Creating, Selling and Buying NFTs Explained
One of the fastest-growing trends of 2022 competing with cryptocurrency is the use of non-fungible tokens, NFTs. There has been a tremendous increase, more than 50%, in the total NFT sales from 2009 to 2021. Here is what you need to know about NFTs.
What are NFTs?
Non-fungible tokens are a way to pay for digital assets. Anything valuable that you can buy from the internet, like artwork or music, can be obtained if you have the appropriate currency. However, you should not expect to get a physical item after buying the product. For example, the seller will send you a digital copy of the artwork to save on an electronic file instead of a physical oil canvas painting. However, your digital copy will not have the same value as the original or a physical artwork.
The value of NFTs is constantly changing depending on the market. Traders usually use cryptocurrencies when selling or buying NFTs. If you are looking for a way to earn extra income, you should sell NFTs in Malaysia and enjoy tremendous profits.
How to create NFTs
It may be challenging to create Non-fungible tokens for the first time. It would be best to have some experience in the crypto industry if you want a smoother minting process. The initial and most crucial step is to select a marketplace to make and sell your NFTs. Afterward, choose a blockchain compatible with the market you have chosen.
The process of making NFTs is specific to the platform you are using. However, these are some of the critical steps to expect:
- Connect your wallet to the platform you have selected. This process will only require your wallet password.
- There should be a profile icon on the platform’s home page. Click on it and sign in.
- Upon signing in, the system will ask you to complete specific steps. Follow the instructions to set up your account successfully.
- After logging in, click on create to start adding to your collection.
- You will need to add necessary details to your collection, including name and description. You may also upload an image or logo, depending on your preference.
- Once you click on 'Add New Item,' the system will ask you to upload metadata specific to your collection. For example, you may decide to upload an image, audio, or video.
- Once you have completed the necessary steps and your NFT is ready, you may click on 'Create.'
- The last step is putting a signature on your wallet; then, your NFT will add to your collection, ready for selling.
- You should consider using packs or art drops to create limited edition NFTs. However, these features require users to fund their accounts beforehand because the system usually sells out the NFTs very fast.
What should you consider before buying an NFT?
NFT transactions occur electronically. For this reason, buyers need to avoid criminals who use malicious strategies to con sellers of their valuable assets. Some of the critical things to consider before buying an NFT include:
- What digital assets do you need to purchase the NFT?
- What wallet will you be using to complete the purchase?
- Is the NFT you want still available, or is it already sold?
- Where will you be buying the NFT?
You should not expect to buy NFTs anywhere because they are exclusive to specific platforms. For this reason, ensure that you do your research and are sure about the platform to guarantee a legitimate transaction.
The next step in the buying process is to fund your wallet. This process needs a buyer to access USDC stablecoin. Alternatively, you may use a supported fiat currency option. Once you have everything set, you have to wait until the buyer announces a drop card package to buy the NFT before it sells out.
How to sell NFTs
The process of selling NFTs is relatively straightforward. You need to open your NFT platform and select sell on your profile. However, you should connect your wallet to the system, primarily if you have never sold an NFT before. Ensure that you specify necessary information like price and auction type before posting your listings. The system should ask you to confirm your details before posting your NFTs on the market. After making a sale, your sold NFTs will appear on your profile menu.
