Nonfungible Tokens NFTs have become very popular nowadays. Digital artists have started to make millions by digitizing their artworks. Digital artist Beeple (whose real name is Mike Winkelmann) sold his renowned series of digital art named “Winkelmann’s Everydays: The First 5000 Days” at a price of US$69 million at Christie’s auction. There are many other instances. However, the world’s most expensive art piece of NFT is Kevin Abosch’s “Forever Rose”. It was sold at US$1 million on Valentine’s Day in 2018. Selling an NFT is an art for sure and you must have connections the world over, especially Singapore.
If you are an artist, you should create your own NFT art and sell it yourself. Don’t worry. You don’t have to be a tech geek to make your own NFT artwork. Anyone can make NFTs and sell in an NFT marketplace.
Let me walk you through the nuts and bolts of the process so that you can start creating your own NFT artworks and sell them.
You can make NFTs on platforms such as OpenSea and Rarible. While OpenSea provides more related services such as OpenSea exchange-powered NFT webstore, Rarible leads in total sales figures of NFTs. On both these platforms, you can upload your art and create collections.
As NFTs are usually created in Ethereum Network, you’ve to pay a small Ethereum gas fee for using the blockchain network. Once the payment, is made, you can upload your digital artworks and tokenize the unique digital art. To know more about creating your own NFT art, know more here: “How to Make your own NFT Art and Token?”
To mint an NFT or generate your own NFT digital collectibles, you’ll have to make payment to a platform. There are manyNFT platforms through which you can mint your non-fungible token based artwork or collectible. Some of the most popular ones are
Most of these platforms accept payment in Ethereum (ETH). So, get some ETH first by buying them from a cryptocurrency exchange such as Coinbase, Binance, Coinmama, Kraken, and others.
Once you have bought ETH, you have to keep it in a wallet (say, Coinbase wallet). One of the best digital cryptocurrency wallets is MetaMask. You can access it either as a mobile app or a browser extension.
So, go to the website of MetaMask. Go to the top-right section of the page and click on the “Download” button. If you are using your desktop computer, install it as a browser extension.
Once done, it will prompt you to confirm whether you want to “Create a new wallet and seed phrase”. The seed phrase is a set of words, which helps in storing blockchain information. Once prompted, click “yes”. Then you’ve to agree to the terms and conditions. Now, create your own password, work through some tedious security aspects, and your account setup is complete.
You have to add funds to your MetaMask crypto wallet. You can do this either by:
If you want to buy through your MetaMask wallet, open the wallet and choose “Buy ETH with Wyre”. Once done, you’ll be asked to buy ETH either by using your Apple Pay or with the help of your debit card.
Once your MetaMask wallet is deposited with an ETH crypto coin, you’ve to connect your NFT platform’s account with your wallet. To walk you through this process, let me explain with the example. Let me consider the Rarible platform for ease of understanding.
Visit Rarible’s website and log in to your account. Now, go to the right-hand corner of your screen and click on the “Connect wallet” button. It’ll then ask for your wallet provider. As here, we’ve selected Metamask wallet, you hve to choose MetaMask. Once chosen, you’ll be prompted by a popup box, asking you to connect Rarible NFT platform with your wallet.
Once you’ve done the above things, your wallet is connected to your NFT platform.
Now, you’re ready to create your own NFT. Go to the top-right section of your Rarible account and click on the “Click” button. Now, you’ll be prompted to select from any of the following options:
For simplicity’s sake, let me choose the “Single” option. Now, upload the digital artwork/collectible file. The file should be:
Once the file is uploaded, you can view its preview on the right-hand side. You now know how your NFT post will look like.
To sell your NFT artwork or collectible, you’ve to choose any one of the 3 options:
Option #1: Fixed Price: It enables you to set a price at which you can sell instantly. (This option is similar to the “Buy It Now” feature on eBay).
Option #2: Unlimited Auction: This option helps you to receive many bids from the customers. Once multiple buyers have made their bids, you can now accept the highest bid or one of your favorite bids. This unlimited auction system can carry on for as much time as possible until you choose a price.
Option #3: Timed Auction: This auction takes place for a certain period of time. You can choose one of the bids done by many bidders within this timeframe.
What’s tricky in this process is the selection of the base price of the auction of your NFT art or collectible. When selecting the base price, you must take into account the enormous fees you’ve to pay during the auction process. If you set the base price too low then you may end up losing money. Hence, it is best to choose a reasonable base price (say, 1 ETH) and give bidders a time frame of 7-days for bidding above that base price.
In the form, you’ll be required to choose the “Unlock Once Purchased” option. This enables your NFT art’s buyer to receive a full, high-resolution version of your artwork or collectible. In fact, the buyer can also receive additional material via a download link or a secret web page.
Next in the form is the option titled “Choose Collection”. The default option is “Rarible” and it is advisable to keep it like that until and unless you’ve anything other than this in mind.
You have to give a title and description to your NFT listing so that the chances of its sale increase. Next, you’ll be asked to consider a percentage of royalties that you wish to claim in case there is any resale of your NFT artwork or collectible in the future.
There is also an optional field, which will ask you to add your NFT file’s properties.
Once you click on “Create Item”, you’ll be asked to connect your NFT marketplace’s account with your wallet so that you can make payment of the listing fee. Even if you don’t have the requisite fee in your wallet, don’t worry. Just go to the top-right section of your screen and click the wallet icon. If adequate fund is not there in the wallet, you’ll be prompted to add funds directly within Rarible.
It is very important for you to be absolutely sure about the different fees that the entire process of selling NFTs will require in an NFT marketplace.
The different fees that will be charged are:
It is important to note that none of these fees are clearly mentioned in an NFT marketplace.
You can buy and sell NFTs from cryptocurrency exchanges against various fiat currencies (US Dollar USD, British Pound, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges.
Top 10 most popular NFT cryptocurrency coins are:
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