How to Create & Sell NFTs

How to Create & Sell NFTs

Daniel Hall 16/01/2022
How to Create & Sell NFTs

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

For those who do not know, an NFT is a new form of digital asset, being created online and sold as collectibles. It may all sound like a bit of casual fun but when you hear of NFTs being sold for upwards of $50million, you can’t help but want a piece of the action. Since the monetary value of NFTs has accelerated so considerably in 2021, more and more people are getting involved. 

With people from all walks of life wanting to know how exactly an NFT works, how they are made, and their selling potential, GMR Center have helped to explain how exactly to create and sell your own NFTs, since they have just recently launched their very own NFTs.

A Step-By-Step to Selling your NFT 

A Primer on NFTs


Here is a somewhat simple step-by-step for setting yourself up to sell an NFT. Please note - there are a wide variety of NFT platforms and cryptocurrency payment platforms to utilise. Take time to research which would be best for you.

Set up a Digital Wallet

A digital wallet allows you to buy and sell cryptocurrency. You’ll need to set up a digital wallet first, before you do anything else. It’s important to choose your preferred provider, as there are several apps to choose from.

Buy Some Cryptocurrency

Within a digital wallet you will be able to purchase cryptocurrencies. This you can simply do using your debit card or other payment options, such as Apple Pay.

Connect Your Wallet

Once you have chosen the NFT platform you would like to use, follow the relevant instructions to connect your digital wallet to the NFT platform to begin the process of selling and buying NFTs.

Use the Platform to Begin Creating

This will require you to upload your file, whether this is a PNG, GIF, MP3 file or another digital asset. In most cases, across the majority of NFT platforms you can opt to upload a single file or multiple copies of the same asset.

Enter a Name and Description

Naming your NFT is important. Although this seems like a simple task this could set your NFT apart from others on the platform, giving you a higher chance of a sale. So, take time over naming and describing your NFT.

Set a Royalty Percentage

This is how much you will take each time your NFT is sold on. Remember to think this through since a high percentage may deter people from reselling or buying your NFT in the first place.  

How to Sell your NFT

Much like auction sites you will then be asked to choose how to sell your NFT. Either at a set price, which you decide, or as an auction, allowing people to bid for your NFT. An auction can be limited to a time frame or unlimited until you accept an offer. If you opt to sell through an auction you will have to set a minimum price.

Listing Fee

Across NFT platforms you will be asked to pay a listing fee. This is where you must consider at what price your NFT is valued at, so you can cover the cost of the listing fee and any other fees the platform charges. This will include fees such as a commission fee once the NFT sells. It is important you research the fees of various platforms to find yourself the best deal.

Proof of Ownership and Value of an NFT 

Blockchain Is Creating Ripples Across the Art World Through NFTs


Just as a regular piece of art would, an NFT holds value. Each NFT cannot be duplicated due to the hidden non-interchangeable unit of data stored on a digital ledger (blockchain) using blockchain technology to identify ownership. Maybe others will have an image of the digital asset you have purchased, but they do not own the original. Much like having a copy of a masterpiece, those who own the original benefit from the full value. 

With the prospect of rare NFTs, there is a chance you could later sell your NFT for a lot of money. With the right royalty percentage set you could then continue to make money from your NFT each time it is sold on. So, now you can understand just why NFTs have taken off in recent years!

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Daniel Hall

Business Expert

Daniel Hall is an experienced digital marketer, author and world traveller. He spends a lot of his free time flipping through books and learning about a plethora of topics.

 

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