How to buy, sell, and create NFTs

Image from Kapwing

Most of you reading are probably interested in entering the world of NFTs (non-fungible tokens). Well, let me tell you first hand that it's quite a simple process! In this article, we're going to show you how you can buy, sell, or create your own NFTs.

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How to buy/purchase NFTs

Let's start with how a buyer can purchase an NFT. Buying an NFT is similar to how you buy an item off on eBay or Facebook Marketplace. You can buy an NFT for a fixed sale price or through bids, the same as how you buy an item from an auction. It depends on the artist/creator of the NFT on how he/she wants it to be sold.

Obviously, you need to have money to purchase any kind of item, the same thing goes for buying NFTs. NFT marketplaces like OpenSea, Rarible, Mintable, and any other NFT marketplace require you (a buyer) to have a cryptocurrency wallet.

What is a cryptocurrency wallet?

A cryptocurrency wallet or crypto wallet lets you send, receive, or store digital assets like cryptocurrencies like ETH (Ethereum) or BTC (Bitcoin) and NFTs (non-fungible tokens). There are different types of crypto wallets, with each having different features.

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?? A crypto wallet can be built into your web browser, it could be a browser extension, and can even be an app on your phone. Crypto wallets can also be a piece of hardware plugged into your computer.

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??? When looking to buy on NFT marketplaces, the prices are usually listed in decimals of ether (ETH), which are usually accompanied by the dollar value as well. What you can expect is that the dollar value can change regularly due to the volatility of the cryptocurrency trading price at any given time. This is because almost all NFT marketplaces require you to buy their NFTs using ether, the currency of the Ethereum blockchain that most NFTs are a part of.

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??The most regularly accepted crypto wallets are Metamask, Trust Wallet, and Coinbase. You can still try using other crypto wallets since there are still many of them not listed.

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Where to buy NFTs?

? There are a number of marketplaces where you can buy NFTs.

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? ? An important thing to note is that each NFT marketplace has specific crypto wallet requirements, say we're looking into the OpenSea marketplace, OpenSea is an Ethereum-based NFT marketplace, so you need to have a crypto wallet that allows you to store ETH in it for you to spend it on an NFT on OpenSea.

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??The most common NFT marketplaces:

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●???OpenSea

●???SuperRare

●???Rarible

●???Mintable

●???Foundation

●???Nifty Gateway

●???Axie Marketplace

●???BakerySwap

●???NFT Showroom

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???And more! The NBA (National Basketball Association) even has its own marketplace for its one-of-a-kind NFTs for basketball fans, the NBA Top Shot.

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How to sell/resell NFTs

Buying and selling always go hand in hand with each other, just like with buying and selling NFTs, they pretty much go hand in hand.

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?? If you plan to sell an NFT, there are two ways in which you can do it.

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? ? But before proceeding on that, selling your NFTs doesn't necessarily mean that you'll get the exact amount you asked for once your NFT has been sold. You need to take into account the fees that are usually included when selling an NFT, particularly the 'gas fee', this fee is usually in every NFT transaction, this is money that goes to the 'miners' providing the computing power for the specific blockchain.

?? Other fees can also be included depending on both the marketplace and the transaction you're dealing with.

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? ?If you're a buyer or seller, the fees are one of the most important things to take note of when transacting with NFTs. As one who's trying to sell, you need to check whether you'll get a profit from it or will it just cover the cost of making it.

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How to sell/resell an NFT you bought

Once you've bought an NFT, it is automatically stored inside your crypto wallet where you can either just store it or if you plan to sell it, you still can.

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?? ?To sell an NFT you bought, you can just go to any marketplace of your choice or one that uses the same blockchain as your crypto wallet. From there, you can put your NFT up for sale on the market. It can either be through a fixed 'Buy Now' price or put it up through an auction and get your reserve price for it.

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??? The long-term or even short-term value of NFTs is not guaranteed.

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How to sell/resell an NFT you created

If you created your own NFT (it can be anything from a drawing, artwork, picture, GIF, video, 3D animation, music, and more), you can just go to any NFT marketplace and sell your NFT there, so long as your crypto wallet is compatible with the marketplace of your choice.

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?? ? Before you get to sell your digital asset, you need to have it 'minted', so it can truly become part of the Ethereum blockchain and be listed as an NFT.

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? ??Through 'smart contracts', the artist/creator can even receive royalties every time his/her NFT gets sold in the future. Artists/Creators can now have a way to earn passive income every time their NFTs get resold.

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How to create an NFT

? Last but definitely not least is how to create your own NFT. All you need to have is the image, video, music, or any digital file you want to upload and a crypto wallet that uses your chosen blockchain (most likely to be Ethereum).

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? ?Once you have the file and the wallet, you can now go to an NFT marketplace of your choice, and you can go create there.

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?? Each marketplace has a different way of creating NFTs, but it usually is as simple as uploading your file and pairing your crypto wallet within the platform.

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?? You can try to find the 'Create' button and from there, you will be able to upload the file and mint it. Once it's minted, you can proceed to select its price and the type of sale you want it to be.

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?? Minting NFTs can also be subject to gas fees, but they can differ from platform to platform.

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Conclusion

? The NFT market is expected to reach a billion in sales by the end of 2021, so you can expect that NFTs are still constantly growing in cryptocurrency blockchain and are not planning to slow down any time soon. If you want to try on buying, selling, or even creating NFTs, you can absolutely do it!