NFTs for Newbs | Part II

A guide to sell.

Start with Part I of the series here.

Nyan Cat, an NFT created by Chris Torres sold for ~$600k on Foundation on 2.19.2021.

Who can sell NFTs?

Anyone with WiFi, a computer, a digital asset and cash.

How to sell NFTs?

1. Open a digital wallet to store Ether cryptocurrency. Two common wallets are MetaMask and Rainbow.
2. Fund the wallet to cover the costs to mint (create) and sell (aka “gas fees” to verify the transaction).
3. Create an account on a marketplace (Mintable, OpenSea, Rarible, etc.) and link it to the wallet.
4. Upload a file (jpeg, png, gif, video, audio, doc, etc).
5. Complete the listing — add a title, description, royalty (typically 10–30%), copyrights (what the buyer will own) and “unlockables” (items or perks released after purchase). Choose to list as either buy now or auction.
6. Hit create and the wallet will pop up requesting a signature. Tap sign and pay the minting fee.

Why are they called “gas fees?”

Because ample computing power/energy/“gas” is required to process and verify an NFT purchase on the Ethereum blockchain.

How can I fund my wallet?

1. Use a cryptocurrency exchange like Coinbase or eToro.
2. Transfer cryptocurrency to your wallet via PayPal.
3. Connect a bank account or pay via credit card to convert dollars to cryptocurrency via an NFT marketplace.

How much money should I put in my wallet?

As of this publication, NFT veterans recommend buying $200–$250 worth of Ether, because of the current rates for currency exchanges, minting and gas. Fund the wallet sufficiently (and sell profitably) to avoid additional currency exchange fees.

What’s the rundown of the marketplaces?

Mintable — Sellers can mint NFTs for free; buyers can pay for NFTs via credit card.

Open Sea — 1x minting fee (vs other marketplaces which typically charge after each listing) — gas is always mandatory. Art is only displayed once a seller is verified, a process that can take a week.

Rarible —No invite/application required; anyone can start selling, so there is a lot of content, and it is hard to be seen.

Foundation, MakersPlace, SuperRare and Nifty Gateway — Invite only or application required.

There’s an application?

Some marketplaces require sellers to apply in order to be listed. Applications may request a resume, portfolio and video interview. Here is a sample application from MakersPlace. It can take days, weeks or months for marketplaces to make a decision. To bypass, opt for Mintable, OpenSea or Rarible.

Best marketplace to be on?

Collectors care more about the quality of the art and less about the platform.

What should I price my NFT?

Enough to make a profit. It costs money to mint ($40–50) and transact/verify ($10).

Pro tips?

• While waiting for verification on OpenSea, share work on social media (Twitter, Discord) to build momentum.
• Buy now → no gas fee. Auction → gas fee to accept a bid.
• Utilize the description field to illustrate the creative process or tell a meaningful story behind an asset; collectors love a piece with a history.
• Linktr.ee — one link that can serve as a repository and direct customers to your galleries across multiple platforms.
• Gas fees fluctuate based on the current price of Ether. Check gasnow.org for the best times to mint and avoid high fees. Weekends and early mornings see a dip.

gasnow.org

How to upsell work?

Do — Join the Discords; each marketplace has their own server with a dedicated channel for artists to self-promote and collectors to browse. Find an invite link at the bottom of each marketplace website.

Don’t — DM collectors on Twitter and Instagram. Apparently they are getting bombarded.

What is Discord?

It’s like Slack, but used by gamers, students and artists vs. businesses. Join these communities, engage with other creators and offer feedback on their work. Collectors hang out here too, and it is more interesting to see an artist commenting thoughtfully and supporting others than self-promoting their own art.

Where else can I make NFT friends?

1. Reddit has communities where creators post art and collectors browse. Post something 1x, comment on other pieces and upvote favorites.
2. Facebook — there are pages to share work and make connections; it’s a small world and the same names may soon reappear, build relationships with people and share each others’ work.
3. Clubhouse — there’s usually an NFT room open and often they have “show and tells.” This is an opportunity to engage with other creators, discover new work, and possibly get the chance to present and have the audience (sometimes collectors) comment.

What happens after I digitize a physical asset?

1. Sell the physical, digital or both; together or separately.
2. Destroy the physical piece after tokenization and record the shredding process to add as an unlockable.
3. Declare the physical piece as part of the creation process — a necessary tool to create the digital asset. The physical piece becomes a model/mold; it remains as a tool in the workshop and is not for sale.

What are examples of unlockables to include?

1. A link to a website/Dropbox where buyers can redeem the file at any time.
2. A video of the creation process or background around how the NFT was made.
3. VIP experiences; meet & greets, autographs or selfies.

Notable NFT creators?

• Kings of Leon —the band released 3 different NFTs for their new album, giving the buyers perks like front-row tickets to tours for life. These are being auctioned off with the highest bid in the $12k range.
• Logan Paul — a YouTuber with 23m subscribers minted and sold 3k NFTs for a $5m profit.

What trend do we see so far?

The most expensive selling NFTs are typically from creators with a large and established following. A talented artist without a following may have a hard time selling.

So what?

The good: New technology takes art to the next level as it gives artists more tools at their disposal than paint, canvas and clay. NFT art can be cool, because artists are using tech to create interesting things that have never been seen before.

The bad: The wallet reviews for MetaMask and Rainbow are concerning. People report that they spent money funding their wallet on tech that doesn’t work and a created tickets in a customer support system that no one answers.

The question: Why spend money on something that can be viewed and collected for free? For example, on Mintable, it is possible to save this NFT to a computer and upload it to a personal website/gallery for free; so why pay $1800+?