How to sell NTF? Where to sell NFT? In this complete guide, we discover the sites, costs, and possible earnings of this activity.
NFT is an acronym for the English expression.
Non-Fungible-Token. It is in fact an asset that cannot be replicated but can be purchased for a certain price. Here lies the difference with cryptocurrencies. In fact, while the latter can be exchanged with each other, the NFTs are unique pieces, designed just like collectibles.
Each NFT has its own certificate of ownership and, like traditional collectibles, can acquire value over time. Ownership and authenticity is established via blockchain.
The first form of NFT was the CryptoKitties, created by Axiom Zen in 2017, registered on the Ethereum blockchain.
Over the years, NTFS has taken on many forms: not only images (png, jpg, jpeg…), but also videos, mp3, GIFs, and any other multimedia content.
NFTs have the primary purpose of removing all types of intermediaries from transactions. In addition to the fact that an artist can exhibit his works without having to resort to galleries or rent spaces. Everything takes place virtually.
How to create an NFT? The first thing to say, and very heartening, is that you don't need to be an expert in the world of cryptocurrencies to create an NFT and sell it online.
Above all, it is necessary to have some tools that require the use of a cryptocurrency. Ethereum has taken a prominent role in this and we will use this to show it.
Here's what it takes to create an NFT:
A wallet (digital wallet) that allows you to use the Ethereum cryptocurrency. As well as obviously keeping their NFTs created or purchased by third parties
A profile registered on any NFT marketplace
These are the steps to perform :
Set up an Ethereum wallet, to keep the Ethereum cryptocurrency (and the NFTs themselves)
But even a small amount of Ethereum to cover the costs of the platform
Connecting the wallet to a marketplace that sells NFTs: there are now many of them and we will see them better later
Just as there are different platforms that allow you to create NFT, both on your own and by turning to professionals.
Selling NFT: sites and marketplaces
Once we have clarified (albeit briefly) what it is, how it works, and how to create an NFT, let's try to understand which are the platforms that allow you to sell them.
Coinbase
coinbase nft
Coinbase is one of the most important cryptocurrency exchanges in the world, so it couldn't miss the world of NFTs.
Coinbase NFT is a digital marketplace where NFTs can be minted, collected, discovered, and displayed.
For now, Coinbase NFT is only available to users who are from the United States. But it aims to expand to other countries in the future as well. In fact, the platform invites you to subscribe to your mailing list to receive future updates.
By joining the waiting list via email you will be among the first invited to join the platform and receive updates on Coinbase NFT. Including the official launch date.
Furthermore, it is worthwhile to be included in the access list, since Coinbase NFT gives priority to those who are on the waiting list, in chronological order.
You can level up based on the number of waitlist signups the platform will receive from your unique referral link. In fact, once another user uses your unique referral link and completes signing up for the waitlist, your online ranking is reconfigured to a higher ranking.
Having said that, let's see how buying NFT on Coinbase works. You will need to buy Ethereum (ETH) first, then use your ETH to buy NFT. First, you need a self-custody wallet.
Download Coinbase Wallet: A self-custody wallet such as Coinbase Wallet is required to purchase NFT. Coinbase Wallet is available as a mobile app and as a browser extension.
Choose a username for Coinbase Wallet: During the Coinbase Wallet setup, you will need to choose a username, which allows other Coinbase Wallet users to easily send you cryptocurrency. You can keep it private but you will still need to enter your username to log into your account.
Make sure you keep your recovery phrase securely: when you create a new self-custody wallet you will be given a recovery phrase consisting of 12 random words. You will need to use it to access your cryptocurrency.
It should always be remembered that anyone in possession of their recovery phrase can have access to the cryptocurrencies owned. It is, therefore, better to jealously guard this code. In addition to using Coinbase Wallet's cloud storage functionality. Another thing to remember is that Coinbase never asks for your recovery phrase.
This means that, in addition to not falling into phishing attempts that pretend to be the American Exchange with well-made emails asking you for the recovery phrase, Coinbase is not even able to help you access your wallet if you ever lose it.
Check the fees imposed by Coinbase: the fees vary based on the traffic in progress on the network, the complexity of the transaction, and the time to complete.
It is a good idea to always keep sums of money aside in order to pay commissions. Coinbase reports the commission plan transparently.
Buy and transfer ETH to Coinbase Wallet: the preliminary step is to create a Coinbase account in order to purchase ethereum (ETH). The ways in which you transfer ETH to your Coinbase Wallet vary depending on whether you use the mobile app or the Chrome extension.
Use your ETH to buy NFTs in the transactions tab
If you use Coinbase Wallet on your phone, you can conveniently purchase NFT through the app. Here are the steps to follow:
Tap on the `` Transaction '' tab, from where you can trade ETH for any token managed according to the Ethereum standard (`` ERC-20 token '')
Click on the currency choice option and select NFT
Enter the amount of ETH you wish to exchange to obtain NFT (also calculating any commissions)
Confirm your purchase and follow the on-screen instructions to finalize the transaction.
In case you are using the Coinbase Wallet extension, tap the & quot; Convert & quot; button. Search for NFT and enter the amount in ETH you want to exchange to get NFT
Confirm your purchase and follow the on-screen instructions to finalize the transaction
GO to the Coinbase website
OpenSea
OpenSea can be considered by far the largest NFT marketplace out there. The New York-based platform allows the trading of NFTs ranging from in-game and collectible items to works of art, trading cards, domain names, virtual worlds, and so on. In short, it sufficiently covers all kinds of Non-Fungible-Tokens.
It was founded by Alex Atallah and Devin Finzer, the latter coming from a giant like Google. The synthesis of its function is in its description:
NFTs have exciting new properties: they are unique, probably scarce, liquid, and usable in multiple applications. You could throw them in the trash, give them to a friend around the world, or sell them on an open market. But unlike physical assets, they come with all the programmability of digital assets
SuperRare
super rare is an Ethereum-based NFT marketplace. Here, too, the user will find a wide selection of NFTs, especially high-quality works of art.
It is characterized above all by a user interface with suggestive GIFs and auctions in real-time.
The nature of SuperRare is the mirror of the times also for the Social format it offers. Additionally, it works closely with artists to ensure that high-quality crypto art and media are listed on its market.
It was one of the first NFT marketplaces, but also very coveted. Just keep in mind that artists have to apply to start selling on SuperRare and there is a long waiting list as well.
Particularly successful are the unpublished Time covers, which hitherto yielded to the prestigious American magazine known for its covers dedicated to famous people, for about 1.5 million dollars.
Rarible
Rarible is a community-based NFT platform that also operates on the Ethereum (ETH) blockchain. It allows, like the previous ones, to buy, sell and mint a wide range of digital art and collectibles.
The interface is extremely user-friendly and minimal. You can quote NFTs on the platform using the Rarible (RARI) token. Which was also designed to incentivize trading. It allows the most active creators and collectors on Rarible to vote for any updates to the platform and participate in its management.
Mintable
Mintable is an NFT marketplace launched in 2018, based in Singapore. It supports Ethereum and Zilliqa (ZIL) based NFTs.
There are various categories of NFT that can be found on Mintable, such as works of art, collectibles, objects related to the world of the game, and music.
The articles on the platform are further classified as normal, free of gas, and printable.
There are additional features on Mintable, such as custom shops and advertising packs, which can be accessed by upgrading to the Pro plan.
For those who want to use it to mint their own NFT, the good news is that doing so is very simple.
MakersPlace
MakersPlace is an invitation-only community-driven NFT marketplace for digital creators. His goal is to create a community of talented creatives.
Founded in 2018, based in San Francisco, it has an escrow function and charges a 15% fee on all ETH purchases. Secondary sales payments can be made via credit cards.
It periodically releases new NFT drops and has hosted several of the likes of T-Pain and Shakira. At the beginning of 2021, it was temporarily suspended due to excess visits, as it made available a collection of NFTs by one of the hottest crypto artists: Beeple.
Foundation
Foundation is an NFT platform that allows artists to mint and sell their NFTs.
It has become famous for having recorded many high-profile sales, such as the famous Nyan Cat NFT, Edward Snowden's first crypto artwork, etc. It was sold for more than USD 800,000.
How to sell NFT: tips
Having made an overview of the main marketplaces for buying and selling NFTs, let's now see some useful advice specifically on how to sell NFTs.
Indeed, as with cryptocurrencies in 2017, now it's up to NFTs. Which are attracting the attention of more and more people.
Given that to sell an NFT, you must also know how to create it, it is also true that it is also possible to win a Non Fungible Token created by third parties which, in our opinion, will see its price increase in the future. A strategy that in the financial markets is defined as a “ drawer ” (in Anglo-Saxon jargon “Buy and Hold”).
Probably the most obvious benefit of creating and selling your NFTs is that you receive full control of your work as an artist. So, no more intermediaries or contracts to be respected. Factors that involve costs but also less managerial independence.
The NFTs will be placed on a decentralized platform, which allows you to receive the majority of royalties from your sales. Of course, the “ zero cost ” policy does not exist, as you have to consider that a cut goes to the host market and you also have to pay gas taxes (most of the time).
So, this is also implying that, in addition to soliciting the artistic vein, Non Fungible Tokens are also proving to be an excellent digital investment.
NFTs also offers another possibility: to better understand cryptocurrencies, another rapidly expanding market. Also precisely because of the spread of NFTs. In fact, willy-nilly, if you want to invest in the latter, you must necessarily take care of other factors such as:
cryptocurrency wallets
specific crypto coins
portfolio and marketplace connections
transactions based on cryptocurrencies
ECC.
In addition, it is also necessary to have a smattering of what the blockchain is, which is the real revolution induced by Bitcoin. In short, non-fungible tokens can just act as a springboard to enter the world of cryptocurrencies. This implies a great opportunity, of course, but also a great risk.
Regarding the future predictions on NFTs, let's say that there are two schools of thought, at the antipodes :
the most skeptical one, who believes that we are currently in a huge bubble that is bound to burst soon
the more optimistic one, which considers NFTs the future of art and digital investments
In reality, we believe that the second school of thought will most likely prevail, also because, in addition to works of art, NFTs are taking over other forms of use. Like concert tickets, VIP packages, etc.
Furthermore, even with regard to cryptocurrencies, death bells have often been rung. But in the end, apart from sharp price drops due to their volatile nature, they are still living investment tools. Indeed, they are launching various other forms of investment: Defi, yield farm, cross-chain projects, etc.
Returning to the initial question, having made the necessary assessments of whether or not it is convenient to invest in this digital asset, it is necessary to choose a platform that is simple and with reduced costs. In addition to proposing a good that can find success.
What are the costs of putting an NFT up for sale?
We now come to the costs chapter. Let's say they can range from a dollar to over $ 1,000.
As mentioned at the end of the previous paragraph, it also depends on the platform you choose.
While Rarible imposes for example upfront commissions on sellers, other platforms such as OpenSea simply take a portion of the proceeds from the sale (basically royalties).
Taking for example the most used marketplace, such as OpenSea, the new collection manager allows you to create NFTs without paying any initial gas fee. Since the NFT is not transferred to the chain until the first purchase or transfer.
NFTs made with the Collection Manager follow the ERC-1155 standard, partly to encourage gas-free minting and partly to help us add exciting features in the future.
Furthermore, the first NFT published on OpenSea is subject to a gas fee associated with the initialization of your account.
How much can you earn by selling NFTs?
It is practically the same as someone who paints pictures and takes part in exhibitions, galleries, simple markets, exhibits on the street, or rents spaces in a shopping center. Hoping to find potential buyers.
However, it is also possible to earn money from the sale of NFTs by buying other people's works and then reselling them hoping that they will acquire value over time. Because maybe the artist has become famous or in any case better known, or because that genre has become fashionable.
Even in this case, it is precise as they once did (and still do) with traditional paintings. But, remaining on the subject of financial investments, it is also done with shares that are temporarily underestimated or with cryptocurrencies whose price is low.
In the first case, the focus is entirely on one's talent. In the second case, however, on his own intuition as an investor.
Shooting figures is impossible. It depends on many things. Of course, also in this field, there is also talk of incredible amounts, but you always need to be cautious and not get carried away by the enthusiasm and then do bad business.
Final considerations
Since Bitcoin was launched in 2009, there are so many innovations that the first cryptocurrency as we know it today has brought to the world of finance and investments. Especially thanks to the Blockchain that underlies it.
Among these, very particular is the NFT, acronym of Non-Fungible Token. Since we are not talking only of mere financial assets, but of digital works of art that are finding more and more success among artists, but also, precisely, investors.
After all, the former find the main advantage of having total control over their work. Without having to resort to expensive and often undemocratic intermediaries. While the latter, they are finding in NFT a new way to make money, riding the wave.
As with all investments, knowledge, and prudence are also required in this case. And in this complete guide, we have tried to give the right tools on the subject.
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