InstaForex

August 25, 2021

Here's How To Create, Sell And Buy NFT

 Since the infection of a Malaysian artist who generated more than RM1.7 million in income through NFTkan work, many are excited to learn how to sell non-fungible tokens (NFT).


Not only known as a mere token but NFT also represents some type of goods or things in the real world in digital form such as: drawings, virtual items such as those placed in video games (avatars, weapons, virtual currency), music, anything collection types, tokenized real -world assets (real estate, shoe designs, cars, and homes), virtual land sites, video recordings of funny moments, iconic sports, and more.


Create NFT


The first thing you need to decide is on which blockchain the NFT will be launched. In addition to Ethereum, there are many other options as the NFT sector heats up:


Binance Smart Chain (BSC)

Tron

Flow by Dapper Labs

EOS

Polkadot

Tezos

Cosmos

WAX

It should be noted, each blockchain mentioned has a different NFT token standard, some of which may not be supported by wallet services as well as marketplaces.


This article will focus on Ethereum blockchain -based NFT given that its ecosystem is very broad and more generally accepted.


Things to have before creating or mining your NFT (example: video):


Wallet that supports the NFT token standard in Ethereum, ERC-721. There are several options such as: MetaMask, Trust Wallet, or Coinbase Wallet.

Make sure the wallet has a certain amount of ether for you to pay for the transaction cost known as ‘gas’.

Connect your wallet with any NFT marketplace platform:

OpenSea

Rarible

Mintable

Makersplace

VIV3


After connecting the two, you can proceed with creating an NFT by uploading the video.


Sell ​​NFT


To sell NFT, you are given the opportunity to either sell at a bid or a predetermined price. You can specify it on the price page once you select the ‘sell’ option.


Ether (ETH) or other tokens that follow the ERC-20 standard is a cryptocurrency that is often used to deal in NFT trading. However, there are some marketplaces that do not support other token standards such as VIV3 only accept FLOW tokens.


Buy NFT


Just like you want to sell NFT, make sure your wallet has a certain amount of cryptocurrency. For example, if you want to buy CryptoKitties, make sure you have enough ether to ‘defend’ the cat.


You can also visit some NFT marketplaces here: part I and part II.


Easy isn't it? Anyway, before creating, selling or buying an NFT, make sure you already understand the steps one by one.


Happy NFT trading!