How to create and sell NFTs

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NFTs, or Non-Fungible Tokens if we’re technical, have taken the internet by storm lately.

For those who don’t know, an NFT is a new form of digital asset created online and sold as collectibles. It might all sound like a bit of fun, but when you hear NFTs selling for over $50 million, you can’t help but want a piece of the action. With the monetary value of NFTs accelerating so much in 2021, more and more people are getting involved.

With people from all walks of life wanting to know exactly how an NFT works, how they’re made, and what their selling potential is, GMR Center helped explain exactly how to create and sell your own NFTs since it’s only recently have launched their own NFTs own NFTs.

A step-by-step guide to selling your NFT

An Introduction to NFTs

Here’s a somewhat basic step-by-step guide to selling an NFT. Please note that there are a variety of NFT platforms and cryptocurrency payment platforms that can be used. Take the time to research what works best for you.

Set up a digital wallet

A digital wallet allows you to buy and sell cryptocurrency. You must first set up a digital wallet before doing anything else. It is important to choose your preferred provider as there are multiple apps to choose from.

Buy some cryptocurrency

Within a digital wallet you can buy cryptocurrencies. You can easily do this with your debit card or other payment options like Apple Pay.

Connect your wallet

After selecting the NFT platform you wish to use, follow the relevant instructions to connect your digital wallet to the NFT platform to start selling and buying NFTs.

Use the platform to start building

This requires you to upload your file, whether it’s a PNG, GIF, MP3, or any other digital asset. In most cases, most NFT platforms allow you to choose to upload a single file or multiple copies of the same asset.

Enter a name and description

Naming your NFT is important. While this may seem like a simple task, it could set your NFT apart from others on the platform and give you a higher chance of making a sale. So take the time to name and describe your NFT.

Set a royalty percentage

That’s how much you take each time your NFT is resold. Be sure to reconsider this as a high percentage can put people off from reselling or buying your NFT in the first place.

How to sell your NFT

Similar to auction sites, you will then be asked how you plan to sell your NFT. Either at a set price that you set, or as an auction where people can bid for your NFT. An auction can be limited in time or unlimited until you accept an offer. If you choose to sell through an auction, you must set a reserve price.

Listing Fee

All NFT platforms will ask you to pay a listing fee. This is where you need to consider what your NFT will be priced at so that you can cover the cost of the listing fee and any other fees the platform charges. This includes fees such as a commission fee once the NFT is sold. It is important that you research the fees of different platforms to find the best deal.

Proof of ownership and value of an NFT

Blockchain is creating ripples in the art world through NFTs

Just like a normal work of art, an NFT has value. Each NFT cannot be duplicated due to the hidden, non-exchangeable unit of data stored in a digital ledger (blockchain) that uses blockchain technology to identify ownership. Others may have an image of the digital asset you purchased, but they don’t own the original. Much like a copy of a masterpiece, the owner of the original reaps the full value.

With the prospect of rare NFTs, chances are you can later sell your NFT for big bucks. With the right royalty percentage, you could then continue to make money every time you resell your NFT. So now you can understand why NFTs have been so successful in recent years!

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