How to create, buy and sell Non-Fungible Tokens (NFT)

buy and sell Non-Fungible Tokens (NFT) has increased by 55% from 250 million dollars to 389 million dollars since the beginning of 2020.

9/6/20220 min read

Non-Fungible Tokens or NFTs have become one of the hottest digital assets in 2022. The sale of these tokens has increased by 55% from 250 million dollars to 389 million dollars since the beginning of 2020. Almost any type of commodity can be converted into an NFT, some of them include: -Artwork -Virtual items in video games, such as skins, virtual currency, weapons, and avatars -Music -Collectibles (such as digital shopping cards) -Video clips of important sports moments -Virtual lands.

How to create NFT

NFT is Non-Fungible. This means that we cannot exchange it directly like bills and money; because none of the NFTs are alike. Therefore, we can understand their value and difference from other cryptocurrencies.

Making an NFT from your artwork, whether it's in the form of a GIF file or an image, is a relatively simple process and requires no specialized knowledge of the digital asset industry.

Before starting, you need to decide which blockchain you want to use to issue your NFT. Recently, the Ethereum blockchain is the leading platform for issuing NFTs. However, there are many blockchains, including:

  • Binance Smart China

  • Flow

  • XTZ

  • wax

Each blockchain has its standard NFT token, wallet service, and markets. For example, if you use Binance Smart Chain to generate your NFTs, you can only sell your NFTs on platforms that support Binance Smart Chain. In other words, you won't be able to sell your NFTs somewhere like VIV3 (Flow's blockchain-based marketplace) or OpenSea, which is an Ethereum blockchain-based marketplace.

Since Ethereum has the largest NFT, to make your art, music, or video in NFT format on Ethereum, you will need the following:

  • An Ethereum wallet that supports ERC-721 tokens (standard Ethereum-based NFT tokens)

  • About 50-100 dollars Ether

Having the above items, you have to choose your platform. For doing so, several NFT-based platforms allow you to connect to your wallet and upload an image or file of your choice in NFT format. Major Ethereum-based NFT markets include:

  • OpenSea

  • Rarible

  • Mintable

  • Makersplace

  • The OpenSea platform is currently the largest Ethereum-based NFT marketplace.

Click on create to start. By clicking, you will be taken to a page that asks you to connect your wallet. By entering your password, your wallet will be automatically connected to this market.

The next step on this platform is to select my collections in the create tab in the right corner of the page. By clicking on this button, a window will open asking you to upload the desired artwork and enter a name and description of it. Note that in this step you are just creating a folder to move your artwork into it.

After this process, your selected file. Then, select a banner for your page by clicking the pencil icon.

Now you can create your first NFT. Click on Add New Item. You can upload an image, audio file, gif, or a 3D model to the opened window.

The cost of creating an NFT

Although creating these tokens on a platform like OpenSea is completely free, other platforms may charge you a fee. On Ethereum-based platforms, this fee is known as "gas". The cost of gas varies depending on network congestion.

How to sell NFT?

To sell your token, you must select the work you want and click on the sell button. With this click, you will be taken to a page where you can specify how to sell them. The sale process can be done by auction or at a fixed price. Ethereum and other ERC-20 tokens are the most common cryptocurrencies used to sell NFTs. However, some platforms only use native blockchain tokens, which are developed on their platform. For example, on the VIV3 platform, which is a platform based on the Flow blockchain, only the native token of this blockchain called FLOW is accepted.

How to Buy NFT?

If you intend to buy NFT, you can visit one of the following markets:

  • OpenSea

  • Rare

  • SuperRare

  • Nifty Gateway

  • Foundation

  • Axie Marketplace

  • BakerySwap

  • NFT Showroom

  • VIV3