Beeeble sold his NFT work for $69 million at the beginning of the month, which made headlines. People began to spend millions of dollars on various collections. NBA highlights, digital houses, augmented reality sneakers, music, books, etc., the NFT trend swept the world. So how do you make, buy, and sell NFTs?
NFT is a new type of digital asset whose ownership is recorded on the blockchain. Each NFT is unique and cannot be repeated. Therefore, from this point of view, the purchaser will have the exclusive NFT he purchased. Of course, others may have a copy of the artwork image corresponding to the NFT, but they do not own the original image. Because of its uniqueness, NFT is like a work of art, with room for appreciation, and buyers can make more money through resale.
There are many ways to pay for NFT purchases. NBA Top Shot allows guests to purchase with a credit card. But most other platforms only require customers to use a certain cryptocurrency to make purchases.
In this article, i will use OpenSea as an example to explain in detail how to purchase NFT.
OpenSea is a large online gallery where guests can browse digital art, trading cards and other collections. It is like an online auction house, where guests can bid on items or "buy now" at a fixed price.
Before starting, you need to top up your digital wallet.
OpenSea's universal currency is Ethereum. OpenSea supports many digital wallets, and it recommends using the MetaMask digital wallet plug-in of the Chrome browser.
First we need to create a digital wallet:
Tap the profile icon at the top right of the OpenSea website.
Click "Get MetaMask"
Select "Install MetaMask" for Chrome (or a supported browser of your choice.)-this will install the Chrome plug-in.
Select "Get Started".
Select "Create Wallet".
Select "No, thank you".
Create your password.
Write the seed phrase it gives you. This is very important, the seed phrase will allow you to access your account even if you forget your password.
Click Next, and then confirm the seed phrase.
Next we need to associate the digital wallet with the OpenSea account:
Click "Next" to associate your OpenSea account with the MetaMask digital wallet you just created.
Click "Connect" again.
Okay, now you have a digital wallet connected to OpenSea. Now, you need to buy some Ethereum that can buy NFT on OpenSea.
You can buy cryptocurrency through various channels. For example, mainstream crypto exchanges Coinbase, Voyager, etc. But for the sake of simplicity, let us directly use MetaMask digital wallet to buy Ethereum:
At the end of the URL box, click the small puzzle icon in the upper right corner of Chrome.
Click the MetaMask fox icon.
Click to buy". (If you already hold Ethereum in another account, please select "Deposit Ether directly.")
Click "Continue to Wyre"
Choose the amount of Ethereum you want to buy. Here you need to pay a transaction fee of US$5 and a network fee of US$4.88. Therefore, please purchase all the Ethereum you need at one time to avoid additional transaction fees for multiple purchases.
Click Next.
Enter your payment information and phone number.
Click "Submit".
Enter the payment verification code you received on your phone.
Authorize the purchase by entering the six-digit code of Wyre's pending transaction in the bank account.
At this point, you have purchased some Ethereum. After a few minutes, you will see the account balance update in your MetaMask account.
Now you can bid and buy NFT. Let's go back to OpenSea. You can browse all the NFTs for sale by clicking "Browse" and choose the one you like.
Suppose you like this CryptoKitties image called "Zuzu Meowfluff". Its purchase price is 0.005 Ethereum, which is approximately $8.96.
To purchase it, you need:
Click "Buy Now".
Select "Checkout".
Click "Submit".
Next, you must confirm the "Gas Fee". The Ethereum network requires a Gas fee to process transactions. The Gas fee is not fixed, but is positively correlated with the degree of network congestion, which is $18.18 at this time. Then, the entire transaction ultimately cost $26.68.
Now you have a CryptoKitties NFT called "Zuzu Meowfluff".
So next, let's try to create and sell NFT.
There are many platforms for creating NFTs. Here we use Rarible as an example to illustrate that it is connected with OpenSea:
Go to Rarible.com and click "Create" in the upper right corner.
Create one or more (the latter is used to collect photos or collection cards created by you).
Select "Select File" to upload PNG, GIF, MP3 or other file types. The maximum size is 30MB.
Enter the price you want, or keep the default "put on sale". Here is a special reminder that for selling your own NFT on Rarible, the platform needs to deduct a 2.5% service fee.
Enter the name and description of your NFT.
Set up your franchise. If it is resold on the second-hand market, you will continue to get paid.
Select "Connect Wallet".
To connect to the wallet you set up in the previous section, click "MetaMask".
Pay the gas fee.
Click "Start" to sign the sales order with your digital wallet.
Click "Sign" in the MetaMask pop-up window.
At this point, your NFT has now been successfully listed. In this case, you can find it on Rarible or OpenSea by searching the keywords you set. Once successfully sold, the remuneration after deducting the platform service fee will be directly transferred to your digital wallet.