In 2021 NFTs have grown in terms of popularity and adoption. Earlier this month the term ‘NFT’ overtook ‘Dogecoin’ and ‘Ethereum’ and Bitcoin on the list of the most searched crypto terminologies on search engines like Google and Microsoft and Microsoft Bing.
The sales from NFT artworks and collectibles have grown immensely this year. In January the sales averaged at around $50 million and have skyrocketed to over $5 Billion as of November 22nd 2021. The total market cap of all Non-Fungible Tokens is estimated to be about $10 Billion and is expected to grow up to $20 Billion by the end of 2022.
How can you create and sell your own NFT?
If you are an artist here is how you can create and and mint some cash from your own NFT. It could be a drawing, a graphic, a photo, an audio art, a video clip art or a game art.
#1. Open an ERC-721 Crypto Wallet such as MetaMask or Trust Wallet: You need this because in the NFT marketplace, transactions are in crypto, usually Ethereum. If you already have one it’s okay you can use it.
#2. Buy some Ethereum (ETH) in your wallet: NFTs run in the Ethereum blockchain therefore most platforms prefer ETH for making payments.
In case the platform uses another crypto for payment lets say SOL, buy that one.
#3. Connect your ERC-721 Wallet to an NFT marketplace: The NFT marketplace is where you can you will enlist your artwork for sale to willing buyers. An example of the marketplace is OpenSea.io
Log into your preferred marketplace and link it with your ERC-721 wallet containing the funds.
#4. Upload your artwork onto the NFT marketplace: to digitize your artwork (drawing, graphic art, photo, audio or video), you need to upload it to the NFT marketplace. Then convert into an NFT. This will give it a unique identifier.
#5. Complete setting up your the artwork: within your profile in the market place you need to give your artwork some properties.
- Set the price in crypto that you wish to sell the item
- Set whether you want to sell as a single item or multiple copies.
- Decide the type of action you wish to sell the item; is it at a fixed price or you want buyers to make bids.
- Add some description to your artwork to make it marketable.
- Set whether you wish to receive royalties from any resales in future or not.
- Pay the listing fee for your artwork to be listed on the market
- Agree to commission and gas fee terms as stipulated by the marketplace.
Once you complete setting up your artwork, it’s now an NFT ready for sale. When customers buy your artwork, the funds will be credited to your account.
In the next article I’ll touch on some of the best marketplaces where you can list and sell your NFTs.