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How to Create buy and sell NFTs Finance

how to create buy and sell nfts finance

Introduction to crypto art

We are sure that you have heard about cryptocurrencies (cryptocurrency) on more than one occasion. Bitcoin, Ethereum, Ripple... are just some of the best-known examples. They are purely digital currencies, where their value has been fluctuating in recent times.

Many users buy and sell this type of currency and manage it as an investment, but this money also allows you to use it in the real world as a currency of exchange on some platforms. In fact, it is possible to buy digital art through them (crypto art). But let's go by parts:

NFTs have become one of the biggest crypto trends of 2021, with total sales growing 55% from $250 million to $389 million. Here's how you can create, buy, and sell these popular digital assets.

NFTs have become one of the biggest crypto trends of 2021, with total sales growing 55% from $250 million to $389 million. Here's how you can create, buy, and sell these popular digital assets.

Non-fungible tokens (NFT), characterized as unique collectible crypto-assets, have been around since 2012, when the concept of bitcoin colored coins (BTC, +0.43%) emerged, usually known by their English name, colored coins . . These coins were simply satoshis—small fractions of a bitcoin—marked or colored with distinctive information that could link the coins to real-world assets. Used to be able to state things like the following: "This satoshi represents $500 from the John Doe office building in New York." 

However, the vast majority of colored coins were used to create and trade works of art such as "Rare Pepe" digital cards on Counterparty, a peer-to-peer trading platform built on the blockchain. bitcoin blockchain.

These frog cartoons adapted from a viral internet meme were some of the earliest examples of unique digital artwork tied to crypto tokens. This paved the way for the ideation and creation of new non-fungible token standards, a set of blockchain building blocks that allow developers to create their own NFTs.


NFTs can be used to represent virtually any type of tangible or intangible item, including:

  • Artworks
  • Virtual items within video games, such as skins, virtual currencies, weapons, and avatars
  • Music
  • Collectible items (digital cards, for example)
  • Tokenized Real-World Assets: From Real Estate and Cars to Racehorses and Designer Sneakers
  • virtual terrains
  • Videos of iconic sporting moments


How to create NFTs

Creating your own NFT, be it a GIF or an image, is a relatively simple process and does not require a great deal of knowledge of the cryptocurrency industry. NFT works can also be used to create collectibles such as digital card sets. 

Before you begin, you will need to decide on which blockchain you want to issue your NFTs on. Ethereum is currently the leading blockchain service for issuing NFTs. Nonetheless, there is a range of other blockchains that are becoming increasingly popular:

  • Binance Smart Chain 
  • Flow by Dapper Labs 
  • Tron
  • them (EOS, +0.48%)
  • Polkadot
  • Tezos
  • Cosmos
  • WAX

Each blockchain has its own NFT token standard, supported wallet services, and marketplaces. For example, if you create NFTs on Binance Smart Chain, you will only be able to sell them on platforms that support Binance Smart Chain assets. This means that you will not be able to trade them on VIV3, a marketplace based on the Flow blockchain, or OpenSea, an Ethereum-based NFT marketplace.

Since Ethereum has the largest ecosystem of NFTs, here's what you'll need to mint your own artwork, music, or video on it:

  • An Ethereum wallet that supports ERC-721 —the Ethereum-based NFT token standard—such as MetaMask, Trust Wallet, or Coinbase Wallet. 

  • Between $50 and $100 in ethereum (ETH, +2.00%) (ETH). If you use the Coinbase wallet, you can buy ether from the platform with US dollars, British pounds, and other fiat currencies. If not, you will have to buy ether on a cryptocurrency exchange. You can find here a guide to buying cryptocurrencies using the most popular exchanges. 

Once you have all this, there are a number of NFT-focused platforms that allow you to connect your wallet and upload the image or file you want to convert into a non-fungible token.


The main Ethereum NFT markets are: 

Makersplace also allows you to create your own NFTs, but you have to pre-register to be a listed artist on the platform.

OpenSea, Rarible, and Mintable have a "Create" button in the top right corner. This is how the process works at OpenSea, currently the largest Ethereum-based NFT marketplace.


Clicking the "Create" button (see screenshot in blue) will open a screen asking you to connect your Ethereum-based wallet. Once you have entered your wallet password, it will connect to the marketplace. You may need to digitally sign a message in your Ethereum wallet to prove that you own the address on it, but it only takes one click to proceed. 

Digitally signing a message does not entail any cost; it only serves to prove that you are the owner of the wallet. 

The next step in OpenSea is to go to the top right corner and select "My Collections". From there, click the blue "Create" button, as shown below.


A window will appear allowing you to upload your artwork, add a name, and include a description.

This part essentially consists of creating a folder for your newly formed NFTs.

Once you have assigned an image to your collection, it will appear as shown below (blue). Next, you will need to add a header image to the page by clicking the pencil icon in the top right corner (red).


Your page should look like the image below. If so, then you are ready to create your first NFT. Click the "Add New Item" button (blue) and sign another message with your wallet.

You will come to a new window where you can upload your NFT image, audio, GIF, or 3D model. 

At OpenSea and many other marketplaces, you also have the option to include special traits and attributes to increase the scarcity and uniqueness of your NFT. Creators even have the ability to include unlockable content that only the buyer can see. It can be anything: from passwords to access certain services to discount codes and contact information.

Once you're done, click "Create" at the bottom and sign another message in your wallet to confirm the creation of the NFT. The work should then appear in your collection.

How much does it cost to make NFTs?

Although there is no cost to create NFTs on OpenSea, some platforms charge a fee. In those based on Ethereum, this fee is known as "gas", which simply consists of an amount of ether necessary to perform a certain function in the blockchain: in this case, adding a new NFT to the marketplace. The cost of gas varies depending on network congestion. The greater the number of people transacting value on the network at any given time, the higher the price of gas rates. And vice versa.

Tip: Ethereum gas fees are significantly lower than average during the weekend when fewer people are transacting on the network. This can help keep costs down if you are listing multiple NFTs for sale.

How to sell NFTs

To sell your NFTs on a marketplace you will need to locate them in your collection, click on them and find the "Sell" button. Clicking on it will take you to a pricing page where you can define the terms of the transaction, including your preference for an auction or fixed-price sale. 

Ether and other ERC-20 tokens are the most common cryptocurrencies you can sell your NFTs for. However, some platforms only support the native token of the blockchain they were built on. VIV3, for example, is a marketplace built on the FLOW blockchain and only accepts their tokens.
 

By clicking the "Edit" button next to the collection image on OpenSea, signing the message with your wallet, and scrolling down, you have the option to schedule royalties and select which ERC-20 token you would like to receive for the sale of the collection. NFT. Royalties allow NFT creators to earn a commission each time the asset is sold to a new person. This has the potential to create lifetime passive income streams for artists and other content creators automatically thanks to smart contracts.

Posting NFTs on a market sometimes requires a fee to complete the process. Although this is not the case for all platforms, it is something to keep in mind when creating NFTs.

How to buy NFTs

Before rushing to buy NFTs, there are four things to consider: 

  • In which marketplace do you intend to buy the NFTs
  • Which wallet do you need to download to connect to the platform and buy NFTs?
  • What cryptocurrency do you need to fund your wallet with to complete the sale? 
  • Whether the NFTs you want to buy is sold at a certain time or through an auction.  

As you can probably already guess, some NFTs are only available on specific platforms. For example, if you want to buy NBA Top Shot packs you will need to open an NBA Top Shot account, create a Dapper wallet, and fund it with the USDC stablecoin or supported fiat currency options. You'll also need to wait for one of the card pack deliveries to be announced and try your luck trying to buy them before they run out.


"Pack drops" and "art drops" are becoming an increasingly common method of selling scarce NFTs to a public of eager buyers. These releases typically require users to sign up and fund their accounts beforehand so they don't miss out on buying NFTs when they run out. The "pack drops" and "art drops" can end in seconds, so you have to have everything prepared beforehand. 


Where to buy NFTs


For crypto traders who are primarily interested in buying NFTs, here is a list of the most popular marketplaces in 2021:
OpenSea
Rarible
SuperRare
Nifty Gateway
Foundation
Axie Marketplace
BakerySwap
NFT ShowRoom
VIV3 


Is it a good time to buy NFTs?


The craze for NFTs is far from over. Big brands and celebrities like the UFC and Shawn Mendez have signed deals to launch their own non-expendable assets soon. Even Elon Musk's girlfriend, Grimes, has joined the movement selling nearly $6 million worth of digital artwork in minutes.
  

Messari analyst Mason Nystrom anticipates the NFT market to exceed $1.3 billion by the end of 2021 as more artists, brands, and icons flock to the space to create their own distinctive tokens. With more blockchains vying to produce better NFT services and a growing range of platforms to choose from, this is a great time to get involved in the space.

DISCLOSURE

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