This is Part 2 of a 2-Part series. Part 1 explained what NFTs are and what may make some of them so expensive.
Your 3-year old daughter scribbled something on your phone screen, and you feel you have not seen a more beautiful piece of art.
You ask for her permission and, as her guardian, now own the intellectual property rights of this artwork.
You now download a crypto wallet such as Coinbase or Metamask from the app store on your device.
After you register the wallet, you connect it to an NFT marketplace such as OpenSea or Superrare.
Marketplaces like OpenSea are similar to eBay or Amazon, except they just sell NFTs.
Once you have created a profile on the marketplace, you get an option to upload your daughter’s artwork.
You also get to set up the royalty you want each time (after the first sale) this artwork is traded — the standard royalties are between 5% to 10%.
You click complete, and congratulations — you just minted your first NFT.
Since the trading of NFT uses blockchain technology, selling it requires the network to do some computing (similar to bitcoin), and it costs money (known as a gas fee).
So, you fund your crypto wallet with some Ethereum (the most used cryptocurrency for NFTs) and click SELL.
The gas fee is charged, and your item is listed for sale.
The marketplace charges a small fee (2.5% on OpenSea) on the selling price.
