Tech & Auto

What is NFT? Here’s an explanation and how to sell it

What is NFT? Here's an explanation and how to sell it

What is NFT? NFT stands for Non-Fungible Token which is non-redeemable and is commonly found on blockchain. Although it has been around since 2014, NFT is increasingly in demand at the end of 2021.

Blockchain itself is a technology used as a digital data storage system that is connected through cryptography. NFT is arguably a digital asset in the form of both digital data and collectibles that can be used to buy something virtually.

Art items and collections in the form of photos, videos, pictures, games and so on. Although it can be used to transact, but unlike cryptocurrencies, NFT is relatively difficult to trade.

See Also: Nudged by Elon Musk, Shiba Inu Cryptocurrency Price Skyrockets

NFT has several advantages, one of which is the level of authenticity. NFT has a concept that allows buyers to own original goods without anyone being able to imitate them. Not only that, NFT also includes a certificate of proof of ownership.

Some of the sites that are the NFT buying and selling market are Mintable, Rarible, Nifty Gateway and OpenSea. After knowing what NFT is here’s how to make and sell it.

Do you know what NFT is? So how do you sell it?

The first thing to have when buying and selling NFT is crypto according to the platform or market used. For example, the Crypto Punk and Rarible markets accept transactions using dollars and ETH. Here’s the details of how:

Select NFT Platform

The first thing is to choose the right market. There are many NFT markets that offer specific digital asset specializations. One of the largest markets in the world today is OpenSea.

If you have already determined the market, please link with the cryptocurrencywallet. Then select “Mint of NFT” and upload your digital document. This process can be different in each market, but not too different.

See Also: 6 Digital Currencies Besides Bitcoin That Are Suitable for Investment

If you are interested in passively monetizing your work through royalties, you can set the royalty amount during the printing process.

Upload NFT to Be Sold

What is NFT already, choosing a platform has also been, now it’s time to upload the NFT that you will sell, the way is:

If you have printed the NFT as previously explained, you will be asked to register the NFT to be sold. In selling this NFT, you may be charged an additional fee.

You just need to click “Sell” then follow the other instructions according to the selected market. You can add detailed information related to transactions such as, cryptocurrencies used for payment, prices up to the sales deadline.

Later, you will also be asked to pay ordinary gas aka gas fees which is the cost of the Ethereum blockchain network. In addition, there will also be handling costs that vary depending on the busyness of the blockchain at that time.

Do you know what NFT is? I hope this information is useful!

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2022 LO inc. Media Supported By MASEL Corp

To Top