All About NFTs : How To Create and Sell NFTs

NFTs are the current crypto craze, but what are they?

An NFT or non-fungible token is practically a piece of data that proves you to be the owner of digital content. In more technical terms, an NFT a digital content linked to a piece of blockchain, which is the digital database underpinning cryptos like Eth or BTC. An NFT can represent any digital file, ranging from art to audio, videos to items in video games, and other forms of creative work.

Each NFT is unique, in the sense that it cannot be duplicated. Even if people can have access to copies or images of the NFT, only the owner has the original.

It is also non-fungible, which means it cannot be exchanged into anything else. Unlike crypto like Bitcoin which can be easily replaced or exchanged with something of similar value, for instance, money.

A lot of people have jumped into the world of NFTs, two days ago, Twitter and Square CEO Jack Dorsey sold his very first post on Twitter as an NFT for over $2.9 million. Digital artist Beeple, sold an NFT last month for $69 million, throwing the internet into a frenzy. Millions of dollars are being spent on owning different NFTs from music, to sports to virtual shoes and houses. Artist Krista Kim sold an NFT house for $500,000 last week. 

So how do you get into creating an NFT for sale? 

Who can create an NFT?

Anyone can create an NFT, from artists to entrepreneurs, musicians to companies. Creation is hardly exclusive to people with technical expertise.

There are NFT platforms that make it mandatory for creators to be pre-approved but most do not. A good example of sites that allow people create NFTs without needing pre-approval is Rarible. It is also easier to set up.

How to set up

• Before creating, you first have to connect your Wallet. Click on "Connect my wallet" which is located at the top-right corner and set up any of the wallet options available.

• Go to the Rarible website and tap on the ''Create'' icon. You have the option of creating a single or multiple collectibles, the multiple is for cases where you have more than one to upload.
• After that, click on "Choose file" and upload your file. It can be in any format, MP3, PNG, or GIF. You want to ensure the file isn't heavy as the size limit is 30MB
• Next, put in the price you'd like to sell your NFT for. It's important for you to critically think about the value to be gained from the NFT. A very good thing about NFTs is how they protect intellectual property on work which can very easily be subject to piracy and copyright infringement. If you do not have a set price, you can put it on sale, which allows potential buyers to bid on your NFT.
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• The next step is to enter the name of your NFT and a short description.
•  Set your royalties. These are payments that will be made to you even after primary sales when your NFT is resold into a secondary market. 

• Connect your wallet.  Click on "Connect your wallet" and see the various options of Torus, Coinbase, Fortmatic, or WalletConnect. Tap on your wallet of choice, and pay the service fee to process the listing. 
• Finally, click on "Start".

A great feature of a site like Rarible is that it is connected to OpenSea, a marketplace for NFTs. Anyone can see your NFT by searching the keywords. As soon as your NFT is purchased, the money goes straight to your wallet, and you can decide to use it to purchase other NFTs or convert it to cash using a conversion app like Coinbase.

How To Purchase NFTs

Buying non-fungibles is a lot easier than creating. You only need access to OpenSea, where you can "Explore" or look around. There are different kinds of work for sale and in different formats. When you happen to come across one you want, all you have to do is the following: 

- Click on "Buy Now"

- Click on "Checkout"

- Click on "Submit"

 Finally, you'll be asked to confirm what is called "Gas Fee", which is required for processing of the transaction. 

That's it! Now you're a proud owner of that NFT. 

You can decide to put an NFT you purchased up for sale again.