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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

OpenSea and Kakao’s Klaytn collaborate to expand NFT across Asia

Klaytn, a Singapore-based public blockchain platform, and OpenSea, a non-fungible token (NFT) market, established a cooperation on Friday to support the Asian NFT ecosystem.

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  • In order to showcase Asian NFT initiatives to a worldwide audience, the alliance involves conference collaborations and ecosystem awards.
  • The largest NFT marketplace in the world supports four blockchains: Klaytn, Polygon, Solana, and Ethereum.
  • The blockchain subsidiary of South Korean internet behemoth Kakao, Ground X, founded the Klaytn Foundation.
  • On its central bank digital currency (CBDC) pilot project, the Bank of Korea collaborates with Ground X.

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Shopify Expands Online Retailers’ NFT-Gated Options

Brands are able to increase the exclusivity of their shops thanks to the e-commerce platform.

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The future of e-commerce, according to Shopify, is in NFTs.

As a new option for brands wishing to make their stores more exclusive, the online retail behemoth, which enables small businesses to construct customized e-commerce shops, is providing NFT-gated storefronts, Shopify announced on Wednesday.

In the Shopify introduction video, which includes a skating woman who passes through a pastel portal and transforms into a Doodles NFT, a voiceover urges viewers to “invite their communities into a world that acknowledges and rewards devotion.”

The video explains that token holders can access special shopping opportunities by connecting a cryptocurrency wallet, including early access to drops and limited collections as well as one-of-a-kind experiences and other surprises.

Only individuals with existing NFT collections are able to apply for early access to Shopify’s “gm” shop, which is a gated merchandise store and a play on the Crypto Twitter acronym for “good morning.”

However, those that haven’t received approval yet can still integrate NFT token-gating apps like Shopthru or Single into their Shopify sites.

Shopify announced that it has already collaborated with the Adam Bomb Squad, Doodles, World of Women, Invisible Friends, Superplastic, Stapleverse, and Cool Cats NFT collections to develop token-gated shops as part of its token-gated business launch.

Shopify is introducing “IRL” token-gating in brick-and-mortar stores in addition to online token-gating, which restricts access to certain merchandise to authorized NFT holders exclusively.

Why is this important? The future of Web3 commerce will focus on exclusivity, for one thing. NFTs, which are distinctive blockchain tokens that denote ownership over an asset, are increasingly employed as membership cards, tickets to events, and “keys” to open benefits, despite the fact that they are frequently oversimplified as digital art or “jpgs.”

Additionally, this isn’t Shopify’s first venture into NFTs: The business has been involved with Web3 since last year, when it announced the launch of NFT sales on its platform. Brands can mine and sell NFTs on Shopify to clients using the Ethereum, Polygon, Solana, or Flow platforms.

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OpenSea, beware—Uniswap is pushing into NFTs

The NFT aggregation platform Genie is being purchased by Uniswap Labs, the organization that created the Ethereum-based decentralized exchange Uniswap.

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In a Bankless interview on Tuesday, Uniswap founder and CEO Hayden Adams said, “We’re attempting to transfer what we brought to the ERC-20 market to the NFT sector.”

You can buy NFTs—individual blockchain tokens that represent ownership—on a variety of different marketplaces, such as OpenSea, LooksRare, or Coinbase NFT. However, few allow consumers to buy many things at once, and none provide aggregation tools that let traders view listings on competing marketplaces.

According to Uniswap Labs on Twitter, “We see NFTs as another form of value in the burgeoning digital economy, and it’s a no-brainer for us to integrate them.”

The NFT aggregator Gem, which also enables customers to acquire numerous NFTs in a single transaction, was purchased by OpenSea just two months prior to the announcement of its acquisition by Genie. OpenSea intends to incorporate NFT aggregation functions into its primary platform, just like Uniswap.

A new tab dedicated to NFTs will be added to Uniswap’s main website later this year as part of the company’s push into NFTs, according to a statement from the company. Additionally, NFTs will be included in its developers’ APIs and widgets.

Uniswap Labs intends to airdrop an unspecified quantity of the stablecoin USDC to Genie’s early backers as a way to commemorate its acquisition. By April 15th, USDC will be given to everybody who had utilized the platform at least once or owned a Genie Genesis NFT. (The business had earlier tweeted that Genie Gem owners were eligible for the airdrop.)

Uniswap entered the NFT market for the first time in 2019 with Unisocks, an NFT that granted holders access to a real pair of socks.

The largest NFT market, OpenSea, has a floor price for Unisocks of 13 ETH (about $15,300) at the time of writing.

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