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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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Enjin is Working on a Digital Version of Egypt’s Pyramids

Collectors will be able to deploy iconic Egyptian monuments, such as the Pyramids of Giza and the Great Sphinx, on virtual platforms as part of the NFT’s limited edition.

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According to the press release, Enjin, a leading participant in the virtual artifact and NFT market, it would develop NFT versions of the most iconic Egyptian landmarks, including the Pyramids of Giza and the Great Sphinx.

Virtual Worlds, Enjin’s project partner, has more than 20 years of experience digitizing historical objects. This will be the first time major historical monuments have been used as NFT tokens, allowing for new ways to engage with painstakingly authentic replicas of landmarks all across the world. The Unreal Engine will be used in the NFT renditions of the Egyptian monuments, along with photogrammetry scans of 60K resolution, to create the most accurate digital duplicate of the artefacts.

NFT Gaming Industry

Enjin and Virtual Worlds intend to use the knowledge gained from copying Egyptian monuments as NFT to create 3D worlds in which users can search for new NFTs that will be instantly transferred to them via smart contracts, as well as participate in treasure hunts that will reward them with Enjin tokens.

Real-world item models, such as the Picchu Mast, will have its own collection of NFT relics in addition to the typical computer game artifacts like sarcophagi, chariots, scepters, and sculptures. The NFT will then be integrated into Enjin’s VR and AR apps, as well as other 3D games.

They’ll be exchanged on unique NFT marketplaces based on the JumpNet Enjin blockchain, as well as more traditional analogs like Ethereum, Polkadot, and Efinity.

Expanding

They’ll be exchanged on unique NFT marketplaces based on the JumpNet Enjin blockchain, as well as more traditional analogs like Ethereum, Polkadot, and Efinity.

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Marvel NFT Marketplace Binance Smart Chain is the Newest Addition to the Binance Smart Chain Family

The Marvel Non-fungible Token Marketplace Aims to Bring Together Cryptocurrency Dealers and NFT Collectors.

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Fans of Marvel Comics and the Marvel Cinematic Universe (MCU) can now trade and collect on a new NFT marketplace. NFT Marvel is the world’s first and only token designed particularly for Marvel Comics fans who wish to interact with the characters while also earning investments.

The NFT Marvel Marketplace is a decentralized cryptocurrency exchange based on the Binance Smart Chain (BSC). Assets can be converted into NFT tokens by creators. The marketplace’s universe revolves around Marvel fan tokens (MV). Each engagement on the platform earns you MV tokens.

Interactions can include the creation of digital artwork and its dissemination to the general audience. Users can also send the NFT art they’ve developed as a gift. MV tokens are earned for each gift sent. The platform has stated that it will deliver MV token holders bespoke NFT presents at random.

While not hired by Marvel, the NFT Marvel founders anticipate that the Marvel community will help to keep the project going and expand it further. To reflect this, they created the token metric technique.

The transaction is subject to a 6% tax levy, which is divided into three parts, for each trade. MV will allocate 2% to all holders in order to increase the value and ownership of the company. To ensure the long-term viability of MV, 2% will be contributed to the liquidity pool on Pancake Swap. The remaining 2% will be incinerated at the end.

BSC enables the marketplace to provide low-cost, near-instant transactions. This is significant since NFT fees have been identified as a significant barrier to mainstream adoption.

Crypto-comic Books are on the Way

As interest in crypto grows, so does interest from new genres of popular culture. Comics and comic book collections are one of the most recent subgroups to emerge. Artists have a practically limitless number of options thanks to the large variety of comic books and characters available. When you consider that many true Marvel and DC artists are entering the NFT space, things start to look quite interesting for fans.

Despite the widespread interest in comics and nonfiction books, not all of it is favorable. While former Marvel or DC artists releasing new work of their famous topics pleases the fans, the businesses themselves are not thrilled. In reality, both Marvel and DC have gone to considerable lengths to punish artists who profit from their characters.

Jose Delbo, an 87-year-old artist who previously worked on Wonder Woman and Transformers, is the clearest example of this. Delbo built an NFT collection featuring largely Wonder Woman art, which he sold for approximately $2 million.

The artwork was described as a limited-edition, signed digital production, with non-commercial rights granted to the winner. While both Marvel and DC agree that in the past, comic book artists were permitted to earn from pencil and ink drawings as a professional courtesy, selling digital art for millions of dollars may be overstepping the mark.

“The offering for sale of any digital photographs incorporating DC’s intellectual property with or without NFTs, whether rendered for DC’s publications or rendered outside the limits of one’s contractual engagement with DC, is not permitted,” said Jay Kogan, senior VP of legal affairs at DC Comics.

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As New NFT Collection Drops Art Blocks Surges 500%

In the last seven days, sales totaled $1.4 million.

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Art Blocks, an Ethereum-based digital storefront for programmable art projects, has seen a tremendous increase in sales and transaction volume. The introduction of a collection in partnership with Sotheby’s auction house, which contains digital art from the first 19 selected projects on Art Blocks, has sparked the initiative.

The platform’s NFT sales have surged by about 200 percent to 952, resulting in $1.4 million in transaction volume. According to DappRadar, this surge in activity has pushed Art Blocks to 7th place in the overall NFT collection rankings. Surprisingly, the average price of an NFT sale on Art Blocks in the last seven days has been roughly $1,500. Importantly, Art Blocks is coming closer to Rarible, the premier NFT collections platform, as a result of the recent surge in traders and sales.

Natively Digital

Natively Digital is the name of the NFT art auction event, which is one of four high-profile NFT sales by Sotheby’s in 2021. The 19 pieces of art sold for a total of $81,900, with each item selling for roughly $4,300 on average. Looking at the individual component floor prices on Art Blocks, it appears that objects were sold for a low price. On OpenSea, a Ringer art NFT would sell for at least 4.5 ETH or roughly $9,000, while Nimbuds has a floor price of 0.49 ETH or roughly $1200. The winning bidder in the Sotheby’s auction appeared to have gotten a good deal on all 19 pieces.

Drops Run Activity

Each of the 19 artworks in the Sotheby’s collection is unique in its own right because it was one of the first to be created on the Art Blocks platform. The NFT marketplace has certainly benefited from the attention of both the crypto art community and the Sotheby’s art community.

Importantly, sales of digital art at Sotheby’s are not tracked on-chain, therefore the data displayed on DappRadar does not reflect this. What’s happening is that the high-profile collection is causing a domino effect, with another drop driving awareness and usage of the platform.

Another cause for the uptick in traffic could be a drop released in conjunction with Tyler Hobbs on June 7th. The Fidenza collection, created by a visual artist from Texas, is said to be the artist’s most adaptable algorithm to date. “While the program maintains focused on organized curves and blocks, the variety in scale, organization, texture, and color utilization it can employ creates a vast range of creative possibilities,” the creator adds.

As a surge of interest in digital collectibles swept the globe in 2021, we saw both Sotheby’s and Christie’s connect with NFT art collections. Sotheby’s was also engaged in the recent sale of a rare Alien CryptoPunk, which sold for more over $11 million. More intriguing is the fact that, despite the fact that the cryptocurrency market appears to be entering a bear market, NFT sales are still strong. Last week, sales of NBA Top Shot increased by 50% week over week, but digital collectibles on Wax appear to be untouched by the price drop.

What is Art Blocks?

Users choose a style they prefer, pay for the job, and an algorithm creates a randomly generated version of the content that is transferred to their Ethereum account. A static image, 3D model, or interactive experience could be the end product.

Each output is unique, and the sorts of content that may be developed on the platform are virtually limitless. The generative script is written to the blockchain, which distinguishes the Art Blocks platform from others. The NFTs that are minted as a result are not controlled or curated by the artist, and the program’s output is a complete surprise to everyone.

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