How to Create, Buy, and Sell Your Non-Fungible Token (NFT) Artworks
The following is a list of key steps to follow in order to create, buy and sell your artworks using Non-Fungible Tokens (NFT):
Start by reading my short blog on Non-Fungible Tokens (NFT), Cryptocurrencies, and the Art World
Some Background: Some early forms of Non-Fungible Tokens (NFT), which are unique collectible crypto assets, have been around since 2012.
An NFT can be used to represent virtually any type of real or intangible item, including: artworks, photos, videos, books, articles…
Creating your own NFT artwork is a relatively straightforward process and doesn’t require extensive knowledge of the crypto industry.
Before you start, you will need to decide on which blockchain you want to issue your NFTs. Ethereum is currently the leading blockchain service for NFT issuance in 2021.
Each blockchain has its own separate NFT token standard, compatible wallet services and marketplaces. OpenSea is one of the most popular Ethereum-based NFT marketplaces.
You need to establish an Ethereum ‘wallet’ that supports ERC-721 (the Ethereum-based NFT token standard). You might want to start with a Coinbase Wallet.
You will then need to purchase around $50-$100 in ether (ETH)I for your wallet from you from the CoinBase cryptocurrency exchange.
Once you have completed these steps, using the OpenSea NFT-centric platform you then can proceed to connect your wallet and upload your chosen image or file that you want to turn into an NFT.
In order to create your own NFT you first have to register to become a listed artist on the OpenSea platform beforehand.
OpenSea has a “create” button in the top right corner of their site. Clicking the "create" button will take you to a screen that asks you to connect to your Ethereum-based wallet. Once you’ve entered your wallet password when requested, it will automatically connect your wallet with the marketplace. You may then have to digitally sign a message proving you own the wallet address - that’s just a case of clicking through their platform’s process to proceed. Digitally signing a the message does not incur a fee. It’s just to show that you have ownership over the wallet.
The next step on OpenSea is to hover over “create” in the top right corner of the screen and select “My Collections.” From there, click the blue “create” button. A window will appear that allows you to then upload your artwork, add a name and include a description. This essentially lets you create a folder for your newly created NFTs. You can then assign an image to your collection. You’ll then go ahead and add a banner image to the page by clicking on the pencil icon in the top right corner.
Now, you’re ready to create your first NFT. Click on the “Add New Item” button and sign another message using your wallet. You’ll then arrive at a new window where you can go ahead and upload your NFT image, e.g. painting, photo, video. You also have the option to include special traits, attributes, and other selected content to your NFT.
Once you’re finished, click “create” at the bottom of the page and sign another message in your wallet to confirm the creation of the NFT. The artwork should then appear in your collection.
While it costs nothing to make NFTs on OpenSea, some other platforms may charge a fee.
To sell your NFTs on the marketplace, you’ll need to locate them in your collection, click on them and find the “sell” button. Clicking this will take you to a pricing page where you can define the conditions of the sale including whether to run an auction or sell at a fixed price.
By clicking on the “edit” button next to the collection image on OpenSea, signing the message using your wallet and scrolling down, you have the option to program in royalties and select which ERC-20 token you’d like to receive for selling the NFT. Royalties allow NFT creators to earn a commission every time the asset is sold to a new person. This has the potential to create lifelong passive income streams for artists and other content creators automatically thanks to smart contracts.
Listing NFTs on a marketplace sometimes requires a fee in order to complete the process. While it’s not the case with every platform, it’s something to be mindful of when creating NFTs.
For more complete instructions, go to CoinDesk Crypto Explainer
The steps to set up your accounts and sites to sell your NFT artworks sound easy, but It took me a week, working 2-4 hours a day to puzzle it out and cautiously move forward. Am now ready to sell my first piece of art. Found a few unexpected costs, so plan on spending between $100-$200 to set up your wallet and initial one time fees to sell your first piece of art on OpenSea. Will add comments after I sell my first work and go through the whole sale process.
ReplyDeleteI finally was able to post an artwork for sale that is in one of my collections. What an effort. I found out thee is an initial fee you have to pay the first time you ever put an item up for sale. It cost me about $100. I had to go to Coinbase and bought $150 in ether, then had to send it to my Coinbase wallet that OpenSea was going to use. That took 1-2 hours to figure out the first time. Then I posted my first artwork for sale on OpenSea. That led to another hour bouncing back and forth between OpenSea, Coinbase, my Coinbase Wallet and lots of confused missteps. The confirmation process to access the wallet and to post my first item for sale took almost a half hour of waiting and wondering what was happening, jumping between Coinbase and OpenSea and clicking on buttons when I got frustrated waiting for the sale/posting process to complete. However after 3-4 hours I successfully posted my first artwork for sale. I'm sure the next artwork I try to sell will go faster and smoother since I now know what to expect. Will post another comment whenever anyone buys the artwork and I accept the offer, receive funds into my wallet, and maybe even transfer some of the cash into my bank account. That should be another challenging experience.
ReplyDeleteI was pleased to find that after paying the initial fee to 'mint' a blockchain and set up an account to sell our artworks, adding and selling subsequent works on OpenSea was free. Here's the link to the 'Artists Aflame' account and collections of artworks that I have initially set up - Check out the new 'Artists Aflame' account on the OpenSea NFT Art Marketplace web site at https://opensea.io/ArtistsAflame via @opensea
ReplyDeleteWow! Such an amazing and helpful post this is. I really really love it. It's so good and so awesome. I am just amazed. I hope that you continue to do your work like this in the future also.
ReplyDeleteNFT Token Development Company