NFTs on OpenSea - Sell you Art and get Rich

hello and welcome to sjn tech forum today in this crypto series of video i am going to introduce a latest and hottest crypto trend which is nfts yes so what you see on my screen is a pixel art and it's been latest news because crypto punk nft sells out for 11.8 millions this piece of art been sold for 11.8 million yes that is true so let's understand what is nfts i know sometimes it's unbelievable what we have in agenda nft 101 so if you are already advanced in crypto probably not so much for you but my goal is give you nft 101 and at the same time walk you through the complete demo so that if you want to sell a art or hard work of yours you can simply get started right so in agenda what is nrt nft on different chains and demo so what is a fungible token before we understand non-fungible let's understand what is a fungible item straight from the dictionary a fungible item is something which is able to replace or replace by another identical item is mutually interchangeable and one picture you can see it's a currency u.s dollar problem so let's understand a bit more what is fungible right so if i have this currency use dollar or whatever currency you use right if i replace it with another one you won't mind right i yeah you have one dollar i give you another currency note and we exchange we don't mind right so that is fungible that which can be replaceable now let's understand what is non-fungible then non-fungible concept is something which is unique like the piece of artwork on blockchain right and we will read through the definition in in a moment here okay nfts are unique cryptographic tokens which like cryptocurrencies can be bought sold and exchanged over internet without any middlemen right so there are a lot of even news nft markets which i'm going to introduce you later is in the later demo section of the video where you can buy sell exchange without any middlemen obviously marketplace take a little bit of cut but no that's because they are enabling the platform for you like other crypto sets they are immutable that mean you cannot change it resistance to theft blockchain property impossible to forge again blockchain property and easily trackable so all this like all blockchain inherent advantages are there however they differ in the case that are replaced they cannot be replaced by something uh similar so like bitcoin can be replaced by another bitcoin but nft though it is a part of blockchain it's still unique you cannot replace one empty with another each piece of work is unique all right uh let's understand how an ft will work so first you need to know that not every blockchain has nft support why because nft is required smart contract and not many blockchains are smart contract enable like if you know cardano or the ada they are gearing up for smart contract now so maybe the nft will be available pretty soon but there are many um already uh many platform where we have an ft support available and nifty different from traditional cryptocurrency in that they are indivisible rare and unique which means that a blockchain need to enable its user to create unique token to offer them so your blockchain should be able to give you the capability to create a unique entity further most blockchains that support nfts are also powered by cryptocurrencies common trend which is designed to serve as the medium of exchange for purchaser of the nft within that ecosystem so that's what right if it is an ethereum based platform you buy and sell in nfds in ethereum token you essentially do not spend us dollars there right though there is a uh u.s dollar equivalent value is there for uh ethereum but buy and sell happen in typical uh platform currency so the most popular is nft on ethereum this is the most popular uh platform and they are erc 721 standard tokens right so there are various erc standard which i'm probably go talk about in ethereum section in different video which allow issues issuance and uh trading of token of ethereum blockchain there are other platforms also which help you enable uh other blockchain which can help provide you the nfd marketplace what are those polka dot solana solana is now it is like on range right i think their nfp market is booming and rally at the same time all right now we have time for demo for demo what i'm going to do i'm going to play a video recorded video my first hand experience with nft and i'm going to walk you through with that so for nft the most popular you know platform is ethereum based platform and the most popular the highest crossing platform is openc.io so openc.io is pretty easy to get started you just type openc.io and connect your wallet in my wallet section crypto metamask wallet section i have shown you how to work with wallet so basically you can use that wallet connect and connect your metamask wallet so that all your wallet balance will start showing here you are all set to utilize marketplace openc marketplace right so what you can do first you have to you can explore marketplace these are the nfts available for sale on the day i recorded the video and then you have the different categories right so you can buy or sell domain name the thought crypto domain names are really popular nowadays you can buy and sell your art piece i'm going to try to sell one of dot crypto domain which i purchased uh lately i want to just put it up on sale and see if someone is interested right so let me try that so i chose the category then what i'm going to do i'm going to look at the resources my collection first thing is you have to make your collection so click on create click collection create new collection so it's like a project folder okay you need to give a logo some fields are mandatory some fields are not so minded when you're creating collection you are not actually uh creating a cell item you are creating a bucket okay or a folder and all folder name should be unique because that's how the collections are identified so since this name is taken i cannot use it let me try something else so the very first part is you connect your wallet then you can go and explore marketplace and buy stuff but if you want to sell you have to create your collection and that's what i'm doing on my screen right now yeah the logo is mandatory so you have to put a logo you can choose to put whatever you want i just get a screenshot of my youtube channel as the integforum.com okay here is my bucket is created now i can create a i item this items are going to be part of my collection right and here my metamask is popping and said do you press this open c site we want to do some transaction you need to sign the transaction that yes i do trust the site and now you can see i am creating an item an item in my within my collection which i can put it up for sale in later and i post posted it in my marketplace so that if people are interested uh we can set prices uh maybe put it in bid offer and so that people can come and buy it okay so what i'm going to sell i'm going to sell a crypto domain investable.crypto because i bought it earlier okay another logo i need a logo for my item earlier that logo was for my project work now this is for item let me put that logo all right so same same thing what we did with the project right put the logo uh name name it put a description i would advocate what a good description that what is this nft if it is a trading card if it is artwork put some more information about it right what make it unique uh so that it can interest buyers yeah even eventually if you want to put it on listing then you can add some properties for the item levels stats all those things you can enable okay supply look at the supply the number of copies that can be minted no gas costed but you can have maximum one so for your listing you can create only one copy for now okay create new item item created here is my item and you can say see on right hand side i have sell option available sell and edit right so now the item is available in my collection i can go ahead and set it put it up for sell before we do that let's understand the details now you can see i have the contract address and the token id token blockchain is ethereum metadata is right now is available it's not freezed it will be freeze when i put it up for sale okay so i have this item has already got one blockchain identity okay which is going to be unique throughout its life cycle ah life cycle that mean it's anyways immutable so you cannot destroy it so i'm going to save changes i didn't make any changes essentially but okay my item is available now we what we will do we will try to put it up for sale okay for sale go to your item click on sale and here you can see there are a couple of methods you can put it a fixed price you can put it as a bidding or you can bundle it group this item with others to sell right like a bundle discount so you can do a fixed price in openc marketplace of my marketplace or any nft marketplace i would advocate go for a highest bid because in higher speed you can still keep your minimum price reserved and see if people are like bidding higher than the price what you expected because you always want to sell it for higher right so it's not a financial advice this this just from my experience okay there are few things you can do you can uh [Music] include ending price schedule for a future time you don't have to post the listing immediately you can schedule a listing right you can keep the listing private that mean you put it for sale but then share the link with certain party if you know that this is the party you who's going to buy it so you don't want it to open it for public that all things you can do okay this instructions is very useful to initialize your account making sell order only need to be done once for your account so every time you come to uh for the first time you come to openc you need to make one transaction right and then after that you can post as many as listing possible okay now let's look at the highest bid in highest bid there are three categories minimum bid reserve price and expiry expiration date so minimum bid is the minimum bid what a buyer can bid for and the reserve price though your minimum bid is like really low you want to start with one dollar but you can still keep a price reserved for five dollar uh because you don't want to sell below five dollars right you allow users to bid below five but you won't sell because that that's you know it's a hidden okay so reserve price always should be always higher with the minimum bid and then expiration date five days one week one month until cancelled and now as soon as i say okay post listing uh you see it is initializing my account and i do not have balance here because i am running low on eth with the with respect to what is the transaction price today and the time i was recording this video each transaction prices were skyrocketed so i had to stop here okay then i came back another day i put another item for sale but this time i have some eat in my account and i'm doing the same thing i'm putting item for sale with point one e it has a minimum price and one it as a reserve price now you can see i have initialized my wallet approve the token it is telling you that you will be you will end up spending this much of amount almost zero zero five six eth which is dynamic right it's changing until you sign so you sign it here that mean you are authorizing this transaction you are authorizing this spend so to put up a listing you are paying a gas fees right in ethereum you pay a gas fees which goes to the transaction validators for the blockchain so you can see that posting a listing is free but you still pay a gas price and just to post one simple piece of uh picture i am paying almost 23 in this transaction it varies right sometime it can be really low like five six dollars sometime it can go like 100 but somewhere 20 25 is an average on openc in my experience all right so now it is what is doing it is confirming my transaction i have already signed what i am doing on the right side i'm showing you uh expanding all the parameters to show you the breakdown see this is the final amount i paid to post this listing 23.84 dollar i spent during this video so if you are interested uh go buy my art i am going to put the openc link in the description but yeah so as i hit sign um you can always back off if you feel the transaction prices gas piece is very high you can just choose not to sign up uh sign the transaction and cancel now you can see my listing is place okay what i can do now i can cancel listing i can lower the price if i feel that i'm not getting enough better enough buyers then i can go ahead and lower the price okay so here again uh same thing just try to and to me opence was not perfect this transactions were a little bit sketchy sometime i didn't know that whether this transaction went through or known so if that happened with you do let me know in the comment section how was your experience in case you decide to post something on openc or sell something on openc now you can see my artwork is place this is the picture which i captured somewhere in india this was made of made with sand this is not my original work but i really like that um okay so it's minted it's available on openc um for maybe next seven days and you can see all the details the contract address token id and token standard is erc 1155 right so this is the details about the openc art and this is how you can post the listing you can also always go ahead and capture a link and copy it with others so that they can find you right they can find you and if they want to buy they can use this link to buy because you never know that uh how you're ranking in terms of listing can people see you so you need to do a promoting work also right so put it on your twitter feed and other social media so that people are aware like what you are intended to sell and if they like they can come always come and buy so since i'm i'm a buyer as in this case in this link since i'm owner i cannot go ahead and buy myself okay so that's one thing sell is ending in september 14th i'm going to extend it for sure but i hope this video will help you um to post your first listing on openc or any other marketplace for your artwork and i wish you good luck and if you make money do let me know uh just i'm just i will be really happy to know that my this video has helped you to put your artwork and get the credit uh what you deserve for your artwork so thank you for watching and see you in next video

Channel: SDN TechForum

Views: 82

Keywords: Networking, sdntechforum, monitoring, cisco

Id: yN6LsMHp9oM

Length: 18min 37sec (1117 seconds)

Published: Sat Sep 11 2021