If you are new to NFTs let’s understand some basic terminologies so that you don’t get confused or if you are aware of NFTs already you can skip too but I recommend reading them.
Blockchain - In simple terms, blockchain is a system of recording information in a way that makes it nearly impossible to change or hack the system.
NFT/Non Fungible Token - NFT is a unique digital token which is stored on the blockchain. You can buy and sell NFTs on a NFT marketplace like Foundation, Opensea, Rarible. Let me give you an example, think of Paintings, you can bid on them, buy them from others, extend your collection and even sell the paintings to someone else and that person can sell it further. NFT is basically like paintings but digital, and are only one of their kind and instead of paintings you can collect all kinds of things like artworks, music, animations etc.
Cryptocurrency - Cryptocurrency, in simple words, is digital money and is stored on blockchain which again makes it impossible to counterfeit. Some good examples of cryptocurrency are Bitcoin and Ethereum.
Ethereum/Ether/ETH - Ether is a type of cryptocurrency stored on its own blockchain known as Ethereum. In most of the NFT marketplaces, this is the currency that is used to buy and sell NFTs. ETH is the short form of Ether.
Crypto Wallet - Cryptocurrency is stored in blockchain but to access it, we require a digital wallet which we call Crypto Wallet. The crypto wallet just reflects the amount of cryptocurrency you have that is stored on the blockchain and enables you to send, receive and even spend your cryptocurrency to buy things. It is just like PayPal but instead of dollars, cryptocurrency is stored in it.
Some famous crypto wallets are Ledger, WalletConnect, Tories, Coinbase but my favourite is MetaMask.
Gas Fee - No! We are not talking about petrol. ETH transactions require computational energy because they work on decentralized blockchain hence, to process them users have to pay a gas fee. Think of it as a transaction fee. When listing and minting a NFT, we have to pay a gas fee. The price of gas fee keeps fluctuating and is not fixed.
Minting - Minting is the process of publishing your artwork on the blockchain which involves a transaction fee.
Listing - Minting makes your NFT visible for everyone but to actually sell it you need to list it.This process is called Listing and just like minting this also involves a transaction fee.
Gwei - Gwei stands for gigawei and wei is the smallest unit of ETH. Gas fee is specified in gwei. So, if the gas fee is 0.000000001, we can say the gas fee is 1 gwei. We can also change gwei which can reduce the price of the gas fee. However, increasing or decreasing the gwei can affect the transaction time. The more the gwei, the less time it takes.
Foundation - Foundation is an invite only NFT marketplace where you can buy and sell NFTs.
There are a lot of other good NFT marketplaces too like OpenSea, Rarible but my favourite one is Foundation.
I hate gas fees
This is the part where I realise that I should have researched about NFTs properly. This was the time when the gas fee was at its highest costing about 0.04 ETH (100$ at that time). So, what I did in a hurry to list my first NFT and to get my $69 million.
Without researching much I started the process of minting & listing, and when I had to pay for the gas fee for listing I got to know I was approx 0.04 (10$) short on ETH. I thought, why should I even buy more ether when I will be getting thousands after selling my NFT and I reduced the Gwei which lowered the amount of ETH that I had to pay. I waited for a day and there was no response, I thought the transaction was stuck or something because I still had the same amount of ETH in my crypto wallet so I did another transaction. I waited for an hour and still, there was no progress so I did the transaction over and over again. I did this 8 times realizing that all of the transactions are out and not getting completed because I have set the Gwei to a lower amount than required. So, I tried to fix it by adding more ETH to my crypto wallet and watching some YouTube tutorials, and there goes one more transaction that went into the queue.
Now, to remove every transaction in the list which had low Gwei, it cost me approx 0.04 ETH (10$) each for speeding up the process and cancelling it. So, I ended up spending approx 0.034 ETH ($80) in clearing up the mess I made and finally listed my first NFT.
Why is no one buying it?
I listed my NFT but I forgot one thing. Beeple already had a huge audience, he had 2 million followers on Instagram before he sold his NFT for millions and I had only 20 followers including my second account. I realised it a bit late and after that I knew that I needed to do something to market myself and that is when I came across CryptoPunks and got to know that they sold their first 10,000 NFTs for free.....wait, that is not a bad idea!!! So, I thought I should sell my 47 artworks, which isn’t my best work, so why not sell them for free! And I started posting on Twitter and Bitclout (just like twitter but decentralised) that I am going to sell one free NFT every day and there will be a total of 47 NFTs.
I tried to grab as much attention as I could get and thought maybe someone will buy my paid NFT as well but what I got instead of ETH was a surprise. I saw that no one was buying my free NFT as well. The thing was even to buy a NFT we needed to pay a gas fee (that's another reason I hate it till now). After this point I just craved to see if someone else has my NFT, I just wanted to see a notification saying 'Hey, someone bought your cool NFT for 0 ETH. But after around a week or two I stopped caring about it and then after a month, I saw an email...
At this point, I realised that OpenSea is not the right place to sell NFTs. I mean the competition is really high as anyone can upload their NFT. So, I thought I should finally switch the platform. I thought of switching to Rarible as it had a good UI/UX and it also has dark mode but the problem still persisted over here. I made an account on Rarible but never minted anything. Then I came across Foundation, an invite-only platform that has good UI/UX and also less competition. Now that's what I was looking for. But the thing is either you get an invite or get upvotes from people and get accepted on the platform.....
But wait, what?!!?! There are 30,000 people in the queue of upvotes. There is no chance of me getting in with that because I can't even manage to get a sale on free NFT then how can I get selected among so many people who must have more than 20 followers.
Hey, I am a 16 y/o can I get an Invite?
I started looking for someone who can Invite me on that platform, and everyone I talked to said 'SORRY I GAVE IT TO MY FRIEND'. Well, After two days I started craving for the invites and I did what everyone in my position would have done. I started asking for an invite on Twitter and Discord but now the replies were changed to 'SURE 😊! I WILL GIVE IT TO YOU FOR $100 ONLY'. By this time I had tried every method to get an invitation but I failed pretty badly (worse than the free NFTs). Now, I was so desperate that I had to try buying one. I talked to some people and every single one of them was a scammer. Someone said he had a new account, others didn’t want to share more information about their stuff because they thought I would report them and their crypto wallet was getting around 100 dollars worth ETH every single day! I mean WOW, why do we even need to sell NFTs? Anyways, I got really close to getting scammed and then.....this amazing person came into my life! So, I struggled for three days for an invite and I messaged someone on Discord if he could give me an invite. Here is an image of what happened.
Phew finally on Foundation! And I listed my first NFT on Foundation for 0.1 ETH ($233.15).
ETH in the wallet
After listing my NFT and marketing it for a week, I was surprised because there was still no response. I mean I changed the platform as there is less competition on it but still no one was buying. I tried messaging collectors to have a look at my NFT and none of them replied, I commented on tweets to get attention on my NFT but there was still no response and then I started connecting with collectors. I literally tried everything to promote my NFTs. Then I started talking to collectors asking them about NFTs, getting to know what is in their mind. I even asked some collector if my NFT is good enough but they replied with a ‘NO’. I thought maybe this is the time to make a new NFT and try to sell it because this one isn’t going to sell but then I realised that I only have 0.0104 ETH ($28.15) which was not enough to pay the gas fee and I was not in the mood to lower the gwei again.
I kept trying and finally someone bought my NFT!! Well, I got all the ETH I spent for the stuck transactions.
NEW NFT DROP
Well, now that I have got all my money back, I still need to pay for the hosting of this website, so that I can bring more valuable blogs for you.
Check out my new animated NFT!
In the crypto world, anything can happen ;)
Where do I start from?
There are a lot of good NFT marketplace like Opensea, Rarible, MakersPlace and my favourite Foundation but these platforms trade with ETH which is really expensive and not everyone can list their NFTs because of high price. If you are just starting out I recommend using hic et nunc. It is just like any other platform but instead of ETH they use Tezos which is another cryptocurrency. Tezos is a lot cheaper than ETH as well as hic et nunc has their Tezos foundation in which they give 1$ worth Tezos to new NFT artists to mint and list their NFTs. Also, the hic et nunc community is really supportive. I listed my first NFT on hic et nunc and got my first sale on the same day without even marketing it.
What should be the price of my NFT?
The price of a NFT is defined by three main things: the artwork, the description or thought behind the NFT and the person itself. Believe it or not, the price of your artwork is also determined by you. If you are a big creator or a well known personality there is a high chance of your NFT getting sold for a huge amount. Let me give you some examples, recently Edward Snowden sold his NFT on foundation for 2224 ETH ($5,792,697.12) and The Tor Project sold their NFT for 500 ETH ($1,305,660). So, to be honest, it’s upon you, list it for how much you think it is worth but if you are just starting out and don’t have an audience I believe you should set a starting price between 0.1 ETH to 0.5 ETH.
How to sell NFTs?
Selling NFTs can be a troublesome task if you don't have an audience. If you want to sell NFTs and become a NFT artist you need to start building an audience. Twitter and Reddit are two best social media platforms where you should grow an audience and promote your NFTs. Another thing that you should keep in mind is NOT TO spam collectors or even ask them to buy your NFTs instead of that you what you can DO is ask them on what basis do they buy a NFT and you can even show them your NFT and ask, out of 10 what is the probability of you buying this NFT and you can ask for a reason as well. This will help you in your future NFTs as well as if a collector really likes your work, they will buy your NFT.
- Research properly before entering into the cryptoworld, it is really broad.
- Beware of scammers.
- Every marketplace is great!
- Building an audience is the key.
- You need to market your NFTs as well.
- Don’t spam anyone to buy your NFT.
- Don’t lose hope.