NFTs are undoubtedly the new wave in the crypto space. In the past few months, a lot of channels have been opened for digital creators around the world to exhibit and monetize their work. A lot of people all over the world have benefited a whole lot from the NFT space either as the creator of the art or the buyer.
When NFTs are purchased, their value fluctuates too just like the crypto market and some people purchase them because they are seen as a viable investment.
Recently in Africa, the Ghana-based pallbearers sold one of their videos on OpenSea for over $1million. This was after their meme video was minted and sold on openSea. Another is the fascinating story of Baba Onilu in Ibadan, Nigeria where a young corps member Adisa Olashile took a picture of a man drumming and then minted it and sold it on OpenSea which was sold for 0.3 ETH. He gave the man half of the proceedings and made a video of it. He minted the video again and this time around, he sold it for 1.1ETH. This same man has sold a lot of minted pictures on OpenSea as seen on his Twitter page. This shows that the NFT space is for everyone and anyone can benefit from it. These events have inspired a lot of people to also venture into NFTs and also make profits from them.
How to buy an NFT
- To make a purchase on OpenSea, you need to have a Solana or an Ethereum wallet. From this, you link your Etherum or Solana wallet to OpenSea with the appropriate OpenSea account. After this, you fund your wallet accordingly depending on the network the NFT you want to buy is based.
- After doing all those, you go on to opensea marketplace and explore the site to find the desired NFT. When the desired NFT is found, you click on “buy now”. After this has been done, you agree to the terms and conditions of the market place then you click on “checkout.” As soon as you click on that, a Metamusk extension will drop down, showing you to see the purchase price alongside the gas fee. From this, the purchase will be verified and completed.
How to sell an NFT
- Before an artwork can be sold, as an NFT, it must be minted. Minting is simply the process of storing a digital file on blockchain thereby converting it to an NFT. It is after a digital file has been minted into an NFT that it can be put up for sale.
- To mint on OpenSea, you must first connect your Ethereum or Solana wallet to the marketplace. After this, you click on create on the top right corner of the home page. As soon as you click this, a page pops up. This is where you upload the digital file that you want to mint coupled with additional information about the file.
- Once this has been done, the transaction needs to be confirmed in your wallet as it will require a gas fee for this transaction to be verified and confirmed. This gas fee is a few hundred dollars depending on the network. This fee is only for your first mint. As soon as the gas fee is deducted, the minting process has been completed, it can be put up for sale by clicking on sell.
- To sell a just minted NFT or an already existing NFT in the wallet, you click on the profile icon and select profile. After this you select the NFT you want to sell from your wallet. Once you select it, you then click on sell. From this, you will be taken to the listing page where you can set the price and the type of sale. You can make it a fixed-price sale or a timed auction sale.
You can also set a time frame that you want the sale to last. In all those options, you’ll see the potential fees from the sale listed underneath. To complete the sale, your signature will be required to confirm it. A confirmation will pop up once the listing is complete.