In the next part of the form, you’ll need to choose how to sell your NFT artwork. ‘Fixed price’ allows you to set a price and sell your NFT instantly (rather like the ‘Buy it now’ option on eBay). The ‘Unlimited Auction’ option will allow people to carry on making bids until you accept one. Finally, ‘Timed auction’ is an auction that only lasts for a set time. Whichever one you’ve chosen, you’ll need to connect it to the NFT platform that you’ll use to sell the NFT. For illustrative purposes, we’re using Rarible, but there are many other NFT platforms to choose from and the process will generally be similar to what we outline below.
Upload digital artwork
We have an entire explainer going into NFTs and the culture around them, as well as an explainer on the blockchain technology that NFTs use. Hardhat makes it super easy to integrate Plugins(opens in a new tab) for additional tooling and extended functionality. We’ll be taking advantage of the Ethers plugin(opens in a new tab) for contract deployment (Ethers.js(opens in a new tab) has some super clean contract deployment methods). Yes, and NFT marketplaces are now offering alternatives to energy-hungry Ethererum with better carbon footprints.
This may be an image, an audio production (such as a song), or even a short video clip (such as an animated GIF). The goal is to create a unique piece of digital media that can be sold, just like selling a painting at an art gallery. Thanks to the magic of blockchain technology and its permanent digital ledger, creating (also called “minting”) an NFT allows creators to always receive historical credit for its creation. That allows any NFT creator to set a fee or royalty when someone sells that asset.
Set up a digital wallet
In a market filled with invite-only sites, Rarible is one of the only NFT destinations that allows new creators to start selling work from the moment they sign up. This openness leads to a grab bag of material on the site and their moderation of copyrighted and offensive uploads needs some improvement. Sales for work on the site vary widely with pieces going for anywhere from a few dollars to tens of thousands. Once the NFT has been listed, it should have a unique URL you can share with others. Sellers pay a nominal fee to the NFT marketplace when a purchase is made; for example, Binance charges a 1% platform fee as well as other fees, while OpenSea charges a flat 2.5% of the sale price. Listing an NFT for sale is simple; some NFT platforms allow you to do this for free.
The process of minting records data in a public ledger that is unchangeable and tamper-proof, and which can follow and track the NFT as future sales are made. Minting usually has a cost – the gas fee that we mentioned above. But as we said, some marketplaces are becoming creative about how, when and to whom the fees are charged. The first thing you need to do to make and sell an NFT is to ‘mint’ your NFT (we’re assuming you already have the piece of art that you want to turn into an NFT).
Step 1: Figure out what an NFT is
The other important thing to be aware of from the outset is that there are a lot of fees involved in generating, maintaining and selling an NFT. While some NFT marketplaces now support fee-free NFT minting, with the cost placed on the buyer, the creator has to pay for minting the NFT in most cases, whether they sell it or not. See our tutorial on how to create an NFT for free for specific details on that.
- Some of these are open to everyone while others can only be used by invitation.
- OpenSea lets you change the metadata afterward as long as you haven’t put it up for sale, but it’s good practice to make sure everything’s shipshape before doing anything blockchain-related.
- Some newer NFT marketplaces, such as Nifty Gateway, have started allowing the use of Fiat currency payments (US dollars, etc) via credit and debit cards, making access to NFTs easier.
- Thanks to the magic of blockchain technology and its permanent digital ledger, creating (also called “minting”) an NFT allows creators to always receive historical credit for its creation.
- The first step in your NFT journey is to create a digital wallet where you’ll securely store the crypto currency that is used to buy, sell, and create NFTs.
Check on your NFT marketplace which is being used and opt for one that suits your conscience. The jargon involved in the cryptocurrency world can make this part of learning how to make and sell an NFT quite daunting, but buying currency is actually very easy to do. Just be aware that like bitcoin and many other cryptocurrencies, the value of Ether can fluctuate hugely. A step-by-step guide to how to make and sell an NFT and possibly earn some money for your art. Since an NFT’s authentic location is stored on a blockchain, there’s no mistaking its value, or who owns it.
Depending on your platform, you might be required to pay an initialization fee. After minting your NFT, you can attach an ongoing royalty fee to your NFT (up to 50%). This benefit of creating and selling NFTs means every transaction is recorded on a blockchain, and creators can not only keep track of their sales history, but also be compensated every time it sells. A digital wallet is a software system that can be used to complete transactions within the NFT market. Digital wallets store currencies (including crypto-assets), NFTs and payment information securely, allowing for quick, worry-free purchases online.
Why is it so expensive to create NFTs?
You can also use the explicit and sensitive content toggle if your NFT is NSFW in nature. You can also use the External Link field to add a URL pointing to, say, your website or Twitter account, and you can use the Description field to give potential buyers a better idea of what your NFT is. To actually connect these to our code, we’ll reference these variables in our hardhat.config.js file in step 13. Then, create a .env file in the root directory of our project, and add your MetaMask private bytecoin mining profitability groestlcoin going up key and HTTP Alchemy API URL to it. To learn more about sending transactions, check out this tutorial on sending transactions using web3.
NFTs and Ethereum solve some of the problems that exist on the internet today. As everything becomes more digital, there’s a need to replicate the properties of physical items like scarcity, uniqueness, and proof of ownership in a way that isn’t controlled by a central organization. For example, with NFTs, you can own a music mp3 file across all Ethereum based apps and not be bound to one company’s specific music app like Spotify or Apple Music.
You won’t find memes, text posts, or simple sound effects for sale here. SuperRare’s collection is highly curated and the team has intentionally been slow to onboard new creators to the platform. The result is browsing SuperRare feels like stepping into an elite digital gallery. The site has a stunning selection of NFTs reflecting thousands of hours of artist effort. Prices can get pretty steep and new creators only accepted with an application. The most popular NFT blockchain is Ethereum, which hosts thousands of NFT collections.
For this example, we’ll go with listing our NFT for a fixed price, which we can enter into the field. You can also choose which currency you’d like to receive (people can, however, send offers in different currencies). When you’re setting your price, remember that Rarible will take 2.5 percent if your NFT sells.