Step by step: How to make your very first NFT profit
Trading NFTs for profit is quite widespread these days, which indicates that the NFTs' creators are making a lot of money. You can be like that, too. This step-by-step approach will be a perfect starting point if you've got some fantastic NFT ideas but don't know what to do first.
Step 1: Create a crypto wallet
All transactions involving NFTs are paid in cryptocurrency. Therefore, the first thing you must have is a digital wallet - where you can keep some crypto and take it out for trading. This is the beginning of all activity related to blockchains today.
Many crypto wallets have different characteristics on the market, but arguably the most popular choice is MetaMask (a cryptocurrency wallet used to interact with the Ethereum blockchain). One of the main reasons is that, as I mentioned in previous articles, Ethereum is closely related to most NFTs. MetaMask has released a detailed guide on installing and using their wallet; see here.
Of course, these are just our suggestions to get you off to the best start. After becoming more familiar with blockchains and NFTs, you can create other wallets depending on your use.
Step 2: Add some cryptocurrency
Investing in crypto for profit is your freedom. Many cryptocurrencies are on the market, but not all can be used to trade NFTs. However, always ensure you have a certain amount of NFT market-appropriate coins in your wallet (ETH, for example). Once you've set up your MetaMask wallet, or any digital wallet, you'll need to add some ETH to it.
The jargon involved in the cryptocurrency world can make this part of learning how to make and sell an NFT quite daunting, but buying currency is very easy to do. Just be aware that, like Bitcoin (and many other cryptocurrencies), the value of Ether can fluctuate hugely. The currency's price can swing by several hundreds of US dollars in just a few hours. If you find that the price in the market is not favorable to buy ETH, you can leave this step behind.
Step 3: Connect to an NFT platform.
Most digital wallets work similarly. Whichever one you've chosen, you'll need to connect it to the NFT platform that you'll use to sell the NFT. Most digital wallets work similarly. Whichever one you've chosen, you'll need to connect it to the NFT platform that you'll use to sell the NFT.
It is easy to see that OpenSea is the largest NFT marketplace today for both buyers and sellers because of its convenience. It is easy to see that OpenSea is the most popular NFT marketplace today for both buyers and sellers because of its convenience. You can start from here. Be prepared, however, that there are specific surcharges you have to pay in creating and selling your NFTs. If, after doing your research, you find that OpenSea is not the best choice, consider something else like Nifty Gateway, Raible, or Binance NFT...
No need to worry too much about whether buyers will reach you. Trait Sniper, an NFT ranking tool, can even assist buyers in purchasing the NFT of their choice right on the platform, regardless of which marketplace it comes from.
Step 4: Produce NFTs
You have prepared almost all the necessary elements to start selling by this step. Now all that remains is your NFTs. Your NFTs don't have to be a work of art. They can simply be your selfie pictures. Every marketplace has a very detailed tutorial for uploading NFTs. You just have to follow them to turn your products into NFTs. However, always consider their commerciality, as you have to pay fees for this activity.
Step 5: Set up an auction
In this step, you'll need to choose how to sell your NFT artwork. There are three basic options. ‘Fixed price’ allows you to set a price and sell your NFT instantly (rather like the ‘Buy it now option on eBay). The ‘Unlimited Auction’ option will allow people to carry on making bids until you accept one. Finally, ‘Timed auction’ is an auction that only lasts for a set time.
Now you're facing the trickiest part: choosing a reasonable price. Sell your NFT too cheaply, and the enormous fees will swallow up your profit. You can offer your buyer a complete, high-resolution version of your art and/or additional material through a personal web page or download link to get more attraction.
Step 6: Add a description to sell your NFT
Now you can add a title and description for your listing. You're then asked to consider what percentage of royalties you wish to claim on any resale of your art in the future. To maximize the chance that your NFT will sell, you should take some time to think about this.
Again, this is a balancing act, as a higher percentage will net you more money per sale in the long run, but it will also deter people from reselling your art in the first place as they’ll be less likely to make a profit for themselves. Finally, there’s an optional field to add your file’s properties. With that complete, you’re almost done.
Step 7: Pay the listing fee to sell your NFT (but be warned!)
The final step in learning how to make and sell an NFT is to click ‘Create Item,’ You’ll be invited to connect with your wallet to pay the listing fee. If you don't have sufficient funds in your wallet, don't worry: you won't have to start again because they have a deposit step here. But to avoid confusion, you should better complete Step 2 from the beginning.
Before doing so, just a final word of warning. The listing fee may seem low. But this is only the start. Before going further, you'll have to agree to a different price to generate your NFT. If someone buys your NFT, you'll have to pay a commission fee on the NFT sale, plus a transaction fee to transfer the money from the buyer’s wallet to your own.
We’d love to explain clearly how to calculate the potential cost of creating and selling an NFT. Still, the confusing nature of blockchain technology, the wild fluctuations in cryptocurrency values, and the lack of transparency on the platforms themselves make that an impossible task. You're left to take the risk and wait and see how much you get charged overall if you make a sale and hope that you still profit.
Thank you for being so interested in our Newsletter on Substack. Now we have our blogging platform. Please follow it for the latest updates on the NFTs market and detailed instructions on using Trait Sniper effectively.