Table of Contents
Are you new to NFTs? These 10-steps cover everything from token creation, how an NFT wallet works, and how to convert them into cash!
When she was 4, her dad took a picture of her standing in front of a burning house and a firetruck. She’s looking back at the camera knowingly, leaving the viewer to suspect she had something to do with this disaster. But in reality, the fire scene was part of a training exercise for firefighters in Mebane, N.C., near where Zoë and her father, Dave Roth, lived.Now, Zoë is a 21-year-old senior at the University of North Carolina at Chapel Hill who works at an Italian restaurant. Earlier this month came a big payoff for all this fame: A “nonfungible token,” or NFT, of the original copy of the iconic photo sold at auction for nearly $500,000. The buyer is 3F Music, a music studio based in Dubai, United Arab Emirates, which has collected several other NFTs.
Buy some cryptocurrency
Though it’s often thought of as a form of payment, many people buy cryptocurrency as an investment. If you’re one of those people, purchasing some through a platform like Coinbase is a great place to start. Coinbase isn’t an exchange, so your options are limited—but it’s simple and easy enough for most anyone.
Once you have some cryptocurrency in your digital wallet, you can transfer it over to OpenSea. You can read more about how these platforms work and what differentiates them here. . . .
Put it up on OpenSea: Now that you have a lot of good ol’ cryptocurrency sitting in your Digital Wallet, all you need to do is list that sucker on OpenSea! You won’t be able to set any pricing or mark-up ahead of time. However, keep in mind that if you get someone else interested at a higher price than what they paid when purchasing from you via Price + % Markup, they won’t pay full price. We always refund to buyers any portion of their markup amount (minus gas) if there’s a better offer on OpenSea after purchase.
It’s important to note that once someone has bought your item off you via Buy Now, there is no going back; once purchased, items will appear in their account forever. What does it mean?
Create a digital wallet to pay for your NFT
First, it’s time to purchase a digital wallet in which you can store and trade your NFT. The simplest option is MetaMask, an extension for your web browser that allows you to run Ethereum dApps (decentralized applications) directly from your browser. Another great option is Trust Wallet, which is available on Android and iOS. Coinbase Wallet is also another good choice if you’re a fan of Coinbase products. Whatever option you choose, make sure to download/install it now so you’re ready when creating your NFT auction.
Once your wallet is set up, go ahead and send some Ether from MyEtherWallet or wherever else you have Ether stored over to your new digital wallet (the address will be specified during setup). When transferring Ether, always keep in mind that transactions are not reversible; double check everything before proceeding! If you try sending Ether after its deadline has passed (and assuming no one bids), you will never see those funds again. Keep track of all your receipts:
Receipts allow users to verify bids and purchases on their ERC-721 non-fungible tokens. Anyone who trades with ERC-721 tokens should take care to record all their actions into one easy location where they’ll never get lost! This can help speed up transaction times while also making them less prone to human error.
Add some cryptocurrency to your wallet
In order to use any of these services, you’ll need some cryptocurrency. The three most common ones are Bitcoin (BTC), Ethereum (ETH) and IOTA (MIOTA). All three are available on sites like Coinbase, Coinmama and Changelly. When you purchase them with a bank account or debit card, you’ll get a little more bang for your buck — but if you want quick transactions and low fees, credit cards aren’t ideal. Once you’ve purchased some coins, move them into a wallet.
For any kind of investment or speculative purchases in crypto, it’s best not to leave money on an exchange. You should also always consider cold storage vs. hot wallets when dealing with assets that could be worth much more than what you’re willing to lose. If everything else has gone according to plan up until now, getting your assets off an exchange will likely be as simple as downloading a new wallet app onto your phone. And finally… buy a game: Then take those cryptocurrencies and buy yourself something nice!
CryptoKitties is probably everyone’s first stop since it was one of blockchain technology’s earliest success stories; however, there are plenty of other options out there: Rare Bits offers NFTs from dozens of games ranging from obscure Steam titles to incredibly popular franchises like Adventure Time and Rick & Morty. But don’t forget about video games created solely around collecting digital assets.
Set up an auction for your NFT
Setting up an auction for your digital assets is fairly simple, but be aware that there’s a fee. We’ll walk you through it step-by-step. Before you get started, make sure your digital asset was issued on Vidy. This means that if you want to sell your CryptoKitty for $5 USD worth of ETH, someone has to send $5 USD worth of ETH into your wallet on Vidy (not just any wallet). If it wasn’t issued on Vidy first and then sold here, it will have to go back onto Vidy in order for someone else to buy it off of you without sending crypto directly from their wallet into yours via MetaMask or a similar interface.
This doesn’t mean that crypto can’t be sent directly into wallets—it just means most people won’t do so because they’re worried about getting scammed or hacked. How To Sell Your ERC721 Digital Assets On The Vidy Marketplace: 1) Set up your auction manually. 2) Enter a starting price at which bidders begin to place bids automatically. 3) Attach a QR code to your product page that leads buyers directly to your wallet address through which they purchase the item at their listed price once they’ve viewed enough videos. 4) People who are browsing products don’t need Eth in their MetaMask accounts in order to submit bids on auctions; only those who win need funds available within that account; after winning an auction, users also have three days before having to finalize payment with no penalty/interest charges accrued.
Connect your wallet to an NFT platform
You’ll need to connect your wallet—whether it’s Exodus, Jaxx, or another platform—to an online exchange like Binance or a decentralized trading platform such as OpenSea. Once you do so, go through your assets and list them on whichever platform(s) makes sense for selling that particular token. Again, fees vary between platforms and exchanges, but expect to shell out anywhere from 0.2 percent (in general) to 3 percent (in some cases). Also keep in mind: If someone pays more than your asking price at auction time, you get nothing! Again: make sure what you want is worth what others are paying for it!
Here are some of our favorite places to market NFTs (NOTE: we make money if you click these links): List it on OpenSea: At 5% fee + 3% transaction fee, OpenSea will be cheaper than any other secondary market if all goes well! But—there are caveats. One of which is that they often don’t accept just anything; they may turn down submissions that they feel aren’t legitimate crypto-collectibles.
To help combat fraud, they work closely with TeamCryptoCollectibles to verify each new submission via a crypto-DNA algorithm which confirms whether or not each submission actually has value as a collectible item by analyzing its description, images, metadata and blockchain information. The takeaway here: While OpenSea might have lower fees, it also may not work for every single one of your tokens — especially if those tokens are questionable in value . List it on an established centralized exchange : Most successful cryptos have been listed on centralized exchanges since their ICO day one.
Upload the file you want to turn into an NFT
Enter an Ethereum address to pay. This may be a smart contract or ENS name, or it may be an ERC-721 address generated by your token’s contract (if you have one). You can enter any Ethereum address that supports incoming transactions. Don’t add in a third party like Coinbase or MyEtherWallet! If you do, they’ll hold onto your Ether and not give it to me. Just use MetaMask or Mist with your own account and enter that address directly. When you’re done filling out everything else on here, hit Save. That will take you back up to Upload a file. Choose whether or not you want me to encrypt/hide your file inside of JSON/Base64 format when I upload it as an NFT.
What does that mean? It means that there is no direct link between your original uploaded file and what will get stored on Blockchain–so if someone wanted to search for images on IPFS and guess at which ones were my encrypted pictures, they’d have a much harder time doing so compared to raw image files. Be aware though that encrypted files take more space than non-encrypted ones–even though we’ll usually compress them quite well before uploading them for storage. Make sure you fill out all of these fields correctly: File size : The number of bytes (kilobytes) needed for my computer to read through this data. Compression ratio : If left blank, will default to 8:1 compression , but you can adjust what level of compression works best for you.
Promote auction
1. Victoire
Reason for Rarity: Only 1
Birthday: November 23, 2017
Generation: Gen 0
Hatched By: COO (CryptoKitties Founders)
Special Features: Exclusive
Current Owner: SoaS
Promote your auction by sharing a link with some crypto-currency enthusiasts (or post it on a crypto currency forum) and keep an eye on it. If you find that someone is bidding against you, don’t be afraid to bid higher than they do. Just remember that your purchase price includes fees, so don’t feel compelled to pay more just because someone else is bidding higher. When all is said and done, if your auction ends with a lower sale price than what you were hoping for then consider trying again at a later date. For instance, I purchased an ERC-721 CryptoKitty for 0.1 ETH but others have gone for upwards of 10 ETH! This suggests that prices may fluctuate over time based on a number of factors. The lesson here is clear: patience can pay off big time in Cryptolandia!
Chapter 3 – Writing Confident Opinions Using Key Data Points
To become a great writer, you will need to practice writing about topics related to your business or niche. Once you are confident in writing about those topics, it will be much easier for you to transition into writing about business models and opportunities that lie within them. In order to write confidently though, there are some things that must first occur; as we learn from Matthew May in The Laws of Subtraction, one must first subtract any barriers between themselves and their goals before one can begin actually moving towards achieving them. For instance, if you want to start writing articles online but have never published anything online before then there is a barrier between yourself and your end goal that is preventing it from being reached. Before publishing an online post (or other form of content) that could potentially go viral, I encourage you to follow these 5 steps: 1. Decide what type of content you would like to produce 2. Develop an idea around that content 3. Write 3 different versions around that idea 4. Edit/proofread each version 5.
Add a description to sell your NFT
Name: [Insert asset name] Description: [Insert asset description] Currency: USD Accepted Currency Type: [currency type e.g ETH, BTC, USDT etc.] Auction in DappRadar : If you’re looking for a quick and easy way to get an NFT off your hands, make sure you put it up for auction on DappRadar. The platform has already facilitated billions of dollars worth of transactions since its launch in 2017, which is why we chose them as our #1 selling option. For example, anyone with any quantity of cryptos like Bitcoin or Ethereum can use those assets to buy non-fungible tokens (NFTs) like Cryptokitties. What happens next? Well there are two possibilities—if someone else wants to buy your token they can outbid you at any time until they win or reach their maximum bid (either amount will be held until escrow). If no one bids on your item within five days then another possibility opens up—you can request that all bidders send their highest bid through directly via email so that once again, everything goes into escrow but now there are three parties involved instead of two. Once all parties confirm receipt, DappRadar sends payment from buyer to seller immediately after receiving proof of escrow release. That means you could have cryptocurrency in your wallet as quickly as 24 hours from when you first posted your NFT!
Note that Dappradar does charge 7% of each transaction for making matches between buyers and sellers; however, considering how fast it allows you to liquidate almost anything without dealing with strangers or third-party exchanges there’s little reason not to use it. From start to finish, posting an item takes roughly a minute depending on how much information you want to add such as photos and a detailed description; thereafter just sit back while potential buyers send their bids and wait for payment–as simple as that!
Pay the listing fee to sell your NFT
The first step is paying a listing fee. This isn’t a one-time fee—it’s paid every time you want to list your item on an exchange, and it’ll typically cost around 5% of your sale price. For example, if you list a $100 card on an exchange, you would pay $5 for them to list it for you. More importantly, most exchanges will have some sort of sellers protection built in so that they cover some or all of that fee if something goes wrong. It’s still a good idea to recoup as much as possible (at least 2x), but higher fees will likely be worth it with better protections. In short: Paying a bit more up front can help protect your money in case something goes wrong while trying to sell an NFT.
Collect your money
Money you receive from selling non-fungible tokens can be held in your personal wallet. There are a few places where you can purchase new non-fungible crypto-tokens, but if you’re looking to unload an item you already own, there’s only one place for that: Auction House.
While many newer players may not know of The Exchange, it’s actually home to several of blockchain gaming’s most important features. Here you can list your items for sale—for any price of your choosing—and bid on items other users have put up for auction. The order book is completely transparent and transaction fees come out to 0% (yes, zero percent). Of course, there is still risk involved with trading things through Auction House; make sure you’re following these tips so you don’t get taken advantage of.
However, there’s no risk when selling directly to another player using The Exchange Wallet system. No matter how much you’ve got or how much someone else wants, transactions here go without commission. (There is a small fee associated with moving money between wallets.) And while it may take some extra time before you complete transactions outside of Auction House—because buyers need to wait for sellers to send their assets over from their private wallets—The Exchange offers some seriously fast support services in case anything goes wrong during transfers. For even more safety tips when moving assets around, see our recent help doc about losing assets on Ethereum or EOS. Moving assets around doesn’t have to be confusing!
Conclusion
Selling on OPSkins can be a quick and easy process, but doing it right can save you money and make it easier for buyers to purchase your items. The best method for selling your items is with an auction that ends at least 24 hours from its starting time. End your auctions on Sunday or Monday, when less people are online but still enough are around so that your item has a chance of being sold before Saturday or Friday arrives.
In addition, you should utilize a new-fangled digital wallet like Jaxx or Exodus to store all of your various coins and tokens. Cryptocurrency can be confusing—even more so if it’s in hundreds of different digital wallets. But by having one overarching digital wallet where all your currency lives—and backing up that wallet frequently on another hard drive—you’ll have what essentially amounts to soft currency backed up in multiple places, ensuring that even if something goes wrong with one set (which will rarely happen), there will always be a backup somewhere else: Your desktop computer, Dropbox account, USB drive—whatever works for you.
Finally, don’t forget about small fees that come up along the way. While most users won’t find fees especially burdensome—especially not if they win their item and re-sell it for profit—taking care of potential costs before they become real issues will allow you to feel free to take on bigger risks as you go through each step outlined above.
As with most things, you want to learn how to do them well once rather than haphazardly stumbling over minor details dozens of times as you try them out. Starting off right means learning how these processes work properly instead of cutting corners every step of the way. Those minor details may seem irrelevant now but down the line they could mean making $10 or losing $100: It just depends on which strategy worked out better in the end!
Be sure to click over to the Home Page to check out the over 200 Art Museum Quality prints for sale by C-Note.
anna@adsmith.broker
I am a Fine Art and Real Estate Broker with 40 years of experience in all aspects of the Real Estate Industry. A member of the National Association of REALTORS®. I advocate for Prison Artist C-Note. With the right wall art, your room will go from functional to functionally enchanting. Contact me for your Fine Art & Real Estate problems.
