Home Investing Invest, Borrow, or Stash? How to Be Smart with Your Cash

Invest, Borrow, or Stash? How to Be Smart with Your Cash

by Jake
SHARE ON
Share on facebook
Share on pinterest
Share on twitter
Share on email
Share on whatsapp

Alternative pop artist, Grimes has sold $6 million worth of non-fungible tokens, or NFT’s. She sold a series of ten pieces to online buyers, with the highest-selling piece “Death of the Old” selling for $389,000 to the highest bidder.

It doesn’t take a popstar’s resume to find success creating your own NFT’s, anyone can join the investing party. If you’re an artist interested in NFT creation now is the time to start creating before the bubble completely bursts.

Here is how to make and sell an NFT.


Create A Unique Piece of Art

Let your creativity flow into something worth thousands. You can make a stand-alone piece or a repeatable series like the mega-popular, Bored Ape Yacht Club. You’re going to want your digital art to be saved as a JPG, PNG, or MP4. Still images should have a width of 3000 px, video NFTs should be 1080p or 4K.

In order to sell an NFT, you’ll have to get a wallet to store the funds you make. NFTs can only be purchased with ether, and the best wallet for NFT creators is one that can be tied to an NFT distributor. Some great options for an NFT friendly Crypto wallet include: Coinbase Wallet, Trust Wallet, and Metamask.


Choose a Marketplace

NFT marketplaces are a type of decentralized app, or dApp. DApps are applications that run on a peer-to-peer blockchain network. DApps use Ethereum to disrupt business models of inventing new business models in finance, gaming, technology, or in NFT’s case arts and collectibles.

Some NFT marketplace platforms include: Foundation, SuperRare, Rarible, CryptoPunks, or OpenSea.  OpenSea is widely regarded as beginner-friendly, so this may be the best bet for you.

Once you choose your preferred marketplace, link it through your crypto wallet.


Mint Your NFT            

Once you’ve linked your crypto wallet to your NFT marketplace, you can upload your art to be sold. Give your art a jazzy name and description, then upload and press the sell button. You can sell your NFT for a set price or sell to the highest bid, it is up to you. Your price will be set in Ethereum, not dollars. Be sure to account for Ethereum’s current price when setting your selling price.