How to Sell Photo as an NFT
In recent times the most popularly searched word on the internet is NFT. NFT is known as a Non-Fungible Token; this is a unit of stored data on the blockchain that verify claims on the digital asset, which is unique and non-interchangeable. NFTs are widely known as a form of digital assets. Converting a common digital file into an NFT is done through the process called Minting. The process sets the assets as tokens on the blockchain. NFT is sold using cryptocurrency this way. The medium of exchange between the buyer and the seller is cryptocurrency. Both buyer and seller require a cryptocurrency wallet to process each transaction. Owning an NFT in the blockchain enables it to be tracked from the current buyer to the original creator. There are different types of digital files that can be minted as NFTs. These include:
– Pictures, gifts, illustrations
– Audio files
– Video clips
– Video games, avatars
– Real-world assets like cars, houses, sneakers, and others.
NFT photography makes it easy for photographers to list their artwork for sale in various markets places. Artworks can be brought from artists for a price paid in digital currency. The common market for selling NFT photographs is the Open Sea and Foundation. Before selling photographs as NFTs few steps must be taken to succeed at it.
– Open a digital crypto wallet e.g. Metamask
– After creating the wallet, a purchase of a cryptocurrency is made. The cryptocurrency mostly accepted for NFT transactions is Ethereum. Ethereum can be purchased directly on a meta mask wallet or on other exchanges.
– The least amount for ETH needed is about $100 to $200 worth of ETH, which is used to pay the fees for Minting and selling of NFT on the marketplace.
How to Open a Wallet on Meta-mask
These stets are easy to understand and follow up
– Click on the chrome extension of Meta-mask on your browser, click get started
– Choose the create wallet option, agree and submit data, and create a strong password. This password would be required to access the wallet on subsequent times
– Write out the Seed Recovery Phrase for safety, or this can cause a loss of funds.
– After creating your wallet, buy Ethereum
– Connect your Meta-mask wallet to the NFT website using your address on the top screen
How to list your NFT Photographs for Sale
The first step to listing photos on NFT is very easy after your wallet has been connected to the digital marketplace.
How to Sell Photographs on Open Sea
OpenSea has become the most popular website and marketplace for sales of NFT photographs to sell their work.
– Create an account on OpenSea by clicking the Open Sea website
– Upload your file in any format
– Select auction type, fill in details of price and or bid
– Create an external link that helps display your portfolio
– Pay your “gas fee”, which is the initial fee for starting your account on Open Sea. The gas fee differs from time to time based on the value of the currency used.
– After this has been paid, list all your image for free with Lazy Minting feature on your wallet
Types of Fees on Open Sea
There is an amount charged per transaction made on Open Sea. These are
– Selling NFT, buying NFT, accepting offers, when cancelling previously listed NFTs, when converting cryptocurrencies
– Transferring gifts NFT to others
– After listing, a price of 2.5% of the final price is charged on the platform
How to Sell on Foundation
Selling digital documents as an NFT on Foundation is different from that of Open Sea. Foundation works on the basis of an in-house referral, i.e. referral by another creator. Foundation makes it easier to use its interface.
Cost of Selling Photos on NFT
The initial 2.5% fee on the Open Sea is the price on the Open Sea of the sales final price. The fees of Foundation are the most expensive on the market.
How to Market NFT Photographs
This can be done by creating a relevant post about the minted NFT on all your social media platforms like medium, telegram, and Instagram to gain visibility to people.
The sale of digital assets is the new normal. One NFT photograph can gas as high as $100,000, which is a large sum of money. NFTs are easy to create and highly profitable.
After reading this article on How to Sell Photo as an NFT, you as well gain knowledge on how much it cost to mint NFT here