Some experts predict the final breakthrough of NFT for 2022. However, other voices are very critical of the topic, as they suspect a huge bubble. Buyers and sellers should therefore be aware of the risks involved in investing in NFTs. If the trend ends and demand falls, the NFT can lose value rapidly, so that in the worst case there is a risk of complete loss. NFTs have no practical use, but are only valuable as long as others value them. From an investor’s view, however, NFTs open up a whole new asset class and thus enormous chances. This makes NFTs based on technology increasingly interesting for people as well. But how do you mint and sell your own NFT? A current overview.
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How To Create and Sell NFTs Yourself?
Basically, anyone can create and sell an NFT. A reputation as an artist is not necessary. However, some requirements must be met in order to create and sell your own NFTs. A requirement is that you hold the ownership rights to the artwork you intend to sell in the way of an NFT. Otherwise buyers would be misled. However, the NFT platforms themselves will usually not check this, if only because the control would be very time-consuming. In addition, a crypto wallet and some coins are required. Any fees are paid with the coins and the payment for the sale of your own NFTs is minted. Since most NFTs are currently based on the Ethereum, it is advisable to buy the linked coin.
How To Mint Your Own NFTs
First, the artist must select a marketplace where the artwork will be converted into an NFT in order to list it for sale. This procedure is also known as embossing or minting. Once the NFT is minted, it is impossible to edit the file stored on the blockchain. This guarantees the uniqueness and immutability of the NFT item.
In order for your NFT to be displayed to potential buyers, you must offer it for sale using the “Sell” button. The next step is to determine which coin you accept as a means of payment and whether you want to sell your own NFT at a fixed price or an auction. If you decide to sell through an auction, a low bid must be set beforehand. The NFT will not be sold below this bid. The % that the artist receives when the NFT changes hands is also set here. Potential buyers can now submit offers for your NFT.
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