Hello! You’ve might hear that a monkey’s photo is being sold for $2.7M (Rs.20.18cr approx.). Now you probably are thinking who’s that stupid guy buying this photo? All of this is totally been possible with NFT. Today we will explain to you, what is NFT? How to sell it? And every detail about this. So without any further due, let’s get started!
Table of Contents
Non-Fungible Token (NFT)
Men (for example “A”) and another man (for example “B”), both have a note of Rs.100. If they want to exchange both of their notes, still their value will remain the same and are exchangeable. The term in its name “Non-Fungible” means you can’t exchange it. The “Token” verifies the owner of NFT. What makes it unique is that the NFTs themselves are unique. You should be aware of before selling by copying someone else’s might get you in trouble. Also, the buyers are paying that huge amount because of its uniqueness.
Money can be in the form of Notes, bonds, cheques, etc. Whereas this can be in a digital form such as JPEG, PNG, GIF, Video, etc.
Where does it exist?
Whenever we sell an NFT the path remains the same all the time where it was earlier. The name just gets updated to verify the ownership. It can be sold or purchased on their specialized marketplaces such as WazirX, OpenSea, etc. When someone mints (lists) an NFT, in a column it gets updated who has minted, who have purchased at what price, everything is clear.
Benefits with NFTs
When someone mints an NFT, they have an option to set a commission (in %). So whenever it gets sold, the actual creator can still earn without doing anything. On each transaction of it, the minter gets their commission. It also proves that there are many graphic designers, 3D animations, etc. have a good opportunity to show their skills. Now we will demonstrate how you can buy, sell NFTs on your own and earn.
First of all, you will need a wallet called “Meta Mask”. For this, you can click the link (MetaMask) at the bottom of this article. Select your preferable browser. And add the extension to the browser you are using.“Note- We would prefer using PC”. Now open the extension and click on create a wallet.
Enter the password suitable for you. Set the password which is most rememberable for you, once lost can’t be retrieved. So make sure or write the password to remember it even if you forget it.
What if you forget the password?
You will get an option for Secret Recover Phrase, it will consist of more than 12 words. What you can do is take a photo of these or write them in a safe place to not forget. So that it would be a backup option for you when needed.
Once you logged in you will see the page as shown in the image below. As this is based on block-chain you will see Ethereum as balanced. You can set your name by clicking on account details.
Now in order to trade NFTs, you have to go to some marketplaces such as OpenSea, WazirX, etc. For example, let’s go to OpenSea.
Now to log in you have to connect your wallet with the marketplace. For this, click on Connect Wallet, and then you will see a pop-up from Meta Mask to sign in. Note that the Meta Mask wallet is necessary to withdraw the money.
Click on next and then continue.
Sell your NFT
To sell NFT, You have to go to your profile and click on Create.
Now Choose the NFT you want to trade with, by clicking the blank area. And fill in some common details such as a name for your NFT and describe it.
Here you could select where to show your NFT, kind of creating a playlist. Unlockable content is some information that is shared with only the buyer of the NFT. The information will be exclusive such as a complete video of how it (your NFT) was made. Or any kind of special gift for the buyer.
Select Polygon instead of Ethereum in the blockchain. This is because Polygon doesn’t have any kind of fee such as a gas fee while listing the NFT.
Click on Sell.
Once you enter the price, it will ask you to unlock the wallet. Click on unlock. Once unlocked your item will get listed for sale.
Now we want to share with you an incident. There was a website creator who has sold the pixel of their website at $1/pixel. Big companies went bad to buck that pixel. In this, the companies didn’t get any return but we have learned one thing from there. The only person earns who sells the idea.
So if you are looking for NFTs, this was almost complete information about NFT. More stuff regarding NFT coming up. Stay Tuned! Find this blog informative, don’t forget to share it with your friends. Check out our website and Channel for more stuff. We’ll meet in the next blog. Until then,
Stay Safe Stay Sarcastic!
MetaMask – Click Here
OpenSea – Click Here
WazirX – Click Here