In today’s article, you will learn how to make money with NFT as a beginner in 2022.
It’s a step-by-step guide to walk you through basic concepts to creating and selling your own NFT assets online.
Crazy like it sounds, NFT art pieces are being traded for hundreds and even millions of dollars on NFT marketplaces.
A recent Cornell University research says, NFTs are responsible for over $34 million in sales as of May 2021.
That means NFTs are a new tool that is going to make thousands, if not hundreds of thousands, new digital millionaires in the next few years.
Excited to learn about how you can tap into this massive opportunity?
Let’s dive in.
What is NFT
NFT or Non-fungible token is a unique digital asset stored on the blockchain that is non-exchangeable and can’t be divided.
To give you a $100 note analogy, anyone can have a $100 bill and all have the same value. So none of the notes are unique.
Also, you can split $100 into 10 notes of $10 each, or 2 notes of $50, and so on. So, it can be divided.
But an NFT can’t be replaced or divided. Every NFT is unique and there is only of its kind available online.
Let’s say we have a bored ape nft with some properties (color, costume, expression, wearing headphones, etc). There is no identical bored ape available anywhere.
The rarity of nft assets makes them unique and in high demand.
What is Minting
Anything digital can be an NFT and can be sold online. From music files to domain names to tweets to selfies, anything that’s digital can be an NFT and sellable.
Now not every digital asset is an NFT by default. You have to convert it into an NFT. This process is called minting.
Basically minting is a process of converting a digital asset into a unique NFT residing inside the blockchain ecosystem. Every NFT has a unique set of characteristics like color, size, background, text, costume, expression, wearables (if it’s a character), etc. A lot of things.
Setting up of Marketplace And Crypto Wallet
Since NFT is a digital asset, we have to go to digital or online marketplaces to buy and sell NFT assets.
The most popular marketplaces are opensea, rarible, and mintable. For this article, we shall explore opensea, which has been the first and largest NFT marketplace.
Click on Create. A drop-down menu asks you to sign up for Metamask.
Metamask is a cryptocurrency wallet to store your cryptocurrency assets. The exact URL is metamask.io (the screenshot below).
Next, choose your browser and Download. The Metamask Chrome extension will be installed on your browser.
Now, once again, go to opensea.io, and click on the Wallet icon at the extreme top right corner (shown below)
It will ask you to connect a crypto wallet. There are a few options. Choose metamask and paste your metamask wallet address here. In a few moments, your metamask crypto wallet will be connected to your account.
Now, to be able to create and upload an NFT, you need to have some cryptocurrency in your wallet (known as gas). Anytime you buy or sell an NFT asset, opensea will charge you some gas fee.
Click on the Profile icon, and select “my collections”. Click on “Create a Collection”.
The pop-up window will ask you to add funds.
You need to copy the wallet address and follow the instructions to add funds to your wallet from another wallet or an exchange.
Click on Create and Create a Collection (Enter all the details of your chosen collection name).
Once, you have created a collection, and you have gas (cryptocurrency) in your wallet, you can create your NFT by uploading your NFT image (step by step instructions in the next section) and minting it on opensea to start selling.
How to create NFT art
Go to canva, and create a free account. Canva is an awesome online tool to design anything. They have a huge library of ready-to-use templates and resources.
They also have a paid upgrade that is $12.99 per month for the monthly plan, which is optional. Paid membership will unlock even more amazing features and resources that will help you create even more great designs and unique professional templates.
Select Dimensions by clicking “Create a Design” at the top right corner, or “Custom Size”.
You can chose any dimensions you want. Below are the dimensions of some of the popular NFT projects traded in the recent months:
336×336 Px (creator: CryptoPunks)
512×384 Px (creator: Axie Infinty)
540×540 Px (creator: Animetas)
631×631 Px (creator: Bored Ape Yacht Club)
640×860 Px (creator: VeeFriends)
745×1147 Px (creator: Monas)
800×800 Px (creator: World of Women)
1024×1024 Px (creator: Zed Run)
1024×1536 Px (creator: Meebits)
1080×1080 Px (creator: Cool Cats)
Let’s say you select 512 by 384. Click “Create new design”.
Create your NFT design using tools like text, background, elements, etc, on the left side vertical column.
Download your NFT design and upload it to opensea to mint it and convert it into a unique NFT asset ready to be traded there.
How to make an NFT
Now that you have created your NFT design, have gas (cryptocurrency) in your metamask wallet, have created a collection, you are ready to create your NFT asset.
Go to opensea. Click “Create” and chose “nft”.
Follow the instructions, fill in the details and click “Create”.
This will start the minting process and your NFT asset will be created in a few moments.
How to sell NFTs
Once your NFT asset has been created, you can create a new collection (described above).
Then Click on “Add an item” and fill in the details. Complete the process and your NFT will be listed for sale.
A few things to consider first:
You will have to select the blockchain on which you want to create and list your NFT on.
There are currently two blockchains which you can pick from: Ethereum blockchain and Polygon blockchain.
Polygon blockchain is “Gas Free”, meaning that you don’t need to have funds in your wallet to create an NFT asset and list it on opensea.
There are a few disadvantages though with Polygon. It has only a few cryptocurrency options to buy and sell NFTs, while Ethereum has a lot of options and you can add even more if you want.
Also, Polygon has vey less active community as compared to Ethereum. There is a lot of activity going on inside Ethereum blockchain.
As the owner of the NFT, you can fix a certain royalty fee that you earn every time your NFT is being sold. You can fix 2%, 5%,10%, or literally any amount that you want to keep of every sale of your NFT.
This is super powerful passive income source for the lifetime.
Just recently I watched a video by Gary Vee, saying that he made $90 million in the last few weeks or so.
Of that $90 million, $50 million were made from the direct sales, and $40 million were made through royalties.
Yes, it is.
And that is why NFT is a gamechanger for everybody who learns how to create them and sell them.
We strongly believe that NFTs are going to create a ton of new millionaires and even billionaires in the years to come.
I hope now you have a clear understanding of what is an NFT and how to make money with NFT.
This is a huge opportunity to jump in right now.
If you still have any questions, let us know in the comment section below.
We’ll try to respond as soon as possible.
To your success,
Fazila (Mom, Blogger, Hustler).