Despite the controversy surrounding them, many people think about being able to make money from them. But how do you actually create and sell an NFT? There are numerous fees that are charged to NFT artists, both upfront and after the sale, by the cryptocurrency companies that enable the NFT transactions and the platforms that generate and maintain the NFT.
Two of the most common platforms for NFT transactions are Rarible and the cryptocurrency platform MetaMask.
Follow the steps given below to sell some NFT:
- Get some cryptocurrency. You will be required to pay a platform to generate an NFT. Most platforms want this payment in the form of Ethereum (ETH), a blockchain currency that is quite similar to Bitcoin.
- Form a digital wallet. Go to the MetaMask website and hit on the blue ‘Download’ button in the top-right corner of your screen. Select the option to install the browser extension. You will be asked to confirm that you wish to ‘Create a new wallet and seed phrase’. Say yes to this.
- Add ETH to your wallet. Tap on the ‘Buy’ button, and then choose the option that reads ‘Buy ETH with Wyre’. You will be redirected to a screen where you can buy ETH with either a debit card or Apple Pay.
- After some ETH is deposited in your wallet, head to the NFT platform itself and spend some of it. For this guide, we will use Rarible, but mentioned earlier, other NFT platforms are also available.
- Go to rarible.com. There will be a button saying ‘Connect wallet’ in the right-hand corner of your screen. Click on it. You will be asked for your wallet provider, which is MetaMask.
- A popup box will appear, and will give you the option to connect your wallet with Rarible. Press ‘Next’, then ‘Connect’, accept the terms of service, and confirm that you above the age of 13.
- Upload your file by clicking on the blue ‘Create’ button at the top right corner of the website. You will then be given the options of creating a single, one-off work, or selling the same item multiple times.
- You will not be able to upload the digital file you wish to turn into an NFT. On Rarible, this can be a PNG, WEBP, GIF, MP3, or MP4 file, and its size can be up to 30MB.
- Set up an auction. To do this, you have to choose how you wish to sell your NFT artwork. ‘Fixed price’ allows you to set a price and sell it to someone immediately. With an ‘Unlimited Auction’, people will continue to place bids until you accept one. Finally, ‘Timed auction’ is, as its name suggests, an auction that only takes place during a certain time period.
- Set a minimum price. Make sure that it is not too low, or else you will lose money overall since the large fee will take up your profit.
- You will get an option to ‘Unlock once purchased’. This gives you the opportunity to provide your buyer with a full, high resolution version of your art and/or additional material through either a secret web page or download link.
- In option ‘Choose Collection’, the default option here is ‘Rarible’. Leave it at that.
- Describe your NFT, where you get to add a title and description for your listing.
- Click ‘Create Item’, and connect with your wallet to pay the listing fee.