How to Make and Sell NFTs - 2022 Step by Step Guide

Every once a while, we take a magnificent photograph of the sunset from our phones or make something while doodling on our iPads which we choose to call ‘contemporary art’. However, we never contemplate that someone might buy our modern art masterpiece for even a dollar, much less millions of dollars.

Now since the NFT (non-fungible token) craze, what you have made can be considered unique and can in fact be worth millions of dollars.

The unlikely work of modern art below sold for $6.6 million on an NFT marketplace.

Beeple’s piece “Crossroad” sold for $6.6 million on Nifty Gateway

How to Make and Sell NFTs – Full Guide

In short, there are three parts to making and selling NFTs:

Create your digital art
Buy Ethereum
Open a digital wallet

We’ll guide you through each of these below.

1. Create your digital art

The first prerequisite in answering the seemingly complex question – how to create an NFT – is understanding what NFT actually is and what goes into making one.

We live in an NFT-crazed world where basically anything is can be turned into an NFT. NFT marketplaces are presently selling memes, recipes, digital art, songs, and sometimes even entire startups. There are currently minimal constraints on the type of content that can be “tokenized” and made into an NFT.

Because the technology is in its nascent stages, now is an excellent moment to explore with it for your own work, as the market and demand for digital art continues to increase. One unspoken guideline is to avoid converting copyrighted content or assets into NFTs.

Now that we understand that what an NFT and how to create NFT art, a pertinent question would pop up in our heads i.e., why don’t we just download this art off the web? Short answer, people do. In fact, Beeple’s painting, which sold for $69 million, has been seen by millions of people, and the image has been reproduced and shared countless times. Furthermore, In many circumstances, the artist retains copyright ownership of their work, allowing them to continue producing and selling copies. Whereas, the buyer of the NFT, on the other hand, owns a “token” that indicates they own the “original” piece.

Creating an NFT is analogous to listing an item for sale or auction on a website such as eBay. There are various NFT marketplaces in the world, with unusual names ranging from OpenSea and Rarible to SuperRare, AtomicMarket, and BakerySwap. After creating an account with one of these sites, you can construct your NFT by simply uploading a digital file of your asset, such as an image or original design.

2. Buy Ethereum

Before you begin, you must determine on which blockchain you wish to issue your NFTs on. Ethereum is now the most popular blockchain service for issuing NFTs. Each blockchain has its own NFT token standard, wallet services, and marketplaces.

In this article, we shall be using Ethereum as the standard to explain the process. Ahead we’ll discuss how you could buy Ether and also how you could set up a digital wallet through which you could both buy NFTs and sell them.

There are numerous ways to get ETH. We suggest buying it through an exchange that is ASIC, CySEC and FCA regulated such as eToro. You can follow this step-by-step guide to purchase Ethereum through eToro:

Step 1: Open an account with eToro

Go to the official website of eToro.

Step 2: Account Verification

Account verification is required by eToro to ensure account security. You must provide a valid evidence of identity (such as a passport or driver’s licence) and proof of residence (such as a bank/credit card statement or an internet bill).

Step 3: Make a deposit of fiat currency

You can begin once your account has been validated. To deposit fiat funds into your new eToro account, follow the steps. Having fiat currency in your eToro account is a prerequisite for purchasing Ethereum.

Step 4: Purchase your first Ethereum

You’ll be ready to go now that your cash is in your account! Simply go to the Ethereum page and make your first transaction.

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3. Open a digital wallet

The next step consists of setting up/opening a digital wallet such as MetaMask. To transact on the Ethereum blockchain one needs an Ethereum wallet that supports ERC-721 (the Ethereum-based NFT token standard), such as MetaMask, Trust Wallet or Coinbase Wallet.

A step-by-step guide to opening a digital wallet such as MetaMask is as follows:

Step 1: Download and Install MetaMask

Begin by visiting the MetaMask website, where you’ll find instructions on how to download the wallet as well as a list of browsers that support the MM browser extension.

MM is currently only available on Chrome, Firefox, Brave, Microsoft Edge, and as an app on an Apple or Android smartphone.

Step 2: Create an Account

If this is your first time creating a software wallet, you should begin with the “Create a Wallet” option.

If you already have a software wallet (Atomic, Exodus, Rainbow, eToro etc.) and wish to switch to MetaMask, use the “Import wallet” option. You may also wish to transfer to a different wallet that is supported by a marketplace of your choice.

Step 3: Configure Settings

This step involves configuring settings as per your preferences. You can try different settings to go with the one you’re comfortable with.

Step 4: Add Funds

The two most typical methods for adding a token to your MetaMask wallet are either by transferring it via an exchange (Coinbase, eToro, etc.) or by purchasing ETH directly using Wyre, MM’s default payment interface.

Step 5: Buying NFTs

After you’ve created, explored, and stocked your wallet with tokens, you may connect to one of the several NFT marketplaces to buy, sell, and trade NFTs.

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Some other wallets supported by OpenSea marketplace are as follows:

Coinbase Wallet – The Coinbase Wallet app allows users to explore the decentralized web with a dApps browser. It is one of the most trusted and preferred among all. You can create your account by clicking here.
TrustWallet – A non-custodial mobile wallet that stores your private key locally with an additional layer of security.
Portis – Connect to dApps with an email address and password, from almost any web browser, on any device – including mobile phones.
Fortmatic / Magic – A user-friendly wallet from an innovative team that allows you to sign up with your phone number from any device.
Arkane – All a user needs is a PC and web browser to take advantage of the Arkane Network wallet.
Authereum– A usability-focused wallet with no transaction fees and a fiat on-ramp.
Bitski – A simple-to-use wallet allowing users to sign up with an email and password.
Dapper – A browser extension that pays gas fees for you.
Kaikas – A browser extension that interacts with Klaytn network from websites. You can download Kaikas for Chrome here.

Read our full guide to NFT wallets.

How much Ethereum you would need to create an NFT

Ethereum’s price varies from second to second, making it tough to keep track of. The simplest method to get started is to decide how much money you want to invest and then buy exactly that amount of Ethereum.

Wallets like the MetaMask wallet listed above allow you to buy cryptocurrency directly from your wallet. Coinbase Wallet needs you to make a second exchange purchase and transfer it to your wallet.

For example, as of 28^th October 2021, the price of Ethereum has seen a change of almost 400 USD in the last 24 hours. Therefore, making an estimate in a market with such volatility would not be wise.

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What other blockchains allow you to make NFTs

Aside from Ethereum, Polygon (formerly known as the Matic Network) is a distinct blockchain that enables scalable, safe, and quick transactions with Ethereum currencies like as ETH, USDC, and DAI.

Users will be able to utilise Polygon to manufacture, purchase, and trade NFTs without incurring transaction fees beginning from July 2021, thereby establishing a gas-free marketplace.

Another alternative could be Klaytn. Klaytn is a blockchain created by Kakao, a Korean internet company. Users may purchase and sell Klaytn NFTs on OpenSea by using the Kaikas wallet browser extension.

Find a marketplace and connect your wallet

When it comes to the best NFT marketplaces, the following are most often recommended.

OpenSea

OpenSea is the original and by far the largest peer-to-peer NFT marketplace. It has a cumulative trading volume of over $6.5 billion as of September 2021 (according to analytics platform DappRadar), allowing NFTs of anything from in-game items and collectibles to artwork, music, GIFs, and more. Signing up is as simple as linking your MetaMask wallet, while alternative wallets like Coinbase Wallet, Bitski, Formatic, and others are also supported.

Rarible

Rarible is a community-owned platform that offers a broad range of digital art and collectibles. It is one of the main NFT markets on Ethereum. According to Dappradar, it presently has the fifth-highest all-time trading volume, with $210 million changing hands.You may purchase and sell all kinds of media, just like in OpenSea. Sellers may also make many NFTs for a single picture and sell it multiple times.

SuperRare

SuperRare markets itself as a little more upscale alternative to Rarible; whereas Rarible’s interface bombards you with a bewildering assortment of flashing GIFs and live auctions, SuperRare’s design is far more pared-back and minimalist.

A user can connect their OpenSea with their MetaMask wallet with the following steps:

Tap the profile icon on the top right of the OpenSea website.

Click “Get MetaMask.”
Choose “Install MetaMask” for Chrome, or the supported browser of your choice. This installs a Chrome plug-in.
Choose “Get Started.”
Select “Create Wallet.”
Choose “No thanks” for sharing feedback.
Create your password.
Write down the secret phrase it gives you. This is super important and is your backup to access your account. Don’t lose it.
Tap “Next” and confirm the secret phrase.
Click “Next” to connect your OpenSea account with the MetaMask digital wallet you’ve just created.
Click “Connect” again.

Mint your NFT

Minting an NFT is how your digital art becomes a part of the Ethereum blockchain–a public ledger that is unchangeable and tamper-proof. Similar to the way that metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created. Your digital artwork is represented as an NFT so it can then be purchased and traded in the market and digitally tracked as it is resold or collected again in the future.

How to mint your NFT on Open Sea?

Open Sea is currently the largest NFT marketplace and therefore, it is a good example to demonstrate the process of creating an NFT.

Step 1- Connect your crypto wallet

You’ll need to download a crypto wallet first if you don’t already have one. Wallets are used to engage with decentralised networks such as OpenSea. You’ll be able to send and receive ETH using your wallet, which is the cryptocurrency used to purchase and sell NFTs on the site.

Step 2- Create your collection

The next step is to create your collection once your wallet is connected to the platform. Select ‘My Collection’ from your profile in the top right corner. Then, to begin a new collection, select ‘Create.’ Your collection will function similarly to a digital art portfolio or album.

Step 3- Mint your NFT

To mint your first NFT, simply press the ‘Add New Item’ button after creating your collection. Upload your NFT and give it a name. You can next add features, levels, and stats to your digital collectible, which are essentially further descriptions. That’s all there is to it.

Your NFT is shown, allowing you to examine all of its information. You can either keep the NFT or sell it. To sell it, go to the top right corner and press the ‘Sell’ button. You’ll have to pay a gas cost for the first NFT you sell on OpenSea before you can list it. You have the choice of setting a price for your NFT or auctioning it (you have the option to add a minimum bid). After that, click “Post Listing” and “Sign Transaction.” Now all you have to do is wait for a collector to come along and buy your work.

List it for sale

To list your NFT on Open Sea, you first need to select your profile image in the top right corner of opensea.io and then click Profile.

Select the NFT from your wallet that you want to sell. If you don’t already have an NFT to sell, start with our instruction on how to make an NFT. To go to the listing page, select Sell in the top right corner. You’ll be directed to the listing page, where you may set the sale price and type. A “Fixed Price” sale is one in which the price does not change. Auctions are another option.

One is the English Auction, in which OpenSea will complete this transaction automatically if a “Sell to the highest bidder” auction ends with a price greater than 1 ETH, with OpenSea paying the gas charge in the process. Another option is a Dutch Auction, which is similar to fixed-price listings but with a price that decreases over time. You can buy or make an offer at any moment in the listed currencies.

Finally, You’ll be prompted to sign a transaction to confirm your sale. If this is your first time selling on OpenSea, you’ll need to first setup your wallet. Additionally, if the item you’re advertising was not minted on OpenSea but rather through a custom contract, an additional approval and signature may be necessary before OpenSea can trade it on your behalf.

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