Know how to Setting Up & Selling NFT
NFT or non-fungible token is a new phase in technological advancements. Everyone nowadays can be seen riding on this wave of selling and buying NFTs.
What is an NFT? How to make an NFT account for free? How to start selling and buying? All of these questions will be answered just by reading this article.
What exactly is an NFT?
An NFT is an asset that is unique and hence is irreplaceable. This could be anything from a well-known painting to an audio clip, from an audio clip to a simple cartoon sketch. No matter how many copies there are of original content, the value of the original remains the same if the increment isn't possible.
What is the point of it all, then? Since all of the transactions and ownerships are centralised in our current world, NFT aims to decentralise it. It just simply means that all the records regarding any sort of ownership would now be saved in front of the public.
How to make an NFT account for free?
Making an NFT account is very simple, and you can do it for free. All you have to do is follow the following steps:-
- Firstly, start with an item you originally have. If you do not own the rights to any original stuff you are putting up for sale, you will get into legal trouble. You should start with determining what original digital asset you have in possession.
- After choosing your unique asset, you must choose your blockchain. Blockchain technology is a decentralised technology where everyone holds the information of a transaction or ownership, which could be proven difficult to manipulate by an individual alone. Ethereum is a famous blockchain among NFT artists and creators.
- Set up your digital wallet if you haven’t already because all the payments you will receive for your product on sale or how you will pay others is all digital. Now you would want to buy cryptocurrency of the blockchain that you are on to start investing.
- After making your digital wallet, you would want to select a marketplace to start selling your very own NFT. As suggested by experts, OpenSea is a good marketplace to start with as it has sold $ 3.4 billion worth of NFT in August 2021 itself.
- Uploading your file is the next step in this process. Your chosen marketplace will include a guide for you to turn your digital file into a marketable NFT.
- The final stage requires you to set up the sales process for the NFT you have come so far to sell. Depending on your marketplace, you can decide to:
- set and sell your NFT at a fixed rate.
- set up a timed auction. Here the interested buyers would come and place their final bids within the time window.
- set up an unlimited auction where you are in charge of ending the auctions whenever you want to.
How to buy an NFT?
- The first step is to set up a crypto wallet and convert your currency into that of the marketplace.
- Register an account in the marketplace and connect your wallet.
- Browse the marketplace until you come across an NFT of your liking.
- Dependent upon the system of buying and selling, you may do your part. This means that if a marketplace has a bidding system, then bid according to your budget and upon your idea of how worthy that particular item seems to you.
- After a successful payment, you will complete the transaction. The amount will be deducted from your account. You may be charged with a transaction fee depending upon the marketplace.
To sum it up, like any other technological advancement, NFT, too, is an exciting one. Investing in it currently may be too early, but one should have experience of it by either selling or buying an NFT.
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