Non-fungible tokens, or NFTs, recently have a hype everywhere, and you must have heard about it.
Buying and selling process of NFT is not very complex, but every process has pre and post requirements and to get an idea of that process, keep on reading, and after that, you will be able to sell and purchase the NFTs by yourself easily.
NFT is an entirely new digital asset over which you can record ownership on a blockchain. It is a digital ledger similar to the networks that work like bitcoin and other cryptocurrencies. The uniqueness and ability to not get copied make them appealing to people.
You can utilize different monetary forms to purchase NFTs. NBA Top Shot, for instance, allows you to get them with a debit or credit card. Simultaneously, some other NFT platforms expect you to purchase using the same or different cryptocurrency.
If you are an artist of any sort like singer, painter, writer, photographer, musician, etc., you can sell your piece of art through NFTs and make some digital money out of it.
Mike Winkelmann is the best example to get inspiration. He is a digital artist who made his NFT under the name of Beeple and sold it for $69 million. People liked his work and purchased the NFTs he created as NFT collectibles.
There are thousands of digital collectibles and items present in NFT like sports trading cards, highlight reels, digital houses, augmented reality sneakers, and music.
OpenSea is a popular platform for NFTs. Let us create a case scenario to understand the purchase process, and OpenSea will be our example to follow.
Where to purchase NFTs?
You get the idea of NFTs, you have the potential of art, and now you want to buy, create and start selling your collection. The important things to keep in mind are as follows:
☑️ There are many blockchain-based platforms to buy online; one of them is OpenSea.
☑️ It’s like an art gallery or an auction house where all the forms of art are readily available; you can buy them, sell them, collect them.
Creating a digital wallet to buy NFTs
☑️ First of all, you need to make your mind and join the wallet to deposit currency so that you can spend it further.
☑️ OpenSea uses ethereum blockchain-based cryptocurrency, which you’ll need to buy. The tokens are called Ether.
☑️ It will help if you have a chrome browser.
☑️ Metamask is a plug-in for the Chrome browser that supports lots of other digital wallets.
☑️ It will take less than a minute to install the plug-in from OpenSea and set a password.
☑️ 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.
☑️ Please write down the secret phrase it gives you. This is super important and is your backup to access your account. Please 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.
Your digital wallet is ready, and it is also connected to Opensea. Spend some money and buy Ether NFTs.
Instructions to purchase Ethereum
There are various exchanges to buy cryptocurrencies. People know Coinbase, and it is prevalent among them. To start, you need to use MetaMask to purchase Ether. Not to mention we have the wallet that is connected to OpenSea as well.
MetaMask plug-in for Chrome is not only compatible with OpenSea, but you can also use that same plug-in to buy some ether. To do that:
☑️ Tap the little puzzle piece icon on the top right corner of Chrome.
☑️ Click the MetaMask fox icon.
☑️ Tap “Buy” or select “Directly Deposit Ether” if you already have some in another account.
☑️ Click “Continue to Wyre.”
☑️ Choose the amount of Ether you’d like to buy. There’s a $5 transaction fee and a $4.88 network fee.
☑️ Click “Next.”
☑️ Enter your payment information and phone number.
☑️ Tap “Submit.”
☑️ Enter the payment authentication code you received on your phone.
☑️ Authorize the purchase by entering the six-digit code for a pending Wyre transaction in your bank account.
Within a few minutes of creating an account of metamask, you will see your purchases (Ether) in the store. That will be available for you to buy, sell or exchange online, including NFTs.
How to buy NFTs?
Now it’s time to go back and explore tapping “Explore.” in the OpenSea. There is a variety of art for sales in rotating objects, flashing icons, or just text sayings.
During the browsing, if you see something you want to buy. You see its price, you like it, and you have the Ether in your wallet. There is a small purchasing process to follow, and you are good to go.
Follow the steps and make it yours:
☑️ Tap “Buy Now.”
☑️ Select “Checkout.”
☑️ Click “Submit.”
☑️ Confirm a “gas fee.” The Ethereum network requires this to process the transaction.
The most effective method to create and sell NFTsz
Now you have your collection of some digital arts, pictures, painting NFTs, and you are all set to sell them on your page. The next step is to mark the items for sale and list them. Let us see this procedure through Rarible.com.
☑️ Go to Rarible.com and tap “Create” on the top right.
☑️ Create a single or multiple collectibles.
☑️ Select “Choose File” to upload a PNG, GIF, MP3, or another file type. The max size is 30MB.
☑️ Enter in the price.
☑️ Put on sale.
☑️ Enter in a name and description for your NFT.
☑️ Set your royalties. You’ll continue to get paid if it resells on the secondary market.
☑️ Choose “Connect wallet and create.”
☑️ Connect your wallet, which we set up in the earlier section above. So, tap “MetaMask.”
☑️ Pay the “Gas” fee to process the listing. In this case, it’s $75.64, or 0.044091 ether.
☑️ Click “Start” to sign the sell order using your digital wallet.
☑️ Click “Sign” in the MetaMask pop-up.
Easy Peasy lemon squeezy. Now your NFTs are available for sale, and whenever someone buys them, the funds will be in your wallet. It is your choice to use those funds to buy more NFTs or cash out.