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Non Fungible Token (NFT) — How to Make and Sell It

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Non Fungible Token (NFT) — How to Make and Sell It

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NFT technology. Recently, the public has been shocked by the presence of a new digital investment called Non-Fungible Tokens or NFT.

This is coupled with the hype “Ghozali every day,” which managed to reap billions of rupiah profits from NFT through selfie photos uploaded on the OpenSea platform.

Not surprisingly, NFT has finally become the most sought-after thing after Ghozali’s popularity.

Well, here’s a full review for those who don’t understand what NFT is, how it works, how to make it, and how to sell it.

What is a Non-Fungible Token (NFT)

NFT or Non-Fungible Token is a unique and valuable digital asset that represents a real object, with its ownership of the asset verified via blockchain, a way to store data digitally.

NFT itself can be in the form of music, artwork, or also items in games and videos. In short, NFT can be interpreted as a token effort to change a digital work of art and other types of collectibles so that it becomes the only authentic alias.

By making it an NFT, the work can be verified as authentic. In addition, these works can also be sold or purchased via the blockchain. The blockchain will also connect one device to another.

The uniqueness of this NFT is that it cannot be replaced or duplicated. Thus, the activities that can be done related to NFT are to buy or sell it. You can later claim ownership of the asset through a digital token.

NFT has been around since 2014, but its popularity reached its point in early 2021.

How Do Non-Fungible Tokens Work?

As mentioned earlier, NFT is part of the blockchain, so buyers of these tokens can verify that they are the original and sole owners of the assets they have purchased.

If the payment process has been completed, no one will be able to cancel the ownership rights of the NFT, which is now in the hands of the buyer.

In addition, the buyer can do anything with the NFT he bought without asking the seller for permission. Furthermore, NFT has become a digital asset that can’t be reproduced repeatedly.

On the other hand, NFT already in the hands of the buyer also has a unique nature, which can be proven through proof of payment on a blockchain using cryptocurrencies.

What are the Functions of Non-Fungible Tokens?

Regarding its function, NFT technology and blockchain, in general, have opened up opportunities for artists and content creators to monetize their wares. In this case, artists no longer have to rely on galleries or auction markets to sell the art they produce.

The opposite is true: artists can sell their art as NFT directly into the hands of consumers. This, of course, allows them to save more profits.

In addition, artists can program in royalties to receive a percentage of sales when their artwork is sold to a new owner.

How to Sell Non-Fungible Tokens?

Below is an essential guide on how to sell NFT on the OpenSea platform.

  • Go to profile and understand the rules.

You need to log in to the OpenSea website or platform. Next, open your profile account. Then, you only need to connect a crypto wallet account before you can set up a profile.

  • Decide which one to sell.

The next step is that you have to determine or choose which collection to sell. The reason is that you may have several groups ready to be traded. The way is that you check in the My Collections menu.

If you have determined the collection to be sold, you only need to click Sell in the upper right corner. Next, you will be on the listing page, which lists places where various NFTs are ready to be sold.

  • Decide how to sell it.

If your NFT collection is already on the listing page, then you have to determine the type of auction, the price, the duration of the seller, and who the target buyers of NFT are according to your wishes.

At OpenSea, two types of auctions are available: Timed auctions and Fixed prizes. In the Fixed Price type, the price of your NFT will not change when it is auctioned later, while in the Time Auction, this type of auction will bring you into two choices.

Well, you can continue increasing or even lowering the price so that other people, potential buyers, want to buy your collection. In this setting, there is also a sale duration option. Here, you can specify a day, three days, or even a week. In addition, you can also set a custom duration.

How to Buy Non-Fungible Tokens?

The following is a review on how to buy NFT through the OpenSea platform.

  • Click on ‘Explore’

To buy non-fungible tokens through OpenSea, you must first find the work you want to buy. It is also certain that you already know that many NFTs available in that marketplace.

Next, you need to select the NFT you want to buy. At this stage, you must press the ‘Explore’ option at the top of the screen on the main OpenSea page.

Here, you can see the many options available. Also, make sure that you have successfully selected the NFT as desired.

  • Click ‘Buy Now

Have you found the NFT you want to buy? Well, the next step is for you to start making purchases. In OpenSea, as explained earlier, you will get two auction options: Timed Auction and Fixed Price.

If you choose Fixed Price, you can immediately buy it by clicking ‘Buy Now. The menu is in the product description section. You may also have to see detailed information regarding the NFT before finally making a purchase, aiming to know the NFT you want to buy.

In addition, this method is also helpful to prevent you from scammers who try to make NFT by presenting the same display. Next, if everything feels safe and there are no more problems, you can proceed to the checkout pop-up.

Here, there is complete information, including the final NFT fee. Related to this, OpenSea will also ask you to agree to some of the terms of service that appear.

Next, you have to click Checkout and wait until the process is complete and you have successfully made an NFT purchase according to your wishes.

  • Click ‘Place Bid’

For information, the conditions will be different if you have the Time Auction option. Before purchasing this option, you need to provide a price quote. Your price is about 5 percent higher than the previous total bid.

How to make an offer is on the ‘Place Bid’ button. This button is in the digital asset description section. Don’t worry because OpenSea will ask you to check the NFT to be purchased.

Remember, you also have to read the detailed information so that the NFT is the digital asset you want to buy and its authenticity is guaranteed. Then, it would help if you determined the currency used for bidding purposes.

Generally, you will also incur additional fees when bidding on NFT in a currency you have never used. Next, enter the offer amount and expiration date.

In this expiration date section, you will also have to determine how long the seller must make his decision to accept or reject your offer.

Furthermore, you can also check all the offers that appear by returning to your profile. Well, you can find a list of those offers in the ‘Bids’ tab.

That’s a review of non-fungible tokens or NFTs that are important to understand—interested in buying or selling NFTs? Let’s start right now! Also, check out other latest articles about the world of digital crypto assets only at Indodax Academy.

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