Non-fungible tokens (NFTS) were all the rage in 2021. Everyone's tried to cash out of the growing trend, and even more brands have joined the subsection of the crypto industry as they discover the benefits of NFTs.
If you've been active online and in the crypto community, you've probably spent the majority of 2021 reading stories about people making hundreds of thousands from minting and selling NFTs. And these people don't necessarily have loads of technical know-how.
So, what are the steps involved in minting and selling your NFTs? We'll break some of them down here:
Choose an NFT Marketplace
First, choose what platform you'd like to sell your NFTs on. Many options exist, the most popular being OpenSea and Rarible.
These platforms operate "lazy minting" systems, allowing you to create NFTs without paying anything. With lazy minting, you can create an NFT and sell it without having the NFT written on the Ethereum blockchain. So, you avoid paying any fees.
But, there are catches. OpenSea charges somewhere in the three-figure range for you to initialize your account, while Rarible charges if you're trying to remove your NFT from sale. Both platforms also take 2.5 percent of any sales.
Note that there are many alternatives to OpenSea and Rarible, so do your research and see what you can find.
Set Up a Wallet
Next, set your wallet up. Crypto wallets are applications that allow you to store your cryptocurrencies and NFTs. The process of setting up a wallet is pretty straightforward, but you need to consider one thing - compatibility with the blockchain you're using.
Most NFT enthusiasts use MetaMask since it's compatible with the Ethereum blockchain. It can also be used as a browser extension for a seamless connection.
Once you download your wallet and its browser extension, click "create new wallet" and follow the process. You'll need to get your recovery phrase and your password. Keep both safe - especially your recovery phrase. This can't be stressed enough. If you lose your password and your security phrase, you could lose access to your wallet.
Connect the Wallet and Marketplace
Next, connect your wallet with your minting/selling platform. OpenSea and Rarible make this easy. Just click the "Create" button and you'll be able to connect your wallet directly.
Important Note: If you see an unexpected request to connect to your wallet, discard it. Hackers and scammers are always a threat, so be vigilant. But, as long as you're in a legitimate playing field, you should be fine.
Create the NFT
Once you've connected the wallet, you'll be taken to the page where you can create your NFT.
With lazy minting, you can upload a digital file and name the prospective NFT directly. You can also add a description of the work, add an external link for more details (maybe other things you've done, your website, contact information, etc.), and select the blockchain you'd like to base the NFT on.
You'll also set the listing price and your royalty percentage if the NFT gets sold later on. Click on "Complete," and you've got your first NFT.
List the NFT
The final step is to sell your NFT on the open market. Click on the "Sell" button, and you'll be taken to a page where you can share descriptions about the token.
Select the type of sale - a timed auction or a fixed price based on your preferred cryptocurrency. Some NFT marketplaces will require that you set the royalties for reselling at this stage. Rest assured your marketplace will disclose the fees they'll be charging for the sale.
In the next phase, the marketplace will show the gas fees based on the cryptocurrency network activity at the time of listing, then request that you make the payment. Once you've paid the gas fees and approved the final terms, your NFT will be listed and made publicly available.
One Last Thing
This guide has been simplified to point out the most important things. Be sure to do a little more research if you get lost in the process. It's also vital that you understand the function of NFTs and how they can benefit you. Determine whether minting and selling an NFT is what you really want to do - keeping the fees in mind.
Lastly, we recommend that you always go with the most popular platforms - for NFT marketplaces (OpenSea, Rarible) and wallets (MetaMask, Coinbase Wallet, etc.) These make it easier to get help if you have any issues.