STEPS TO FOLLOW IN MAKING, BUYING AND SELLING NFTs
You probably heard a lot this year about NFTs and you don’t know what it is. Here you have a small introduction about this new thing on the social market. An NFT (Non-Fungible Token) is a new unique digital asset logged on a digital ledger. What makes it special is the fact that it is unique and cannot be duplicated. To buy these NFTs, you can use a large variety of currencies, depending on the platform you want to purchase them. There are platforms where you can buy NFTs with some forms of cryptocurrency and there are platforms, such as NBA Top Shot which allows you to pay with a credit card.
This article will help you to get inside the NFT world by using the most popular platform of the moment : OpenSea and, in case you are an artist and you want to sell something; the steps to transform the digital assets into NFTs.
HOW AND WHERE TO BUY NFTs
So , you are at that point where you heard a lot about NFTs, you are interested in it but you don’t know how to start. Before letting you know about the most popular platforms where you can find NFTs, the most important thing is that you have to create a digital wallet and add money in order to buy NFTs. OpenSea, the platform we are discussing, accepts ether as a currency, so if you want to buy from this platform you will have to invest in these cryptocurrencies. As of October 13, you could have paid for an ether around 3.456,17$.
To buy cryptocurrencies you can use a variety of platforms: Coinbase is the most popular of them all, but you can use Robinhood as well or MetaMask( the one that I will show you how to set up in the following).
You now have the digital wallet and you want to start your NFT research on the OpenSea platform. This platform recommends you to use a plug-in called MetaMask, for Google Chrome but it is good to know that OpenSea accepts other digital wallets too.
Let me show you how to install the plug-in from OpenSea and set a password in 30 seconds:
- Click on the profile icon that you can find it on the top right of the website
- Tap on “ Get MetaMask”
- Click “install Metamask” for Chrome plug-in.
- Tap on “Get Started”
- Choose “ Create Wallet”
- Click whatever you want for sharing feedback
- Time to create your password
- They will give you a secret phrase and I recommend you to write it down somewhere, to not lose it because it is very, very important as a backup for your account.
- Click “Next” to set your secret phrase
- Tap again “Next” to make the connection between your OpenSea account with this new MetaMask digital wallet you’ve just setted up.
- As a last step, you have to click “Connect”
By the end of all these steps, you will have a digital wallet connected to OpenSea. Now, let me show you how you can buy some ether, using MetaMask plug-in for Chrome, that you can spend on NFTs. Here are the steps you have to follow:
- At the end of your URL box, on the top right of the Chrome, you will find a little puzzle piece icon; just click on it.
- Tap “MetaMask fox icon”
- Choose “Directly Deposit Ether” in case you already have in another account or just press “Buy”
- Tap on “Continue to Wyre”
- Here you have to choose how much ether you would like to purchase. For every transaction there are two fees: $5 transaction fee and $4.88 network fee. What I recommend to you it’s to buy once all the ether you need so you can avoid multiple transaction fees because when you buy something, there will be more fees so you have to get used to them
- Click “Next”
- Here you have to provide your phone number and your payment information.
- Click “Submit”
- You will receive on your phone number a payment authentication code that you have to enter it here
- In your bank account you will have a pending Wyre transaction which should be authorized by entering the six-digit code
This was the last step so you have some ether now. If you wait a few minutes and after you will check your MetaMask account, you will find the ethers there which means you can now purchase NFTs.
HOW YOU CAN PURCHASE NFTs?
So, you have a digital wallet, a MetaMask account where you have some ethers. Let’s see which steps you need to follow to buy NFTs. We decided at the beginning of this article that we will use the OpenSea platform to purchase NFTs. Let’s see how it works. It’s good to know that on this platform, you will find all type of images, objects, flashing icons or quotes
You are browsing now and you find something that you are interested in buying. All you have to do is:
- Click “Buy now”
- Choose “Checkout”
- Tap on “ Submit”
- Next step it’s to confirm a “gas fee”(the fuel that allows ether to operate). This “gas fee” will be different according to the different NFT price.
Now you are the owner of an NFT. Instead of collecting it, let’s see how you can sell what you have just bought.
CREATE AND SELL NFTs
Either you are an artist who has some interesting digital art or you have just bought an NFT and you are thinking of selling it, you need to know how to get listed on the market. What I recommend is to use Rarible because it links into OpenSea and it is a little bit cheaper than the others. Here are the steps:
- First step is to go on Rarible official site and to click on “Create”(you will find it on top right)
- On the second you have to create a single or multiple collectible
- Choose “Select File” to be able to upload a GIF, MP3, PNG or whatever type of file you want. What you have to keep in mind is that the maximum size allowed is 30MB
- Now you have to set the price you want or you can leave “put on sale”
- You have to give a name and a description to your NFT
- Based on the current sale price, in case your NFT will be resold on a secondary market, you will continue to get paid, that’s why you need to set some fees
- Select “Connect wallet and create”
- Click MetaMask( because this is the wallet that we set it up earlier) , or select whatever wallet you decided to use
- You will have to pay a fee to be allowed to list your NFT
- To sign the sell order using your digital wallet you have now to press “Start”
- As a last step, all you have to do is to tap “Sign” in the MetaMask pop-up.
After all these steps, you will have your NFT listed. To verify, you can search by the name you gave on Rarible and on OpenSea. If you are lucky and your NFT will be sold, the funds will be transferred in your digital wallet and you can keep it, use them to buy other NFT-NFTs, or you can cash it out through an application.