The Exact Process I Used To Create and Sell My Own NFT Art on the Ethereum Blockchain | by Toby Hazlewood | 2022
Source: OpenSea

I feel obliged to touch upon the debate over the merit and ethics (for want of more appropriate terms) of NFTs, for just a moment.

  • I’m keen to explore what’s involved and how it works so that I can make an informed decision on the subject;
  • Whether you choose to do the same is up to you.

An NFT can be minted on the basis of pretty much any art-form that can be digitised — an image, a piece of text, a video or audio clip or a piece of code. I went with an image.

Having first discovered NFTs for sale on OpenSea and given that Christies are unlikely (yet, at least) to accept my photos for sale, I decided to go with OpenSea. It describes itself as:

“the first (and largest) peer-to-peer marketplace for crypto goods. Like an eBay for crypto assets.”

If you do a quick search online you’ll find a few places where you can sell NFTs. I’m prone to going with reputable organisations of scale as a means of limiting chances of getting ripped off and maximising reach — it makes sense to me to go large.

There are a few simple steps to sell your NFT. I won’t walk through these in tortuous detail, other than to describe the main steps.

Set up an account (hint- you need an online crypto wallet)

Getting started on OpenSea was quick and easy — mainly because the process demands integration with a crypto-wallet (an online one, not an offline hardware wallet such as the popular Tresor One model).

Source: Author Photo
  • Updating my account details as a seller (updating descriptions, adding a profile picture, adding my crypto wallet address and so-on).

Add your item (to mint the NFT)

Having set up and configured your account and having connected it to your wallet, you now need to list an item for sale. This is the process by which your NFT — the unique token representing your art is minted (created).

List it (to to find a buyer)

OpenSea offers a number of options for selling your NFT. It’s listed on their marketplace either way, but you can opt for a number of styles of sale:

  • To offer for sale at a gradually reducing price. You start it out at a particular price (e.g. 1 Eth) and set a duration for the listing (e.g. 1 week) as well as an ending price (e.g. 0.25 Eth). Over the duration of the listing the price will gradually reduce. Offers can be submitted throughout.
  • To offer for auction (with a reserve price). This can be a Dutch auction or an English auction. Either way, bids are received for the duration of the auction.

Pricing

To work out the price of my NFT I decided to base it on market intelligence and the fact that all art is subjective — why anyone would pay millions for a block colour painting is beyond me but Rothko art sells for millions of dollars — who am I to say!

Fees

OpenSea take 2.5% of the final sale price. You can also specify that the creator of an NFT artwork receives a cut of the selling price which seems to imply that you can sell other people’s artworks (presumably with consent) as an NFT. I’m only selling mine, but within the settings for my ‘collection’ I’ve awarded myself a 4% commission from the final sale price too.

Source: Author Photo

Revel in the success (and then publicise your listing)

My NFT is now listed for sale. Here it is:

Source: Author Photo

Complete the sale (to create a smart contract)

I can’t report on how this works out since my NFT has not yet sold!

It’s up to each creator to decide for themselves how they feel about NFTs and what they represent. With it all being new and fresh, it seems that the wider world is still deciding how it feels too.