The NFT market will be worth $230 billion by 2030. Are you cashing in?
If creating and selling NFTs is part of your plan, read on!
Step 1: Open a crypto wallet account
You’ll need cryptocurrency to create and sell NFTs. Ethereum is currently the most widely accepted payment method.
If you already have some, make sure it’s in a digital wallet. If you don’t have any, you can buy ETH from a cryptocurrency exchange.
Step 2: Choose a NFT marketplace
You can set up an account with online marketplaces like Jupiter Meta, OpenSea, WazirX, Rarible, Colexion, or BuyUCoin that you’ll use to sell your NFTs. Then, link your cryptocurrency wallet with the NFT marketplace you chose.
(In 2021, 8% of Indians invested in NFTs. In America, more than 70% of people don’t know what an NFT is.)
Step 3: Choose your digital file(s)
You can turn anything produced digitally, be it articles, tweets, GIFs, artwork, music, memes, games, videos, etc., into NFTs!
Word of caution: There are various fees involved while buying or creating NFTs. Keep swiping to know about them!
Step 4: Create a listing
Choose the type of listing you want to create. On marketplaces like OpenSea, you get 2 options:
- On Sale: If you wish to sell your NFT for a fixed price, create a listing by simply entering the price for your NFT and choose the time period you want the listing to be active.
- Auction: In this type of listing, you set a minimum price for your NFT. The NFT is then auctioned off to the highest bidder at the end of the auction period.
SALT tip: Pricing your NFT
- To find out the cost for similar items, research different marketplaces and take a look at the floor pricing of different types of NFTs.
- Learn about your competitors’ buyers, fan base, frequency of NFT sales, target market, etc. This can help you determine to whom you intend to sell and at what price.
The costs for minting an NFT (the process of creating an NFT on a blockchain) involve basic costs like:
- Gas fees — for transacting and storing your NFT on the blockchain ($1 up to $500)
- Account fees — charged by the NFT marketplace that you’ve chosen to use
- Listing fees — a charge for the sales listing you’ve made
There are many more tiny fees involved in generating, maintaining and selling NFTs. Make sure you’re aware of such costs!
Step 5: Accept an offer
Once listed, keep an eye out for offers from potential buyers.
If it’s sold at a fixed price or auctioned off, you’ll get alerts about those transactions or bids placed for your NFT. Buyers may also send you private offers of certain figures.
Use social media platforms to spread the word about your new listing and share this with your friends as a reminder to MAKE 👏 THAT 👏 LISTING 👏