NFTs or non-fungible tokens are a growing trend in cryptocurrency. Since its beginning in 2014, NFTs have gradually grown in popularity to become one of the most common types of blockchain investments. NFTs have grown in demand due to a wide range of rare and collectible digital art from famous artists such as Mike Winkelmann (Beeple) and Grimes.
Once you become familiar with this unique form of digital currency, you’ll want to learn how to mint and sell NFTs in the digital market. Most websites that buy and sell NFTs offer tutorials and step-by-step instructions on creating and selling your digital assets.
One of the first NFTs available on the market was CryptoKitty, each of which was created uniquely and stored on the token’s blockchain in a smart contract. As NFT marketplaces grew, more digital art and items included paintings, a video game skin, theatre tickets, and trademarks.
How to Mint an NFT
Minting is changing its form, as digital art, into a tradable form of cryptocurrency, such as Ethereum blockchain. As NFTs become more in demand, the interest in understanding their value for sale is desirable. Many artists earn millions from their non-fungible tokens due to their unique content, making them valuable digital assets.
When you mint your own NFT, you’re altering the readability of your digital asset for trading and selling as real-world investments.
Non-fungible tokens are a type of blockchain currency and require a compatible trading base or platform for the minting process. Three of the most common forms of blockchain technology platforms include Superrare, Rarible, and Opensea.
Why is minting popular? As digital content is created for digital assets, it becomes increasingly famous and in demand. Minting allows these unique cryptocurrencies to trade easier through NFT platforms. Each blockchain trading base offers a series of steps to mint your NFT assets for sale on the market.
How much does it cost to mint an NFT?
If you want to create an NFT, you’ll need an image, clip of music, or artwork to upload, along with a cryptocurrency wallet. You’ll want to ensure that your crypto wallet is funded and compatible with the Ethereum blockchain platform to mint your NFTs. Websites such as mintable.com and opensea.io allow you to create your own NFT.
Once your content is uploaded as a file, you can choose to create one or multiple NFTs, then select their type and price. It’s key to note any fees when minting your tokens, as these can vary depending on the platform you use for this process. The next section will detail the various costs of minting your non-fungible tokens through different blockchain platforms.
How much does it cost to mint an NFT on Opensea?
Opensea is a popular NFT marketplace that doesn’t charge any upfront fees to get started on the platform. You can sign up on opensea for free, though if you’ve never sold NFTs or cryptocurrency on the platform previously, you’ll need to pay a small activation fee to set up your account and list your NFTs on Ethereum. It’s a good starting point to check how these NFT marketplaces work.
With your funded wallet, you can trade between Opensea and your account and access your funds once a sale is finalized and you receive the proceeds.
It’s essential to become familiar with gas fees, as they are recurring charges that you must pay for specific services, such as buying an NFT, canceling a bid or accepting an offer, transferring an NFT to someone as a gift, and other transactions on Ethereum.
Gas fees are not consistent, as they fluctuate based on the network. ETH Gas Station offers a way to view your tentative transaction in real-time, so you can confirm the fee’s price before proceeding with the sale. If the price is too high, you can attempt the transaction at a later time.
If a specific NFT is popular, there may be a higher usage of users trying to purchase, which can be competitive, especially when a specific NFT is low or limited in supply. This situation may also cause gas fees to fluctuate, including losing transaction fees as a result.
How much does it cost to mint an NFT on Superrare?
One of the most popular NFT platforms is Superrare, which trades digital artwork that is rare and unique, including single-edition pieces. This marketplace sells artwork as a cryptocurrency that is bought and sold as tokens. You can think of it as an online marketplace where art collectors and creators combine with a cryptocurrency exchange.
Superrare is a common place where many NFT artists promote and sell crypto art as a collectible. Each item is tracked on the blockchain, which maintains its value similar to Bitcoin and other digital currencies. This NFT market is ideal for creating a social network to showcase unique digital art pieces, including memes, video games, and well-known video clips and music from celebrities such as Grimes.
The cost of each transaction is 3%, which the buyer covers. If a token ID is below 4,000, there are no transaction fees, and commission-only applies to secondary sales at a rate of 3%. Commission for primary sales is 15%, with the bulk of revenue, 85%, to creators.
The secondary market is where creators earn passive income at 10%, also known as royalties. These streams of income are also known as gallery fee commissions. It’s also a great social platform that brings artists, collectors, and investors together.
One of the biggest advantages of artist royalties earned through the secondary market is the ability for musicians and artists to earn passive revenue on recordings from decades ago consistently. At the same time, they continue to sell the same items (vinyl, compact disks) online and in stores simultaneously.
How much does it cost to mint an NFT on Rarible?
Rarible is generally considered a more expensive place to buy or out NFT for sale. The pricing for minting non-fungible tokens on Rarible fluctuates widely, from 350.00 to 600.00 or higher. To mint NFT art on Rarible, you must have a Metamask crypto wallet that Ethereum funds.
Like other NFT platforms, you have the option of setting your price or allowing potential buyers to bid for your non-fungible tokens in an online auction to maximize the proceeds of your sale.
Rarible’s website is easy to navigate and finds information about minting, whether you’re looking to create your first NFT or end up creating and selling multiple digital tokens.
How to Sell NFT
It’s relatively easy to sell NFT art on Rarible, Opensea, and Superrare. Before you start, you’ll need a digital or cryptocurrency wallet funded with Ethereum. Other platforms you may consider include Coinbase and Nifty Gateway.
The following section details how to set up your account to create and sell non-fungible tokens on Opensea, Superrare, and Rarible.
How to Sell NFT on Opensea
When you mint your NFT to sell on Opensea, you’ll need an active profile and uploaded image ready. If you’re not ready to create an NFT and want to preview the platform before you proceed, you’ll find a useful tutorial on Opensea, which details how to create and upload your NFT, then price and decide on the type of auction before posting your NFT.
Before you begin, you’ll need a digital wallet with an Ethereum balance to connect to pay for gas fees. It’s also important to note that some types of digital art or media that are permissible on the website may require additional steps or must be approved through a custom contract before you can trade or sell your NFTs.
To create your NFT, upload your image or digital work, and create a name or description. You can also create a collection, which is ideal if you’re planning on uploading and minting a series of non-fungible tokens, either selling them individually or as a group. It’s also key to choose a category on Opensea that will get your NFTs noticed.
Once you have one or more NFTs minted on your profile, you’ll have the option of reviewing them on your dashboard on Opensea.
Your NFT collection will get noticed with links to your social media accounts, including Twitter, Facebook, Medium, and Instagram.
How to Sell NFTs on Superrare
Superrare is an Ethereum blockchain-based platform that provides NFT creators opportunities to mint and sell their digital artwork in a secure, online environment. All transactions are based on ETH or Ethereum cryptocurrency, and you’ll need a digital wallet to get started, where you store your NFTs.
Like Opensea and Rarible, all NFTs created on your Superrare account are tokenized so that you can link and sell them through the website’s network.
To set up your new account on Superrare, you’ll need to select WalletConnect, which links your mobile wallet through a QR code or provides specific account information.
Once your crypto wallet is set up and linked to your Superrare account, you’ll need to add some ETH funds to get started. This balance is required to pay for gas fees when you process blockchain transactions.
It’s always ideal to have a little extra in your account, as gas fees fluctuate often and prices vary significantly.
Coinbase is the recommended source for funding your wallet for Superrare. Once you have a balance of Ether in your digital wallet, you’re ready to begin selling and trading NFTs. Some of the popular options for crypto wallets including Trust Wallet, MetaMask, and Rainbow Wallet.
Once a wallet is created, select the discover page on Superrare, where you can scan the QR code to set up your connection and begin creating NFTs and transactions online.
How to Sell an NFT on Rarible
The process is relatively easy, which requires connecting your account on Rarible to the Metamask wallet and selecting the “create collectible” option to mint one or more NFT products. These options are easily found on the website’s home page and require uploading a digital file like png, video clip, meme, or music file to create your single NFT.
If you have an existing wallet, you can import its value and create a new one on MetaMask. You’ll need to create a username and password to access your digital wallet. The website will prompt you to set up a secret question and answer as the second level of verification and security for your account.
Once all the information is provided to set up your new crypto wallet, click on “confirm,” Your account is ready to use.
You’ll need to fund your account with Ethereum currency by connecting your wallet to an account and transferring funds to buy or fund with ETH. The platform will conveniently convert USD (US dollars) to Ethereum, the cryptocurrency in your wallet.
A funded crypto wallet is required so that you can pay the gas fees when you connect to create and sell non-fungible tokens on Rarible or any NFT marketplace. You’ll notice the gas fees vary considerably and are based on the amount of traffic on the platform.
Frequently Asked Questions (FAQ)
There’s a lot to learn about NFTs, which may seem complicated and difficult to understand, though, you can quickly gain a lot by visiting non-fungible token platforms with a bit of review. These digital spaces offer a wide range of support and information to make the process easy and painless.
Minting and selling original artwork on a digital platform is an exciting way to explore a new way of generating extra income while promoting your brand or artwork on an international level.
Non-fungible tokens are unique, one-of-a-kind pieces of work that are non-divisible and must be sold in their entirety.
If you’re new to cryptocurrency and NFTs in general, it’s important to get familiar with the possibility of scammers and how to avoid them when you set up your online account and crypto wallet. As NFTs and blockchain become more widely used and traded, it’s vital to understand which companies and platforms are legitimate and avoid fraudulent offers.
As cryptocurrency becomes a more popular alternative to traditional investments, understanding how NFT art and NFT selling works can help many artists build a valuable portfolio and create a steady stream of passive income through secondary markets, which may become a consistent and profitable way to earn a good profit.