How to Make and Sell an NFT

Probably most of you already have an idea of what an NFT is. But for some, let us give you a headstart on what an NFT meaning is. A Non-Fungible Token is a unique asset and cannot be replaced by something else. A Gold Pikachu Pokémon card cannot be replaced with a No Rarity Venusaur Pokémon Card, for example, although they are both Pokémon cards, they are not the same cards. NFT also represents ownership of a digital item. Hope that clears it!

Since you know now about NFT, have you wondered how one can make an NFT and possibly sell one in the future? A lot of people, even prominent personalities nowadays, have explored how to make a profit using NFTs. It is one of the newest trends and probably a new way to start in terms of buying and selling digital items. Simple digital artwork can actually be sold for big amounts of money. So better read along so you’ll have an idea as to how to make and sell NFT.

 Buying an NFT

Maybe some of you are wondering why people would buy a digital painting of a monkey? Why would people spend so much money on one single artwork instead of just copying and pasting it and claiming that is yours? Well, buying an NFT comes with its perks. The most common reason is that an NFT shows verified ownership via the blockchain. It is easy to replicate a digital asset but definitely, you don’t own it. It is a status symbol of wealth for some since these NFTs come with membership access, one of the most popular ones is Bored Ape Yacht Club, where the owners of this NFT digital art have exclusive access to events, parties, social groups, etc. One of the reasons as well is that these artworks are rare. You would not find any similar item of artwork in the blockchain. And lastly, the ownership history or the name that the NFT is attached. It may be owned by Hollywood celebrities or famous personalities in the world. People would come flocking and buy these NFTs if they were owned by your favourite celebrity, right?

Making NFTs

Minting an NFT can be quite a tedious process for some. There might be setbacks as you go along the process especially for neophytes but research is the key. Let us provide you with some of the things you need to take note of in NFT creation. 

Set up a new Crypto Wallet

The first step in making NFT is setting up your own crypto wallet. This is basically where you haul your assets. It is where you send fees and receive payment once one of your NFTs is sold if you are lucky enough. Do more research as to the best NFT payment platforms that work for you. Check Metamask, My Etherwallet, Math Wallet, and Coinbase are some of the trusted wallets, but make sure to also check the fees involved. Download a trusted crypto wallet on your desktop computer or on your mobile phone for faster access. 

Buying Cryptocurrency

In buying and selling NFTs, payment must be made using a cryptocurrency. ETH is the most commonly used cryptocurrency. Before you can earn any cryptocurrency when selling an NFT, you need to purchase some to pay for the fees. Transaction fees or they call it ‘gas’ fees, are mostly encountered when buying and selling your NFTs. Mind you, these gas fees are quite a lot of money. You will eventually connect this to a NFT marketplace where you’ll list your NFTs for selling.

Connecting to NFT Marketplace

This step is very important since this is a platform where you’ll list your future NFT assets, you have to select a marketplace. It could be artwork, music, skins of your favourite online games, or any digital asset. You choose the one that has a lot of members that would be easy for you in marketing your NFT, Opensea, Rarible, Axie Marketplace are some of the known ones. This is also where most if not all of the famous personalities list their NFTs for selling. So, make sure to choose the right platform for you.

List your NFT

After setting up your crypto wallet and connecting it to a marketplace, this is the part where money-making takes place. When listing your NFT, be sure to give a catchy description of how you want to market your item. On your chosen platform, you may add an URL pointing to your webpage or your social media account. Just make sure to carefully follow directions when listing your NFT since it can be quite tedious and meticulous for some since it will depend on what platform you use in listing an NFT. Let’s say an example would be an artwork, be sure to add information such as the medium used, the year it was created as well as maybe a little story behind it. 

In this field is where you’ll select a blockchain to where you are ‘minting’ your NFT. Examples are Ethereum, Polygon, Solana, Binance Smart Chain to name a few. You must be very careful during this step, after you have chosen a blockchain, you will not be able to change which blockchain your NFT is connected to. 

Set up your NFT for auction

This is where you’ll have to sell your NFT to possible buyers. There are 3 ways how to auction your NFT:

  • Fixed-price
  • Unlimited Auction
  • Timed Auction

Choose which one works for you and possibly choose the best NFT marketing strategy for you. You also have to think about how to correctly price your NFT since there are fees related to selling your NFT. Be sure to read more about the NFT marketing campaign and NFT marketing.

Pay listing fees

As we mentioned earlier, selling your NFTs comes with fees. That’s why you have to buy a cryptocurrency to cover these fees. You will be then connected to your wallet to pay for these fees. Gas-fee will depend on what marketplace you listed your NFT to. Both the buyer and seller will have to agree on additional fees if there are any. Bottom line is, in selling your NFTs make sure to have enough cryptocurrency on your wallet to cover up the fees when the time someone will have eyes on your NFT.

This process might be confusing to some since NFT making and selling is a new way of money-making and not just that, we are in a digital world. Most of the transactions are done online. So be sure to check with an NFT agent or an NFT marketing firm to promote your assets. We at Silva Digital will be happy to assist you with your NFT marketing needs. Check out our website and let us explore the digital world together!

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