Creating and selling NFTs is a concern for many artists and crypto-gurus all over the world. As NFTs begin to prove their worth in the business world, the demand to collect these assets will also increase as a result. A lot of huge businesses are starting to incorporate NFTs, which means these digital tokens aren’t going anywhere anytime soon. Although everyone wants to get their own piece of the NFT cake, people should at least familiarize themselves with these digital tokens and understand the controversy and risks surrounding them. Rami Alame is a distinguished lawyer and entrepreneur who can help you navigate through NFTs. He is the founder of Lexyom, the world’s first Arab legal portal providing innovative legal solutions for young digital entrepreneurs. He is also the author of Startup Kudos and the founder of Akylles, an online academy teaching you all the skills you need to launch your startup. Here’s an excerpt taken from Rami’s guide concerning these digital tokens:
How to make and sell an NFT
NFTs are being traded on all kinds of different platforms and payments. Creating NFTs is an easy process that doesn’t require deep crypto-knowledge. If you’re ready to invest in NFTs, this guide will show you how to make them and sell them using the NFT platform Rarible and the cryptocurrency payment platform MetaMask:
First, you should buy some cryptocurrency. Most NFT platforms take Ethereum. You’ll have to pay the platform to generate and “mint” your work into an NFT. In order to do that, you’ll need to create a digital wallet, such as MetaMask. However, you need to note that the value of Ethereum can fluctuate in a matter of hours.
The second step is creating a digital wallet: creating a MetaMask wallet is pretty simple. You’ll just need to download it from your browser then create an account.
Once your account is all set-up, you can add money to your wallet. Just click on the “Buy” button, then “Buy ETH with Wyre”. The best part is, you can postpone this step until you’re actually confident you want to spend your money.
Afterwards, you’ll have to connect your wallet to an NFT platform: Go to Rarible.com (you can choose other platforms) and connect your wallet. Specify your wallet provider (in this case it’s MetaMask), accept the terms of service, and you’re ready to go!
The next step is simple. You need to upload your file to create an NFT. Choose the digital file you wish to convert into a digital token and upload it. If you’re using Rarible, you’ll have to upload them in one of these formats: PNG, GIF, WEBP, MP4 and MP3 files (up to 30MB in size).
Then, you need to set up an auction. When it comes to selling your NFTs, there are three options available for you: Fixed price, Unlimited auction, and Timed auction. Once you’re done choosing the type of auction you want, you need to set a minimum starting price. However, you need to be very careful when setting it, because if the price is too low, enormous fees will swallow up your profits, and you’ll end up losing money.
You’re almost there. Now, you should describe your NFT. This is a critical step if you want to maximize your chances of selling. You need to add a description and an appropriate title for your listing. Finally, you’ll be asked to determine what percentage of royalties you wish to claim on any resale of your digital token, as well as adding your file’s properties.
The final step is the payment. However, you should be careful when paying the listing fee. You are going to be charged for different matters, such as the commission fee on the sale, the transaction fee, and the transfer fee.
How to Find the Best NFT
If you’re still new to the realm of NFTs, then these three simple rules will help you choose the best NFT to buy.
First, you should always invest in NFTs that you like. You should always invest in NFTs that spark your interest. Choosing something you’re already interested in means you will be able to have a better understanding of the category you picked. This first step is the foundation of your decision to choose the best NFT project for you and your investment portfolio.
The second step is doing your own research. This should be an easy step if you choose an NFT that interests you. Focus your research on finding the creator (s), the community, and the project or brand related to your NFT. You should be aware that when you’re investing in an NFT, you’re also investing in its creator. Moreover, you should always look for NFTs with healthy communities to improve communication, such as project updates, alerts, and assistance with any problems that community members may face. Finally, the most important piece in your research: the project itself. Make sure you like the brand and support what they stand for before you choose to invest in their NFT.
Last but not least, don’t invest more money than you can afford to lose. You should never invest all of your savings. Only invest if you can afford to lose the money you spend. NFTs are not worth losing all your hard-earned money, so be very careful when investing. If you follow all the steps above, you will be on the right path to making the best NFT investments.
How to Trade NFTs
A trader’s hack is understanding the marketplace they’re choosing for trading. An NFT marketplace is an online service for the creation and trading of NFTs. If you wish to invest and trade in NFTs, you should learn about all the different marketplaces available out there to pick the one that suits you best. These 11 marketplaces are currently the most popular: OpenSea, NiftyGateway, Rarible, Foundation, SuperRare, AtomicMarket, Async Art, Mintable, MakersPlace, KnownOrigin, and Axie Infinity. You should conduct thorough research on each marketplace before deciding where to trade. OpenSea is currently the most excellent site to buy non-fungible tokens, and the largest marketplace available.
In short, NFTs are more likely to stay in the long run. In my Opinion, the best thing you can currently do is learn more about them. Staying up-to-date and constantly researching these digital assets will assist you in making the right investment choices. The path might be long and tiring, but these digital tokens are definitely worth the hype. If you wish to learn more about NFTs and improve your entrepreneurial set of skills, check out Akylles, a startup academy that helps you create and scale your project internationally and across industries.
Click here to read more about Rami Alame or check out his Twitter and Instagram to learn more about NFTs and get industry news and tips.
