What are NTFs and how do you make money from them?
Non-Fungible Token (NFTs) have overtaken the digital art world by surprise and yet provided a lot of opportunities to sell art worth millions of naira. Nonfungible.com reports over $15 billion in primary and secondary sales on the Ethereum blockchain in 2021, up from $67 million just one year prior.
After the viral news of Nigerian Youth corper, Adisa Olashile sold an old man’s picture as an NFT and earned some money, everyone wondered about NFTs.
What are NTFs?
NFT means Non-Fungible Token. NFT data can be digital files such as photos, videos, audio and even tweets have been sold. They are stored on the crypto blockchain. Do not worry much about blockchain, everything you need to know is if you have NFTs, you can put them up for sale and someone can buy them, own it and resell it again.
How do you sell your NFTs?
Use an NFTs platform and payment wallet
Let’s say you have artwork, picture or video or even tweet you want to sell, you have to mint or make an NFT version of your art with an NFT platform and a payment wallet.
Some NFT platforms to use are OpenSea, SuperRare, Nifty Gateway, Foundation, VIV3, Rarible, BakerySwap, Axie Marketplace and NFT ShowRoom. The most popular is Opensea.Payment wallets include Coinbase, MetaMask, MyEtherWallet, Torus, WalletConnect, Fortmatic and Portis.
To be eligible l to mint or make an NFT you have to make some payment fees to these platforms with your payment wallets. The payment is usually made in cryptocurrency, the cryptocurrency used for NFTs is Ethereum. If you have Ethereum, transfer it to your digital wallet, if you don’t have it, buy. The money you earn will also be in a cryptocurrency which is convertible to cash.
2. Connect your digital wallet to your payment platform
After you’ve set up your digital wallet, add some Ethereum to it or buy, then connect your wallet to the NFTs platform because you need your wallet to sell your NFTs.
3. Upload your NFT
Now that you have connected your wallet to your NFT platform, you are ready to upload and create your NFTs.Most NFTs platforms or marketplaces accept files in PNG, GIF, WEBP, MP4 and MP3 files, up to 30MB in size.Add a description of your artwork and the percentage of royalties you would like to collect on further sales.
4. Choose how you want to sell them
There are 3 ways to sell an NFT; timed auction, limited price or unlimited auction. A timed auction means that you set a price and a time. Limited price means there is a minimum price it can be bought and unlimited auctions mean you put it up for sale and accept a price that you find suitable.
5. Pay the listing fee
Please know that before you can sell your NFTs you have to pay the listing fee which is basically for Ethereum miners and for that you need to fund your wallet.The process of selling NFTs is not as difficult as people make it. Create some art and you’d be shocked at how many people wants to buy them.