How To Make Money By Selling NFTs | Legit Internet Income

Many people want to learn how to create and sell an NFT. Many artists are considering to create non-fungible tokens based on their desire to monetize their work. By establishing the verifiable ownership of a unique digital asset, NFTs make it possible to sell artworks online, thereby expanding the pool of potential purchasers.

Non-fungible tokens (NFTs) are here to stay and are gaining importance to artists despite recent cases of NFT work being stolen or misused and markets being hijacked. Some museums and galleries have already started displaying NFT collections.

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What are NFTs?

To begin learning how to create and market NFTs, you must first understand what they are.

The goal of NFTs is to provide a means through which it may safeguard digital data in a manner that both protects their owners' rights and generates scarcity. The artist may keep the copyright for themselves, sell it to the buyer, or set a proportion of secondary sales that the owner may make, just as they would with a real work of art.

For what reasons is an NFT considered valuable?

Consumer interest determines an NFT's worth, just as it would determine the value of a piece in our made-up art collection. Like trading cards, their value is determined by supply and demand. Even though it may transform a picture into an NFT, this in no way restricts the image's accessibility. Blockchain technology makes it clear who the asset's legal owner is.

A word of caution

Many artists have been inspired to create and sell NFTs by Beeple, who sold his for $69 million. Such high amounts are a tiny minority of NFT sales. Most NFT work sells at typical prices for excellent art. Digital artists may receive royalties on all future sales when their NFT changes hands, which it can incorporate into the original smart contract.

Creating, managing, and selling an NFT has a lot of fees. Some NFT markets now enable fee-free NFT minting, with the expense put on the buyer; however, the author usually needs to pay, whether they sell it or not. See our guide on creating a free NFT for more info.

Despite a decrease in the NFT market this year, more artists, illustrators, and designers are selling NFTs. Nonfungible.com predicts $15 billion in main and secondary Ethereum sales in 2021, up from $67 million in 2020. Let's explore how to create and sell NFTs if you're interested. I’ll walk you through the process and cover NFT markets, bitcoin, and more.

How to make and sell an NFT

First, you must 'mint’ your NFT (assuming you already have the artwork). To create an NFT of your artwork, you'll need an NFT platform and a payment wallet to pay fees and get cash if you sell it. To explain the procedure, I’ll use Rarible as our NFT platform and MetaMask as our payment wallet, although there are many more possibilities.

1.      1. Select a digital wallet

It would help if you had cryptocurrency to produce and sell NFTs. Most NFT auction systems need you to pay ahead to ‘mint’ an NFT, which transforms your artwork into a sellable non-fungible token. ETH, the native cryptocurrency of Ethereum, where NFTs originally emerged, is the most widely accepted method of payment.

Make Money Selling NFTS - legitinternetincome.com

Some services are beginning to accept various payment methods and construct NFTs utilizing multiple blockchains. Learn about NFT crypto in this guide.

If you hold ETH, you'll need to store it in a digital wallet and link it to your NFT platform to send and receive payments. If you don't have cash, you can purchase ETH on a cryptocurrency exchange, but the fastest and simplest way is using a digital wallet.

Coinbase, MetaMask, Torus, Portis, WalletConnect, MyEtherWallet, and Fortmatic are popular NFT payment systems. MetaMask is used as an example, although there are many more. In most circumstances, the method is similar. Before picking, verify the costs (I’ll discuss fees later).

If you prefer another provider or already have a digital wallet, go to step 4. Next, I’ll walk you through setting up your wallet and buying ETH.

2.      2. Create a digital wallet to pay NFT

To build a digital wallet to pay an NFT platform to manufacture and sell an NFT, visit MetaMask's website and click the blue 'Download' button. I’ll install the desktop browser extension, but there's also a mobile app.


You'll be prompted to confirm creating a new wallet and seed phrase. A seed phrase is a collection of words that holds blockchain data. Say Agree, then agree to the conditions, create a password, and follow several security steps to set up your account.

3.      3. Add cryptocurrency to your digital wallet

After creating a digital wallet like MetaMask, you need to fund it with Ether. If you don't have any Ether (ETH) yet, you can get some by clicking the "Buy" button and then choosing "Buy ETH with Wyre."


To purchase ETH, you'll be sent to a site where you may use your debit card or Apple Pay. Don't worry if you don't want to spend any money just now; it may delay this step until a more convenient time (you'll need to research the costs of your preferred NFT platform to determine how much you'll need to invest).

This aspect of learning how to manufacture and sell an NFT might be intimidating due to the language used in the cryptocurrency industry, but purchasing money is straightforward. Be careful, however, that Ether's value, like that of Bitcoin and other cryptocurrencies, may see dramatic swings.

The price of one Ether (ETH) has seen multiple peaks and valleys in 2021, with a total range of less than $1,000 to about $4,700 at the time of writing. In a few hours, the currency's value might fluctuate by several hundred US dollars.

4.      4. Add your payment method of choice to an NFT system

How To Make Money Selling NFTS - legitinternetincome.com
Most electronic wallets follow the same basic procedure. No matter which one you select, you'll have to link it up with the NFT platform you'll use to sell the NFT. I’ll use Rarible as an example since it's the most popular NFT platform, but the steps involved are identical to most others.

It may find the 'Connect wallet' button in the upper right corner of the display. When you do, you'll be sent to a page where you may choose a wallet service; I recommend MetaMask. Your Rarible wallet integration options will appear in a pop-up window. Therefore after clicking "Next," you must also click "Connect" and agree to the terms of service.

5.      5. Choose the file you want to convert into an NFT

Once you have an ETH-enabled wallet, you may begin creating and trading NFTs. Go to Rarible.com and hit the blue 'Create' button in the right corner. Then, you may choose between making a unique piece of art or producing and selling the same product several times.


For simplicity's sake, let's go with "Single" here. The next step is to transfer the desired digital file into an NFT. Rarible supports PNG, GIF, WEBP, MP4, and MP3 files for uploads up to 30MB in size.

After you have uploaded your (hopefully improved) digital file, you will be able to see a preview of your NFT post on the right. The pictures below are just examples.

Make Money Selling NFTs - legitinternetincome.com/

6.      6. Make your NFT available for an auction

Next, pick how to sell your NFT art. Three choices. "Fixed price" lets you establish a price and sell your NFT instantaneously (like eBay's "Buy it now"). "Unlimited Auction" lets others bid until you accept one. 'Timed auction' is a limited-duration auction.


Choosing a minimal price is the hardest part. If you sell your NFT too cheaply, the fees might wipe out your profit. I’ll ask for 1 ETH (currently $4,700) and offer people seven days to bid.

Next, click 'Unlock once bought' This allows you to deliver a high-resolution version of your work and other content via a hidden web page or download link. 'Choose Collection' is the most perplexing choice. This is a technical question concerning blockchain setup. I recommend keeping this as 'Rarible.'

7.      7. Add a description

Your listing is now ready for a title and description. It would be best if you considered this to increase the likelihood that people will purchase your NFT. The next step is deciding how much of a cut you want to take from future sales of your work in the form of royalties.


A greater proportion will earn you more money for each sale in the long term, but it will discourage others from reselling your artwork since they will make less. Finally, you may fill in the characteristics of your file if you'd like. Once that's finished, you'll be in the home stretch.

8.      8. Finally, pay the listing fee to sell NFT

Click 'Create Item' to pay the listing fee and complete making and selling an NFT. No need to start again if your wallet is empty. Click the wallet icon in the top-right corner of the screen to contribute money to Rarible.

Finally, a warning. My listing fee was $5.91. Not even close. You must pay a cost to produce your NFT, which in our instance was $42.99 in ETH.

Make Money Selling NFTs

If someone buys your NFT, you'll pay a commission and a transaction charge to move the money from the buyer's wallet to yours. When I used Rarible's website, none of this was evident.

I’d love to explain how to assess the prospective cost of making and selling an NFT. Still, the complicated nature of blockchain technology, huge changes in cryptocurrency prices, and lack of transparency on the platforms themselves make that hard.

You must take a chance, wait to see how much you're charged, and hope for a profit. I wish you well if you decide to invest in NFT art.

Conclusion

Some non-traditional income sources require more time and effort than others. NFTs must be understood to be profitable. This article explains how to earn from NFTs and how to sell them. If you have time and want to learn more about NFTs, try NFT trading or play-to-earn games. You may create and sell your own NFTs. NFT staking, renting, and long-term investing are hands-off tactics. You have enough money to invest.

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