A Guide on Creating, Buying, and Selling Non-Fungible Tokens
There’s no question NFTs have now become one of the hottest crypto trends of 2021. Since 2020, NFT sales have increased to 55% — to $389 million, up by $139 million from last year! Here’s a quick look at how you can generate your own NFTs, buy, and sell them.
Creating Non-Fungible Tokens
Making your asset in digital artwork, an image, or a viral GIF is quite a simple process. And the best thing about creating NFTs is that you don’t have to be a crypto expert or have extensive knowledge about the industry. You can also convert tangible assets or collectible items such as rare Pokémon cards or a vinyl collection.
However, before you do anything else, it’s equally important to determine the type of blockchain you want to go with to issue your NFTs. For example, the Ethereum blockchain is currently at the forefront of issuing NFTs. But there is also a plethora of other blockchain networks you can explore, some of which include:
- WAX
- Cosmos
- EOS
- Tron
- Binance by Smart Chain
- Flow by Dapper Labs
- Tezos
- Polkadot
Each type of network carries its own specific NFT token standard, appropriate wallet services, and NFT marketplaces. For example, if you generate a non-fungible token using Binance, you’ll have the opportunity to market your NFT on several platforms that Binance Smart Chain assets support. It also means that you can’t sell or trade your NFTs on platforms like VIV3 (Flow by Dapper Labs) or OpenSea (Ethereum-based).
Does it Cost Anything to Create Non-Fungible Tokens?
While some platforms enable users to create NFTs for free, other NFT marketplaces charge a specific fee. On platforms based on Ethereum, these fees are referred to as “gas.” You have to pay this amount to perform a function on the Ethereum blockchain (like creating NFTs and adding them to the marketplace).
The cost of Ethereum gas primarily hinges on the amount of network congestion, meaning — the higher the number of users transacting value on the blockchain network, the higher the price of Ethereum gas fees.
Pro Tip: Gas fees are considerably reduced on average during the weekend because there aren’t many people transacting any value on the blockchain platform. It can be instrumental in helping you keep costs low — especially if you’re planning to create multiple NFTs and listing them for sale.
How Do You Buy NFTs?
Buying NFTs is easy — however, before you jump the gun, there are some essential things to consider:
- Did you determine what type of marketplace you want to buy the NFT from?
- Do you know what wallet you need for the platform to buy an NFT?
- Which digital currency are you going to use to fund your wallet and buy the NFT?
- Are the NFTs you’re interested in being sold at a particular timeframe like an art drop or a pack?
You see, you have to keep in mind that specific types of NFTs are only bought and sold at specific marketplaces. For example, if you’re interested in buying an NBA Top Shot pack, you’d have to create an account with NBA Top Shot, then you’ll have to make a Dapper wallet and use a supported fiat currency or USDC stablecoin to fund the wallet.
Here’s Where You Can Buy NFTs
For aspiring crypto users or traders interested in investing in NFTs, here’s a list of some of the best marketplaces for 2021:
- Hoard Exchange
- OpenSea
- Rarible
- NFT ShowRoom
- VIV3
- Foundation
- Axie Marketplace
- SuperRare
- Nifty Gateway
- BakerySwap
Now is the Best Time to Invest in NFTs
Some of the biggest brands in the world and celebrities — such as Shawn Mendes and the UFC, have signed contracts to sell their non-fungible tokens and release more soon. Even Grimes (Elon Musk’s wife) has embraced the NFT marketplace, selling $6 million worth of digital artwork in a matter of minutes!
Mason Nystrom, an analyst at Messari, speculates that the NFT market has a whopping potential of jumping to $1.3 billion towards the last quarter of 2021 as many brands, artists, and pop culture icons have jumped the bandwagon to produce their unique digital assets.
More blockchain networks are jumping into action, wildly competing to grab a considerable market share, and with various platforms, users can choose to trade NFTs. The best time to invest in this marketplace is now!
Where else can I find information?
🛒 Go to Hoard Market
💻 Visit our website
📝 Read our blog
