So far, NFTs have proven to be stable, and with all its use cases, it has gained more market place. Some of these market places have been discussed in the earlier posts; it is time to discuss the step by step procedure on how to transact in some of these market places.
The crypto space has been fostering a new groundswell of institutional interest in the crypto industry for some time now. The newest company to invest in bitcoin is Tesla, the electric vehicle manufacturer. It also explains how to take an asset as payment in the future. This was a new development since it was owing to a discussion between Elon Musk and Michael Saylor, a wealthy tech entrepreneur, who bought bitcoin in 2020.
Tesla's announcement created a wave of enthusiasm among the crypto community.
While there is certainly a strong likelihood that loaded hedge funds would imitate the investing strategies of Tesla, Mass Mutual, Microstrategy, top digital funds, and inquisitive digital investors are seeking to identify the next big cryptocurrency investment opportunity (alts).
Divided Opinion on NFTs
New Financing Techniques are growing the digital resource market; meanwhile, the future of collectibles (in which digital tokens reflect ownership of either real or virtual items) is the means for users to verify their ownership by creating unique digital tokens stored on the blockchain. However, unlike crypto assets, the community has noted doubts about the real-world volume NFTs would drive. On the other hand, over 500 billion dollars' worth of weekly BTC futures trading volume took place in January of this year, and as of the time of this writing, NFT market trading volume has reached $8.2 million.
To far, NFTs such as digital paintings have failed to attract a strong trading market. However, with the sector maturing, it's possible that larger and more stable markets may develop. Of course, bringing in investors such as Paul Tudor Jones, Saylor and Musk is no different from previously having considered them mythical in cryptocurrencies.
With other items, you should be able to deposit your money on a blockchain and own collateralized fiat-pegged stable coins or borderless digital assets.
It's unclear if NFTs will be able to stay in the same slipstream as other cryptocurrencies like bitcoin and altcoins, and yet yield a profit. This is very important because is it able to make ordinary investors who spend small amounts of money in high-end auction houses and the preserve of high-net-worth collectors accessible to them?
Celebrities and NFTs
Already, Lindsay Lohan has started luring Bitcoin followers to her Twitter account, and billionaire Mark Cuban recently sold NFTs for about $1,000 to investors interested in selling his tweets as an NFT. Soon, other celebrities will jump on the bandwagon, and it will only be a matter of time before more elites join the movement.
In other words, Ethernity is trying to get famous individuals on board by selling digital artwork (including the aforementioned personalities) with every NFT. Paolo Maldini, Michael Rubin, and the Winklevoss twins will bless the collection. Michael Rubin is the creator of the All in Challenge, a charity campaign that has collected over $50 million to assist groups combating food poverty.
Nick Rose Ntertsas is the founder of Ethernity. Its website states that it is a platform for worldwide stars—celebrities, sportsmen, and artists—to endorse limited-edition artworks, and the money made from these sales will be donated to the star's chosen charity. Rose states that the artwork they have acquired is complete and ready for sale.
An example of recent success in using NFTs is Hashmasks. There is a venture in which digital portraits coexist with collectable NFTs, the appearance of which is both desired and highly sought. They have reached the $10M ETH mark in only a few days.
A unique and ultra-rare CryptoPunk NFT sold in ETH for $762,000. The digital art market cap is projected to surpass the market value of physical art, as digital art continues to grow.
Growing
According to Jehan, NFTs are the main missing link between physical and online publications.
NFTs are transparent and rare. This is because they are recorded in a public ledger, which protects valuable collectibles. NFTs may play a key role in the decentralised finance (Defi) industry, according to some. Alpaca City's Ethereum-based virtual environment offers proof of concept for this.
Alpaca City's November token pre-sale raised over 1,000 ETH in 15 minutes. Owners can "breed" Alpaca NFTs, which will revolutionise the NFT market: NFT loans, interest-bearing accounts, etc. Interoperability is also required since NFT holders wish to send and receive assets from many blockchains.
Tracing and transferring tokens is now possible because to TRON's new NFT standard, TRC-721, which has a defi primitive. All of the stakeholders, both those in favor of NFTs and those opposed to them, are beginning to understand the true worth of NFTs. Secure and accessible NFT protocols are being offered by the companies, while purchasers race to acquire skin in the game. Decentralized Smart Contract Network Decentraland, Hashmasks, and CryptoPunks are all using Ethereum to launch NFT initiatives. Virtual reality is a world similar to a digital land, in which players may connect with others, explore, purchase land plots, and even establish new businesses.
Next Move?
Much will rely on investor interests, the VR/AR game industry's growth and profitability, and the introduction of NFT-specific blockchains to power ecosystems. Finally, assuming gas costs stay constant, it is challenging to estimate NFT market potential (particularly Ethereum). Novel Financing Techniques have yet to show their capacity to maintain value over time, which is why important concerns won't go away for the time being. liquidity of NFTs is lower than that of more liquid financial instruments (but growing). It is quite simple to get one; but, finding a willing buyer who shares your own tastes is difficult.
People aren't excited about having unwelcome NFTs towards the end of the song when they can't play anymore. And right now, the celebration is in full flow. On February 8, a customer bought 9 separate NFT plots for $1.5 million. This transaction, too, set a new NFT record.
Digital real estate has now officially surpassed traditional real estate in price. It may be hysteria, but a growing number of crypto-savvy investors are running with the bulls.
Digitalises have discovered that selling anything in the cyber realm may amplify the collective power of the public. All of humanity is connected, yet it is likely that tokenization will occur in the near future.
1 Selling an NFT
A simple guideline will work for all platforms, therefore it's a good idea to start with that guidance.
Setting your wallet
Before you can use cryptocurrencies or non-fungible tokens (NFTs), you will need a digital wallet to hold them. To further secure your transactions, we suggest that you use Google Chrome and install the MetaMask wallet plugin. Use this link to search for the commonly asked questions and suggestions for MetaMask. After you've installed OpenSea, go to the upper-right corner, click the icon, and then select My Profile. The instructions for logging in will be sent after you have your wallet.
Creating a collection
The page where you can view your account balance should be up now, however we are still working on it. Select My Collections, then click Create in the top-right corner. Once you have finished building your collection, name it and add a short description and a picture; we aren't establishing an NFT just yet; you will be able to modify all of this information once you've created your collection. Clicking the Add New Items button will take you behind the scenes and show you what your collection really is.
Fine-tuning your collection
While it's important to get started on the creation of your initial NFTs, there are a few things you should accomplish first. There is a customized banner to the right of the picture, seen above. Click on the "Make Your Own" pencil symbol in the top-right corner to submit your own logo. Aim for a size of about 1400x400, and avoid text. If you look at the Payments page, you will see pending secondary sales payments (which are now going to wait in your bank account) and selecting Visit will take you to the public collection.
Click "Edit" to add social links, images, and change the item's title, description, and picture. Additionally, if you keep the Accepted Payment Tokens option as it is, you will also have the option to set the resale tax up to 10%. If you wish to get 5% of the total sales price for your NFTs (for example), go to the "Receive a Percentage of Future Sales" page and put 5 in the "Commission to Recipients" box. Then, go to the page that says "Sellers Address" and enter your wallet address there. When you're completely satisfied, press the Submit Changes button and you will be sent to your company's back office.
Creating an NFT
The first NFT you'll make is under the Add new item heading. You will find an upload option to photos, videos, and audio files on the following page. In addition, you may name your NFT after selecting the choice from the drop-down menu. The process for adding an external link and a short description is finished next.
The NFT feature is currently limited to one instance at a time, therefore you will have to make several copies of a work and decide whether or not to include the edition number in the statistics area.
The advice provided previously was to make an individual token and then log into the insights to find the authorization number. In the event that you need to make more than one duplicate of a similar work (token ID), rather with multiple tokens and finding the authorization number in the insights, you can add ?enable supply=true to the end of the URL on the peak of the page and press Enter to reload. In order to modify the supply field, you need have completed this step first.
Keep in mind that you'll have to construct 100 individual sales lists (each with the amount set to "1") if you change the supply to, for example, 100.
At this time, it isn't feasible to have suppliers make 100 individual deals, and allow customers to select the amount of they would want to buy. Until this changes, it is not possible to modify the stockpile in the creation process.
Adding properties and levels helps streamline the exploration of your work by making it easier for collectors to locate your pieces. For example, "Year of creation" could be property of "2021".
Add unlocked material that only the owner of the item may see. Higher quality files, contact information for actual objects, and access keys are all examples of unlocked material.
Once you have obtained a sense of contentment, click the Create button and fill in the message in your wallet. You will not have to pay any petrol taxes to create an NFT (transaction costs). You'll see that your first NFT is neatly positioned beneath your search bar after you click the "Create" button. Click the pencil icon in the top-right corner of each NFT to alter it.
Announcement of items for sale
The easiest way to upload your NFT is to visit a publicly available property page and click on "Sell" (you can access it via your account page or by clicking on the property in the search bar you see above). Instead of a price-based auction, choose a fixed-price advertisement. When you are in a good mood, follow the directions in your wallet and then click on Publish your ad.
You will need to pay a petrol tax before you can list on OpenSea if you have never sold it before. Once the Ethereum blockchain becomes less congested, the trade should be simple. You will also be requested to verify the token in a non-ETH currency, which will incur a different (but lower) gas cost. So you won't have to pay anything the second time around.
If you accept a bid for an unlisted item using WETH, you will be requested to verify the WETH and pay a gas charge to accept the offer. When buying fixed-price listings, buyers pay a gas charge. When selling, sellers pay when accepting bids.
Since there are a lot of other users, don't be concerned if the transaction takes a little time to complete. When you return to re-enter the posting process, our framework will know that your wallet has completed the exchange and won't prompt you to pay costs when you set up the next posting.
2 Step-by-step procedure to sell an NFT in OpenSea.com
- Download Metamask (https://metamask.io/) and install it. It is a Google Chrome extension.
- Create a portfolio on Metamask. The following images are in Italian, but it easy to understand what is the right choice in English: start, create the wallet, I agree, create a password.
Here is the view of Metamask by pressing on the Chrome extension.
- Move 0.1 ETH from your crypto wallet to your Metamask wallet.
This amount of Ethereum is necessary to validate the upload of your first item in your account).
It can vary due to the congestion of the blockchain.
If you do not have a crypto wallet, you can press “buy” in Metamask and buy your ETH here.
- Go to Opensea.com, log in with your Metamask wallet, and create a Create/My collections collection.
The following image is an example:
- Create an Item:
The following features are optional and depend on the type of NFT you are going to upload.
It is important to leave the number “1” because the item is unique and therefore NOT FUNCTIONABLE.
- Sell your NFT
It is possible to choose a fixed price, put it on auction or bundle it.
In the auction, we have to set the price. The minimum for sale is 1 ETH. We also need to set the end date of the auction.
- Press “Post Your Listing” and pay the gas fees in ETH (around 0.1 ETH). These fees fluctuate a lot as it depends on how congested the Ethereum blockchain is.
- Sign with your Metamask Wall, and your NFT will be on sale.
3 Step-by-step procedure to sell an NFT in Rarible.com
As discussed earlier on how to create a Metamask wallet, you will also need a Metamask wallet to sell on Rarible website (https://rarible.com/).
- Create your crypto wallet with Metamask: https://metamask.io/
- Go to https://rarible.com/ and create an account. After creating an account, click in “Connect wallet”
- Click in “Metamask” tab and sign in to your wallet. It’s necessary to have at least 13 years old.
- Click in “Create” and select the collectible type that you want create
- Fill the form with the details of your NFT and click in “Create item”
- Pay the gas fees and your NFT will be on sale
4 Step-by-step procedure to sell an NFT in NFTshowroom.com
- Go to https://hiveonboard.com/ and click “create an account”
- Click in download backup, click in the blank box and then in “create hive account”.
- Download and install the chrome extension of Hive Keychain:https://chrome.google.com/webstore/detail/hive-keychain/jcacnejopjdphbnjgfaaobbfafkihpep?hl=it
- Click the extension and then click in use keys/pwd and enter the data from the username and password in the file downloaded in hive on board.
Now your account is active.
- Now you have to buy HIVE coin. You have two possibilities:
- Buy in an exchange market, like Binance (https://accounts.binance.com/it/register?ref=52159529) and then move in your hive wallet.
- Buy directly with a credit card https://www.moonpay.com/ . This solution is a little bit more expensive than the first one.
- Go to https://nftshowroom.com/ and login by entering your Hive wallet username, clicking in “Login with Keychain,” and Hive wallet password.
- Click on your username and complete the profile’s info. It’s necessary to fill every field to be approved from this marketplace because the approval is manual and the team will check that you already have at least 5 images/videos in your website (you can create it for free with www.sites.google.com/new) or portfolio (7 days trial with www.portfolio.adobe.com) or Google Drive open link.
- Click apply to whitelist and wait 5-7 days (https://www.notion.so/NFT-Showroom-artist-guide-FAQ-and-whitelisting-3551e5437e0b443cb040a833750f6acb). The NFT Showroom teams will contact you in direct message in Instagram to validate your account. If you don’t have an Instagram account, you have to create it. There isn’t any other solution.
- After your account has been approved, you can start to upload your first NFT, going in nftshowroom, login in and click in “Tokenize”.
- Choose what type of art you want upload; it’s necessary a light version less than 1 Mb as a thumbnail and the normal size file of a maximum 30Mb.
- Complete every field. Mark NSFW (not safe for work) only if you upload inappropriate content.
- Approve the uploading paying the 5 HIVE fee for the first NFT + 1 HIVE for every duplicate.
- Then wait for someone to buy your NFT.
