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How to Make, Purchase, and Sell NFTs?

NFTs have risen to become one of the most common crypto trends in 2021, with total revenues up 55 percent from $250 million to $389 million since 2020. Here’s how to make, buy, and sell these well-known digital properties.

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Non-fungible tokens, which are one-of-a-kind collectible crypto properties, have been around since the idea of Bitcoin Colored Coins was introduced in 2012. These coins were simply satoshis – small fractions of a bitcoin – with unique details that could be used to connect the coins to real-world properties, such as “this satoshi represents $500 of John Doe’s New York office building.” Colored Coins, on the other hand, were primarily used to produce and exchange artwork like “Rare Pepe” digital cards on Counterparty, a peer-to-peer trading network based on Bitcoin’s blockchain.

NFTs can be used to describe almost any tangible or intangible object, such as:

  • Artwork
  • Virtual items within video games such as skins, virtual currency, weapons and avatars
  • Music
  • Collectibles (e.g. digital trading cards)
  • Tokenized real-world assets, from real estate and cars to racehorses and designer sneakers
  • Virtual land
  • Video footage of iconic sporting moments

How to create NFTs

Creating your own NFT artwork, whether it’s a GIF or a picture, is a relatively simple process that doesn’t necessitate comprehensive crypto knowledge. NFT artwork can be used to make collectibles such as digital card sets.

Before you begin, you must choose which blockchain you want to use to issue your NFTs. Ethereum is currently the most common blockchain platform for issuing NFTs. However, there are a number of other blockchains that are gaining traction, including:

  • Binance Smart Chain 
  • Flow by Dapper Labs 
  • Tron
  • EOS
  • Polkadot
  • Tezos
  • Cosmos
  • WAX

Each blockchain has its own NFT token standard, as well as wallet services and marketplaces that are compliant with it. If you make NFTs on the Binance Smart Chain, for example, you can only sell them on platforms that accept Binance Smart Chain properties. This means you wouldn’t be able to sell them on a platform like VIV3, which is built on the Flow blockchain, or OpenSea, which is based on the Ethereum blockchain.

Since Ethereum has the most extensive NFT ecosystem, here’s what you’ll need to create your own NFT artwork, music, or video on the Ethereum blockchain:

  • MetaMask, Trust Wallet, or Coinbase Wallet are examples of Ethereum wallets that follow ERC-721 (the Ethereum-based NFT token standard).
  • Approximately $50-$100 in Ether (ETH). If you use Coinbase’s wallet, you can purchase ether using US dollars, British pounds sterling, and other fiat currencies. You’ll have to buy Ether from a cryptocurrency exchange otherwise. 

Once you have these, you can link your wallet to a variety of NFT-centric platforms and upload the image or file that you want to convert into an NFT.

The most popular Ethereum NFT exchanges are:

  • OpenSea
  • Rarible
  • Mintable

You can also make your own NFTs on Makersplace, but you must first register as a listed artist on the website.

In the top right corner of OpenSea, Rarible, and Mintable, there is a “create” button.

On OpenSea, the world’s largest Ethereum-based NFT marketplace, this is how it operates.

https://static.coindesk.com/wp-content/uploads/2021/03/Screenshot-2021-03-09-at-18.06.46-copy-775x444.png

When you click the blue “create” button, you’ll be taken to a screen where you’ll be asked to add your Ethereum wallet. When you enter your wallet password when prompted, your wallet will be automatically connected to the marketplace. To prove you own the wallet address, you may need to digitally sign a message in your Ethereum wallet, but it’s just a matter of clicking through.

There is no charge for digitally signing a message; it is simply a way to demonstrate that you own the wallet.

The next move on OpenSea is to pick “my collections” by hovering over “create” in the top right corner. Then, as shown below, press the blue “create” button.

https://static.coindesk.com/wp-content/uploads/2021/03/photo_2021-03-09-18.21.18-775x364.jpeg

You’ll be presented with a window where you can upload your artwork, give it a name, and add a summary.

Creating a folder for your newly generated NFTs is all that is required for this phase.

https://static.coindesk.com/wp-content/uploads/2021/03/photo_2021-03-09-18.21.23-775x363.jpeg

It will appear as shown below once you’ve assigned a picture to your collection (blue). After that, press the pencil icon in the top right corner to add a banner image to the page (red).

https://static.coindesk.com/wp-content/uploads/2021/03/image7-775x354.jpg

Your page should end up looking similar to the example below.

You’re now going to make the first NFT. Use your wallet to sign another message by clicking the blue “Add New Item” button.

https://static.coindesk.com/wp-content/uploads/2021/03/photo_2021-03-10-21.44.59-775x363.jpeg

In a new window, you can upload your NFT picture, audio, GIF, or 3D model.

You may also add special traits and attributes to increase the rarity and uniqueness of your NFT on OpenSea and many other marketplaces. Perhaps better, creators should have unlockable content that can only be accessed by the purchaser. Passwords to such utilities, coupon codes, and contact details are all examples of this.

https://static.coindesk.com/wp-content/uploads/2021/03/image4-775x228.png

When you’re done, click “create” at the bottom of the page and sign another message in your wallet to confirm the NFT’s existence. After that, the artwork should be added to your album.

How much do NFTs cost to produce?

Although making NFTs on OpenSea is free, some platforms charge a fee. This fee is referred to as “gas” on Ethereum-based platforms. The amount of ether needed to perform a specific operation on the blockchain – in this case, adding a new NFT to the marketplace – is known as Ethereum gas. Gas prices vary according to network congestion. The price of gas fees rises in proportion to the amount of people transacting value over the network at any given time, and vice versa.

Top tip: Over the weekend, when less people are transacting value over the network, Ethereum gas fees are slightly lower. If you’re selling several NFTs, this will help you save money.

How to sell NFTs

To sell your NFTs on an online marketplace, find them in your collection, click on them, and look for the “sell” button. By selecting this option, you will be taken to a pricing page where you can specify the terms of the sale, such as whether to hold an auction or sell at a fixed price.

The most popular cryptocurrencies for which you can sell your NFTs are ether and other ERC-20 tokens, but some platforms only support the native token of the blockchain they were founded on. For instance, VIV3 is a Flow blockchain marketplace that accepts only FLOW tokens.

You can program in royalties and choose the ERC-20 token you’d like to earn for selling the NFT by clicking the “edit” button next to the collection picture on OpenSea, signing the message with your wallet, and scrolling down. NFT developers will receive a commission any time the asset is sold to a new individual thanks to royalties. Smart contracts have the ability to instantly build lifetime passive income sources for artists and other content creators.

https://static.coindesk.com/wp-content/uploads/2021/03/image2-1-775x624.jpg

In order to complete the process of listing NFTs on a marketplace, a fee may be required. Although this isn’t true for every site, it is something to keep in mind when building NFTs.

How to Purchase NFTs

Before you go out and buy NFTs, there are four things you should think about:

  • What marketplace do you intend to buy the NFTs from?
  • What wallet do you need to download in order to connect with the platform and purchase NFTs?
  • Which cryptocurrency do you need to fund the wallet with in order to complete the sale?
  • Are the NFTs you want to buy being sold at a specific time, i.e. via a pack or art drop?

As you may have guessed, certain NFTs are only accessible on some platforms. To buy NBA Top Shot packs, for example, you’ll need to register with NBA Top Shot, build a Dapper wallet, and finance it with either the USDC stablecoin or a supported fiat currency. You’ll just have to wait for one of the card pack drops to be revealed and hope that you can get one before they sell out.

Pack and art drops are becoming more common as a way to sell scarce NFTs to a large audience of eager buyers. Users are usually required to sign up and fund their accounts prior to the drop in order to avoid missing out on the ability to buy NFTs. Pack and art drops can happen in a matter of seconds, so be prepared ahead of time.

Where to purchase NFTs?

Here is a list of the most successful NFT marketplaces in 2021 for crypto traders who are primarily interested in buying NFTs:

  • OpenSea
  • Rarible
  • SuperRare
  • Nifty Gateway
  • Foundation
  • Axie Marketplace
  • BakerySwap
  • NFT ShowRoom
  • VIV3

Is it a safe time to invest in non-fungible tokens right now?

The craze for NFTs is far from done. The UFC and Shawn Mendez have signed deals to unleash their own non-fungible properties soon, and Elon Musk’s girlfriend Grimes has jumped on the bandwagon, selling nearly $6 million worth of digital artwork in minutes.

As more artists, brands, and celebrities flock to the space to build their own exclusive tokens, Messari analyst Mason Nystrom predicts the NFT market will reach $1.3 billion by the end of 2021. Now is a great time to get involved in the market, with more blockchains competing to deliver better NFT services and an increasing number of platforms to choose from.

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In the Last Month, Sales of NBA Top Shots NFT Have Increased by 72 Percent

After a $305 million fundraising round in early 2021, DapperLabs’ NBA Top Shots NFTs have been gaining traction since June 2021.

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#nft #nfthours #nbatopshot

Despite the current crypto market downturn, NFTs are still thriving. In January 2022, OpenSea had $3.5 billion in sales. In addition, NBA Top Shot NFTs, a Dapper Labs NFT collection, debuted in October 2020. Top Shot was created to be purchased with money. To put it another way, collectors didn’t need to understand cryptocurrencies or blockchain to acquire these NFTs.

According to CryptoSlam, Top Shot NFTs raised $53.8 million in the last 30 days, increasing 72 percent. This week, NBA star Kevin Durant starred in a new TV and social media campaign. First-time Top Shot purchasers will receive a free Durant NFT moment. In addition, Durant just became a Coinbase ambassador, while Stephen Curry joined FTX as a worldwide ambassador.

The Ultimate Fighting Championship (UFC) Strike NFT Collectibles are Dapper Labs’ first foray into NFTs. These will primarily consist of video material from UFC events and Packs, which was released on January 23.

NFL to join the NFT party

After the current NFL season, NFL All Day will be available on the Flow Blockchain. In addition, digital video highlights will be available as NFTs. However, it’s unclear whether they’ll be as popular as the NFT Top Shots.

NBA Top Shot #16538716, which sold for $10,000 in the last 24 hours, was the most expensive Top Shot NFT sold, with $1.47 million in sales volume.

Surprising popularity of Top Shots

NFTs like the NBA TopShots haven’t gotten the same kind of attention from the crypto world as CryptoPunks, Bored Ape Yacht Club, Meebits, and World of Women. On the other hand, Durant could be to blame for the recent sales uptick. NBA Top Shot NFTs reportedly outsold CryptoKitties, according to BeInCrypto. In the first week of June 2021, DappRadar detected over 70,000 traders purchasing or selling digital cards. Top Shot’s volume increased by 67 percent to more than $8 million at the time.

Dapper Labs secured $305 million in March 2021, with Michael Jordan and Kevin Durant among the major investors.

In October of 2020, Top Shot was released. Hundreds of thousands of dollars have been paid for NBA Top Shot NFTs, and Dallas Mavericks owner Mark Cuban owns 87 “Moments” NFTs.

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‘It’s Time’: NBA Top Shot Maker Dapper Labs to Launch NFT Platform for UFC

Following the UFC 270 pay-per-view event, NFTs from the Ultimate Fighting Championship will debut on Flow this weekend.

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#nft #nfthours #dapperlabs #ufc #collection

Dapper Labs announced today that it would launch an NFT platform for the popular mixed martial arts organization Ultimate Fighting Championship later this week, following its success with NBA Top Shot and subsequent arrangements with the NFL and LaLiga.

UFC Strike will premiere on Sunday, January 23, immediately following the UFC 270 live pay-per-view event on Saturday. UFC Strike’s digital collectibles, like Top Shot’s, will be based on video footage from previous events and will be minted on Dapper’s Flow blockchain. However, unlike Top Shot, the UFC collectible moments will include the original soundtrack to match the video clip.

Furthermore, rather than having different tier levels, all packs—which contain a random selection of moments—will be sold at the same price (as with NBA Top Shot). NFT moments from fighters like Francis Ngannou, Amanda Nunes, Kamaru Usman, Rose Namajunas, Derrick Lewis, and Justin Gaethje will be featured in the first pack.

Dapper’s contract with the UFC was signed before NBA Top Shot was out, which is interesting. According to statistics from DappRadar, the partnership was announced in February 2020, when the NFT sector was still small and niche—well before it grew to $23 billion in trading volume in 2021.

Dapper Labs’ head of partnerships, Caty Tedman, said that the company wanted to debut NBA Top Shot first and learn from the experience—which includes serious scaling issues early last year—before launching the UFC memorabilia.

She stated, “We’ve come to the stage where we feel ready to [launch].” “We’re ecstatic to provide UFC fans with a once-in-a-lifetime experience, as well as the utility that comes with this type of product. We’re finally ready to launch this as the industry, and we grow together.”

Tedman stated that the UFC Strike platform would be heavily promoted during this weekend’s pay-per-view event, including appearances by UFC President Dana White and fighters.

Because the UFC’s timetable is mainly based on pay-per-view fights every few weeks, UFC Strike will plan its releases to coincide with those significant events. As a result, the portal will first focus on fights from the previous year but ultimately include highlights from older UFC fights. The first fight in the promotion took place in 1993.

Despite the roughly two-year gap between the original announcement and this week’s launch, Tedman said the UFC—which already has a crypto fan token through the Socios.com platform—was keen to make a big statement in the NFT industry.

“Every company has its personality, and the UFC’s approach is to test with us and try new things with us,” she explained. “It’s fantastic to have a partner that doesn’t say, ‘Well, let’s try it little and see how it goes,’ when you’re talking about how to launch a product. It’s like, ‘Let’s make it as huge as we can.’ ‘Let’s do it in a UFC-style fight.'”

Unlike Top Shot and the impending NFL All Day platform, UFC Strike will be released without a closed beta period to the general public. According to Tedman, Dapper is investigating live activations at future UFC events, as it has done with the NBA, and added value for UFC NFTs, such as potential community or gaming features.

Top Shot in 2022

The UFC announcement comes on the heels of NBA Top Shot’s first major commercial campaign, including Kevin Durant, the Brooklyn Nets player and two-time NBA champion debuting yesterday.

In October, Durant and his Boardroom media group signed a deal with Dapper Labs to give him “a starring position across NBA Top Shot,” according to the company. According to Tedman, Durant, an early investor in Coinbase who has invested in other crypto firms, is familiar with the Top Shot concept.

“He’s a world-class athlete. He’s a top-tier human. He’s a tech entrepreneur,” she explained. “It’s been a long time since he’s been with us. He’s been interested in the crypto world for quite some time. Therefore, he ticks all the boxes. But isn’t he also swaggering? There’s nothing about him that wouldn’t make him a fantastic candidate for this type of campaign.”

ACCORDING TO TEDMAN, the NBA Top Shot team is “very focused on raising participation in the product and increasing accessibility” for 2022. Following the early 2021 boom in demand and Dapper’s time spent improving platform reliability and customer service, the business feels Top Shot still has substantial growth potential ahead of it.

“This sector is still in its infancy,” she explained. “There’s no such thing as ‘tried and true,'” says the author. “We’re going to attempt a lot of things, but we’re going to do a lot of things to make sure that current collectors feel valued—so they don’t feel like we’re creating an experience where they don’t feel valued.”

And NFL All Day, which Dapper promised would debut by the end of the current NFL season, is still on track to do so—for reference, Super Bowl LVI is on February 13. The NFT platform is now in closed beta testing, and given the recent nature of Dapper’s NFL partnership, Tedman said they’re concentrating on polishing it before going public.

“We’re much newer to the NFL,” she added, “in the same way that every organization has a different personality and every partnership has a different pace. So as a result, we’re taking our time with it.”

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Meta’s Instagram Experimentation With NFT Marketplace

Meta, formerly Facebook, is said to be working on a feature that will allow users to display their NFT collections on Instagram.

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#nft #nfthours #meta #facebook #instagram #marketplace

According to the Financial Times, Meta, formerly Facebook, has new intentions to enter the fast-growing non-fungible token (NFT) market.

The Financial Times stated, citing unnamed sources, that the social media company is working on a tool that will allow users to mint and trade NFTs and display their collections on their Meta and Instagram profiles. In April 2012, Meta, formerly Facebook, paid $1 billion for Instagram.

The blockchain network on which these capabilities would be developed is still unknown. However, NFTs are currently available on several blockchains, including Solana, Tezos, Ethereum, Flow, and WAX.

According to two sources, an NFT marketplace similar to OpenSea is also in the works.

OpenSea has been a cornerstone of the burgeoning NFT industry. Despite a more significant market decline, the platform set a new monthly volume high of $3.5 billion two weeks before the end of January. According to a report by analytics firm Chainalysis, the total market for digital collectibles will reach $41 billion in 2021.

The $69 million auctions by digital artist Beeple at Christie’s, monthly million-dollar sales of CryptoPunks, and a slew of celebrities endorsing the craze in one way or another capped off a spectacular year.

This publicity has piqued the curiosity of non-crypto companies as well.

Instagram, Meta and NFTs

In December, Adam Mosseri, the CEO of Instagram, said that the company is “actively studying NFTs and how we can make them more accessible to a wider audience.”

The company organized a session for NFT makers earlier this year to raise awareness about how to use the technology. However, artists said they “need more information on how to [use NFTs], not just from us, but from other creators,” according to Instagram’s VP of global partnerships, Charles Porch.

NFTs are also expected to play a significant role in the metaverse, a persistent digital world where individuals interact through virtual avatars. Therefore, establish non-fungible ownership of objects inside a wholly digital environment.

With its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform. Facebook’s recent rebranding as Meta signaled CEO Mark Zuckerberg’s intent to move “from being Facebook first as a company to being metaverse first.” With its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform.

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