How to sell NFT tokens on the exchange? Instruction on the example of branded pictures

The main trend of early 2021 in the world of cryptocurrencies is digital art using blockchain. Thanks to its properties, the work of creators with attached NFT tokens allows them to be sure of their authenticity and to collect unique collections of pictures, animations and songs right on the computer.

Now they are joined by unique images from the 2Miners mining pool.

NFT tokens enable the art niche to leverage the transparency and immutability of the blockchain. This means that any user will be able to check the uniqueness of a certain work and be sure that no one will fake it. In addition, such tokens are able to generate income for creators even after they sell their work. This motivates to develop and share new collections.

Hype NFT has also reached world-famous auction houses. In particular, last week Christie’s sold the world’s most expensive NFT called EVERYDAYS: THE FIRST 5000 DAYS. The work was estimated at 69.3 million dollars, and it looked like this.

Now collectors and mining enthusiasts have the opportunity to purchase branded images from the 2Miners pool. This is how they were created.

Example of selling NFT tokens

We have selected the OpenSea platform as one of the most popular.

This is confirmed by the Ethereum Gas Tracker resource page, which shows which smart contract on the network used the most gas. OpenSea is in third place, behind the decentralized exchange Uniswap and the main stablecoin of the cryptocurrency industry, USDT.

gas ethereum

Rating of smart contracts by gas consumption

To work with NFT, you definitely need a MetaMask wallet. It installs as a browser extension and allows you to interact with various platforms within the Ethereum network. We wrote more about the wallet in a separate article.

You need to send ETH to this wallet, which will be spent to register your account on the OpenSea platform. With the current gas price of 172 gwi, we spent 0.0726 ETH. Gas can rise in price and fall in price at any time, therefore, for successful registration and no problems, we recommend that you immediately put at least 0.1 ETH on your wallet.

At today’s exchange rate, this is the equivalent of $ 175-180. Please note that these funds will be enough to sell any number of items on the platform. The commission is debited from the account only when the very first object is placed – and this is convenient.

Go to the OpenSea platform and click the Create -> My Collections button.

OpenSea NFT token

NFT token sale on OpenSea

Next, select Create New Collection.

nft opensea sale

NFT token sale on OpenSea

Specify the name and description of the token, and then select Create.

OpenSea NFT token

NFT token sale on OpenSea

That’s all – our collection has been created. Select Add Items to add items to our collection. In this case, they will be our drawings.

Click Edit and edit the collection details. If necessary, you can select the pencil icon at the top and change the background image for our collection.

NFT OpenSea

Editing an NFT collection on OpenSea

Add Featured Image – it can be the same as Logo – as well as various links to your resources.

NFT token OpenSea

Editing an NFT token on OpenSea

We select the size of the commission that will be due to you for each further resale of the picture. You can leave it at zero. Below we indicate the address of the wallet where the commission will come.

This address may be different from the Metamask wallet address that was used to create the collection. Thus, it will turn out to send a commission, for example, to your cold storage, which ensures greater security of funds.

Below you will be able to select a variant of the arrangement of elements in the new collection and add additional authors of the collection.

NFT token OpenSea

Adding NFT Token Information to OpenSea

Hooray. Now that the collection is ready, it’s time to add the first item. Click Add New Item.

Add our element – it can be almost any media file up to 100 megabytes in size. We write a description, you can also add a link to the page that describes your work.

NFT OpenSea platform

Adding NFT Collection to OpenSea

If you wish, you can add the so-called Unlockable Content: this is additional information that will be available to the buyer. Please note that this is only textual information, however, of course, you can link to any file, article, and so on. The 2Miners pool content includes a bonus in the form of a unique creation date of the work and its drafts from the artist who created the paintings.

Click Create.

nft token sale

Editing an NFT token on OpenSea

Add all the other elements. From time to time, when adding or editing elements on the right, Metamask can “crawl out” and ask to agree to the actions, that is, “sign”. Feel free to sign – no money is withdrawn at this stage.

Our collection is ready. To evaluate our efforts and purchase unique images, follow the link.

opensea nft tokens

Editing an NFT collection on OpenSea

Note that after creating the pictures will be truly yours. Any blockchain user can verify this.

nft tokens purchase

NFT tokens from the 2Miners pool

Now is the time to put our work on sale. Click on the picture and click Sell in the upper right corner.

OpenSea NFT token sale

NFT token sale on OpenSea

There are three selling options:

  1. Fixed price or Dutch auction, that is, with a decrease in price.
  2. Higher price auction.
  3. Selling several objects together, only selling through an auction with an increase in price works for them.

For the picture with Vitalik, we chose an auction with an initial bid of 0.1 ETH. You can choose the currency – ETH / DAI / USDC are initially available. Please note that there is a so-called Reserve Price in the settings, which cannot be set less than 1 ETH, and this option cannot be disabled.

This means that if 1 ETH or more was not offered for your work, then the auction will end without the sale of the object. This is done so that the platform does not lose money on gas needed to sell the property and does not remain in the red.

Click Post Your Listing.

OpenSea NFT Token Sale

Types of NFT Token Sale

For the first placement, the platform asks to interact with a smart contract, which requires 395 317 GAS. Even though you are not transferring ETH itself, you are spending your funds to execute this smart contract. Depending on the current congestion of the network, this can cost you a pretty penny. The current gas price can be viewed, as always, on EthGasStation.

ethereum gas price

Gas cost in the Ethereum network

You can try to conduct a transaction with a lower gas price and hope for a miracle or wait for the gas price on the network to fall. However, this may not happen anytime soon, given the huge interest in the decentralized finance industry.

metamask transaction confirmation

Confirmation of a transaction in Metamascus

Click Confirm and don’t close the page. We are waiting for the smart contract to initialize our account to work.

As soon as it works, the platform will ask for permission to spend your wETH – this time the amount will be much less. Click Confirm and wait.

cryptocurrency nft sale

Confirmation of the ability to spend cryptocurrencies

The platform reminds you that this action needs to be performed only once for each account. Later, Metamask will issue another message in which you need to authorize the operation.

Voila, the listing is ready.

Now let’s put Trump up for sale. Moreover, in this case, we will set a fixed price of 0.5 ETH. Next, we will set the Ending Price – also 0.5 ETH, that is, we will not use the auction with a decrease in price – and indicate the offer validity period of 14 days.

Click Post your listing. Metamask will offer to “sign” the placement. This time it’s completely free. We can also do all the following placements without spending money, which is very convenient. In case of a successful sale, the platform commission will be deducted from the reward for the sale of the work .

Thus, we put up for sale two of the ten works that we have added to the collection. This can be seen in the screenshot below.

In general, it is clear that it is quite easy to make an NFT token out of your work, photo or song. To do this, it is enough to have the object itself and a certain stock of cryptocurrency. However, it is also important not to forget about the value of the image itself – in this case, the chances of selling it will be much higher.

We believe that the hype around unique tokens and digital art will continue in the future. Yet now the auction house Christie’s has successfully contacted the topic, which means the industry has room to grow. It is possible that in the future, most of the works will be sold exactly according to this model with the help of a crypt.

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