NFTs are without question one of the hottest topics on the web right now.
The NFT industry hit a record-breaking high of 10.7 billion in sales in the third quarter of 2021 alone and it doesn't look like the NFT craze is slowing down anytime soon.
Recent data from Cryptoslam.io shows more than $126 million worth of NFTs sold in the last 24 hours.
Earlier in the year, one NFT artist called Beeple created an NFT titled, "Everyday: The First 5,000 Days" that sold for $69 million at Christie's live auction.
Another artist, Gary Vaynerchuk created an NFT collection of hand-drawn doodles called, VeeFriends that has already generated over $95 million in secondary sales since its launch.
Currently, the largest NFT marketplace to buy and sell non-fungible tokens is OpenSea with over 10 billion in sales.
With numbers like that, it's no wonder why so many people are running into the NFT space.
If you aren't familiar with NFTs, a non-fungible token (NFT) allows ownership over something virtual.
A nonfungible token (NFT) could be a drawing, painting, doodle, song, video clip, screenshot of a Tweet, meme, or pretty much anything else you can think of.
You can create anything you'd like as long as someone is willing to pay for it.
If you're an artist or content creator interested in learning how to make and sell non-fungible tokens (NFTs), this blog post will teach you how to make and sell NFTs on OpenSea.
👉 To learn more about non-fungible tokens and how NFTs work, check out: What are NFTs? How do NFTs work? 👈
This blog post will cover:
- Where to buy NFTs for sale
NFT 101: Getting Started With NFTs
Related: What is a content creator?
If you're new to the crypto and NFT space, there are a few things you need to set up before you can sell non-fungible tokens.
Before you can create and sell NFTs you have to buy cryptocurrency, set up a crypto wallet like MetaMask, fund the wallet with crypto like ETH, and connect your wallet to an NFT marketplace.
Once you have each of those set up correctly, you can create your nonfungible token on OpenSea and list it for sale on the marketplace.
To recap, you need:
- A blockchain/cryptocurrency
A crypto wallet
An NFT marketplace
Are you ready to sell NFTs? Let's get started.
How To Buy Crypto
Not sure how to buy crypto or ETH? Wondering why you need it?
You need a blockchain like Ethereum (ETH) to buy, mint, or list a nonfungible token for sale, and to pay for any creator royalties and gas fees associated with transactions on the blockchain.
There are a variety of blockchains that you can use to sell NFT art like ETH, Ronin, Solana, Polygon, Theta, and many more.
According to cryptoslam.io, Ethereum (ETH) is the leading blockchain used to buy nonfungible tokens. In fact, ETH takes number one on the charts with more than $1.3 billion in sales in the last 30 days.
The image below shows the top 9 blockchains based on NFT sales volume for the last 30 days.
How To Buy Ethereum (ETH)
One of the easiest ways to buy ETH is directly from your OpenSea account once you have it set up.
To purchase ETH from inside your OpenSea account, go to your wallet and click the 'Add Funds' button in the top right of your profile.
You can also buy Ethereum (ETH) with an exchange like Coinbase or Binance or by using a wallet like MyEtherWallet or MetaMask.
Some wallets even let you buy crypto with a debit/credit card, bank transfer, or even Apple Pay. Coinbase for example, lets you buy up to $1,000 a day in crypto using PayPal.
Now that you know how to buy Ethereum (ETH), it's time to set up your wallet.
How To Set Up Crypto Wallet
How to set up MetaMask wallet, the simpler crypto wallet
If you're going to use the Ethereum ecosystem, you will need a crypto wallet like MetaMask.
MetaMask is a cryptocurrency wallet that allows you to access websites that integrate Ethereum where you can buy, store, send, and swap tokens on the blockchain.
MetaMask is a great place to start, especially if you are new to the NFT and crypto spaces. It's is very easy to use and only takes a few minutes to set up.
How To Install MetaMask To Your Browser:
Choose whether you want to install for your browser, iPhone, or Android
Select 'Install MetaMask for Chrome'
Select 'Add to Chrome'
Select 'Get Started'
Create a wallet
Create a password for your wallet then click 'Create'
*Select 'CLICK HERE TO REVEAL SECRET WORDS'
Select each phrase in the correct order to confirm the secret phrase
Once correct select 'Confirm'
*Pro-tip: Your secret backup phrase is a critical phrase that you must save in a secure location.
If you forget your secret backup phrase you will lose anything in that wallet and it can NEVER be recovered.
It is recommended that you write this secret phrase down on paper, store it in multiple locations, and put it somewhere secure like a safety deposit box or external encrypted hard drive.
Now that your crypto wallet is installed, it's time to set up your OpenSea account and connect your wallet address to your profile.
How To Set Up OpenSea & Connect Your Wallet
Don't forget to browse the marketplace for new and trending NFTs.
How To Create An OpenSea Account:
Step 1: Head to https://opensea.io/ and select 'Profile' in the top right corner.
Step 2: Go through the prompts to finish connecting your wallet.
When you see 'Connecting...' you're almost done.
Step 3: Select the gear icon on the right side of your screen to personalize your account.
This is where you can customize your OpenSea profile, add social media links, edit your username, bio, email address, profile photo, and cover banner.
It's important to note when you create your OpenSea account, your account name automatically defaults to 'Unnamed' so make sure you edit this.
And that's pretty much it!
Now that your OpenSea account is set up, it's time to add a new item or non-fungible token to your collection.
You can add an item to your collection in a couple of ways.
If you're artistically talented, you can create your own item and upload it to your OpenSea collection or you can purchase a non-fungible token from an NFT marketplace.
How To Buy NFTs For Sale
Wondering where to buy NFTs?
Currently, OpenSea is the largest marketplace for buying and selling nonfungible tokens (NFTs), they reported a $3.4 billion transaction volume in August 2021.
However, there are a variety of NFT marketplaces where you can buy and sell NFTs.
Top NFT Marketplaces For Artists And Creators To Buy And Sell NFTs:
NBA Top Shot
Plus, many more
Recently celebrities like Jimmy Fallon and Post Malone have publically announced they are using MoonPay to buy their NFTs.
The other night on The Tonight Show during an interview with famous NFT artist Beeple, Jimmy Fallon revealed that he recently purchased his first NFT.
He announced that he used MoonPay to purchase Bored Ape #599 from the Bored Ape Yacht Club (BAYC) Collection.
Post Malone is also using MoonPay in his new music video, One Right Now with The Weekend to buy an ape from the Bored Ape Yacht Club (BAYC) NFT collection.
View the music video here.
How To Create NFTs
How To Create NFTs On OpenSea: A Step-By-Step Guide
Step 1: Go to opensea.io, and click 'Create' in the top right corner.
You will be taken to the item creation page where you can add and edit all of your information.
Step 2: Upload your file and complete the fields.
On this page, you can upload an NFT file, name it, add an external link and description.
OpenSea allows you to upload any image, video, audio, or 3D model to create your NFT.
However, they do recommend keeping your file size under 40MB for faster load times, but the maximum file size supported is 100MB. See the all file types supported in the screenshot below.
Step 3: Add properties and information about your item.
With OpenSea you can place your NFT in an existing collection, add properties or traits, levels, stats, and even unlockable content (like bonus content for buying your artwork).
Adding properties and unlockable content help make your NFT artwork or collection rarer and potentially more valuable.
You can also select which blockchain you want to mint your NFT on. OpenSea offers cross-blockchain support across Ethereum, Polygon, and Klatyn.
The image below shows how properties are displayed once an NFT has been listed for sale on OpenSea.
Step 4: Finish customizing your NFT, and click 'Create'.
Woohoo! You've just created your first NFT on OpenSea!
Once you've created your NFT it will show up on your profile where you can list it for sale.
How To Sell NFT Art
How To Sell NFTs On OpenSea
Are you ready to sell NFTs? Follow the steps to sell NFT art on OpenSea (steps will vary depending on the marketplace).
Step 1: Visit https://opensea.io/ and login into your account.
Step 2: Click on 'Profile' in the upper right-hand corner.
Step 3: Browse your NFT collection and click on the NFT you would like to sell.
Step 4: Once you've found the NFT you would like to sell, select 'Sell' at the top right-hand corner of the page to be taken to the listing page.
Step 5: Choose how to sell your NFT.
This is where you will choose the price, type of auction, duration of the sale, and type of buyer.
There are two types of auctions on OpenSea: 'Fixed Price' and 'Timed Auction'.
A 'Fixed Price' sale is one where the price stays fixed. To learn more about 'Timed Auctions' check out OpenSea's support page.
Now choose how long your item will be listed for sale.
The default options are 1 day, 3 days, or 1 week, but you can choose any duration you'd like using the calendar.
Lastly, you can choose to sell your NFT as a bundle or reserve it for a specific buyer.
If you would like to reserve your NFT for a specific buyer, simply turn on the toggle and paste their address into the field 'Reserve for a specific buyer'.
You may notice in the image above, there are two types of fees listed -- a 2.5% 'Service Fee' and a 5.0% 'Creator Royalty' fee.
As a creator on OpenSea, you can choose to make a royalty every time your NFT is sold.
Other fees can vary depending on how many people are trading on the blockchain, but the highest percentage that can be deducted from an NFT on OpenSea is 12.5%
Step 6: Pay fees and complete your NFT listing.
If it's your first time selling an NFT on OpenSea you will have to complete two one-time transactions:
To initialize your wallet for making sell orders.
To allow OpenSea access to your item or collection when a sale occurs.
You will only be required to pay these transaction fees once.
After completing those steps, a popup will appear and you will have to approve a signature request to finalize your NFT listing.
And that's it! You have successfully listed your NFT for sale on OpenSea!
Once your NFT has been minted, the transaction and any NFTs you list for sale in the future will appear under the 'Activity' tab in your profile.
It's important to note, any user looking to purchase your NFT on OpenSea can view the transaction history of your NFT at any time on the blockchain.
This information will live on the blockchain forever and can not be hidden, edited, or deleted.
You can also view the sales activity for any other nonfungible token or NFT collection on OpenSea. All you have to do is search for the NFT or NFT collection on OpenSea and click the activity tab on the NFT profile.
For example, the image below shows all sales activity in the last 90 days for Bored Ape Yacht Club (BAYC).
According to Cyrptoslam.io, Bored Ape Yacht Club has made a total of $769,592,060.85 (USD) in secondary sales, with the average buyer paying around 10.3 ETH.
Final Thoughts + Resources
If you're thinking about creating and selling NFT art, the time is now. The NFT craze is far from over.
NFTs have without a doubt given artists and content creators a reliable way to make money and showcase their artwork.
If you want to have success making and selling NFTs, it's critical to think beyond the artwork. Yes, the artwork is important, but that doesn't mean it's the only thing you need to plan for.
It's imperative to create a strong NFT marketing and promotional strategy for your digital artwork and/or NFT collection.
It's also extremely important to show up and support other NFT artists and content creators.
Think about it, the more you show and support others in the NFT industry the more opportunity you have to grow your own NFT community.
Good luck and keep your eyes forward!
- What are creator coins?
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