Does the name Mike Winkelmann ring a bell? Well, that’s the name of the digital artist that sold his NFT for a whooping sum of $69 million.
Have you ever wondered how he managed to make so much money? You would find in this article the way you can make an NFT and sell it to gain profit.
However, you must understand that Winkelmann is a rare exception in the league of artists that made such an amount of money with their work. If you don’t already have some level of popularity around your artwork, you can encounter real difficulties in making money.
This is why we are here to walk you through an easy and effective way of making and selling an NFT.
Get Your Digital Wallet Ready
Get a platform where you can generate an NFT and the best in the business is Ethereum. Ensure that you have some ETH in your digital wallet because you would use it on the NFT platform. Install the digital wallet on your mobile application, create your password and confirm a secret phrase to keep it secure.
Connect Your Wallet To The NFT Platform
This illustration would be using Rarible as an example although there are other platforms like OpenSea or Mintable. Visit Rarible.com, you would find the “Connect Wallet” button on the right-hand corner of the page. Click on the next page, it would require your wallet provider. You can use either Coinbase, Trust Wallet or MetaMask.
For MetaMask, a box would appear that would require you to link your wallet with Rarible. Click on the “Next” button, then “Connect’. This stage ends after accepting the terms of service and confirming that you are above 13 years.
Click on the “Create” button that you would find on the right corner of Rarible.com. It then gives you the option of either creating a one-off work or selling the item multiple times. Whichever one you choose, it would lead you to the aspect where you upload your file. Your file can be PNG, MP4, MP3, GIF, or WEBP of up to 30MB.
Create An Auction
This stage requires you to choose the method you would prefer to use in selling your NFT artwork. It offers three different options: Fixed price, Unlimited Auction and Timed auction. The fixed price option gives you the liberty to set your price and sell instantly, with an “Unlimited Auction” however, people continually make bids until you choose the best bidder. “Timed Auction” allows people to make their bids within a certain period. Make sure you set your price in a way that the enormous fees wouldn’t swallow you up.
Describe Your NFT
Include a title and description for your listing. Ensure that it is excellently written to improve your chances of getting your NFT sold. This step also requires that you consider the percentage of royalties that you want to claim on any resale you do.
Pay The Fee
This final stage requires that you pay a listing fee from your wallet account. Click “Create Item” and it invites you to connect to your wallet. This aspect is tricky though because the listing fee is usually low but you would be required to pay an extra fee to generate your NFT.
If you’ve gone through this process, you can now create and sell your NFT artwork.