Metamask, Binance, Zengo, and many others are used in the market, but the most used is Metamask. There are many wallets available to buy and sell NFTs, but the ease with which Metamask does makes it the most used, So let us see the most used Metamask and how to create buy and sell NFTs using these wallets.
METAMASK.IO: This is a Crypto Wallet that is necessary to buy and sell NFTs or any kind of digitally created art. Metamask is a chrome extension that we need to add to your browser extension. There are many wallets like meta mask for instance there is Binance that too is the most used one. But here we refer to Metamask for its simplicity of use.
How to Create an NFT
Step 1: Go to the official website Metamask.io & Download MetaMask it’s available in Android, IOS, and Brave, download that’s suitable for your system requirement. It is a chrome based extension once you add it, click on get started and then on “I Agree”.
Once downloaded you will get a welcome window of MetaMask.
Step 2: Now Create a Strong password and one which you can remember or note down for the safer side as this has no option of recovering a forgotten password. Click on “I agree” to the Terms of use and then on the “Create” button.
Step 3: On the next window it will ask to “Click here to reveal Secret Words”. This pop-up will be a combination of 8 to 10 words called a Secret Recovery Phrase. Now there is one more option on the right side that says to download this secret recovery phrase, Click on that it will download the phrase in .txt format and save it somewhere safe, and then click “NEXT”.
On the next window, it will ask to enter the Secret Recovery Phrase in the order that was being given, so we need to select those words in the same order for confirmation, enter that, and click “Next” after that, you will get a Congratulations then Click on “All Done”.
So don’t not risk by trusting your memory just take a snapshot or write it down somewhere or in multiple places so as to it is reached when needed in case of any unfortunate mishap this is the key to your wallet which will get your access back.
The Default Crypto currency used here is Ethereum, whatever marketplace you use Metamask account is a must to buy and sell NFTs.
Now go for Opensea in google and open the first link, this is the biggest marketplace for NFTS which along with the Metamask is required to buy and sell NFTs in the world.
Next, we need to open an account to buy and sell NFTs here and now the best part is we actually need not open an account just we need to get it synced/connect.
Step 4: Click on “Profile site” on the next window and there it will ask to connect to MetaMask, click on it. Another window pops up click on next and click on “Connect”.
Step 5: Go to Opensea.io in your browser. Click on the “Profile” section on the right side of the corner it will ask you to connect to your wallet with a list of options, Click on “Metamask”. Another popup will be shown click on “Next” then click on “Connect” and then click on “Accept and Sign”. The next window will ask for a signature request click on “Sign” and Dang it’s done.
Now go into the profile section of the Opensea and edit what you need to change like the Name, Logo, Description, Email, etc.
Step 6: Now on the top right of the corner you’ll find the “Profile” section clicking on that there will be a “Create” tab click on it if you have created your art then just click and upload on the image section, next name it and add some description for that, and give the external link if you have created like and website related to it or something.
Step 7: Now the last and very important section selecting the blockchain, out of the two options Polygon and Ethereum, if you choose Ethereum it will be charging us gas fees which may be around 100 to 300 dollars approx which may vary accordingly.
Step 8: But if we don’t want to give the hefty gas fee and still want to list it without giving a gas fee then go for Polygon. Select Polygon instead of Ethereum and click on “Create” and bang you debuted on NFT or in the blockchain terminology we can say you Minted your first crypto art. Minted here refers to the creator of the NFT.
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How to Buy and Sell NFTs
Now that we know how to create an NFT, let’s see how we buy and sell NFTs.
How to Sell an NFT
Step 1: Now if you want to sell your NFT, Open the same Opensea account and look for the option that shows on the top right of the side as Edit & Sell, you can click on “Sell”. Now one more option you have is that you can either have a Fixed Price or Timed Auction, where a fixed auction will have one price till it’s been sold, else we can opt for the Auction type where there will be a bid by the buyers and the highest bidder will get your NFT with the set preferred time.
Step 2: Quote your price but we have to bear in mind the price should be in Ethereum converted to USD currency type like 0.001 Ethereum = how much USD at the buying time. And select the duration you want like a day, a week, or month to sell it. After quoting the price click on “Complete Listing” at the bottom and on the pop-up window click on “Approve”.
And then click on “Switch Network” and then on “Sign” for a digital signature that completes your listing.
A $100 NFT in Ethereum may get a gas fee of around $35 to $45 approx, So this needs to be kept in check before finalizing an NFT.
There will be a service fee of 2.5% for whatever amount your NFT is sold at. So we can say the listing is free but once sold there will be a 2.5% service on that art charged by Opensea.
Tip: Sometimes an error message may come up just redo the process two or three times then you will get the unlock currency opened which shows green that's a go-ahead for it, click "Sign" on this tab now and another tab shows up again click on "Sign" on that, & Bang. Now here you'll see a pop-up saying your NFT has been listed Congratulations.
How to Buy an NFT
Step 1: To Buy any NFT just login into your OpenSea Wallet.
Step 2: And click on the top right of the corner & connect to your wallet MetaMask by entering your Metamask password and clicking on unlock on the next step your balance in the account will be shown.
Step 3: And click on the Marketplace tab and go through the NFT type options you’re looking for, once you have decided what you want to purchase just go to that NFT and click on “Add to cart or buy now”, it will show how many Owners had owned it previously if any.
NOTE: There are some NFTs that are of the Auction format to buy and sell NFTs which you can find out if you scroll below the buy now button, you can bid on that or place an offer for the standard price for that.
Step 4: A checkout page will be shown and we need to click on “I agree” terms and conditions of Opensea services and “Complete Purchase”.
There will be a service fee of 2.5% for whatever amount your NFT is bought at. So we can say the listing is free but once bought or sold there will be a 2.5% service on that art charged by Opensea. They can also be bought using cards.
Step 5: Click on confirm checkout, which will redirect to the buying process we need to sign the Metamask wallet once again, and of course, if your wallet has the money needed to buy available in your wallet the transaction proceeds, Once the process is done we will find the NFT it in our wallet and collection list.
Tip: Here is a tip for the pro users if you are buying an NFT which is cheaper prefer using the Polygon blockchain instead going for Ethereum, as Ethereum most of the time doesn't allow the use of it, in case the NFTs are cheaper. So instead of going back n forth keep this in mind before coming on for checkout.
The bought NFTs are stored on the Metamask wallet so in case needed they can be transferred to other Marketplace like Rarible and many other places to buy and sell NFTs for ease.
Once the transaction is completed just go to your profile and check for your collections now the newly bought NFT would be reflected under your collection, which means you are the new owner of that NFT.
There is also an option to charge a royalty on your Minted NFT, which gives your some percent of royalty whenever it’s being sold and resold generating a part of income every time it’s sold.
So Graphic designers, Animators, VFX Artists, and many others in this field are having huge potential in this arena as this ecosystem keeps on building and getting big it will almost become a necessary part of life.