After cryptocurrency became a hit in the past few years, the new craze seems to be NFTs, and daily, we see news of some teenagers making billions by selling their selfies as NFTs. Well, it sure sounds convenient when you are struggling to learn technical analysis on immediate connect, but it’s not that easy. This is because there is a long road to minting and selling NFTs, and we are sharing some details with you!
How To Mint The NFTs
NFTs are the non-fungible tokens, which is a form of digital certificate that’s built on the blockchain, which is usually the Ethereum blockchain. It guarantees the ownership or holding of specific digital assets.
As far as minting the digital assets is concerned, NFT has become an easier way for the creative to sell their work or simply monetize it. It’s needless to say that selling digital files is not a new concept, but the most innovative use for NFT is its ability to guarantee that you are the ultimate creator of the product.
Also, the NFTs are recorded on the blockchain, which means the NFT’s creator will be added to the public ledger. As a result, you will be able to set a specific fee whenever your NFT is sold in the future (yes, it works like royalty).
It’s actually a great way of earning passive income when you cannot handle the second job to make extra bucks. So, if it sounds interesting to mint and sell NFTs on some exchange, we are sharing the instructions with you.
Connecting The Wallet
First of all, you have to open the crypto wallet and make sure to connect it with the NFT marketplace. In the majority of cases, the NFT marketplaces have an option in the top corner to create and connect the wallet, so use it, and you will be able to make your profile as well.
Depending on which wallet you are using, you will be able to connect the wallet with the help of a QR code scanner on the smartphone, or you can simply download the wallet on your computer system.
Once the wallet is connected and you have created a profile on the NFT marketplace, make sure that you add every bit of information required. Similarly, you need to introduce yourself to the NFT world and be sure to add links to the social media handles and websites.
Moreover, don’t forget to specify which cryptocurrency coins you will be accepting as payments whenever someone buys the NFT.
Creating The NFTs
When the marketplace profile is ready, use the homepage, and the create button to upload the digital file and name your NFT. In addition, there will be some optional fields, which include the work’s description, the primary or base blockchain for the NFT, the external link for more information on the NFT, and the protocol.
In addition to this, you can also set up how royalties should be paid to you whenever the NFTs are sold. Generally, people opt for 5% to 10% sales price (the secondary price, of course). Then, just complete the process and save the settings – the NFT is minted.
Funding The Wallet
Selling the NFT demands the need for a network to conduct the computing tasks because these transactions are paid, and you will have to pay the gas fee. For completing the first sale, don’t forget to purchase Ethereum or other cryptocurrency coins from the trading apps and deposit these coins into the wallet.
As a result, you will be able to transfer cryptocurrency coins from the wallet to the NFT marketplace profile. However, there are some NFT marketplaces available that help you purchase cryptocurrency coins directly.
Listing The NFTs
Now that the NFT is minted, it’s time to sell them on the open market. For this purpose, you have to tap on the sell button and choose the type of sale. Once you select the type of sale, you can complete the listing, and the gas fee will be calculated depending on the activity level during the listing time. Also, remember that the NFT will be available on the marketplace when the gas fee is paid.
The bottom line is that NFTs are still in the early phase of movements, which is why now is the right time to jump in. Not to forget, you will keep getting royalties for your work, and which artist doesn’t like that?