How to Make and Sell an NFT step by step

nfts they're all over the news right now but you don't have to be a famous artist or the founder of twitter to get in on the action today i'm going to show you how to create and sell your first nft before we get started there's little housekeeping i need to get out of the way first and foremost i am not a financial expert of any kind i'm just learning about cryptocurrencies and nfts myself so i am not here to give you any financial advice in fact i would recommend you consult a financial advisor before making any investment second i am not going to suggest you should or shouldn't buy any cryptocurrencies like bitcoin or ethereum nor am i endorsing any of the services i'm about to tell you about finally trading cryptocurrencies carries a high level of risk and may not be suitable for all investors before deciding to trade cryptocurrency you should carefully consider your investment objectives level of experience and tolerance for risk the investment of cryptocurrencies like bitcoin and ethereum and assets like nfts can lead to loss of money over short or even long periods investors should expect prices to have large range fluctuations the information published in this video cannot guarantee that investors will not lose money and of course this wouldn't be youtube if i didn't ask you to like this video subscribe to our channel and sign up for notifications now that i've assured you i'm not an expert let me steer you toward a couple people who know a lot more about this than i do daniel van boom from cnet has just put out a great video explaining what nfts actually are and in the cnet now what video brian cooley talks to daniel and they do a great job demystifying the world of nfts the links to those videos are in the description and i'm going to let them do the heavy lifting of explaining what an nft is for this discussion i'm going to assume this is your first time dealing with nfts ethereum and maybe even cryptocurrencies of any kind i'm learning as i go along so let's assume you're just getting started like i am also there are all different kinds of nfts out there including tweets sports highlights plots of land and video games you get the idea we're gonna focus on digital art since that's what seems to be grabbing the most headlines these days okay is that enough preamble for you me too let's get started before you can make an nft you have to create a piece of art that you want to sell and i use the term art here pretty loosely there seems to be a major emphasis on digital art either moving or static and there are a ton of collections of things like old school crypto punks and the spin-offs like lego punks and crypto corgis i can't create digital art to save my life so for the purposes of this demonstration i'm going to take this slo-mo video i shot and turn it into an animated gif is it art that's for you to decide but it's hardly the worst thing i've seen for sale as an nft now that the hard part's out of the way let's start talking crypto in order to conduct any transactions with ethereum you're going to need a wallet to hold your funds the wallet can also help you connect to the nft marketplaces and other decentralized apps or dapps that make use of the tokens i chose coinbase wallet for a few reasons including the fact that it lives on my phone instead of a computer it uses biometric authentication and it has a built-in browser for exploring various apps coinbase wallet is available for ios and android so go to your app store and look for this one the wallet there's a separate coinbase app for buying and selling crypto but we'll get to that in a minute download coinbase wallet and when it's installed choose create a new wallet feel free to peruse the terms of service and the privacy policy like we always do whenever we sign up for a new app and tap accept now choose a username this is your first chance to establish yourself in the crypto world to pick a good one choose whether to make your name public or private i'll choose private since i don't need any other people in my business now you can choose to protect your wallet on your phone with a pin or in my case face id a fingerprint is also an option on some phones now's our chance to back up our wallet and this is very important click the box that you understand that if you lose your recovery phrase you won't be able to access your account and tap back up now what you see here is the recovery phrase also known as a seed that is unique to the wallet you just created do not lose this list of words if you lose it coinbase won't be able to help you get it back the company doesn't have access to that phrase you can't just ask for a password reset you can store an encrypted copy of your phrase in the cloud either icloud on ios or google drive on android or back it up manually by writing it down on a piece of paper or copying the words to a password manager so first i'll back it up to icloud create a password no peeking of course nothing says you can't do both satisfy tap done after that my wallet's all set no coins found that's kind of sad let's fix that it's time for me to buy some crypto some ether to be exact the terms ether and ethereum get used interchangeably but that's not really accurate i'll probably mess it up a few times in this video but don't get mad according to blockchaincouncil.org ethereum is a programmable blockchain-based software platform ether is the cryptocurrency asset that runs the ethereum network so we'll actually be trading in ether which has the symbol eth i should mention here that ethereum isn't the only blockchain that allows you to trade nfts all of these blockchains have their own nft marketplaces token standards and wallet services ethereum is the leader right now though and that's what i'll be buying today and you actually don't have to do it right now if you don't want to i can upload my artwork without having any currency in my wallet i just won't be able to do anything with my nft like sell it without having some funds to pay the processing fees if you want to just explore creating your first nft you can skip ahead to that part of the video but like the old saying goes you've got to spend crypto to make crypto so i'm going to get some right now since we're just getting started and we don't have any ether yet we'll need to use cash to get some go to ethereum.org click get eth and search by country the options available to you will vary based on where you live since i'm in the us these are my options i could use any of these exchanges since i'm in california but look at this one here coinbase that sounds familiar i'll choose coinbase not only because it's integrated into the coinbase wallet i'm using but also because it's one of the few that lets you purchase crypto using a debit card rather than a wire transfer using a debit card makes it easy but the weekly limits are much smaller than the other methods to get started download the coinbase app on your phone or sign up on their website enter your name email address and a secure password confirm your email address and look we can get five dollars in free bitcoin more on that later now let's secure the account with two-step verification next you'll have to verify your identity i know one of the main selling points around cryptocurrency is the anonymity it provides but at this level when dealing with your own debit card i think it's worth proving who you really are and don't bother copying any of this info i made it all up for this video and with that we're in i have a coinbase account that will let me buy and sell or send and receive all types of cryptocurrency but if i want to use my debit card i have to verify a photo id to sweeten the pot a bit coinbase offers a bonus of five dollars of bitcoin if you verify your id you'll have to upload photos of the front and back of a driver's license or government id card i know this may sound a bit iffy but again i'm not saying you should do this just explain how you can do it for demonstration purposes this is a novelty id card i bought back when i was 18 and only used for novelty purposes i assure you there are other methods you can use to fund your wallet coinbase uses a platform called plaid to link directly to your bank account which also allows higher daily limits or you can use a wire transfer though those are typically reserved for large single transfers and not incremental purchases alright now coinbase has a copy of my driver's license next i'll add a payment method since i'm only dealing with small amounts right now i'll choose my debit card fill out the billing address and card info again no point in copying this now you have to log into your bank's website and find the two small pending holds from coinbase and enter the amounts here don't worry there's no charge for these transactions and they'll go away in a few days let's go back home i'll tap get started to make a purchase if you wanted to buy bitcoin you can do that here but we want ethereum so choose ethereum from the long list of currencies next choose your payment method that you set up before or one of the other options here you can see i have a hundred dollar limit but that doesn't mean i can buy a hundred dollars worth of ether if i put in 100 and tap preview buy coinbase takes a fee of 3.84 cents for processing the transaction leaving me with 96 16. i understand the fees on coinbase can be higher than some other exchanges but for me it made sense to get started here so i'll accept that fee and that price and hit buy now congratulations we've entered the magical world of cryptocurrencies i have successfully purchased almost five percent of one ether coin but if i look at my wallet it's still empty i have to transfer the funds from my coinbase portfolio into my coinbase wallet before i can spend them to do that tap this button with the two arrows and select send you need to have the address of your wallet where you want to store the ether so open the wallet app tap receive choose ethereum and tap share address copy it then switch back to the coinbase app i know this is complicated on the send page enter the amount you want to transfer i'll pick max to send it all and then paste the address that i copied from the wallet tap preview send and now you'll see that the original amount has actually gone down a little bit to 95.33 but that i'm only sending 87.76 coinbase doesn't take a fee at this point but there is a network fee since the funds are being exchanged on the blockchain so i guess i'm okay with that so i'll hit send now you'll get a text with a verification code so enter that here and if everything works you'll get a confirmation message like this the transaction isn't immediate so it may be pending for a little while but soon you'll see the balance in your wallet okay i've got some art i've got some ethereum and i've got a wallet to keep it all in it's time to share my work with the world i mentioned decentralized apps or dapps earlier according to ethereum.org dapps are a growing movement of applications that use ethereum to disrupt business models or invent new ones this includes apps focused on finance gaming technology and the one we're interested in today arts and collectibles these are just a few of the platforms people are using to invest in and trade works of art music and limited edition collectibles and to support the artists who create them openc seems to be more accessible to people getting started so we're going to start there you can get to openc from the coinbase wallet by opening the dap browser and finding openc or by going to openc.io in a browser i encourage you to poke around a bit on the site to get an idea what kind of nfts are available for sale or on auction you might be surprised what kind of things you can find here but we didn't come here to shop i've got art to sell so i'm going to click the create button the first thing you'll need to do is sign in using your wallet metamask is the default on openc but there are a number of them you can use wallet link pairs with my coinbase wallet so i'll choose that i'll scan the qr code with my wallet app and here's my collections page it's empty for right now but not for long click here to create a new collection upload a logo and give your collection a name you can change these later as well as come back to add a description click create and success my collection's been created it's time to upload the gif we'll click add items and then add new item you should get a prompt to sign for this action in your wallet like i got here on my phone now i'll upload my amazing creation give it a name you can add a link to an external page if you want to promote your nft elsewhere and here you can enter a description of the piece i'm not going to worry about these fields for now and click create and there it is i've got a brand new nft click visit and here's how the world will see your nft as it exists on openc if this is as far as you want to go great you have an nft that lives on the openc marketplace giving you proof that the nft belongs to you you can click here to get a link and let anyone you want see what you've made but this copy the original is all yours i can also go back to my coinbase wallet and see all the collectibles i currently own which right now is just one but if you want to see if anyone will buy your newly minted masterpiece let's press on and press the sell button right here now you have a choice whether to offer your nft for a set price or to put it up for auction to the highest bidder i don't think there's going to be enough interest in my gift to start a bidding war so i'm going to go with a set price i'm going to set the price at .08 eth so how much is that at this very moment when i'm recording this video ethereum is trading at over two thousand dollars in fact just a few minutes ago it crept over 2100 for the first time ever like i said before i am not an expert i'm sure this is a great time to be getting started so right now my price of 0.08 is about 167 give or take does that sound high to you for this piece of art it really is but there's a reason why i'm setting that price fees first of all while openc doesn't take a fee to list or buy items the platform does take a fee of 2.5 from the price of a successful sale i guess they have to keep the lights on somehow but it's not just that i'll hit the post your listing button and openc will tell me that i need to initialize my account first by completing a free transaction except it's not really free because there's something called a gas fee which is the second reason why i set my price so high but what's a gas fee ethereum price.org explains that gas is used to pay for transactions on the ethereum blockchain they also have a handy chart showing trends in gas prices we could spend all day talking about gas prices and how they're computed and maybe someday we will but for now what we need to know is that gas prices are dynamic and fluctuate wildly depending on the complexity of the transaction and how busy the network is and the network is super busy these days because everyone wants to get on ethereum and nfts that means gas fees right now are as high as they've ever been which has been a barrier to entry to the world of nfts for some so i want to price my nft at least as high as my gas fees to try and recoup that cost if and when someone buys it i'm sure someone out there has a great system for setting the price of nfts but i haven't found it yet let me know if you come across one so let's see what the damage is going to be for this transaction openc has pushed a request to my wallet to sign for the transaction and here's a warning that miner fees or gas fees are high right now tap ok and there it is the mining fee at this moment in time the mining fee or gas fee is 120 and 2 cents that's pretty wild just to post a picture of a campfire that i'm pretty sure no one's going to want to buy but we've come this far so i'll suck it up and hit confirm it could take a little while for this to go through and that dollar value will keep fluctuating i got another signature request i'll hit sign [Music] and there it is my nft is up for sale you can see the current price is .08 ether which right now is 164.26 way too much money if you ask me but again my gas price ended up being a little less than 120 dollars that's it we're done my first real nft is on the market waiting for someone to come along and snap it up i don't think anyone's gonna be buying it anytime soon but stranger things have happened and on the off chance someone does buy it and i'm not saying anyone should but if someone does i will donate any profits from the sale minus the fees incurred during the process to the sf marin food bank in san francisco again i am not asking anyone or suggesting that anyone should spend their money on this nft especially since the gas fees are so high right now it's really not worth it if you want to support the food bank i'll put a link in the description so you can donate to them directly instead of risking your ether on an nft like this but if you really want to add this piece to your collection i'm not going to stop you it's your money thanks for watching all the way through this i hope you learned something about minting nfts if that's something you really want to do personally i feel like the nft craze is doing a good job of bringing attention to the ethereum blockchain but it's just one example of how the platform can be used i'm interested in learning more about the different dapps in the whole d5 world in general but those are topics for another day what do you think are nfts just a fad or could they be a worthwhile investment down the road let us know in the comments below and be sure to subscribe to our channel for more advice on how to do it all [Music]

Channel: How To Do It All

Views: 1,120,496

Keywords: CNET, How To, How to tech, tech how to, CNET How To, cnettv, nft, crypto, cryptocurrency, Ether, Ethereum, Bitcoin, Coinbase, Coinbase Wallet, OpenSea, NFT How To, Chris Parker, nft wallet, nft crypto, non fungible tokens, nft marketplace, nft market, gas fees, gas fee nft, cost to mint nft, nft mint cost, nft tutorial, how to create an nft, how to create an nft art, how to make and sell nft art, how to buy nft, nft marketplace website, where to buy nft, how to buy nft tokens

Id: bBKUU2_0uh4

Length: 17min 36sec (1056 seconds)

Published: Tue Apr 06 2021