Non-Fungible Tokens are the digital asset which cannot be interchanged with something else or in other words, NFTs don’t have any tangible form. However, you can sell and buy NFTs like any piece of property. Non-fungible tokens represent real-world objects, including videos, music, and art.
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The programming to build an NFT is usually similar to that of a cryptocurrency. So, how does an NFT differ from a cryptocurrency? Well, cryptocurrencies are fungible, which would mean that the cryptos can be exchanged for one another. Fungibility is indeed the trusted way to conduct transactions. However, the non-fungible tokens are different. Non-Fungible Tokens cannot be exchanged with one another because each NFT has a digital signature.
Since few months, NFTs have gained wide popularity. The reason is that people can own uniquely valuable digital assets on the blockchains via NFTs, including music, images, videos, text, photos, and GIFs. There is a rush of creators to sell and create their Non-fungible tokens for few months. This report shall shed light on how you can mint and sell your NFTs to generate passive income.
Firstly, you must know that you are able to sell your non-fungible tokens to anyone in the world, and you do not need to involve any dealer for the purpose. The most common way to benefit from an NFT is indeed selling it at a higher price. You can also earn royalties on your NFTs.
Notably, you can even set a creator share while selling the non-fungible tokens, and in this manner, you can earn a fixed percentage from all the future sales of your art.
How can you create and sell your non-fungible Token in 2 simple steps?
Creating the artwork is quite simple, and you are not required to have specific crypto knowledge for that.
· Decide the blockchain on which you want to issue your NFTs artwork. For instance, you can choose from Binance smart chain, ethereum, Tron, Polkadot, Tezos, and Cosmos. Notably, you have to comply with the NFT token standard according to the choice of blockchain.
· Use NFT centric platform for connecting your wallet and uploading your art (image or a file) which you want to convert into a non-fungible token. These platforms can be OpenSea, Mintable, SuperRare, Makers Place, and Rarible.
Notably, it might cost you some fee when you use ETH-based platforms to create an NFT, and the gas cost depends on network congestion. But, OpenSea allows you to make your non-fungible Token without any fee. However, you are still required to provide a gas fee for selling your NFTs.
Beginners’ guide to creating digital NFTs on OpenSea and earn passive income
· For storing your NFTs, you must have a wallet, and for that, you have to install the MetaMask wallet extension on Google Chrome.
· You can then head to OpenSea and sign in to your account after following the instructions.
· Then you can use the ‘create’ button, given at the top, and after that, you can go to “My collections’.
· Now, you can ‘Create new collection’ after entering the collection’s name and an image. This is the first step to display your work, which you can edit later on.
· For creating your first non-fungible Token, you just need to hit the ‘Add new item’ button, and you will see an option to upload the image/audio/video on the next page.
· After you are done with your upload, you can click the ‘Create’ button and then sign the message in the wallet.
· You can then list your NFTs to sell. For this, you are required to head to the public-facing asset page for your items and then simply press ‘sell’.
You can select a fixed price for your NFT or can set it for auction. In this manner, you are basically creating your smart trading contract.
NFTs have the potential to change all industries, and the NFT market is now growing at a much faster pace. According to the reports, the NFTs investments are gaining popularity similar to that of Bitcoin. The creators have made a considerable amount of income out of it. The creators are allowed to get royalty through these digital art trading platforms. NFTs have indeed opened a gate for the artists to earn massive profit out of their art.
However, if you want to buy one of these NFTs, you can use the popular NFT marketplaces, including Rarible, Nifty Gateway, BakerySwap, OpenSea, and Foundation.
Note- You can choose other platforms instead of OpenSea, such as Rarible, Mintable. The process of creating the NFTs is almost similar to that of OpenSea. Mintable can be the cheapest option for selling your non-fungible tokens as it doesn’t involve any gas fee. However, you require registering yourself first before selling on Mintable.