Yes! You've been waiting for this ultimate guide to NFT. As you can see, sales of crypto art and NFTs are currently causing a sensation. More than just a wave of a new trend, it seems that we are discovering all the interest and power of NFTs.
This opens up new possibilities in the world of art but not only elsewhere. Artists can find a new way to get paid (you can even schedule lifetime commissions on all future sales of your work!). This is what we call NFT royalties.
They also find a new audience and the public itself also finds a new way to invest and diversify its portfolio.
Today, we are going to present to you a practical guide to understanding NFTs. Here we will see how to create them, how we buy them and how we sell them.
Simple explanation of NFTs:
On NFT, that means Non-fungible Token. Fungible means that can be replaced by something similar. And, therefore the NFT token is not fungible, this means that it is not exchangeable with another comparable token. It has its own value.
For example, a 10 euro note is fungible, it can be exchanged for another currency such as dollars for an equivalent to 10 euros. Currencies are interchangeable. Most cryptocurrencies are also interchangeable. You can exchange bitcoins for ether for example.
Thus, the codes of NFTs are different from other tokens. These are standards that guarantee the uniqueness of each token. They are also verifiable on blockchain technology.
To do this, the Ethereum blockchain has created this type of token under the ERC-721 standard (unlike other tokens which are often built under the famous ERC-20 standard). You should know that there are NFTs under other blockchains than Ethereum.
In this way, NFTs are themselves digital collectibles or even deeds of ownership that have value. They each refer to a real asset (or not) it all depends on the choice of NFT you have.
Even if we talk a lot today about the incredible sale prices of certain tokens, you should know that NFTs have existed and been used for quite a while. In fact, CryptoKitties was the first collection to honor NFTs.
Then, in 2020 and especially at the start of 2021, it was a pure explosion with record sales of cryptopunk and Hashmask to name but a few. Moreover, the NFT marketplaces are also becoming more and more popular.
The different uses of NFTs
NFTs can be used to tokenize just about anything, with various media types being particularly low hanging fruit. So far, some of the most popular NFT use cases have been:
- Digital works of art (available on NFT marketplaces as opensea, SuperRare, KnownOrigin, Art Async, Rarible, etc.)
- Audio files and digital music (Mintbase, InfiNFT, etc.)
- Virtual real estate (Decentraland to quote the pioneer, etc.)
- Articles about video games and those about Virtual Reality (OVR)
- Virtual currencies and video game assets (Axie Infinity, sorare, Gods Unchained, etc.)
- University diplomas and certificates
- Domain names (Ethereum Name Service, UnstoppableDomainsetc.).
- Luxury products or property deeds (luxury car, etc.)
- Insurance contracts (yEarn's yInsure, etc.)
- etc.
We are still at the beginning of this industry and we will soon see NFTs in several sectors, that is almost certain.
Create NFTs and sell them
If you want to create your own NFTs, then you already need to be at least creative. Certainly, some NFTs are simply images created using simple software such as Microsoft Paint. That said, the more aesthetically interesting your work is, the more likely you will be to sell it for more. Or to make a name for yourself in the field.
? Today, the good news is that there are NFT generators accessible to all. These are easy-to-use software to create NFTs from A to Z.
Finally, the great thing about NFTs is that it’s open to everyone. All artist profiles can submit their works. Be aware, however, that there are platforms that are more selective than others.
Otherwise, platforms like OpenSea are open to everyone and everyone can create and submit their work.
Now that you have chosen your media, audio, GIFs, video clips, visuals or even 3D files; you can then present yourself in an NFT marketplace, quite simply.
Creating and selling NFTs are two different things. We wrote an article to find out how sell your NFTs.
? The 10 tips for really selling your NFTs!
How to “Mint” your NFTs
The process of tokenizing your artwork and creating your NFTs is called “minting.” Basically, putting your artwork on the blockchain and assigning it a token is what is called minting.
So, there are several marketplaces to deposit your NFTs. It's up to you to find the right platform for the type of work you want to sell.
There are different types of marketplaces.
Marketplaces open to everyone
Open access marketplaces, of the “do it yourself” type. Here, you are the one who freely deposits your NFTs. No one is going to limit you in your NFTs. Anyone can register without authorization and anyone can deposit their creations. Creating NFTs implies that you are going to sell them on NFT marketplaces.
Selective marketplaces
In these marketplaces, entry is selective for artists. You must submit your application and only confirmed artists with a good portfolio can apply. Types of marketplaces of this type are SuperRare and Know Origin for example.
Now that your choice has been made, you can start downloading your works.
To do this, you will first need to have an Ethereum wallet of the type Dappradar.
This is indeed the first step and if it is really the first time that you create a MetaMask wallet, remember that you absolutely must preserve your private key! Read our Metamask tutorial to find out how.
Then, you must go to the platform you have chosen. Nothing stops you from going to several marketplaces!
For example, we will act as if we wanted to sell our NFTs on the OpenSea marketplace. You can also do this on Rare, it's the same principle with little difference.
Then, you need to click on the “My account” tab and click on “Submit NFT”.
There you will arrive on your page with your collections.
You will then just need to complete all the parameters (add a banner, put a profile photo, etc.)
Once you have entered all the parameters you want, you can submit your NFT.
You will then be able to submit your NFT, which will require some ETH to pay for the minting transactions. As these are non-fungible tokens, you have to pay ether and not gas fees.
Note: As you certainly know, lately, Ethereum transactions have a very high cost...You can then wait for the prices to decrease (Hmm, we're all looking forward to it) or also wait for Ethereum to improve the network or increase NFT prices to offset your costs.
How to sell your NFTs
You can resell your NFTs on the majority of platforms like OpenSea and Rare For example. OpenSea is useful if you are looking to sell in an auction system.
It’s even easier to buy than create NFTs. Here again of course you will need an ETH wallet.
Once you have found the artwork of your choice, simply click on “Buy” or “bid” if you want to make an offer for an auction.
If you want to know what price you should charge, try to see what other people are selling their work for and try to match it.
In fact, of course, it is not an easy question nor an easy choice to make.
Secure your NFTs
You know NFTs, they’re still tokens like any other. You must also be vigilant as you do with your other cryptocurrencies. You can also store them in physical wallets for example for even more security like the Ledger for example or simply on MyEtherWallet.
Final Word on Creating NFTs
If you are an artist, you have to admit that this is a golden opportunity for you. You have the ultimate opportunity to make money on your artwork.
In addition, there are starting to be projects with non-fungible tokens that combine with those of DeFi. So we will also be able to enjoy even more possibilities in the future.
In any case, the world of cryptocurrencies is evolving strongly and we already have confirmation that art and crypto go very well together and that this marriage will certainly make a lot of people happy and even children!
Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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Bonsoir
No, it's really not accessible to everyone because to put an Nft on rarible the cost is around 100€ so not accessible to everyone and what's more, once on the platform lost in the middle of millions of proposals and processing fees. money transfer and eth to dollar conversion fees and repatriation fees for the funds we are real cash cows and to sell if your name is not Elon Musk you can forget, a nice scam in perspective this thing.
I strongly advise against.
A person who spends 100 euros to sell it for 2000 euros, perhaps they will be happy with this profitability. There are always costs when you want to sell something - even in real life. In an exhibition, in a gallery, we will pay higher fees and even higher commissions. But thank you for giving your opinion.
and on OpenSea or other sites, are the fees lower?
the thing is, it's not really the platforms that determine the gas price, it's the Ethereum network...