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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.

NFT

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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