With NFTs constantly making headlines for the past year, many people are now gaining interest in creating, buying and selling NFTs. After all, who wouldn’t notice an industry where artists, celebrities and creators alike have made millions from?
Indeed, there are a lot of good reasons to buy an NFT. Despite this, there is still a lot of confusion surrounding the world of NFTs especially among newbies.
In this article, we’ll give you a step-by-step guide on how you can create, buy and sell NFTs.
How to Create NFTs
Before we head over to creating (also known as minting) your very first NFT, you will need to set up a few things first: choosing a platform, setting up your wallet, funding your wallet, minting your NFT and listing your NFT on the platform of your choice.
Step #1: Choose a platform
Choosing an NFT platform is the most crucial part of the entire process. In this article, we’ll focus on creating an NFT on OpenSea, the first and the largest marketplace for NFTs and crypto collectibles. What’s great about OpenSea is that it allows “lazy minting.” Thus, you can list your NFT without any upfront gas fees as the NFT will not be transferred on-chain until the purchase is made.
Step #2: Set up your wallet
Once you have chosen your NFT platform, the next thing you will need is a crypto wallet where you can store your cryptocurrencies and NFTs. Choose a wallet that’s compatible with Ethereum (ETH) blockchain since most NFTs require ETH.
In this case, we’ll use MetaMask wallet, a cryptocurrency wallet supported by Ethereum-based applications such as OpenSea. You can opt to use it as a Google Chrome extension or an Android or iOS app.
Step #3: Fund and connect your wallet
After funding your crypto wallet, the next step is to connect your wallet to your chosen platform. In this case, OpenSea. When doing so, look out for a request to connect your wallet especially when you don’t expect it as it might be the scammers lurking around to access your funds or NFTs.
Step #4: Mint your NFT
OpenSea allows users to create collections, which from the name itself, enable you to make a series of NFTs. After creating a collection, you can then upload your artwork and in a name and description. To make your first NFT, click on the “Add New Item” button and choose the file you will be selling as an NFT. You can upload an image, audio, gif or 3D model.
Once you have uploaded your file, add in a name, a description and an external link (you can add a URL of your website or your Twitter account). You can also include special traits under properties, levels and stats to increase the scarcity of your NFT. What’s more, OpenSea lets you add text that acts as unlockable content, which can only be viewed by the buyer. This can include anything from a link to your private Discord, a discount code or simply a thank you message.
How to Buy NFTs
Before diving into buying NFTs, you need to consider that each blockchain has its own NFT standard, compatible wallet services and marketplaces. As such, certain NFTs will only be available on specific platforms using specific blockchains.
For instance, if you are planning to buy an NBA Top Shot, you will need to have a Dapper wallet which should be funded by either Ether, Bitcoin and Bitcoin Cash, and the Ethereum variations of Dai and USD Coin.
Step #1: Browse NFTs on OpenSea Collections
For this guide, we’ll use MetaMask and OpenSea as an example. Once you have your MetaMask wallet funded and connected to your OpenSea account, you can now browse the OpenSea NFT collections. To see all the NFT collections on OpenSea, go to your OpenSea profile and click on “Explore.”
You can filter your search by clicking on Trending, Top, Art, Collectibles, Domain Names, Music, Photography, Sports, Trading Cards, Utility or Virtual Worlds.
Step #2: Purchase the NFT
Once you find the one you like, click “Buy Now” to proceed to check out. You will see the details of the NFT including the name, collection, subtotal and the total. Next, OpenSea will then load up your MetaMask wallet. This will give you the details of your purchases such as the estimated gas fee and the amount of time needed to load the transaction.
Click “Confirm” and wait until your purchase is processed.
How to Sell NFTs
If you wish to sell your own NFT or an NFT you have just purchased, you need to have a MetaMask wallet funded with ETH for gas fees needed to list and sell your NFT.
On your OpenSea profile, choose the NFT you wish to sell and click “Sell.” Select the price, currency and the expiration of the sale. Then click “Complete Listing” to confirm the listing.
Create Your Very First NFT Token with SMMILE
Learn more about our NFT Development Services by sending us a message at email@example.com or contacting us at (65) 8687 8143.