How to use NFT correctly?

Author: Devloop
 Time to read: 3m
How to use NFT correctly?

How to use NFT correctly?


Previously we introduced you to NFT in general. Today we want to tell you more about how to create, register and sell a token.


But first let's remember that NFT stands for non-fungible token, it’s kinda a unique token whose authenticity and ownership is proven by a blockchain. Originally it was the Ethereum blockchain.


So what do you need to create your NFT:

-Ethereum wallet. platform. This is the largest marketplace for NFT.

-And the actual content that you want to write in the token: picture, music, video, gif etc


Registration on OpenSea

This is a decentralized platform on the Ethereum blockchain and if you would like to register you just need to enter your name, description and e-mail and connect your ERC-20 wallet. To save changes you simply sign a free transaction. And don't forget to verify your email.


Creating a collection on OpenSea

You have to create a collection so that your NFTs won't run wild but they have a place in a collection.


Creating NFT

Basically you just need to upload your content to OpenSea, add a title and a description. You can insert a link to a resource with a description of this NFT, as well as select additional options. For instance this NFT will be only in 1 copy. 


That's it and your first NFT is ready.


How to sell NFT on OpenSea


OpenSea was originally a platform for selling NFT and the opportunity to create their own NFT appeared later. So that’s why the entire infrastructure for selling your crypto art is ready and ready for usage.


Go to your NFT and click Sell. You have 3 options: "Set price" it is a fixed price, "Highest bid" it is an auction and "Bundle" it is if you want to sell NFT in bulk several pieces in one lot.

ETH, DAI and USDC are accepted as currencies. In the auction mode there is one feature. there should be a minimum of 1 ETH. And that’s it now you can set the starting price at 0.1 ETH, if during the auction the price does not reach 1 ETH, the lot will not be sold.


Choose a fixed price and set 0.1 ETH. There Is also the possibility to set the Ending price. It’s that kind of price which will be reduced to this price until there is a buyer. You can put it up for sale in the future, as well as make a private sale, specifying the specific wallet to which you are willing to sell your work.

You can also buy NFT on the platforms to resell it for a higher price. If someone buys a token for this purpose, the NFT author can receive a royalty from each subsequent resale, which he determines.

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