The only way you wouldn’t have heard about NFTs over the past few weeks is if you are an upstanding member of the community and don’t get involved with utter nonsense…
That being said, we love them and have recently started our own NFT competition in our Telegram.
We are inviting people to create their own art online and submit it to [email protected] and we will make it into an NFT, pay the stupidly high ETH fees and list it.
In return *if* it sells, we will split the profit 50:50.
Head to our pinned message in our Telegram channel HERE to get involved.
Anyway, if you are a digital creator, by any means of the word you will have come across this recent craze of tokenizing your online work, whether that be digital art, music or even short videos.
The token is then used on the blockchain as an immutable record of the owner.
What is interesting about this is that you can programme in a cut of any future deals into the token. So if a digital artist sells their NFT artwork they could place a 10% commission on any future sales of the work.
If someone is looking to buy your work to sell it on at a higher price, that cool, you get a piece of that sale too.
For a full breakdown of what NFTs are and what industries they are being used in, you can head to our article HERE.
So, after reading our “What are NFTs?” article you are looking to list some of your existing digital art for sale as an NFT.
Cool. Let’s do it.
You will need –
Online artwork in either PNG, GIF, WEBP, MP4 or MP3. Max 30Mb. (Yes that is all they are…)
No brain cells.
If you are starting from scratch Canva is a good online tool on which you can create cool bits of media.
Hot to set up MetaMask –
You will need google chrome for this and it must be done on a laptop/mac.
Download the MetaMask extension for chrome HERE.
Follow the setup instructions and write down the 12-word seed phrase.
You MUST keep this seed phrase safe. If your account is breached or lost you will need this to gain access.
Once you have MetaMask, you will need to buy some ETH to pay for these transactions on Rarible.
Getting ETH to MetaMask
If you have an account that you can buy Ethereum on great, if you don’t you can buy ETH very easily at AAX.com
You can sign up to AAX by scanning the QR code below or clicking THIS LINK.
If you are new to this we have a full guide on how to buy Ethereum HERE.
Alternatively, you can join our Patreon and book a free one-to-one online session with us and we will take you through everything.
Rarible is an open marketplace for NFTs and is quickly gaining popularity as it is extremely user friendly and permissionless. Anyone can list basically anything they wish, yes almost anything… be warned.
Once you are on Rarible, click connect wallet and select MetaMask.
Approve the connection in the pop-up window.
Next click on the Create button.
Now you will be met by a screen that gives you two options. It couldn’t be simpler
“Choose “Single” if you want your collectible to be one of a kind or “Multiple” if you want to sell one collectible multiple times”.
Multiple items might be for say a series of digital art like a set of Pokemon NFTs or something similar.
For this article let’s stick with the *single* option for now. Probably won’t be the first time you have had to select that option if you are creating NFTs… just kidding.
Upload your file in any of the formats shown. If your file is too large you can use an online compressor tool such as TinyPNG.com
Also if you have a file that is not one of these files you can use any number of the free online file conversion tools.
You can choose to put this as an instant sale price or set it up as an auction.
Unlock when purchased allows you to input a digital link to a high-resolution image of the file or a passcode to allow access to the original file etc.
If not you can just leave it as an NFT and send the file to the buyer as and when…
You can leave the token as a Rarible collection for now.
Input the name and the description of the NFT. Have a look at how the best selling pieces are listing their descriptions.
Royalties – As I mentioned earlier you can get a cut of the royalties which I think is a cool feature.
Select the amount you wish to receive in the event of future sales of this NFT. The customer will be able to see the % royalty.
Properties just refer to more specifics for the item. Here I have selected the properties as Simpsons and defined it as Bart.
Take a look at what others are using for their properties to get a better understanding.
This is where MetaMask comes in.
You need to –
Approve the transaction this is at the time of writing $13 in ETH
Upload file and mint token for around $50 in ETH
And finally sign the sell order which could also cost… in ETH
I know it is a lot. To list the item will be anywhere from $63-$120 in ETH.
This is the issue with the current Ethereum (ETH) fees. As we said, with our competition we will pay for the listing and then split the profits with you 50:50.
The fees won’t always be this high (we hope). Once the Ethereum network becomes decongested with their new network upgrades we should see much lower prices for these kinds of transactions.
After that, it is a waiting game…
Hopefully people bid, at the moment you could upload a picture of absolutely anything and it may get a small bid, there are some crazy people out there.
Best of luck!
Want access to my portfolio?
We have a Patreon page which is the price of a pint per month. It lets you know what we are buying and selling and when. It also has full access to my portfolio. You won’t get this access anywhere else.
You can join HERE
If you liked this article and want to learn more, we offer one-to-one support online to help you set up and get involved in the cryptocurrency space. Hit the ‘Book Today button’ at the top of this page to get started.
Alternatively, you can follow our group on Telegram for our side thoughts on the market. – @blocmates on Telegram.