Buying & Selling NFTs

So you’re a designer or an artist, and you’ve heard that a digital painting by Grimes sold for $5.8 million. Now, you’ll never reach that level of craziness, but you can still dream and try to create your own NFT. Most of the time, you’ll lose money in the process, but you’ll have successfully jumped on the bandwagon and can brag about it on social media.

Before you begin, you must choose a blockchain to issue your NFTs. Ethereum is the most popular blockchain platform for issuing NFTs. Keep in mind that there are a number of alternative blockchains that are gaining traction, including Flow by Dapper Labs, EOS, PolkaDot, Cosmos, WAX, and more.

How to Create NFTs?

Creating NFTs requires little to no technical expertise. There are numerous NFT marketplaces, such as OpenSea, Rarible or Mintable, where you may quickly manufacture NFTs for your artwork.

Only platforms that support Binance Smart Chain assets will be able to sell NFTs created on top of the Binance Smart Chain. This means you wouldn’t be able to sell them on a marketplace like VIV3, which is based on the Flow blockchain, or OpenSea, which is based on the Ethereum blockchain.

To get started, you’ll need to link your crypto wallet (such as MetaMask, Trust Wallet, or Coinbase Wallet) to whatever NFT marketplace you choose. You will never need to share any additional information because your wallet address will be your login information. After that, go to the marketplace’s “Create” area, upload your artwork, and finish the procedure by selecting the appropriate buttons. Once you have these, you can connect your wallet to a number of NFT-centric services and upload the image or file that you wish to make into an NFT. Easy peasy.

How To Buy NFTs

Before you go out and buy NFTs, there are four things you should ask yourself:

• Is it possible to purchase the NFTs you desire at a certain time, such as during a pack or art drop?
• What market will you use to purchase the NFTs?
• To connect to the platform and acquire NFTs, what type of wallet will you need to download?
• Which cryptocurrency would you need to execute the transaction with?

Pack and art drops are becoming more popular as a way to offer rare NFTs to a large audience of eager customers. Users are usually required to join up and pay their accounts prior to the drop in order to avoid missing out on the opportunity to purchase NFTs. Pack and art drops can happen in a matter of seconds, so be prepared ahead of time. I propose that you read CNBC’s post regarding purchasing and selling NFTs. On their post, they present you with a step-by-step tutorial.

Like what you’re reading? Don’t miss out our next blog where we explain about securing your NFTs.

Amy Chung, Oakville, ON,  June 2021

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