- NFT which is a part of blockchain technology has been getting much buzz in the media in the way it enriches art creators
- Selling an NFT relies much on the ability of the art creator to market their pieces and let potential customers see their values
- The journey to minting your first piece starts with getting a crypto wallet and registering on an NFT marketplace
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If you are thinking creating Non-Fungible Tokens is a path to getting rich quickly, take your mind off the idea, it will not. Like other endeavours, you need to work hard at it.
NFTs are digital arts that are showcased on online marketplaces called exchanges for people who appreciate them to buy. If this is your first entrance into crypto, Binance Academy has a full course here.
In this report, YEN.com.gh will be using OpenSea, a known NFT marketplace, as an example and drawing resources from The Motley Fool. It should be noted that all marketplace does not run the same way.
1. Sync your wallet
The first step you need to take is to go and open a crypto wallet and connect it to your OpenSea account, the NFT marketplace you want to sell your photos on.
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To do this, login into your account and click on the “Create” button in the top corner to get yourself started.
It should be noted that other marketplaces have similar prompts on their site that are similar to OpenSea’s own.
As soon as your wallet is connected, give a brief introduction about yourself so people can know you.
2. Creating your first piece
Still on your OpenSea account, click on “Create” you will be asked to upload your file. Different files like Jpegs, and MP4 are allowed.
There would be boxes where you will be asked to describe your file. You will also need to choose which network you want to mint your NFT on. Popular ones are Ethereum and an Ethereum-based protocol called Polygon (MATIC).
Once you click complete after following all the procedures, your first NFT is minted. Congrats!
3. Fund your wallet
Remember the wallet you connected in step 1? Make sure you have some money in it. In this case, some eth. This is important as making any sale on the blockchain requires that you pay some fees known as gas fees.
Before even selling anything at all, deposit some money in your wallet. Do not worry about how much the fees would cost, OpenSea system will do the calculation for you.
4. Selling your NFT
After you have successfully minted your NFT, go to the marketplace and click on “Sell” on the page your piece is on. From there, pick the type of sale you want between a time auction or selling at a fixed price.
After this, the marketplace will also tell you the fees you would be paying for the sale. OpenSea charges around 2.5% of the selling price.
5. The power of networking
Minting and putting your NFT up for sale is not going to give your automatic money. You need to network within the NFT community and share your collection with people. The more popular your works are, the higher possibility of getting someone interested in it.
The downside is you may spend much minting an NFT and not get someone to buy it at all.
Photographer makes money from NFT
Meanwhile, YEN.com.gh earlier reported that a young man, Adisa Olashile, who became popular on the internet as the brilliant photographer who converts photos to NFT did it again.
Days after he sold photos of an old drummer for GHc20k, Adisa went back to him and fulfilled his promise of giving the man 50% of what he made from the NFTs.
In the emotional clip, the man was amazed when he gave him bunches of naira notes. He even took the man to a phone shop to get him a smartphone.
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