to decide on a way to sell your NFT artwork. There are three options. ‘Fixed price’ allows you to line a price and sell your NFT instantly (rather just like the ‘Buy it now option on eBay). The ‘Unlimited Auction’ option will allow people to hold on making bids until you accept one. Finally, a ‘Timed auction’ is an auction that only lasts for a collection time. That’s the choice we’ll choose as an example.
This takes us to the most challenging element of the process: choosing on a low pricing point. Sell your NFT too cheaply and also the enormous fees will shut in your profit, possibly even leaving you out of pocket. We’ll set our price at an ambitious 1 ETH (currently US$4,700) and provides people seven days to form bids.
Next, you get a choice to ‘Unlock once purchased’. this provides you with the prospect to supply your eventual buyer with a full, high-resolution version of your art, and/or additional material through secret web content or download link. Below is the most confusing option, titled ‘Choose Collection’. this is often a really technical question about how the blockchain is about up. The alternative here is ‘Rarible’, and we’d advise leaving it like that.
07. Add an outline to sell your NFT
Now you’ll add a title and outline for your listing. to maximize the possibility that your NFT will sell, you must take your time to consider this. You’re then asked to contemplate what percentage of royalties you want to say on any resale of your art within the future.
Again, this can be a balancing act, as the next percentage will net you extra money per sale in the future, but it’ll also deter people from reselling your art in the first place as they’ll be less likely to create a profit for themselves. Finally, there’s an optional field to feature your file’s properties. therewith complete, you’re almost done.
08. Pay the listing fee to advertise your NFT for sale (but beware!)
The final step in learning the way to make and sell an NFT is to click ‘Create Item’, and you’ll be invited to attach together with your wallet to pay the listing fee. If you don’t have sufficient funds in your wallet, don’t worry: you won’t start again. Just click on the wallet icon within the top-right corner of the screen, and you’ll run the choice to feature funds directly within Raible.
Before you do so, one additional word of caution. The listing fee could appear low: in our case, it puzzled out at just $5.91 in US dollars. But this is often only the beginning. Before you’ll be able to go further, you’ll need to conform to an additional fee to truly generate your NFT, which in our case would be the equivalent of $42.99 in ETH. If someone actually buys your NFT, you will have to pay a commission fee on the NFT sale, plus a transaction fee for the transfer of the money from the buyer’s wallet to your own. At the time we tried it, none of this was very evident on Rarible’s website.
We’d like to be ready to explain, clearly and easily, a way to calculate the potential cost of making and selling an NFT, but the confusing nature of blockchain technology, the wild fluctuations in cryptocurrency values, and also the lack of transparency on the platforms themselves make that an impossible task. Really, you’re left having to require the danger and wait and see what quantity you get charged overall if you create a buying deal, and hope that you simply still kick off with a profit.